TIDMPIN
RNS Number : 5137V
Pantheon International PLC
31 January 2017
31(st) January 2017
Pantheon International Plc
Performance Update at 31(st) December 2016
Month to 31(st) December 2016
Pantheon International Plc ("PIP") announces an unaudited net
asset value ("NAV") per share at 31(st) December 2016 of 2,089.5p,
an increase of 18.6p (0.9%) from the NAV per share as at 30(th)
November 2016. Foreign exchange movements (19.5p, 0.9%) and
investment income (4.3p, 0.2%) were offset by valuation losses
(-2.3p, -0.1%) and expenses and taxes* (-2.9p, -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) December
2016, the majority of reported valuations (accounting for circa 96%
by value) are dated 30(th) September 2016 or later.
At 31(st) December 2016, PIP's private equity assets stood at
GBP1,154m, whilst cash balances were GBP173m. Undrawn commitments
to investments stood at GBP433m at 31(st) December 2016, calculated
using exchange rates at that date. PIP's multi-currency revolving
credit facilities comprise a US$138.8m facility and a EUR66.6m
facility, which remained completely undrawn as at 31(st) December
2016.
PIP's portfolio generated net cash of GBP36.0m during the month,
with distributions of GBP48.8m relative to GBP12.8m of calls from
existing commitments to private equity funds.
PIP completed seven new investments during the month, amounting
to GBP30.6m of total commitments. This included two primary
commitments: GBP1.5m to KKR Americas Fund XII, a North American
mid-market buyout fund; and GBP12.0m to Veritas Capital Fund VI, a
North American large buyout fund. PIP also made five
co-investments: GBP4.8m, alongside Warburg Pincus, in Navitas
Mid-stream, a provider of services across multiple mid-stream
commodities; GBP3.2m roll-over investment, alongside Insight, in
Ministry Brands, a provider of cloud software services for
faith-based organisations; GBP3.2m, alongside LNC Partners, in Penn
Power Group, a company that conducts maintenance and repairs as
well as parts distribution for tractor-trailer manufacturers and
original equipment manufacturers for onsite power generation
systems; GBP3.0m, alongside Mid-Europa in Allegro, a Polish
e-commerce business connecting third-party vendors and buyers; and
GBP2.9m, alongside Mid-Europa in Profi Rom, a supermarket and
convenience store chain in Romania.
* Withholding taxes on investment distributions.
Six Months to 31(st) December 2016
Performance
The NAV per share at 31(st) December 2016 was 2,089.5p,
representing an increase of 215.9p, or 11.5%, relative to the NAV
per share at 30(th) June 2016.
Portfolio gains added 91.8p (4.9%) per share in the period.
Investment income increased the NAV per share by 13.3p (0.7%).
Favourable currency movements increased NAV per share by a further
127.6p (6.8%) and expenses and taxes reduced it by 16.8p
(-0.9%).
The Company's ordinary share price increased during the six
months by 34.9% to 1,733.0p, and the price of its redeemable shares
increased by 27.9% to 1,502.5p at 31(st) December 2016.
Portfolio Cash Flow
PIP's portfolio generated net cash of GBP112.0m during the six
months to 31(st) December 2016, with distributions of GBP154.9m,
including GBP14.3m in respect of previously reported disposals of
secondary interests, relative to GBP42.9m of calls from existing
commitments to private equity funds.
New Commitments
PIP made 19 new investments in the half year, amounting to
GBP125.1m in commitments. This included two secondary investments
(GBP48.2m), eleven co-investments (GBP36.1m) and six primary
commitments (GBP40.8m).
Historical Total Return Performance to 31(st) December 2016
(1)
1 Year 3 Years 5 Years 10 Years Since
(%) (% pa) (% pa) (% pa) Inception
(% pa)
---------------- ------- -------- -------- --------- -----------
NAV per share 26.1% 17.0% 13.0% 9.7% 11.8%
Ordinary share
price 31.8% 19.0% 22.6% 7.8% 11.6%
FTSE All-Share
TR 16.8% 6.1% 10.1% 5.6% 8.0%
MSCI World
(GBP) TR 29.0% 15.1% 16.3% 9.3% 7.9%
(1)PIP was launched on 18th September 1987. The performance
figures for PIP assume reinvestment of dividends, capital
repayments and cash flow from warrants.
Foreign Exchange Exposure
At 31(st) December 2016, the value of the private equity
investment assets stood at GBP1,154m. Of the private equity
investment assets at PIP's holding level, 76% were represented by
funds reporting values denominated in US dollars, 18% denominated
in euros, 4% denominated in sterling and 2% denominated in other
currencies. Of the 76% of investment assets denominated in US
dollars, approximately 4% (expressed as a proportion of PIP's total
portfolio) are invested in funds investing mainly in Europe and
approximately 10% (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 December 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 400 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 GBP27.1 billion in AUM**
(as at 30(th) September 2016), 223 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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