TIDMPIN
RNS Number : 8216M
Pantheon International PLC
24 September 2021
24 September 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is not for publication, release or distribution in the United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 August 2021
Performance Update at 31 August 2021
3,883.5p NAV per share
+9.8% NAV per share movement for the month
GBP2.1bn Net asset value
GBP22.8m Net portfolio cash flow*
4.3x Financing cover**
+95% Total shareholder return (5Y)***
Month to 31 August 2021
PIP announced an unaudited net asset value ("NAV") per share as
at 31 August 2021 of 3,883.5p, an increase of 347.2p (+9.8%) from
the NAV per share as at 31 July 2021.
In the month to 31 August 2021, valuation gains* added +319.7p
(+9.0%), investment income* added +2.1p (+0.1%), foreign exchange
movements* were +31.5p (+0.9%), share buybacks added +0.1p (+0.0%)
and expenses and taxes**** were -6.2p (-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
2021, 94% of reported valuations are dated 30 June 2021 or later,
and 6% are dated 31 March 2021.
At 31 August 2021, PIP's private equity assets stood at
GBP1,942m, whilst net available cash balances^ were GBP210m. The
Asset Linked Note^^ ("ALN") outstanding as at 31 August 2021
amounted to GBP52m. Undrawn commitments to investments stood at
GBP583m as at 31 August 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 GBP16.7m during the month to three co-investments
(GBP8.3m), two primaries (GBP7.4m) and one secondary (GBP1.0m).
This included:
-- A GBP2.5m co-investment alongside Apollo Global Management in
LifePoint Healthcare, a leading operator of private hospitals and
outpatient facilities in the USA.
-- A GBP2.0m co-investment alongside LYFE Capital, a specialist
healthcare investor, in Brightech International, a global provider
of statistical analysis and clinical data management services to
pharmaceutical companies.
Quarter to 31 August 2021
Performance
The unaudited NAV per share at 31 August 2021 of 3,883.5p is an
increase of +435.1p (+12.6%) relative to the NAV per share at 31
May 2021. Valuation gains* added +361.8p (+10.5%), investment
income* added +7.7p (+0.2%), foreign exchange movements* were
+80.7p (+2.3%), share buybacks added +0.1p (+0.0%) and expenses and
taxes**** were -15.2p (-0.4%).
Portfolio Net Cash Flow
PIP's portfolio generated net cash flow of GBP45.7m during the
three months to 31 August 2021, with distributions of GBP77.2m
relative to GBP31.5m of calls from existing commitments to private
equity funds.
New Commitments
PIP made 18 new investments in the quarter to 31 August 2021,
amounting to GBP98.1m in new commitments.
PIP invested in eight primaries (GBP70.4), nine co-investments
(GBP26.7m) and one secondary (GBP1.0m).
PIP's pipeline points to an active period for new commitments in
the months ahead.
Share Buybacks
PIP invested GBP0.3m in share buybacks during the period,
acquiring 10,000 shares at a price of 2,786.9p per share. This
price represented a discount of 21% to the NAV per share as at 31
July 2021.
*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 August 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 36.4% 14.7% 14.7% 13.4% 12.1%
Ordinary share price 28.2% 11.3% 14.3% 15.5% 11.5%
FTSE All-Share TR 26.9% 3.7% 5.9% 7.7% 7.6%
MSCI World (GBP)
TR 26.8% 13.4% 14.3% 14.7% 8.6%
^^^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 2021
Region % of portfolio
1 Insight Partners USA 7.6%
2 Providence Equity
Partners USA 3.4%
3 Essex Woodlands USA 3.3%
4 Index Ventures Europe/USA 3.3%
5 Veritas Capital USA 2.7%
Largest companies by value as at 31 March 2021 (u)
Country Sector % of portfolio
1 EUSA Pharma UK Healthcare 3.0%
2 Chewy USA Consumer 1.3%
3 Omni Eye Services USA Healthcare 0.9%
4 Asurion USA Financials 0.9%
5 Visma Norway Information Technology 0.8%
(u) Based on valuations as at 31 March 2021 adjusted for known
calls and distributions to 31 May 2021, and accounts for 100% of
PIP's portfolio.
Foreign Exchange Exposure
At 31 August 2021, the value of the private equity investment
assets stood at GBP1,942m. Of the private equity investment assets
at PIP's holding level, 74% were represented by funds reporting
values denominated in US dollars, approximately 9% (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) are invested 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 2021, the GBP/USD exchange rate was 1.37610 and
the GBP/EUR exchange rate was 1.16580.
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 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
, the news service of the London Stock Exchange. RNS is approved by
the Financial Conduct Authority to act as a Primary Information
Provider in the United Kingdom. Terms and conditions relating to
the use and distribution of this information may apply. For further
information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDSESFMDEFSEFU
(END) Dow Jones Newswires
September 24, 2021 01:59 ET (05:59 GMT)
Pantheon (LSE:PIN)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Pantheon (LSE:PIN)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024