TIDMPIN
RNS Number : 1253J
Pantheon International PLC
25 April 2022
25 April 2022
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is not for publication, release or distribution in the United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")
Correction - monthly performance update
The Company announces that there has been an accounting error in
the calculation of the unaudited NAV per ordinary share as at 31
March 2022, announced on 22 April 2022, which overstated the NAV by
3.2p. The unaudited NAV per share as at 31 March 2022 was 431.0p.
The Company apologises for the error.
The performance update as at 31 March 2022 has been corrected
and reissued below. The March newsletter, available on the
Company's website at Newsletters - Pantheon International Plc
(piplc.com) , has been updated accordingly.
Performance Update at 31 March 2022
Performance Update at 31 March 2022
431.0p NAV per share
+3.2% NAV per share movement for the month
GBP2.3bn Net asset value
GBP14.7m Net portfolio cash flow*
3.8x Financing cover**
+83% Total shareholder return (5Y)***
Month to 31 March 2022
PIP announced an unaudited net asset value ("NAV") per share as
at 31 March 2022 of 431.0p, an increase of 13.4p (+3.2%) from the
NAV per share as at 28 February 2022.
In the month to 31 March 2022, valuation gains* were +12.7p
(+3.0%), investment income* added +0.3p (+0.1%), foreign exchange
movements* were +0.9p (+0.2%), share buybacks added +0.1p (+0.0%)
and expenses and taxes**** were -0.6p (-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 31 March
2022, 14% of reported valuations are dated 31 March 2022, 78% are
dated 31 December 2021 and 8% are dated 30 September 2021. Of the
14% of valuations dated 31 March 2022, 12% reflect the mark to
market fair value adjustment for PIP's listed company holdings.
At 31 March 2022, PIP's private equity assets stood at
GBP2,140m, whilst net available cash balances^ were GBP236m. The
Asset Linked Note^^ ("ALN") outstanding as at 31 March 2022
amounted to GBP51m. Undrawn commitments to investments stood at
GBP699m as at 31 March 2022, calculated using exchange rates at
that date. PIP's multi-currency revolving credit facilities
comprise a US$269.8m facility and a EUR101.6m facility, which
remained undrawn as at the month end.
PIP made GBP73.7m of new commitments during the month to three
primaries (GBP49.7m), five co-investments (GBP18.3m) and one
secondary (GBP5.7m). This included:
-- A GBP17.8m primary commitment to Apax Global Impact Fund I, a
global buyout fund focused on sustainable investing.
-- An GBP8.8m co-investment alongside Sentinel Capital Partners
in TriMech, a provider of 3D design software based in the USA.
-- A GBP2.1m co-investment alongside Verdane Capital in
Papirfly, a provider of brand activation management software in
Norway.
PIP also invested GBP1.3m in share buybacks during the period,
acquiring 439,690 shares at a weighted average price of 296.9p per
share. This price represented a discount of 29% to the prevailing
NAV per share at the time of the transactions.
*Figures are stated net of movements associated with the ALN
share of the reference portfolio. Valuation movement includes the
mark to market fair value adjustment of listed company holdings. A
provision was made in
February 2022 to reduce PIP's GBP2.9m legacy exposure to Russian assets to zero.
**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 31 March 2022 ^^^
1 Year 3 Years 5 Years 10 Years Since Inception
(%p.a.) (% p.a.) (% p.a.) (% p.a.) (% p.a.)
NAV TR per share 31.6% 18.4% 14.8% 14.2% 12.1%
Ordinary share price 19.8% 14.2% 12.8% 15.0% 11.5%
FTSE All-Share TR 13.0% 5.3% 4.7% 7.2% 7.6%
MSCI World (GBP)
TR 15.9% 15.1% 11.8% 13.7% 8.5%
^^^PIP was launched on 18 September 1987. The performance
figures for PIP assume reinvestment of dividends, capital.
Monthly Report
The March 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
PIP is managed and advised by Pantheon, a leading global private
equity, infrastructure & real assets and private debt investor
with more than 35 years' experience sourcing and executing private
market investment opportunities on behalf of clients. Pantheon has
$81.2 billion in AUM ^^ (as at 30 September 2021) and employs
approximately 398 staff including 116 investment professionals
across offices in London, San Francisco, New York, Chicago, Hong
Kong, Seoul, Bogotá, Tokyo, Dublin and Berlin.
^^ 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 CBE
Chairman, Pantheon International Plc
Beaufort House, 51 New North Road, Exeter, Devon, EX4 4EP
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END
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