Pantheon International PLC Monthly Performance Update (5850C)
January 23 2018 - 1:00AM
UK Regulatory
TIDMPIN
RNS Number : 5850C
Pantheon International PLC
23 January 2018
23 January 2018
Pantheon International Plc
Performance Update at 31 December 2017
Month to 31 December 2017
PIP announced an unaudited net asset value ("NAV") per share at
31 December 2017 of 2,248.0p, an increase of 2.8p (0.1%) from the
NAV per share as at 30 November 2017. Investment income (2.6p,
0.1%), share buybacks (0.7p, 0.0%) and foreign exchange movements
(6.4p, 0.3%) were partially offset by valuation losses (-1.2p,
0.0%), Asset Linked Note* ("ALN") financing (-1.3p, -0.1%) and
expenses and taxes** (-4.4p, -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 31 December
2017, the majority of reported valuations (accounting for circa 97%
by value) are dated 30 September 2017 or later.
At 31 December 2017, PIP's private equity assets stood at
GBP1,251m, whilst cash balances were GBP113m. Undrawn commitments
to investments stood at GBP437m at 31 December 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 31 December
2017.
PIP's portfolio generated net cash of GBP19.6m during the month,
with distributions of GBP31.5m relative to GBP11.9m of calls from
existing commitments to private equity funds.
PIP committed GBP7.6m to new investments in December, including
a secondary investment of GBP4.5m in two North American small
buyout funds that were 71% funded at completion, and a GBP1.6m
co-investment alongside CITIC Capital in Axilone, a leading
manufacturer of packaging products for the cosmetic industry.
PIP invested GBP1.9m in share buybacks during the month,
acquiring 100,000 Ordinary Shares at an average price of 1,865.3p
per share. This price represented an average discount of 16% to the
NAV per share at 31 October 2017.
*Unlisted 10-year note issued on 31 October 2017 whose
performance is linked to a reference portfolio consisting of older
vintage funds.
**Withholding taxes on investment distributions.
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
LEI: 2138001B3CE5S5PEE928
For more information please visit PIP's website at www.piplc.com
or contact:
Andrew Lebus or Vicki Bradley
Pantheon
020 3356 1800
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 GBP28.4 billion in AUM***
(as at 30 June 2017), 239 employees, including 74 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.
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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