TIDMPIN
RNS Number : 3135S
Pantheon International PLC
08 July 2020
8 July 2020
For immediate release
The information contained in this announcement is restricted and
is not for publication, release or distribution in the United
States of America, Canada, Australia (other than to persons who are
both wholesale clients and professional or sophisticated investors
in Australia), Japan, the Republic of South Africa or any other
jurisdiction where its release, publication or distribution is or
may be unlawful.
Pantheon International Plc
("PIP" or the "Company")
Performance Update at 31 May 2020
Performance Update at 31 May 2020
2,882.8p NAV per share
+5.6% NAV per share movement for the month
GBP1.6bn Net asset value
GBP11.7m Net portfolio cash flow*
3.6x Financing cover**
+61% Total shareholder return (5Y)***
Month to 31 May 2020
PIP announced an unaudited net asset value ("NAV") per share as
at 31 May 2020 of 2,882.8p, an increase of 152.9p (+5.6%) from the
NAV per share as at 30 April 2020.
PIP's valuation policy is to value its private equity assets at
fair market value in accordance with UK GAAP based principally on
the latest valuations reported by the managers of the funds in
which PIP has holdings. The latest reported valuations at 31 May
2020 were for the quarter ended 31 March 2020 and cover 95% of the
portfolio by NAV. The valuation losses of -127.5 pence per share
reflect the actual movement reported by PIP's underlying managers
for the quarter ended 31 March 2020. In the month to 31 May 2020,
these losses have been offset by the reversal of the Manager's
Provision that was made to PIP's reported NAV per share at 31 March
2020 and 30 April 2020 to take account of the impact of the COVID
19 pandemic that had not yet been reflected in latest reported
valuations from PIP's underlying managers at the time of issue of
the Company's March 2020 and April 2020 newsletters.
Therefore in the month to 31 May 2020, valuation losses* of
-127.5p (-4.7%), together with investment income* of 0.1p (+0.0%)
were offset by a reversal of the Manager's Provision (applied in
March 2020 and April 2020) of 210.7p (+7.7%), while foreign
exchange gains* added +73.3p (+2.7%), and expenses and taxes****
were -3.7p (-0.1%).
At 31 May 2020, PIP's private equity assets stood at GBP1,496m,
whilst net available cash balances^ were GBP121m. The Asset Linked
Note^^ ("ALN") outstanding as at 31 May 2020 amounted to GBP58m.
Undrawn commitments to investments stood at GBP541m as at 31 May
2020, calculated using exchange rates at that date. PIP's
multi-currency revolving credit facilities comprise a US$269.8m
facility and a EUR101.6m facility, which remained undrawn as at the
month end.
During the month, PIP made a new secondary commitment of GBP7.1m
to Idinvest Growth Secondary SLP, a European growth fund comprising
high growth technology- and software-focussed companies across
Europe and the USA.
*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.
Year End to 31 May 2020
Performance
The unaudited NAV per share at 31 May 2020 of 2,882.8p is an
increase for the financial year of +112.2p (+4.0%) relative to the
NAV per share at 31 May 2019. Valuation gains* (+89.9p, +3.2%),
investment income* (18.3p, +0.7%), and foreign exchange movements*
(+46.7p, +1.6%), were partially offset by expenses and taxes****
(-42.7p, -1.5%).
Portfolio Net Cash Flow
PIP's portfolio generated net cash* of GBP110.3m during the
year, with distributions received of GBP227.9m relative to
GBP117.6m of calls from existing commitments to private equity
funds.
New Commitments
PIP made 44 new investments during the year to 31 May 2020,
amounting to GBP244.5m in commitments. This comprised 13 primaries
(GBP96.2m), 16 co-investments (GBP74.8m) and 15 secondaries
(GBP73.5m).
Loan Facility
During the year PIP increased the size of its loan facility from
an initial commitment of GBP175m to GBP300m. The loan facility
remains fully undrawn.
Performance as at 31 May 2020^^^
1 Year 3 Years 5 Years 10 Years Since Inception
(%) (% pa) (% pa) (% pa) (% pa)
NAV TR per share 4.0% 9.6% 13.0% 12.0% 11.6%
Ordinary share price (7.2%) 4.8% 10.0% 14.8% 10.9%
FTSE All-Share TR (11.2%) (2.9%) 1.3% 6.1% 7.1%
MSCI World (GBP)
TR 7.4% 6.2% 9.9% 11.1% 7.8%
======= ======= ======= ======== ===============
^^^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 May monthly newsletter can be accessed on PIP's website at
www.piplc.com in the Investor Relations section under the heading
"Newsletters".
This announcement contains inside information.
Ends
LEI: 2138001B3CE5S5PEE928
For more information please visit PIP's website at www.piplc.com
or contact:
Pantheon
Helen Steers / Vicki Bradley
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 private equity investment managers
globally. PIP offers investors a liquid, differentiated entry point
to the excellent growth potential of global private equity, with
access to the primary, secondary and co-investment opportunities of
some of the best managers in the world. The Company has a track
record of outperformance and manages risk through diversification
and rigorous selection based on Pantheon's extensive experience and
international platform.
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 $49.1 billion in AUM^^ (as at 31 December 2019) and 341
employees (as at 30 June 2020), including 100 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.
Important Information
A copy of this announcement will be available on the Company's
website at www.piplc.com . Neither the content of the Company's
website, nor the content on any website accessible from hyperlinks
on its website for any other website, is incorporated into, or
forms part of, this announcement nor, unless previously published
by means of a recognised information service, should any such
content be relied upon in reaching a decision as to whether or not
to acquire, continue to hold, or dispose of, securities in the
Company.
Sir Laurie Magnus
Chairman, Pantheon International Plc
Beaufort House, 51 New North Road, Exeter, Devon, EX4 4EP
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END
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