Pantheon International PLC Monthly Performance Update (6072P)
November 21 2016 - 1:00AM
UK Regulatory
TIDMPIN
RNS Number : 6072P
Pantheon International PLC
21 November 2016
21(st) November 2016
Pantheon International Plc
Performance Update at 31(st) October 2016
Month to 31(st) October 2016
Pantheon International Plc ("PIP") announces an unaudited net
asset value ("NAV") per share at 31(st) October 2016 of 2088.1p, an
increase of 115.5p (5.9%) from the NAV per share as at 30(th)
September 2016. Valuation gains (7.8p, 0.4%), investment income
(1.5p, 0.1%) and foreign exchange movements (108.8p, 5.5%) were
offset by expenses and taxes* (-2.6p, -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 at 31(st) October
2016, the majority of reported valuations (accounting for circa 97%
by value) are dated 30(th) June 2016 or later.
At 31(st) October 2016, PIP's private equity assets stood at
GBP1,179m, whilst cash balances were GBP147m. Undrawn commitments
to investments stood at GBP435m at 31(st) October 2016, calculated
using exchange rates at that date. During the month PIP increased
its multi-currency revolving credit facility agreement by GBP50m.
PIP's multi-currency revolving credit facilities now comprise a
US$138.8m facility and a EUR66.6m facility, which remained
completely undrawn as at 31(st) October 2016.
PIP's portfolio generated net cash of GBP19.9m during the month,
with distributions of GBP22.1m relative to GBP2.2m of calls from
existing commitments to private equity funds.
PIP completed three new investments during the month, amounting
to GBP14.3m of total commitments. This included two co-investments;
a GBP4.6m investment, alongside HIG, in a provider of food and
other products to correctional facilities; and a GBP1.8m
investment, alongside Francisco Partners, in Dell Software, a US
information technology company. PIP also made a primary commitment
of GBP7.9m to LYFE Capital Fund II, a growth fund focused on the
healthcare sector in China.
* Withholding taxes on investment distributions.
Monthly Report
The October 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.
Ends
NOTES
PIP
PIP is a London quoted investment trust, managed by Pantheon
Ventures (UK) LLP ("Pantheon"), a leading global private equity
fund investor, investing in both primary funds and secondary
transactions, and from time to time capitalising further on its
fund investment activities by acquiring direct holdings in unquoted
companies, usually either where a vendor is seeking to sell a
combined portfolio of fund interests and direct holdings or where
there is a private equity manager, well known to Pantheon,
investing on substantially the same terms. With investments in
private equity funds, covering multiple private equity strategies
ranging from investments in late stage buyouts to early stage
venture, PIP enables individuals as well as institutions to gain
access to a substantial portfolio of unquoted companies in the USA,
the UK, Continental Europe and Asia, within funds managed by
experienced private equity managers.
Pantheon
Pantheon is a leading global private equity fund investor that
invests on behalf of over 380 institutional investors. Established
over 30 years ago, Pantheon has developed a strong reputation and
track record in primary, secondary and co-investments and across
all stages and geographies. Pantheon has GBP25.6 billion in AUM**
(as at 30(th) June 2016), 219 employees, including 71 investment
professionals, located across offices in London, San Francisco, New
York, Hong Kong, Seoul and Bogotá.
** This figure includes assets subject to discretionary or
non-discretionary management, advice or those limited to a
reporting function.
For more information please visit PIP's website at www.piplc.com
or contact:
Andrew Lebus or Vicki Bradley
Pantheon
020 3356 1800
Neither the contents of PIP's website nor the contents of any
website accessible from hyperlinks on PIP's website (or any other
website) is incorporated into, or forms part of this
announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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