TIDMPIN
RNS Number : 6296D
Pantheon International PLC
21 October 2022
21 October 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is not for publication, release or distribution in the United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 30 September 2022
Performance Update at 30 September 2022
492.5p NAV per share
+3.0% NAV per share movement for the month
GBP2.6bn Net asset value
-GBP13.0m Net portfolio cash flow*
3.6x Financing cover**
+29% Total shareholder return (5Y)***
Month to 30 September 2022
PIP announced an unaudited net asset value ("NAV") per share as
at 30 September 2022 of 492.5p, an increase of 14.2p (+3.0%) from
the NAV per share as at 31 August 2022.
In the month to 30 September 2022, valuation gains* were +2.7p
(+0.6%), investment income* added +0.4p (+0.1%), foreign exchange
movements* were +11.7p (+2.4%), share buybacks added 0.7p (+0.1%)
and expenses and taxes**** were -1.3p (-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 30 September
2022, 14% of reported valuations are dated 30 September 2022, 78%
are dated 30 June 2022, 5% are dated 31 March 2022 and 3% are dated
31 December 2021 or older. Of the 15% of valuations dated 30
September 2022, 9.9% reflect the mark to market fair value
adjustment for PIP's listed company holdings.
At 30 September 2022, PIP's private equity assets stood at
GBP2,581m, whilst net available cash balances^ were GBP81m. The
Asset Linked Note^^ ("ALN") outstanding as at 30 September 2022
amounted to GBP38m. Undrawn commitments to investments stood at
GBP883m as at 30 September 2022, calculated using exchange rates at
that date. As at 30 September 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 GBP54.1m of new commitments during the month which were
to two co-investments (GBP23.7m), one primary (GBP21.9m) and one
secondary (GBP8.5m). These included:
-- A GBP21.9m primary commitment to Altor Fund VI, a mid-market
buyout fund focused on Northern Europe.
-- A GBP13.8m co-investment alongside HgCapital in Access Group,
a leading provider of fully-integrated business management software
to UK SMEs.
-- An GBP8.5m single-asset secondary alongside Linden Partners in Smile Doctors LLC, the largest orthodontics-focused dental service business in the USA.
Share Buybacks
PIP invested GBP4.3m in share buybacks during the month,
acquiring 1,675,000 shares at a weighted average price of 257.1p
per share. This price represented an average discount of 46% 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 30 September 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 24.4% 19.1% 17.4% 15.4% 12.5%
Ordinary share price -19.9% 1.3% 5.3% 12.1% 10.6%
FTSE All-Share TR -4.0% 0.8% 2.2% 6.0% 7.2%
MSCI World (GBP)
TR -2.5% 8.6% 9.8% 12.8% 8.2%
^^^PIP was launched on 18 September 1987. The performance
figures for PIP assume reinvestment of dividends, capital.
Monthly Report
The September 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 448 staff
including 132 investment professionals (as at 30 September 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
MSCFEWFMSEESELS
(END) Dow Jones Newswires
October 21, 2022 02:00 ET (06:00 GMT)
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