Pantheon International PLC Monthly Performance Update (9310O)
23 May 2018 - 4:00PM
UK Regulatory
TIDMPIN
RNS Number : 9310O
Pantheon International PLC
23 May 2018
23 May 2018
Pantheon International Plc
Performance Update at 30 April 2018
Month to 30 April 2018
PIP announced an unaudited net asset value ("NAV") per share at
30 April 2018 of 2,299.7p, an increase of 35.9p (1.6%) from the NAV
per share as at 31 March 2018. Valuation gains (10.5p, 0.5%),
investment income (0.9p, 0.0%) and foreign exchange movements
(35.1p, 1.6%) were offset by Asset Linked Note* ("ALN") financing**
(-4.0p, -0.2%) and expenses and taxes*** (-6.6p, -0.3%).
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 April 2018,
100% of reported valuations are dated 31 December 2017 or
later.
At 30 April 2018, PIP's private equity assets stood at
GBP1,229m, whilst cash balances were GBP158m. The ALN outstanding
as at month-end amounted to GBP140m. Undrawn commitments to
investments stood at GBP436m as at 30 April 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 30 April 2018.
PIP's portfolio generated net cash of GBP21.9m during the month,
with distributions of GBP27.4m relative to GBP5.5m of calls from
existing commitments to private equity funds.
PIP completed two new investments during the month, amounting to
GBP12.6m in new commitments. This included a GBP2.6m secondary
investment in an Asian growth equity fund and a GBP10.0m primary
commitment to HgCapital Saturn I, a large buyout fund that will
focus on investments in the European software sector.
*Unlisted 10-year note issued on 31 October 2017 whose cost and
repayments are linked to a reference portfolio consisting of older
vintage funds.
**Reflects movements in the value of the ALN, as a result of the
reference portfolio's share of valuation gains, investment income
and foreign exchange movements. A negative ALN financing figure
shows financing costs associated with an increase in the value of
the ALN, and vice versa.
***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
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 31 December 2017), 248 employees, including over 75
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.
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END
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