Monthly Performance Update

RNS Number : 8397K

Pantheon International PLC

07 January 2021

 

7 January 2021

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The information contained in this announcement is restricted and is not for publication, release or distribution in the United States of America, Canada, Australia (other than to persons who are both wholesale clients and professional or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 30 November 2020

Performance Update at 30 November 2020

3,139.2p  NAV per share

+4.3%  NAV per share movement for the month

£1.7bn  Net asset value

£26.2m    Net portfolio cash flow*

4.4x  Financing cover**

+79%  Total shareholder return (5Y)***

Month to 30 November 2020

PIP announced an unaudited net asset value ("NAV") per share as at 30 November 2020 of 3,139.2p, an increase of 128.3p (+4.3%) from the NAV per share as at 31 October 2020.

In the month to 30 November 2020, valuation gains* added +188.2p (+6.3%), investment income* added +5.2p (+0.2%), expenses and taxes**** were +7.4p (+0.2%) and foreign exchange movements* were -72.5p (-2.4%).

At 30 November 2020, PIP's private equity assets stood at £1,597m, whilst net available cash balances^ were £151m. The Asset Linked Note^^ ("ALN") outstanding as at 30 November 2020 amounted to £50m. Undrawn commitments to investments stood at £464m as at 30 November 2020, calculated using exchange rates at that date. PIP's multi-currency revolving credit facilities comprise a US$269.8m facility and a €101.6m facility, which remained undrawn as at the month end.

PIP made one new investment during the month, co-investing £2.6m alongside H.I.G. Capital in Capstone Logistics, a leading provider of technology-enhanced supply chain solutions in North America and Australia.

Half Year to 30 November 2020

Performance 

The unaudited NAV per share at 30 November 2020 of 3,139.2p is an increase of +256.4p (+8.9%) relative to the NAV per share at 31 May 2020. Valuation gains* added +431.9p (+15.0%), investment income* added +10.9p (+0.4%), foreign exchange movements* were

-174.5p (-6.1%), and expenses and taxes**** were -11.9p (-0.4%). 

Portfolio Net Cash Flow

PIP's portfolio generated net cash of £57.3m during the six months to 30 November 2020, with distributions of £111.4m relative to £54.1m of calls from existing commitments to private equity funds.

New Commitments

PIP made six new commitments during the half year amounting to £14.6m, consisting of four co-investments (£8.6m), one secondary (£4.7m) and one primary (£1.3m).

Performance as at 30 November 2020^^^

	1 Year (%)	3 Years (% p.a.)	5 Years (% p.a.)	10 Years (% p.a.)	Since Inception (% p.a.)
NAV TR per share	12.1%	11.8%	14.1%	12.8%	11.7%
Ordinary share price	(0.2%)	7.5%	12.4%	14.7%	11.1%
FTSE All-Share TR	(10.3%)	(0.6%)	4.1%	5.9%	7.2%
MSCI World (£) TR	12.7%	10.8%	14.3%	12.6%	8.2%

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

Largest Holdings

Largest managers by value as at 30 November 2020

	Region	% of portfolio
1 Growth Fund µ	USA	5.7%
2 Providence Equity Partners	USA	5.3%
3 Essex Woodlands	USA	4.9%
4 Apax Partners SA	Europe	2.8%
5 Baring Private Equity Asia	Asia and EM	2.6%

Largest companies by value as at 31 March 2020^µ

	Country	Sector	% of portfolio
1 EUSA Pharma	UK	Healthcare	3.9%
2 Dermatology Company µ	USA	Healthcare	1.1%
3 Opthalmology Company µ	USA	Healthcare	1.0%
4 Insurance Company µ	USA	Financials	1.0%
5 Abacus Data Systems	USA	IT	1.0%

^µ   The private equity manager does not permit disclosure of this information.

^µ Based on valuations as at 31 March 2020 adjusted for known calls and distributions to 31 May 2020, accounts for 100% of PIP's portfolio.

Foreign Exchange Exposure

At 30 November 2020, the value of the private equity investment assets stood at £1,597m. Of the private equity investment assets at PIP's holding level, 74% were represented by funds reporting values denominated in US dollars, 19% denominated in euros, 4% denominated in sterling and 3% denominated in other currencies. Of the 74% of investment assets denominated in US dollars, approximately 10% (expressed as a proportion of PIP's total portfolio) are invested in funds investing mainly in Europe and approximately 8% (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.

*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. PIP received a tax refund amounting to £6.1m during the month of November.

^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.

Monthly Report

The November 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

Follow us on LinkedIn:   https://www.linkedin.com/company/pantheon-international-plc

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 600 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 $55.6 billion in AUM^^ (as at 30 June 2020) and 359 employees (as at 31 December 2020), including 104 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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