TIDMPIN
RNS Number : 0640R
Pantheon International PLC
26 February 2019
26 February 2019
Pantheon International Plc
Performance Update at 31 January 2019
Highlights
2,551.1p NAV per share
-2.9% NAV per share growth for the month
GBP1.4bn Net asset value
GBP13.5m Net portfolio cash flow*
3.7x Financing cover**
+96% Total shareholder return (5Y)***
Month to 31 January 2019
PIP announced an unaudited net asset value ("NAV") per share at
31 January 2019 of 2,551.1p, a decrease of 75.9p (-2.9%) from the
NAV per share as at 31 December 2018. Valuation gains* (4.3p,
+0.2%), investment income* (0.7p, 0.0%) and share buybacks (0.3p,
0.0%) were offset by foreign exchange movements* (-78.7p, -3.0%)
and expenses and taxes**** (-2.5p, -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 31 January
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 2018 Annual Report.
At 31 January 2019, PIP's private equity assets stood at
GBP1,374m, whilst net available cash balances^ were GBP101m. The
Asset Linked Note^^ ("ALN") outstanding as at 31 January 2019
amounted to GBP95m. Undrawn commitments to investments stood at
GBP448m as at 31 January 2019, calculated using exchange rates at
that date. PIP's multi-currency revolving credit facilities
comprise a US$163.0m facility and a EUR59.8m facility, which
remained undrawn at the month end.
PIP's portfolio generated net cash* of GBP13.5m during the
month, with distributions of GBP17.9m relative to GBP4.4m of calls
from existing commitments to private equity funds.
PIP made GBP7.5m of new commitments during the month comprising:
a GBP5.0m secondary commitment to a European mid-market buyout
fund, a GBP2.4m secondary direct commitment to a US music royalty
company, and an initial investment alongside Madison India Capital
in Star Health Insurance, the largest private health insurer in
India.
Performance as at 31 January 2019^^^
1 Year 3 Years 5 Years 10 Years Since Inception
(%) (% pa) (% pa) (% pa) (% pa)
NAV per share 18.7% 14.0% 14.3% 8.5% 11.7%
Ordinary share price 12.3% 19.2% 14.4% 24.1% 11.5%
FTSE All-Share TR -3.8% 8.7% 5.6% 10.2% 7.7%
MSCI World (GBP)
TR 1.6% 14.7% 12.4% 13.2% 7.8%
*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 January 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 $42billion in AUM^^^^ (as at 30 September 2018) and 276
employees, including 81 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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END
MSCSEWFWIFUSEFE
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February 26, 2019 02:00 ET (07:00 GMT)
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