TIDMPIN
RNS Number : 8308J
Pantheon International PLC
22 August 2019
22 August 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is not for publication, release or distribution in the United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 31 July 2019
Highlights
2,847.6p NAV per share
+3.4% NAV per share growth for the month
GBP1.5bn Net asset value
-GBP2.8m Net portfolio cash flow*
3.5x Financing cover**
+100% Total shareholder return (5Y)***
Month to 31 July 2019
PIP announced an unaudited net asset value ("NAV") per share at
31 July 2019 of 2,847.6p, an increase of 94.7p (+3.4%) from the NAV
per share as at 30 June 2019. Valuation gains* (+3.5p, +0.1%),
investment income* (0.9p, 0.0%) and foreign exchange movements*
(+93.5p, +3.4%) were offset by expenses and taxes**** (-3.2p,
-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 July
2019, 99% of reported valuations are dated 31 March 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 31 July 2019, PIP's private equity assets stood at GBP1,489m,
whilst net available cash balances^ were GBP138m. The Asset Linked
Note^^ ("ALN") outstanding as at 31 July 2019 amounted to GBP87m.
Undrawn commitments to investments stood at GBP515m as at 31 July
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 -GBP2.8m during the
month, with distributions of GBP6.2m relative to GBP9.0m of calls
from existing commitments to private equity funds.
PIP made two new investments during the month amounting to
GBP7.7m in new commitments. This comprised a GBP4.6m co-investment
alongside Insight Venture Partners in Recorded Future, a provider
of cyber threat intelligence software; and a GBP3.1m co-investment
alongside Lee Equity Partners in K2 Insurance Services, a leading
platform for managing general agents serving the US property and
casualty insurance market.
Performance as at 31 July 2019^^^
1 Year 3 Years 5 Years 10 Years Since Inception
(%) (% pa) (% pa) (% pa) (% pa)
NAV per share 15.6% 14.7% 15.7% 13.9% 11.9%
Ordinary share price 12.7% 16.9% 14.9% 20.8% 11.6%
FTSE All-Share TR 1.3% 8.3% 6.8% 9.6% 7.9%
MSCI World (GBP)
TR 8.4% 13.0% 14.1% 13.6% 8.1%
*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 July 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 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 $46.3 billion in AUM^^^^ (as at 31 March 2019) and 291
employees, including 90 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
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END
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