Pantheon International PLC Monthly Performance Update (4853M)
July 31 2017 - 1:00AM
UK Regulatory
TIDMPIN
RNS Number : 4853M
Pantheon International PLC
31 July 2017
31 July 2017
Pantheon International Plc
Performance Update at 30 June 2017
Month to 30 June 2017
Pantheon International Plc ("PIP") announces an unaudited net
asset value ("NAV") per share at 30 June 2017 of 2,181.8p, a
decrease of 8.1p (0.4%) from the NAV per share as at 31 May 2017.
Valuation gains (0.4p) and investment income (2.0p, 0.1%) were
offset by foreign exchange movements (-6.9p, -0.3%) and expenses
and taxes* (-3.6p, -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 at 30 June 2017,
the majority of reported valuations (accounting for circa 98% by
value) are dated 31 March 2017 or later.
At 30 June 2017, PIP's private equity assets stood at GBP1,224m,
whilst net cash balances were GBP163m. Undrawn commitments to
investments stood at GBP419m at 30 June 2017, 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 30 June 2017.
PIP's portfolio generated net cash of GBP22.3m during the month,
with distributions of GBP31.2m relative to GBP8.9m of calls from
existing commitments to private equity funds.
PIP completed four new investments during the month, amounting
to GBP20.8m of total commitments. This included secondary
commitments of: GBP9.0m to a portfolio of North American buyout,
growth and turnaround funds that was 91% funded at completion; and,
GBP2.8m to an Iberian mid-market buyout fund. In addition, PIP made
a GBP6.2m co-investment alongside IK Investment Partners in
Colisée, a leading French nursing home group, and a GBP2.8m
co-investment alongside Magnum Industrial Partners in Itasa, a
manufacturer of silicone-coated labels and liners for industrial
use.
* Withholding taxes on investment distributions.
Monthly Report
The June 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 35 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 GBP29.2 billion in AUM***
(as at 31 December 2016), 219 employees, including 70 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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