TIDMPIN
RNS Number : 3680A
Pantheon International PLC
23 September 2022
23 September 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is not for publication, release or distribution in the United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 August 2022
Performance Update at 31 August 2022
478.3p NAV per share
+1.8% NAV per share movement for the month
GBP2.6bn Net asset value
GBP3.4m Net portfolio cash flow*
3.6x Financing cover**
+50% Total shareholder return (5Y)***
Month to 31 August 2022
PIP announced an unaudited net asset value ("NAV") per share as
at 31 August 2022 of 478.3p, an increase of 8.7p (+1.8%) from the
NAV per share as at 31 July 2022.
In the month to 31 August 2022, valuation losses* were -3.4p
(-0.7%), investment income* added +0.1p (+0.0%), foreign exchange
movements* were +11.9p (+2.5%), share buybacks added 1.1p (+0.2%)
and expenses and taxes**** were -1.0p (-0.2%).
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 August
2022, 14% of reported valuations are dated 31 August 2022, 74% are
dated 30 June 2022, 10% are dated 31 March 2022 and 2% are dated 31
December 2021 or older. Of the 14% of valuations dated 31 August
2022, 10.3% reflect the mark to market fair value adjustment for
PIP's listed company holdings.
At 31 August 2022, PIP's private equity assets stood at
GBP2,473m, whilst net available cash balances^ were GBP121m. The
Asset Linked Note^^ ("ALN") outstanding as at 31 August 2022
amounted to GBP38m. Undrawn commitments to investments stood at
GBP854m as at 31 August 2022, calculated using exchange rates at
that date. As at 31 August 2022, PIP maintained a five year GBP500m
multi-tranche, multi-currency revolving credit facility agreement.
The facility is due to expire in July 2027 with an ongoing option
to extend, by agreement, the maturity date by another year at a
time. The facility remained undrawn at the month end.
PIP made GBP52.3m of new commitments during the month which were
to two co-investments (GBP30.1m) and two secondaries (GBP22.2m).
These included:
-- A GBP20.2m co-investment alongside Altamont Capital Partners
in Nutrition 101, Inc., a provider of eco-friendly liquid waste
management services and livestock feed based in the USA.
-- A GBP9.9m co-investment alongside Five Arrows Principal
Investments in GEDH, a provider of higher education services based
in France.
-- A GBP9.3m single-asset secondary alongside Stone-Goff
Partners in JSI, a leading USA-based provider of consulting
services to the broadband telecommunications sector.
Share Buybacks
PIP invested GBP8.3m in share buybacks during the month,
acquiring 3,070,183 shares at a weighted average price of 271.7p
per share. This price represented an average discount of 41.9% to
the prevailing NAV per share at the time of the transactions.
Quarter to 31 August 2022
Performance
The unaudited NAV per share at 31 August 2021 of 478.3p is an
increase of +26.7p (+5.9%) relative to the NAV per share at 31 May
2022. Valuation gains* added +7.5p (+1.7%), investment income*
added +0.8p (+0.2%), foreign exchange movements* were +19.5p
(+4.3%), share buybacks added +1.1p (+0.2%) and expenses and
taxes**** were -2.2p (-0.5%).
Portfolio Net Cash Flow
PIP's portfolio generated net cash of GBP30.1m during the three
months to 31 August 2022, with distributions of GBP66.1m relative
to GBP36.0m of calls from existing commitments to private equity
funds.
New Commitments
PIP made 15 new investments in the quarter to 31 August 2022,
amounting to GBP226.3m in new commitments.
PIP invested in eight co-investments (GBP114.6m), five primaries
(GBP89.5m) and two GP-led secondaries (GBP22.2m).
The co-investments included Datto, a USA-based provider of
business continuity and disaster recovery IT services, based in the
USA; Nutrition 101, Inc., a provider of eco-friendly liquid waste
management services and livestock feed based in the USA; and
Sailpoint, a leading USA-based provider of identity security for
enterprises. The primaries included commitments to ECI 12, Chequers
Capital XVIII and Ambienta IV. The GP-led secondaries included a
single-asset secondary in JSI, a leading USA-based provider of
consulting services to the broadband telecommunications sector.
Credit Facility
On 2 August 2022, PIP agreed a new five year GBP500m
multi-tranche, multi-currency revolving credit facility agreement,
which replaced the existing GBP300m credit facility agreement that
was due to expire in May 2024. The new GBP500m loan facility is due
to expire in July 2027 with an ongoing option to extend, by
agreement, the maturity date by another year at a time.
Share Buybacks
PIP invested GBP8.3m in share buybacks during the quarter,
acquiring 3,070,183 shares at a weighted average price of 271.7p
per share. This price represented an average discount of 41.9% 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.
**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 August 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 23.2% 17.5% 15.7% 14.9% 12.4%
Ordinary share price (6.2%) 5.9% 8.5% 13.8% 10.9%
FTSE All-Share TR 1.0% 3.9% 3.3% 6.8% 7.4%
MSCI World (GBP)
TR 0.9% 11.0% 10.6% 13.5% 8.4%
^^^PIP was launched on 18 September 1987. The performance
figures for PIP assume reinvestment of dividends, capital.
Largest Holdings
Largest managers by value as at 31 August 2022
Region % of portfolio
1 Insight Partners USA 7.8%
2 Index Ventures Global 4.4%
3 Providence Equity Partners USA 3.5%
4 Advent International
Group Global 2.3%
5 Baring Private Equity
Asia Asia and EM 2.1%
Largest companies by value as at 31 March 2022 (u)
Country Sector % of portfolio
1 Lifepoint USA Healthcare 1.0%
2 Asurion USA Financials 0.9%
3 Visma Norway Information Technology 0.8%
4 Omni Eye Services USA Healthcare 0.8%
5 Recorded Future USA Information Technology 0.8%
(u) Based on valuations as at 31 March 2022 adjusted for known
calls and distributions to 31 May 2022, and accounts for 100% of
PIP's portfolio.
Foreign Exchange Exposure
At 31 August 2022, the value of the private equity investment
assets stood at GBP2,473m. Of the private equity investment assets
at PIP's holding level, 78% were represented by funds reporting
values denominated in US dollars, 17% denominated in euros, 4%
denominated in sterling and 1% denominated in other currencies.
Of the 78% 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 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.
As at 31 August 2022, the GBP/USD exchange rate was 1.16370 and
the GBP/EUR exchange rate was 1.15735.
Monthly Report
The August 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 $87.8
billion in AUM ^^^^ (as at 31 March 2022) and employs approximately
417 staff including 121 investment professionals (as at 30 June
2022), 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
UPDSESFMEEESEDU
(END) Dow Jones Newswires
September 23, 2022 02:00 ET (06:00 GMT)
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