TIDMPIN
RNS Number : 2245J
Pantheon International PLC
20 August 2021
20 August 2021
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is not for publication, release or distribution in the United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 July 2021
Performance Update at 31 July 2021
3,536.3p NAV per share
+0.4% NAV per share movement for the month
GBP1.9bn Net asset value
GBP9.5m Net portfolio cash flow*
3.9x Financing cover**
+81% Total shareholder return (5Y)***
Month to 31 July 2021
PIP announced an unaudited net asset value ("NAV") per share as
at 31 July 2021 of 3,536.3p, an increase of 14.4p (+0.4%) from the
NAV per share as at 30 June 2021.
In the month to 31 July 2021, valuation gains* added +39.0p
(+1.1%), investment income* added +3.4p (+0.1%), foreign exchange
movements* were -23.7p (-0.7%), and expenses and taxes**** were
-4.3p (-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 July
2021, 98% of reported valuations are dated 31 March 2021 or later,
and 2% are dated 31 December 2020.
At 31 July 2021, PIP's private equity assets stood at GBP1,759m,
whilst net available cash balances^ were GBP200m. The Asset Linked
Note^^ ("ALN") outstanding as at 31 July 2021 amounted to GBP46m.
Undrawn commitments to investments stood at GBP577m as at 31 July
2021, 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 committed GBP67.8m during the month to six primaries
(GBP63.0m) and one co-investment (GBP4.8m). This included:
-- A GBP20.6m primary commitment to Index Ventures Growth VI, a global growth equity fund.
-- A GBP10.8m primary commitment to Advent Global Technology
Fund II, a technology-focused fund investing predominantly in North
America and Europe.
-- A GBP4.8m co-investment alongside Providence Strategic Growth
in Government Brands, a US-based provider of software solutions to
government entities.
*Figures are stated net of movements associated with the ALN
share of the reference portfolio.
**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 July 2021 ^^^
1 Year 3 Years 5 Years 10 Years Since Inception
(%p.a.) (% p.a.) (% p.a.) (% p.a.) (% p.a.)
NAV TR per share 29.8% 12.8% 13.4% 12.3% 11.9%
Ordinary share price 27.8% 8.4% 12.5% 13.9% 11.2%
FTSE All-Share TR 26.6% 1.8% 5.8% 6.7% 7.5%
MSCI World (GBP)
TR 28.1% 12.9% 13.8% 13.5% 8.5%
^^^PIP was launched on 18 September 1987. The performance
figures for PIP assume reinvestment of dividends, capital.
Monthly Report
The July 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
$71.3 billion in AUM ^^ (as at 31 March 2021) and employs
approximately 380 staff including more than 110 investment
professionals across offices in London, San Francisco, New York,
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
Chairman, Pantheon International Plc
Beaufort House, 51 New North Road, Exeter, Devon, EX4 4EP
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END
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