Monthly Performance Update

RNS Number : 0869R

Pantheon International PLC

25 October 2019

 

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The information contained in this announcement is restricted and is not for publication, release or distribution in the United States of America, any member state of the European Economic Area (other than the United Kingdom or to professional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

Pantheon International Plc

Performance Update at 30 September 2019

Highlights

2,913.5p                      NAV per share

-1.2%                           NAV per share growth for the month

£1.6bn                         Net asset value

£17.3m                        Net portfolio cash flow*

3.7x                             Financing cover**

+94%                           Total shareholder return (5Y)***

Month to 30 September 2019

PIP announced an unaudited net asset value ("NAV") per share at 30 September 2019 of 2,913.5p, a decrease of 35.9p (-1.2%) from the NAV per share as at 31 August 2019. Valuation gains* (7.0p, +0.2%) and investment income* (2.6p, +0.1%) were offset by foreign exchange movements* (-41.6p, -1.4%) and expenses and taxes**** (-3.9p, -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 30 September 2019, 99% of reported valuations are dated 30 June 2019 or later. A detailed description of PIP's valuation policy can be found on pages 100 and 101 of the 2019 Annual Report.

At 30 September 2019, PIP's private equity assets stood at £1,488m, whilst net available cash balances^ were £172m. The Asset Linked Note^^ ("ALN") outstanding as at 30 September 2019 amounted to £84m. Undrawn commitments to investments stood at £505m as at 30 September 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 made one new commitment of £11.1m during the month, which was a primary commitment to LYFE Capital Fund III, an Asian growth-equity fund with a healthcare focus.

*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.

Performance as at 30 September 2019^^^

	1 Year (%)	3 Years (% pa)	5 Years (% pa)	10 Years (% pa)	Since Inception (% pa)
NAV per share	13.7%	13.9%	14.7%	13.4%	11.9%
Ordinary share price	7.4%	13.4%	14.2%	19.4%	11.5%
FTSE All-Share TR	2.7%	6.8%	6.8%	8.3%	7.8%
MSCI World (£) TR	2.7%	10.9%	12.7%	11.9%	8.0%

^^^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 September 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.

This announcement contains inside information.

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 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 $47.0 billion in AUM^^ (as at 30 June 2019) and 308 employees, including 94 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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