TIDMPIN
RNS Number : 6642I
Pantheon International PLC
23 March 2018
23 March 2018
Pantheon International Plc
Performance Update at 28 February 2018
Month to 28 February 2018
PIP announced an unaudited net asset value ("NAV") per share at
28 February 2018 of 2,245.0p, an increase of 96.7p (4.5%) from the
NAV per share as at 31 January 2018. Valuation gains (33.3p, 1.6%),
investment income (4.2p, 0.2%) and foreign exchange movements
(62.6p, 2.9%) were offset by Asset Linked Note* ("ALN") financing
(-0.3p, -0.0%) and expenses and taxes** (-3.1p, -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 28 February
2018, the majority of reported valuations (accounting for circa 99%
by value) are dated 30 September 2017 or later.
At 28 February 2018, PIP's private equity assets stood at
GBP1,236m, whilst cash balances were GBP121m. The ALN outstanding
as at 28 February 2018 amounted to GBP136m. Undrawn commitments to
investments stood at GBP432m as at 28 February 2018, 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 28 February
2018.
PIP's portfolio generated net cash of GBP23.9m during the month,
with distributions of GBP27.3m relative to GBP3.4m of calls from
existing commitments to private equity funds. PIP made a quarterly
ALN repayment of GBP4.9m during the month.
PIP committed GBP3.2m to two new co-investments in February
including a GBP1.7m co-investment alongside KKR in a leading
provider of information technology service management solutions,
and a GBP1.5m co-investment alongside Essex Woodlands Healthcare
Partners in Encore Dermatology, a specialised dermatology-focused
pharmaceutical company.
*Unlisted 10-year note issued on 31 October 2017 whose cost and
repayments are linked to a reference portfolio consisting of older
vintage funds.
Nine months ended 28 February 2018
Proposals announced by PIP on 28 September 2017 to effect the
consolidation of its ordinary and redeemable share capital into a
single class of Ordinary Shares and to issue an unlisted Asset
Linked Note ("ALN") were approved by shareholders at the EGM and
Class Meetings held on 30 October 2017. The new Ordinary Shares
were admitted to trading on the Main Market of the London Stock
Exchange on 1 November 2017; there are no longer any Redeemable
Shares in issue.
Performance
The unaudited NAV per share at 28 February 2018 of 2,245.0p is
an increase of 55.1p (2.5%) relative to the NAV per share at 31 May
2017. Underlying portfolio gains (186.6p, 8.5%), investment income
(19.6p, 0.9%) and share buybacks (1.3p, 0.1%) were offset by
foreign exchange movements (-112.6p, -5.1%), expenses and taxes**
(-36.4p, -1.7%) and ALN financing (-3.4p, -0.2%).
**Withholding taxes on investment distributions.
Portfolio Cash Flow
PIP's portfolio generated net cash of GBP189.1m during the nine
months to 28 February 2018, with distributions of GBP256.2m
relative to GBP67.1m of calls from existing commitments to private
equity funds. PIP made ALN repayments of GBP63.2m during the
period.
New Commitments
PIP made 42 new investments in the nine months, amounting to
GBP226.3m in commitments. This included 12 secondary investments
(GBP104.6m), 12 primary investments (GBP65.2m) and 18
co-investments (GBP56.5m)
Historical Total Return Performance to 28 February 2018***
1 Year 3 Years 5 Years 10 Years Since Inception
(%) (% pa) (% pa) (% pa) (% pa)
NAV per share 7.4% 14.0% 11.5% 7.9% 11.6%
Ordinary share
price 9.1% 12.5% 14.9% 7.6% 11.5%
FTSE All-Share
TR 4.4% 5.9% 7.3% 6.6% 7.9%
MSCI World (GBP)
TR 6.6% 13.0% 13.5% 10.6% 7.9%
***PIP was launched on 18 September 1987. The performance
figures for PIP assume reinvestment of dividends, capital
repayments and cash flow from warrants.
Foreign Exchange Exposure
At 28 February 2018, the value of the private equity investment
assets stood at GBP1,236m. Of the private equity investment assets
at PIP's holding level, 75% were represented by funds reporting
values denominated in US dollars, 20% denominated in euros, 2%
denominated in sterling and 3% denominated in other currencies. Of
the 75% of investment assets denominated in US dollars,
approximately 7% (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 February 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
LEI: 2138001B3CE5S5PEE928
For more information please visit PIP's website at www.piplc.com
or contact:
Andrew Lebus or Vicki Bradley
Pantheon
020 3356 1800
NOTES
PIP
PIP, a constituent of the FTSE 250, 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 GBP28.7 billion in AUM****
(as at 30 September 2017), 247 employees, including over 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.
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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