Monthly Performance Update

RNS Number : 9353T

Pantheon International PLC

26 March 2019

 

26 March 2019

Pantheon International Plc

Performance Update at 28 February 2019

Highlights

2,536.4p                      NAV per share

-0.6%                           NAV per share growth for the month

£1.4bn                         Net asset value

£1.2m                          Net portfolio cash flow*

3.5x                             Financing cover**

+95%                          Total shareholder return (5Y)***

Month to 28 February 2019

PIP announced an unaudited net asset value ("NAV") per share at 28 February 2019 of 2,536.4p, a decrease of 14.7p (-0.6%) from the NAV per share as at 31 January 2019. Valuation gains* (19.2p, +0.8%) and investment income* (1.3p, +0.1%) were offset by foreign exchange movements* (-32.1p, -1.4%) and expenses and taxes**** (-3.1p, -0.1%).

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 28 February 2019, all reported valuations are dated 30 September 2018 or later. A detailed description of PIP's valuation policy can be found on pages 92 and 93 of the Annual Report.

At 28 February 2019, PIP's private equity assets stood at £1,365m, whilst net available cash balances^ were £96m. The Asset Linked Note^^ ("ALN") outstanding as at 28 February 2019 amounted to £89m. Undrawn commitments to investments stood at £464m as at 28 February 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 as at the month end.

PIP's portfolio generated net cash* of £1.2m during the month, with distributions of £8.6m relative to £7.4m of calls from existing commitments to private equity funds.

PIP made £34.7m new commitments during the month across three primaries (£30.2m) and two co-investments (£4.5m).  This included: a £19.4m primary commitment to Altor Fund V, a European mid-market fund; a £9.4m primary commitment to ABRY IX, a North American mid-market fund; and, a £2.4m co-investment alongside LYFE Capital in Burning Rock, a biotechnology company in China.

*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.

Nine months to 28 February 2019

Performance  

The unaudited NAV per share at 28 February 2019 of 2,536.4p is an increase of 121.6p (+5.0%) relative to the NAV per share at 31 May 2018. Valuation gains* (148.5p, +6.1%), investment income* (18.5p, +0.8%) and share buybacks (0.3p, +0.0%) were partially offset by foreign exchange movements* (-17.4p, -0.7%) and expenses and taxes**** (-28.3p, -1.2%).

Portfolio Net Cash Flow

PIP's portfolio generated net cash* of £97.5m during the nine months, with distributions of £180.0m relative to £82.5m of calls from existing commitments to private equity funds.

New Commitments

PIP made 46 new investments during the nine months to 28 February 2018, amounting to £249.1m in commitments. This included nine secondary investments (£82.0m), 13 primary investments (£99.8m) and 24 co-investments (£67.3m).

Performance as at 28 February 2019^^^

	1 Year (%)	3 Years (% pa)	5 Years (% pa)	10 Years (% pa)	Since Inception (% pa)
NAV per share	13.0%	13.2%	13.8%	8.5%	11.7%
Ordinary share price	12.4%	20.7%	14.3%	27.7%	11.4%
FTSE All-Share TR	1.7%	9.2%	5.0%	11.2%	7.7%
MSCI World (£) TR	6.3%	15.7%	12.6%	14.7%	7.9%

^^^PIP was launched on 18 September 1987. The performance figures for PIP assume reinvestment of dividends, capital repayments and cash flow from warrants.

Largest Holdings

Largest managers by value as at 28 February 2019

	Region	% of portfolio
1 Providence Equity Partners	USA	5.9%
2 Growth Fund^^	Europe	3.8%
3 Essex Woodlands	USA	3.1%
4 Energy Minerals Group	USA	2.9%
5 Ares Management	USA	2.7%

Largest companies by value as at 28 February 2019^^^

	Country	Sector	% of portfolio
1 EUSA Pharma	UK	Healthcare	2.2%
2 Abacus Data Systems	USA	IT	1.2%
3 Energy Company^^	USA	Energy	1.2%
4 Dermatology Company^^	USA	Healthcare	1.0%
5 Standard Aero	USA	Industrials	1.0%

^^Confidential

^^^Based on valuations as at 30 September 2018 adjusted for known calls and distributions to 30 November 2018, and accounts for over 95% of PIP's portfolio.

Foreign Exchange Exposure

At 28 February 2019, the value of the private equity investment assets stood at £1,365m. Of the private equity investment assets at PIP's holding level, 77% were represented by funds reporting values denominated in US dollars, 18% denominated in euros, 3% denominated in sterling and 2% denominated in other currencies. Of the 77% of investment assets denominated in US dollars, approximately 7% (expressed as a proportion of PIP's total portfolio) are invested in funds investing mainly in Europe and approximately 9% (expressed as a proportion of PIP's total portfolio) in funds investing mainly in Asia. In addition to the funds reporting values denominated in sterling, many of the euro-denominated funds have investments in the UK.

Monthly Report

The February 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 510 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 $42 billion in AUM^^ (as at 30 September 2018) and 277 employees, including 80 investment professionals, located across offices in London, San Francisco, New York, Hong Kong, Seoul, Bogotá and Tokyo.

^^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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