TIDMPIN
RNS Number : 5896R
Pantheon International PLC
07 July 2022
7 July 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is not for publication, release or distribution in the United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")
Performance Update at 31 May 2022
Performance Update at 31 May 2022
451.6p NAV per share
+0.9% NAV per share movement for the month
GBP2.4bn Net asset value
GBP26.4m Net portfolio cash flow*
3.7x Financing cover**
+65% Total shareholder return (5Y)***
Month to 31 May 2022
PIP announced an unaudited net asset value ("NAV") per share as
at 31 May 2022 of 451.6p, an increase of 4.2p (+0.9%) from the NAV
per share as at 30 April 2022.
In the month to 31 May 2022, valuation gains* were +4.7p
(+1.1%), investment income* added +0.1p (+0.0%), foreign exchange
movements* were -0.3p (-0.1%), share buybacks added +0.2p (+0.0%)
and expenses and taxes**** were -0.5p (-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 but a mark to market adjustment is applied to the
listed holdings in PIP's portfolio when the information is
available. In the case of PIP's valuation as at 31 May 2022, 12% of
reported valuations are dated 31 May 2022, 71% are dated 31 March
2022, 15% are dated 31 December 2021 and 2% are dated 30 September
2021. Of the 12% of reported valuations dated 31 May 2022, 10%
reflect the mark to market fair value adjustment for PIP's listed
company holdings while 2% reflect new investments held at cost.
Overall, listed company holdings comprise 12% of PIP's portfolio as
at 31 May 2022. The remaining listed company holdings, representing
2% of PIP's portfolio, are valued using the latest quarterly
valuations received from PIP's underlying private equity
managers.
At 31 May 2022, PIP's private equity assets stood at GBP2,239m,
whilst net available cash balances^ were GBP227m. The Asset Linked
Note^^ ("ALN") outstanding as at 31 May 2022 amounted to GBP39m.
Undrawn commitments to investments stood at GBP755m as at 31 May
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's portfolio generated GBP58.1m of distributions during the
month. This included:
-- GBP49.5m from EW Healthcare for the sale of EUSA Pharma, a
UK-based specialty pharmaceutical company focusing on oncology and
rare diseases. EUSA Pharma was PIP's largest company holding
representing 2.4% of its portfolio, before its sale to Italian
pharmaceutical company, Recordati, was agreed in December 2021,
with proceeds received by PIP in May 2022. This provided a full
exit for both PIP and EW Healthcare and is PIP's largest ever
single company exit.
-- GBP2.0m from Searchlight Capital Partners primarily for the
sale of Global Risk Partners, a UK-based insurance broker.
-- GBP1.9m from Navis Capital Partners for the sale of
TES-Envirocorp, a provider of environmental engineering
services.
PIP made GBP38.3m of new commitments during the month, which
were to two primaries (GBP27.8m), one secondary (GBP6.1m) and one
co-investment (GBP4.4m). These included:
-- A GBP21.5m primary commitment to Advent Global Private Equity X, a global large buyout fund.
-- A GBP6.1m single asset secondary commitment to a software
company focused on safety and risk management for healthcare
providers.
-- A GBP4.4m co-investment alongside Lovell Minnick Equity
Advisors in Warner Pacific Insurance Services, a business serving
health insurers based in the USA.
PIP also invested GBP1.6m in share buybacks during the period,
acquiring 559,860 shares at a weighted average price of 291.5p per
share. This price represented an average discount of 34% to the
prevailing NAV per share at the time of the transactions.
Year End to 31 May 2022
Performance
PIP had an outstanding financial year with record NAV growth,
cash flow and investment activity. The unaudited NAV per share at
31 May 2022 of 451.6p is an increase of +106.8p (+31.0%) relative
to the NAV per share at 31 May 2021. Valuation gains* added +84.1p
(+24.4%), investment income* added +3.5p (+1.0%), foreign exchange
movements* were +24.6p (+7.2%), share buybacks added +0.8p (+0.2%)
and expenses and taxes**** were -6.2p (-1.8%).
Portfolio Net Cash Flow
PIP's portfolio generated net cash of GBP231.9m during the year
to 31 May 2022, with distributions of GBP418.8m relative to
GBP186.9m of calls from existing commitments to private equity
funds.
During the twelve months to May 2022, PIP achieved its highest
net cash flow, distributions and cash from a single exit (EUSA
Pharma) since inception.
New Commitments
PIP made 70 new investments in the year to 31 May 2022,
amounting to GBP496.3m in new commitments.
PIP invested in 25 primaries (GBP262.3m), 30 co-investments
(GBP122.7m) and 15 secondaries (GBP111.3m). This included primary
commitments to Index Ventures Growth VI, Apax Global Impact Fund I
and Summa Equity III. The co-investments included Satlink, TriMech
and Appliance Health. Nine single-asset secondaries were completed
during the period.
*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.
**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.
Share Buybacks
PIP invested GBP10.3m in share buybacks during the period,
acquiring 3,400,830 shares at a weighted average price of 302.9p
per share. This price represented an average discount of 27% to the
prevailing NAV per share at the time of the transactions.
Performance as at 31 May 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 31.0% 17.7% 15.6% 14.8% 12.4%
Ordinary share price 8.6% 9.9% 10.5% 14.7% 11.3%
FTSE All-Share TR 8.3% 5.8% 4.1% 8.1% 7.6%
MSCI World (GBP)
TR 7.8% 13.2% 10.8% 13.9% 8.4%
^^^PIP was launched on 18 September 1987. The performance
figures for PIP assume reinvestment of dividends, capital.
Largest managers by value as at 31 May 2022
Region % of portfolio
1 Insight Partners USA 8.1%
2 Index Ventures Global 5.0%
3 Providence Equity Partners USA 3.6%
4 Advent International
Group Global 2.5%
5 Baring Private Equity
Asia Ltd Asia 2.2%
Foreign Exchange Exposure
At 31 May 2022, the value of the private equity investment
assets stood at GBP2,239m. Of the private equity investment assets
at PIP's holding level, 76% were represented by funds reporting
values denominated in US dollars, 18% denominated in euros, 4%
denominated in sterling and 2% denominated in other currencies. Of
the 76% of investment assets denominated in US dollars,
approximately 7% (expressed as a proportion of PIP's total
portfolio) are invested in funds investing mainly in Europe and
approximately 9% (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.
As at 31 May 2022, the GBP/USD exchange rate was 1.26000 and the
GBP/EUR exchange rate was 1.17625.
Monthly Report
The May 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 40 years' experience sourcing and executing private market
investment opportunities on behalf of clients. Pantheon has $84.6
billion in AUM ^^^^ (as at 31 December 2021) and employs
approximately 417 staff including 121 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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July 07, 2022 02:00 ET (06:00 GMT)
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