TIDMPIN
RNS Number : 1465X
Pantheon International PLC
26 April 2019
26 April 2019
Pantheon International Plc
Performance Update at 31 March 2019
Highlights
2,599.0p NAV per share
2.5% NAV per share growth for the month
GBP1.4bn Net asset value
GBP28.9m Net portfolio cash flow*
3.5x Financing cover**
+92% Total shareholder return (5Y)***
Month to 31 March 2019
PIP announced an unaudited net asset value ("NAV") per share at
31 March 2019 of 2,599.0p, an increase of 62.6p (+2.5%) from the
NAV per share as at 28 February 2019. Valuation gains* (23.3p,
+0.9%) and foreign exchange movements* (44.8p, +1.8%) were offset
by investment income* (-1.7p, -0.1%) and expenses and taxes****
(-3.8p, -0.1%) during the period.
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 as at 31 March
2019, 96% of reported valuations are dated 31 December 2018 or
later. A detailed description of PIP's valuation policy can be
found on pages 92 and 93 of the 2018 Annual Report.
At 31 March 2019, PIP's private equity assets stood at
GBP1,387m, whilst net available cash balances^ were GBP105m. The
Asset Linked Note^^ ("ALN") outstanding as at 31 March 2019
amounted to GBP86m. Undrawn commitments to investments stood at
GBP471m as at 31 March 2019, calculated using exchange rates at
that date. PIP's multi-currency revolving credit facilities
comprise a US$163.0m facility and a EUR59.8m facility, which
remained undrawn at the month end.
PIP's portfolio generated net cash* of GBP28.9m during the
month, with distributions of GBP36.4m relative to GBP7.5m of calls
from existing commitments to private equity funds.
PIP made GBP25.7m of new commitments during the month
comprising: a GBP12.5m secondary commitment to a Europe-focused
special situations fund, a GBP4.5m co-investment alongside Madison
India Capital in Star Health Insurance, the largest private health
insurance company in India, and a GBP2.5m co-investment alongside
ABRY Partners in Millennium Trust, a leading provider of
technology-enabled retirement and investment solutions for
employers.
Performance as at 31 March 2019^^^
1 Year 3 Years 5 Years 10 Years Since Inception
(%) (% pa) (% pa) (% pa) (% pa)
NAV per share 14.8% 14.2% 14.1% 10.5% 11.7%
Ordinary share price 11.1% 19.5% 13.9% 26.1% 11.4%
FTSE All-Share TR 6.4% 9.5% 6.1% 11.1% 7.8%
MSCI World (GBP)
TR 12.6% 14.9% 12.8% 14.1% 7.9%
*Figures are stated net of movements associated with the ALN
share of the reference portfolio.
**Ratio of net available cash, portfolio value and undrawn loan
facility to outstanding commitments.
***Based on the change in the ordinary share price over the
period.
****Withholding taxes on investment distributions.
^Net available cash calculated as cash and net current assets /
(liabilities) less undistributed net cashflows associated with the
ALN.
^^Unlisted 10-year note issued on 31 October 2017 whose cost and
repayments are linked to a reference portfolio consisting of the
Company's older vintage funds.
^^^PIP was launched on 18 September 1987. The performance
figures for PIP assume reinvestment of dividends, capital
repayments and cash flow from warrants.
Monthly Report
The March 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:
Vicki Bradley
Pantheon
020 3356 1800
NOTES
PIP
PIP is a listed FTSE 250 private equity investment trust,
overseen by an independent Board of Directors and managed by
Pantheon, one of the leading investment managers globally. PIP
offers a differentiated entry point to an investment company of
scale with risk managed through selection and diversification, and
to the excellent growth potential generated by some of the best
private equity managers in the world.
Pantheon
Pantheon is a leading global private equity, infrastructure,
real assets and debt fund investor that invests on behalf of over
550 investors. Founded in 1982, Pantheon has developed an
established reputation in primary, co-investment and secondary
private asset solutions across all stages and geographies. Pantheon
has $42billion in AUM^^^^ (as at 30 September 2018) and 295
employees, including 82 investment professionals, located across
offices in London, San Francisco, New York, Hong Kong, Seoul,
Bogotá, Tokyo and Dublin.
^^^^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
UPDLLFSSSIIEFIA
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