TIDMPIN
RNS Number : 7731K
Pantheon International PLC
12 July 2017
12(th) July 2017
Pantheon International Plc
Performance Update at 31(st) May 2017
Month to 31(st) May 2017
Pantheon International Plc ("PIP") announces an unaudited net
asset value ("NAV") per share at 31(st) May 2017 of 2,189.9p, an
increase of 85.4p (4.1%) from the NAV per share as at 30(th) April
2017. Valuation gains (69.4p, 3.3%), investment income (3.7p, 0.2%)
and foreign exchange movements (15.1p, 0.7%) were partly offset by
expenses and taxes*(-2.8p, -0.1%).
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 31(st) May
2017, the majority of reported valuations (accounting for circa 97%
by value) are dated 31(st) March 2017 or later.
At 31(st) May 2017, PIP's private equity assets stood at
GBP1,224m, whilst cash balances were GBP167m. Undrawn commitments
to investments stood at GBP445m at 31(st) May 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 31(st) May
2017.
PIP's portfolio generated net cash of GBP33.1m during the month,
with distributions of GBP37.5m relative to GBP4.4m of calls from
existing commitments to private equity funds.
PIP completed five new investments during the month, amounting
to GBP29.0m of total commitments. This included a GBP9.6m primary
commitment to CVC Capital Partners VII, a European large buyout
fund, and a GBP9.5m primary commitment to Quantum Energy Partners
VII, a North American energy fund. In addition, PIP made the
following co-investments: GBP5.7m alongside Essex Woodlands in EUSA
Pharma, a European distributor of speciality pharmaceutical
products; GBP3.0m alongside Apollo Advisors in AGER, a European
life insurance company; and GBP1.2m alongside Energy Minerals Group
in Sable Resources, a North American oil exploration and production
company.
* Withholding taxes on investment distributions.
11 Months to 31(st) May 2017
Change in Fiscal Year
On 18(th) April 2017, the Board of Directors approved a change
in PIP's accounting reference date from 30(th) June to 31(st) May
of each year.
Performance
The unaudited NAV per share at 31(st) May 2017 was 2,189.9p,
representing an increase of 316.3p, or 16.9%, relative to the NAV
per share at 30(th) June 2016.
Underlying portfolio gains increased the NAV per share by 260.5p
(13.9%) in the period and investment income added 27.2p (1.5%).
Favourable currency movements increased the NAV per share by a
further 60.8p (3.2%) and expenses and taxes* reduced it by 32.2p
(1.7 %).
During the 11 months, the Company's ordinary share price
increased by 39.5% to 1,793.0p, whilst the price of its redeemable
shares increased by 38.9% to 1,632.5p at 31(st) May 2017.
Portfolio Cash Flow
PIP's portfolio generated net cash of GBP211.1m during the 11
months to 31(st) May 2017, with distributions of GBP293.2m
(including GBP23.6m in respect of previously reported disposals of
secondary interests) relative to GBP82.1m of calls from existing
commitments to private equity funds.
New Commitments
PIP made 39 new investments during the 11 months to 31(st) May
2017, amounting to GBP290.5m in new commitments. This included six
secondary investments (GBP129.4m), 12 primary commitments
(GBP93.8m), and 20 co-investments (GBP67.3m).
Historical Total Return Performance to 31(st) May 2017**
1 Year 3 Years 5 Years 10 Years Since Inception
(%) (% pa) (% pa) (% pa) (% pa)
NAV per share 25.9% 16.5% 13.9% 9.4% 11.8%
Ordinary share
price 37.9% 16.3% 19.0% 6.8% 11.6%
FTSE All-Share
TR 24.5% 7.8% 12.2% 5.5% 8.2%
MSCI World (GBP)
TR 32.0% 16.0% 17.1% 9.0% 8.0%
**PIP was launched on 18th September 1987. The performance
figures for PIP assume reinvestment of dividends, capital
repayments and cash flow from warrants.
Commenting on the results, Andrew Lebus, Partner at Pantheon
Ventures (UK) LLP, said: "PIP's strong investment returns over the
period reflect our conviction that we are backing the best private
equity managers globally who are able to identify companies where
there are opportunities to drive growth through operational
improvements as well as those managers who can invest in attractive
assets in less favoured market segments. In addition, the active
M&A markets have resulted in increased cash flow to the Company
from portfolio company exits. Our strong cash position means that
we are well-placed to redeploy capital into the compelling new
opportunities that are in our deal pipeline, and to continue our
focus on generating attractive returns for the benefit of
shareholders."
Foreign Exchange Exposure
As at 31(st) May 2017, the value of the private equity assets
stood at GBP1,224m. Of the private equity investment assets at
PIP's holding level, 71% were represented by funds reporting values
denominated in US dollars, 18% denominated in euros, 4% denominated
in sterling and 7% denominated in other currencies. Of the 71% of
investment assets denominated in US dollars, approximately 6%
(expressed as a proportion of PIP's total portfolio) are invested
in funds investing mainly in Europe and approximately 9% (expressed
as a proportion of PIP's total portfolio) are investing in funds
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 May 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), 219 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 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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