TIDMPIN
RNS Number : 2268N
Pantheon International PLC
24 October 2016
24(th) October 2016
Pantheon International Plc
Performance Update at 30(th) September 2016
Month to 30(th) September 2016
Pantheon International Plc ("PIP") announces an unaudited net
asset value ("NAV") per share at 30(th) September 2016 of 1,972.6p,
an increase of 16.6p (0.8%) from the NAV per share as at 31(st)
August 2016. Investment income (1.2p) and foreign exchange
movements (19.5p, 1.0%) were slightly offset by valuation losses
(-0.5p) and expenses and taxes*(-3.6p, -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)
September 2016, the majority of reported valuations (accounting for
circa 94% by value) are dated 30(th) June 2016 or later.
At 30(th) September 2016, PIP's private equity assets stood at
GBP1,125m, whilst cash balances were GBP120m. Undrawn commitments
to investments stood at GBP406m at 30(th) September 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 GBP24.8m during the month,
with distributions of GBP36.7m relative to GBP11.9m of calls from
existing commitments to private equity funds.
PIP completed two new investments during the month, amounting to
GBP44.5m of total commitments. This included a GBP41.4m secondary
commitment to a North American portfolio comprised mostly of small
buyout funds that 68% funded at completion. PIP also made a GBP3.1m
co-investment, alongside Onex, in DB, Co., a provider of
subscription-based information services to businesses.
* Withholding taxes on investment distributions.
Three Months to 30th September 2016
Performance
The NAV per share at 30th September 2016 was 1,972.6p,
representing an increase of 99.0p, or 5.3%, relative to the NAV per
share at 30th June 2016.
Portfolio gains added 47.7p (2.5%) per share in the period.
Investment income increased the NAV per share by 3.0p (0.2%).
Foreign exchange gains (56.8p, 3.0%) were slightly offset by
expenses and taxes (-8.5p, -0.4%)
The Company's ordinary share price increased during the three
months by 23.7% to 1,590.0p and the price of its redeemable shares
increased by 14.9% to 1,350.0p at 30th September 2016.
Portfolio Cash Flow
PIP's portfolio generated net cash of GBP46.9m during the three
months to 30th September 2016, with distributions of GBP67.6m
relative to GBP20.7m of calls from existing commitments to private
equity funds.
New Commitments
PIP made seven new investments during the quarter amounting to
GBP70.2m in total commitments. This included one secondary
investment (GBP41.4m), three primary commitments (GBP19.4m) and
three co-investments (GBP9.4m).
Foreign Exchange Exposure
At 30th September 2016, the value of the private equity
investment assets stood at GBP1,125m. 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, 4% denominated in Sterling and 2% denominated in other
currencies. Of the 75% of investment assets denominated in US
Dollars, approximately 4% (expressed as a proportion of PIPs 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
fund reporting values denominated in Sterling, many of the
Euro-denominated funds have investments in the UK.
Monthly Report
The September 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 GBP25.6 billion in AUM**
(as at 30(th) June 2016), 210 employees, including 72 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 PIP's website nor the contents of any
website accessible from hyperlinks on PIP'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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