TIDMPIN
RNS Number : 6945N
Pantheon International PLC
26 September 2019
26 September 2019
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is not for publication, release or distribution in the United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, any member state of the European Economic Area
(other than the United Kingdom or to professional investors in
Denmark, Finland, Germany, Spain and Sweden), Canada, Australia,
Japan or the Republic of South Africa.
Pantheon International Plc
Performance Update at 31 August 2019
Highlights
2,949.4p NAV per share
+3.6% NAV per share growth for the month
GBP1.6bn Net asset value
GBP25.1m Net portfolio cash flow*
3.6x Financing cover**
+97% Total shareholder return (5Y)***
Month to 31 August 2019
PIP announced an unaudited net asset value ("NAV") per share at
31 August 2019 of 2,949.4p, an increase of 101.8p (+3.6%) from the
NAV per share as at 31 July 2019. Valuation gains* (92.7p, +3.3%),
investment income* (1.6p, +0.0%) and foreign exchange movements*
(10.3p, +0.4%) were offset by expenses and taxes**** (-2.8p,
-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 August
2019, 95% of reported valuations are dated 30 June 2019 or later. A
detailed description of PIP's valuation policy can be found on
pages 100 and 101 of the 2019 Annual Report.
At 31 August 2019, PIP's private equity assets stood at
GBP1,523m, whilst net available cash balances^ were GBP158m. The
Asset Linked Note^^ ("ALN") outstanding as at 31 August 2019
amounted to GBP86m. Undrawn commitments to investments stood at
GBP518m as at 31 August 2019, calculated using exchange rates at
that date. PIP's multi-currency revolving credit facilities
comprise a US$163.0m facility and a EUR59.8m facility, which
remained undrawn as at the month end.
PIP made one new commitment of GBP6.9m during the month, which
was a co-investment alongside Providence Strategic Growth in Mapal,
a Spanish SaaS-based software provider for managing workforces in
retail and restaurant businesses.
*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.
Three months to 31 August 2019
Performance
The unaudited NAV per share at 31 August 2019 of 2,949.4p is an
increase of 178.8p (+6.5%) relative to the NAV per share as at 31
May 2019. Valuation gains* (95.8p, +3.4%), investment income*
(4.6p, +0.2%), foreign exchange movements* (88.0p, +3.2%), were
partially offset by expenses and taxes**** (-9.6p, -0.3%).
Portfolio Net Cash Flow
PIP's portfolio generated net cash* of GBP34.6m during the
quarter, with distributions of GBP57.6m relative to GBP23.0m of
calls from existing commitments to private equity funds.
New Commitments
PIP made six new investments during the three months to 31
August 2019, amounting to GBP23.0m in commitments. This comprised
one secondary investment (GBP0.9m), one primary investment
(GBP1.0m) and four co-investments (GBP21.1m).
Performance as at 31 August 2019^^^
1 Year 3 Years 5 Years 10 Years Since Inception
(%) (% pa) (% pa) (% pa) (% pa)
NAV per share 14.6% 14.7% 15.4% 14.3% 12.0%
Ordinary share price 8.9% 15.4% 14.5% 19.9% 11.5%
FTSE All-Share TR 0.4% 6.3% 5.6% 8.4% 7.7%
MSCI World (GBP)
TR 0.7% 10.5% 12.1% 12.3% 7.9%
^^^PIP was launched on 18 September 1987. The performance
figures for PIP assume reinvestment of dividends, capital
repayments and cash flow from warrants.
Largest Holdings
Largest managers by value as at 31 August 2019
Region % of portfolio
1 Providence USA 6.2%
2 Venture Fund(u) USA 4.3%
3 Essex Woodlands USA 3.7%
4 Barings Private Equity Asia Asia and EM 2.9%
5 Ares Management USA 2.7%
Largest companies by value as at 31 August 2019(uu)
Country Sector % of portfolio
1 EUSA Pharma UK Healthcare 2.7%
2 Energy Company(u) USA Energy 1.4%
3 Abacus Data Systems USA IT 1.2%
4 Dermatology Company(u) USA Healthcare 1.1%
5 Opthalmology Company(u) USA Healthcare 1.1%
(u) Confidential
(uu) Based on valuations as at 31 March 2019 adjusted for known
calls and distributions to 31 May 2019, and accounts for over 98%
of PIP's portfolio.
Foreign Exchange Exposure
At 31 August 2019, the value of the private equity investment
assets stood at GBP1,523m. Of the private equity investment assets
at PIP's holding level, 79% were represented by funds reporting
values denominated in US dollars, 16% denominated in euros, 3%
denominated in sterling and 2% denominated in other currencies. Of
the 79% of investment assets 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) 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.
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", or by following this link:
http://www.piplc.com/investor-relations/newsletters.
This announcement contains inside information.
Ends
LEI: 2138001B3CE5S5PEE928
For more information please visit PIP's website at www.piplc.com
or contact:
Vicki Bradley
Pantheon
020 3356 1800
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
Pantheon is a leading global private equity, infrastructure,
real assets and debt fund investor that invests on behalf of over
550 investors. Founded in 1982, Pantheon has developed an
established reputation in primary, co-investment and secondary
private asset solutions across all stages and geographies. Pantheon
has $46.3 billion in AUM^^ (as at 31 March 2019) and 292 employees,
including 90 investment professionals, located across offices in
London, San Francisco, New York, Hong Kong, Seoul, Bogotá, Tokyo
and Dublin.
^^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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September 26, 2019 02:00 ET (06:00 GMT)
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