Net Asset Value(s)

RNS Number : 7606J

Pantheon Infrastructure PLC

15 December 2022

 

15 December 2022

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR TO THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY MEMBER STATE OF THE EEA OR ANY OTHER JURISDICTION IN WHICH THE PUBLICATION, DISTRIBUTION OR RELEASE OF THIS ANNOUNCEMENT WOULD BE UNLAWFUL.

This Announcement has been determined to contain inside information.

PANTHEON INFRASTRUCTURE PLC

Net Asset Value

Pantheon Infrastructure PLC ("PINT" or the "Company"), the listed global infrastructure fund, announces that its Net Asset Value ("NAV") as at 30 September 2022 was 99.3 pence per share 1 .

Commentary

• The Company's NAV increased during the quarter by 1.4 pence per share.

• Five of the Company's eight investments funded by the quarter end date (representing c.38% of NAV) continue to be valued at cost, in line with the underlying sponsor's valuation policy, given the recency of the investments.

• Underlying fair value movements on the remaining three investments contributed 1.6 pence per share during the period.

• The portfolio suffered no negative impacts from recent tax and policy changes in UK and European renewables markets.

• Appreciation of EUR and USD vs. GBP resulted in a further increase in the investment portfolio, equivalent to an increase in NAV of 3.4 pence per share; however, this was offset by negative movements in the Company's NAV FX hedging instruments, contributing a decrease in the NAV of 3.6 pence per share.

• Other contributions to the movement in NAV included: investment and deposit interest income receipts of 0.2 pence per share, the premium to NAV attributable to exercise of the subscription share take-up of 0.2 pence per share, and operating costs of -0.4 pence per share.

1 As at September 30 2022, not adjusted for 1pps dividend which went ex-div on 6 October 2022

NAV Bridge Q3 2022

Opening NAV per share at 30 June 2022	97.9p
Valuation gains / (losses)	1.6p
Investment income / yield	0.2p
FX movement	3.4p
FX hedge	(3.6)p
Expenses (inc. operating and capital expenses)	(0.4)p
Share issue	0.2p
Closing NAV per share at 30 September 2022	99.3p

Investment Portfolio as at 30 September 2022

#	Status	Portfolio Company	Sponsor	Announced	Sector	Region	Fair Value (£m)1
1	Invested	Primafrio	Apollo	Mar-22	Transport & Logistics	Europe	40
2	Invested	CyrusOne	KKR	Mar-22	Digital - Data Centre	North America	25
3	Invested	Vertical Bridge	Digital Bridge	Apr-22	Digital - Towers	North America	28
4	Invested	Delta Fiber	Stonepeak	Apr-22	Digital - Fibre	Europe	23
5	Invested	Cartier Energy	Vauban	May-22	Power & Utilities - District Heating	North America	38
6	Invested	Calpine	ECP	Jun-22	Power & Utilities - Electricity Generation	North America	54
7	Invested	Vantage	Digital Bridge	Jul-22	Digital - Data Centre	North America	11
8	Invested	Fudura	DIF	Jul-22	Renewables & Energy Efficiency	Europe	40
						Total	258
9	Committed	NGGT 2	Macquarie	Mar-22	Power & Utilities - Gas utility and metering	UK	41
	Committed	Existing portfolio	Unfunded commitments				29
						Total	328
10	In legal closing	National Broadband Ireland 3	Asterion	Nov-22	Digital - Fibre	Europe	46
						Grand total	374

¹ Investment refers to the investment fair values, commitments or amounts in legal closing as at 30 September 2022, adjusted for FX at that date as necessary, except NBI which is adjusted for FX as at the date of announcement.  There is no guarantee that commitments under legal closing will be closed. Rounding accounts for the difference between individual amounts and the total stated

² The financial close of National Grid Gas Transmission is dependent on external regulatory clearances

³ National Broadband Ireland investment was completed and announced on 9 November 2022

Portfolio Diversification at 30 September 2022¹

Geography

North America	48%
Europe	41%
UK	11%

Sector

Digital Infrastructure	43%
Power & Utilities	35%
Renewable & Energy Efficiency	11%
Transport & Logistics	11%

Market Segment ²

Contracted	78%
Regulated	11%
GDP Linked	11%

Sponsor

Digital Bridge	16%
ECP	14%
Asterion Industrial Partners	13%
Macquarie	11%
DIF	11%
Apollo	11%
Vauban	10%
KKR	8%
Stonepeak	7%

¹  Total based on investment fair values, commitments or amounts in legal closing as at 30 September 2022 of £374m. Geography and sector based on exposure at underlying company level at time of entry. The financial close of National Grid Gas Transmission is dependent on external regulatory clearances. Rounding accounts for the difference between individual amounts and the total stated.

² This classification represents where the majority of each portfolio company cash flow is contracted in nature vs. regulated or GDP linked

For further information, contact: 

Pantheon Ventures (UK) LLP Investment Manager Richard Sem, Partner Harriet Alexander, Vice President	[phone] [e-mail]
Investec Bank plc Corporate Broker Tom Skinner (Corporate Broking) Lucy Lewis (Corporate Finance)	[phone]
TB Cardew Public relations advisor Ed Orlebar Tania Wild Max Gibson	[phone] [e-mail] [phone] [phone] [phone]

 LEI 213800CKJXQX64XMRK69

Notes to editors

Pantheon Infrastructure PLC (PINT)

Pantheon Infrastructure PLC is a closed-ended investment company and an approved UK Investment Trust, listed on the Premium Segment of the London Stock Exchange's Main Market. Its Ordinary Shares trade under the ticker 'PINT'. The independent Board of Directors of PINT have appointed Pantheon, one of the leading private markets investment managers globally, as investment manager. PINT aims to provide exposure to a global, diversified portfolio of high-quality infrastructure assets through building a portfolio of direct co-investments in infrastructure assets with strong defensive characteristics, typically benefitting from contracted cash flows, inflation protection and conservative leverage profiles.

Further details can be found at www.pantheoninfrastructure.com

Pantheon

Pantheon is a leading global private equity, infrastructure & real assets, private debt and real estate investor with 40 years' experience sourcing and executing private market investment opportunities on behalf of clients. Pantheon has US$88.0 billion in assets under management and advice (as at 30 June 2022) and employs over 440 staff, including more than 130 investment professionals, across offices in London, San Francisco, New York, Chicago, Hong Kong, Seoul, Bogotá, Tokyo, Dublin and Berlin. Further details can be found at www.pantheon.com

 

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