PIN Pantheon International Plc

TIDMPIN

RNS Number : 8882F

Pantheon International PLC

23 May 2017

23(rd) May 2017

Pantheon International Plc

Performance Update at 30(th) April 2017

Month to 30(th) April 2017

Pantheon International Plc ("PIP") announces an unaudited net asset value ("NAV") per share at 30(th) April 2017 of 2,104.5p, a decrease of 53.5p (-2.5%) from the NAV per share as at 31(st) March 2017. Valuation gains (11.4p, 0.5%) and investment income (2.9p, 0.1%) were offset by foreign exchange movements (-64.3p, -2.9%) and expenses and taxes* (-3.5p, -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) April 2017, the majority of reported valuations (accounting for circa 96% by value) are dated 31(st) December 2016 or later.

At 30(th) April 2017, PIP's private equity assets stood at GBP1,200m, whilst net cash balances were GBP135m. Undrawn commitments to investments stood at GBP418m at 30(th) April 2017, calculated using exchange rates at that date. PIP's multi-currency revolving credit facilities comprise a US$138.8m facility and a EUR66.6m facility, which remained completely undrawn as at 30(th) April 2017.

PIP's portfolio generated net cash of GBP17.1m during the month, with distributions of GBP27.2m relative to GBP10.1m of calls from existing commitments to private equity funds.

PIP completed five new investments during the month, amounting to GBP83.1m of total commitments. This included three secondary commitments: GBP40.3m to a North American large buyout fund predominantly focused on the retail, healthcare services and oil industries; GBP19.7m to a global mid-market buyout fund focused on the financial services industry; and GBP14.0m to a North American special situations fund focused on the energy sector. PIP also made commitments to two co-investments: GBP6.4m, alongside a dedicated energy manager, to an oil and gas developer focused on the Permian Basin; and GBP2.7m to Fair Square Financial, alongside Pine Brook Partners, a North American company which operates a credit card platform focused on the near-prime credit card market.

* Withholding taxes on investment distributions.

Monthly Report

The April 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 venture, 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 400 institutional investors. Established over 35 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 GBP29.2 billion in AUM** (as at 31(st) December 2016), 217 employees, including 71 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

MSCSESFMEFWSEFI

(END) Dow Jones Newswires

May 23, 2017 02:00 ET (06:00 GMT)

Pantheon (LSE:PIN)
Historical Stock Chart
From Apr 2024 to May 2024

Pantheon (LSE:PIN)
Historical Stock Chart
From May 2023 to May 2024