Monthly Performance Update

RNS Number : 7759G

Pantheon International PLC

26 July 2019

 

26 July 2019

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The information contained in this announcement is restricted and is not for publication, release or distribution in the United States of America, any member state of the European Economic Area (other than the United Kingdom or to professional investors in Finland and Sweden), Canada, Australia, Japan or the Republic of South Africa.

Pantheon International Plc

Performance Update at 30 June 2019

Highlights

2,752.9p                      NAV per share

-0.6%                           NAV per share growth for the month

£1.5bn                         Net asset value

£12.3m                        Net portfolio cash flow*

3.5x                             Financing cover**

+86%                           Total shareholder return (5Y)***

Month to 30 June 2019

PIP announced an unaudited net asset value ("NAV") per share at 30 June 2019 of 2,752.9p, a decrease of 17.7p (-0.6%) from the NAV per share as at 31 May 2019. Investment income* (2.1p, +0.1%) was offset by valuation losses* (-0.4p, 0.0%), foreign exchange movements* (-15.8p, -0.6%) and expenses and taxes**** (-3.6p, -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 30 June 2019, 98% of reported valuations are dated 31 March 2019 or later.  A detailed description of PIP's valuation policy can be found on pages 92 and 93 of the 2018 Annual Report.

At 30 June 2019, PIP's private equity assets stood at £1,431m, whilst net available cash balances^ were £144m. The Asset Linked Note^^ ("ALN") outstanding as at 30 June 2019 amounted to £86m. Undrawn commitments to investments stood at £508m as at 30 June 2019, calculated using exchange rates at that date. PIP's multi-currency revolving credit facilities comprise a US$163.0m facility and a €59.8m facility, which remained undrawn at the month end.

PIP's portfolio generated net cash* of £12.3m during the month, with distributions of £23.6m relative to £11.3m of calls from existing commitments to private equity funds.

PIP made two new investments during the month amounting to £7.3m in new commitments. This included a £6.4m co-investment alongside HgCapital in Visma, a provider of business-critical software to enterprises in the Nordic and Benelux regions.

Performance as at 30 June 2019^^^

	1 Year (%)	3 Years (% pa)	5 Years (% pa)	10 Years (% pa)	Since Inception (% pa)
NAV per share	12.9%	13.7%	15.1%	13.5%	11.8%
Ordinary share price	5.2%	18.4%	13.2%	21.9%	11.4%
FTSE All-Share TR	0.6%	9.0%	6.3%	10.3%	7.8%
MSCI World (£) TR	7.8%	13.2%	13.1%	13.9%	8.0%

*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 June 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 $43.5billion in AUM^^^^ (as at 31 December 2018) and 295 employees, including 84 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

 

END

 

 

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