TIDMPIN
RNS Number : 9723W
Pantheon International PLC
21 April 2023
21 April 2023
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is not for publication, release or distribution in the United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 March 2023
Performance Update at 31 March 2023
456.6p NAV per share
-1.5% NAV per share movement for the month
GBP2.4bn Net asset value
GBP8.8m Net portfolio cash flow*
3.5x Financing cover**
+23% Total shareholder return (5Y)***
Month to 31 March 2023
PIP announced an unaudited net asset value ("NAV") per share of
456.6p as at 31 March 2023, a decrease of -6.8p (-1.5%) from the
NAV per share as at 28 February 2023.
In the month to 31 March 2023, valuation gains* were +0.6p
(+0.1%), investment income* added +0.2p (+0.0%), foreign exchange
movements* were -7.3p (-1.6%), share buybacks added 0.3p (+0.1%)
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
2023, 12% of reported valuations are dated 31 March 2023, 77% are
dated 31 December 2022, 10% are dated 30 September 2022 and 1% are
dated 30 June 2022 or older. Of the 12% of valuations dated 31
March 2023, 8.9% reflect the mark to market fair value adjustment
for PIP's listed company holdings.
At 31 March 2023, PIP's private equity assets stood at
GBP2,395m, whilst net available cash balances^ were GBP59m. The
Asset Linked Note^^ ("ALN") outstanding as at 31 March 2023
amounted to GBP32m. Undrawn commitments to investments stood at
GBP890m as at 31 March 2023, calculated using exchange rates at
that date. As at 31 March 2023, PIP maintained a five year GBP500m
multi-tranche, multi-currency revolving credit facility agreement
that is due to expire in July 2027. The facility remained undrawn
at the month end.
Although the Company made no new commitments during the month,
PIP's pipeline points to an active period for new investments in
the coming months.
PIP invested GBP1.8m in share buybacks during the month,
acquiring 750,000 shares at a weighted average price of 234.0p per
share. This price represented an average discount of 49.5% 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. Outstanding commitments
relating to funds outside their investment period (>13 years
old) were excluded from the calculation as there is a low
likelihood of these being drawn. This amounted to GBP49.2 m as at
31 March 2023.
***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 2 023 ^^^
1 Year 3 Years 5 Years 10 Years Since Inception
(% p.a.) (% p.a.) (% p.a.) (% p.a.) (% p.a.)
NAV TR per share 5.9% 17.8% 15.1% 13.4% 12.1%
Ordinary share price -25.8% 11.6% 4.2% 8.1% 10.3%
FTSE All-Share TR 2.9% 13.8% 5.0% 5.8% 7.4%
MSCI World (GBP)
TR -0.5% 17.1% 11.3% 11.7% 8.3%
^ ^^PIP was launched on 18 September 1987. The performance
figures for PIP assume reinvestment of dividends, capital.
Monthly Report
The March 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 strategically 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 $88.9
billion in AUM ^^^^ (as at 30 September 2022) and employs 467 staff
including 140 investment professionals (as at 31 March 2023),
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.
John Singer CBE
Chairman, Pantheon International Plc
Broadwalk House, Southernhay West, Exeter, Devon, EX1 1TS
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END
MSCSEWFMSEDSEEL
(END) Dow Jones Newswires
April 21, 2023 02:00 ET (06:00 GMT)
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