TIDMPIN
RNS Number : 7541F
Pantheon International PLC
01 August 2016
1(st) August 2016
Pantheon International Plc
Performance Update at 30(th) June 2016
Month to 30(th) June 2016
Pantheon International Plc ("PIP") announces an unaudited net
asset value ("NAV") per share at 30(th) June 2016 of 1,873.6p, an
increase of 134.0p (7.7%) from the NAV per share as at 31(st) May
2016. Valuation gains (1.2p, 0.1%), investment income (2.8p, 0.2%)
and foreign exchange movements (143.2p, 8.2%) were offset by a
provision in relation to asset sales (-10.6p, -0.6%) and expenses
and taxes* (-2.6p, -0.2%).
PIP's valuation policy for private equity funds is based on the
latest valuations reported by the managers of the funds in which
PIP has holdings. In the case of PIP's valuation at 30(th) June
2016, the majority of reported valuations (accounting for circa 92%
by value) are dated 31(st) March 2016.
At 30(th) June 2016, PIP's private equity assets stood at
GBP1,072m, whilst cash balances were GBP116m. Undrawn commitments
to investments stood at GBP388m at 30(th) June 2016, calculated
using exchange rates at that date. In addition, PIP's
multi-currency revolving credit facility agreement, comprising a
US$100m facility and a EUR46m facility, remained completely
undrawn.
PIP's portfolio generated net cash of GBP26.5m during the month,
with distributions of GBP30.4m relative to GBP3.9m of calls from
existing commitments to private equity funds.
During the month, PIP undertook to dispose of 34 tail-end fund
interests with a NAV of GBP32.9m as at the record date of 30(th)
September 2015, comprising mainly North American venture and buyout
funds formed between 2000 and 2007. A provision for the loss on
disposal of these interests, expected to total GBP6.7m at current
exchange rates, has been included in this month's performance
update. The manager expects that PIP will be able to redeploy the
proceeds into more attractive investment opportunities.
PIP completed three new investments during the month, amounting
to GBP46.3m of total commitments. This included GBP34.0m in a
global portfolio of secondary commitments to buyout funds that was
70% funded at completion, and an GBP11.1m secondary commitment to a
European medium buyout fund that was 97% funded at completion. PIP
also made a primary commitment for GBP1.3m to BC European Capital
X, a European large buyout fund.
* Withholding taxes on investment distributions.
For the year ended 30(th) June 2016
The NAV per share at 30(th) June 2016 of 1,873.6p is an increase
of 341.2p, or 22.3% for the financial year. Underlying portfolio
gains (79.4p, 5.2%), investment income (18.3p, 1.2%), foreign
exchange movements (263.0p, 17.2%) and share buybacks (17.3p, 1.1%)
were partially offset by a provision in relation to asset sales
(-10.6p, -0.7%) and expenses and taxes* (-26.2p, -1.7%).
PIP's portfolio generated GBP190m of cash during the year, with
distributions of GBP252m relative to GBP62m of calls from existing
commitments to private equity funds.
PIP made 59 new investments in the year with total commitments
of GBP349.3m. This included 13 secondary investments totalling
GBP173.2m; 20 primary commitments amounting to GBP93.9m; and 26
co-investments, committing GBP82.2m.
During the year, PIP invested GBP21.9m in share buybacks,
acquiring 1,900,000 redeemable shares at an average price of
1,153.3p. These purchases were made at prices that represented
discounts of between 26% and 34% compared to the latest NAV per
share that had been published at the time the purchases were
made.
Commenting on the results, Andrew Lebus, Partner at Pantheon
Ventures (UK) LLP, said: "Despite the market volatility over the
past year, PIP's NAV has shown solid growth. We believe that the
Company's diversified portfolio puts it in a strong position to
withstand regional challenges and that the cash generated from its
mature investments will allow PIP to take advantage of any
opportunities that may arise as a result. We continue to focus on
delivering attractive returns to shareholders over the long
term."
Foreign Exchange Exposure
At 30(th) June 2016, the value of the private equity investment
assets stood at GBP1,072m. Of the private equity investment assets
at PIP's holding level, 75% were represented by funds reporting
values denominated in US Dollars, 19% denominated in Euros, 5%
denominated in Sterling and 1% denominated in other currencies. Of
the 75% of investment assets denominated in US Dollars,
approximately 4% (expressed as a proportion of PIP's total
portfolio) are invested in funds investing mainly in Europe and
approximately 8% (expressed as a proportion of PIP's total
portfolio) in funds investing mainly in Asia. In addition to the
funds reporting values denominated in Sterling, many of the
Euro-denominated funds have investments in the UK.
Monthly Report
The June monthly newsletter can be accessed on PIP's website at
www.piplc.com in the Investor Relations section under the heading
"Newsletters", or by following this link:
http://www.piplc.com/investor-relations/newsletters.
Ends
NOTES
PIP
PIP is a London quoted investment trust, managed by Pantheon
Ventures (UK) LLP ("Pantheon"), a leading global private equity
fund investor, investing in both primary funds and secondary
transactions, and from time to time capitalising further on its
fund investment activities by acquiring direct holdings in unquoted
companies, usually either where a vendor is seeking to sell a
combined portfolio of fund interests and direct holdings or where
there is a private equity manager, well known to Pantheon,
investing on substantially the same terms. With investments in
private equity funds, covering multiple private equity strategies
ranging from investments in late stage buyouts to early stage
technology, PIP enables individuals as well as institutions to gain
access to a substantial portfolio of unquoted companies in the USA,
the UK, Continental Europe and Asia, within funds managed by
experienced private equity managers.
Pantheon
Pantheon is a leading global private equity fund investor that
invests on behalf of over 380 institutional investors. Established
over 30 years ago, Pantheon has developed a strong reputation and
track record in primary, secondary and co-investments and across
all stages and geographies. Pantheon has GBP23.8 billion in AUM**
(as at 31(st) March 2016), 210 employees, including 70 investment
professionals, located across offices in London, San Francisco, New
York, Hong Kong, Seoul and Bogotá.
** This figure includes assets subject to discretionary or
non-discretionary management, advice or those limited to a
reporting function.
For more information please visit PIP's website at www.piplc.com
or contact:
Andrew Lebus or Vicki Bradley
Pantheon
020 3356 1800
Neither the contents of the Company's website nor the contents
of any website accessible from hyperlinks on the Company's website
(or any other website) is incorporated into, or forms part of this
announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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