TIDMPIN
RNS Number : 6347P
Pantheon International PLC
19 February 2021
19 February 2021
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is not for publication, release or distribution in the United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, Canada, Australia (other than to persons who are
both wholesale clients and professional or sophisticated investors
in Australia), Japan, the Republic of South Africa or any other
jurisdiction where its release, publication or distribution is or
may be unlawful.
Pantheon International Plc
("PIP" or the "Company")
Performance Update at 31 January 2021
Performance Update at 31 January 2021
3,094.7p NAV per share
+0.1% NAV per share movement for the month
GBP1.7bn Net asset value
-GBP2.5m Net portfolio cash flow*
4.7x Financing cover**
+90% Total shareholder return (5Y)***
Month to 31 January 2021
PIP announced an unaudited net asset value ("NAV") per share as
at 31 January 2021 of 3,094.7p, an increase of +3.3p (+0.1%) from
the NAV per share as at 31 December 2020.
In the month to 31 January 2021, valuation gains* added +23.6p
(+0.8%), investment income* added +1.5p (+0.0%), foreign exchange
movements* were -17.9p (-0.6%), and expenses and taxes**** were
-3.9p (-0.1%)
At 31 January 2021, PIP's private equity assets stood at
GBP1,584m, whilst net available cash balances^ were GBP137m. The
Asset Linked Note^^ ("ALN") outstanding as at 31 January 2021
amounted to GBP47m. Undrawn commitments to investments stood at
GBP427m as at 31 January 2021, calculated using exchange rates at
that date. PIP's multi-currency revolving credit facilities
comprise a US$269.8m facility and a EUR101.6m facility, which
remained undrawn as at the month end.
PIP made one new commitment during the month:
-- A GBP1.7m co-investment alongside Parthenon Capital in Oasis
Financial, a provider of consumer litigation finance solutions in
the USA.
*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.
Performance as at 31 January 2021^^^
1 Year 3 Years 5 Years 10 Years Since Inception
(%) (% p.a.) (% p.a.) (% p.a.) (% p.a.)
NAV TR per share 11.8% 12.9% 12.5% 12.2% 11.6%
Ordinary share price (3.1%) 8.1% 13.7% 14.3% 11.1%
FTSE All-Share TR (7.5%) (0.5%) 5.6% 5.5% 7.3%
MSCI World (GBP)
TR 13.5% 11.2% 15.4% 12.2% 8.3%
====== ========= ========= ========= ===============
^^^PIP was launched on 18 September 1987. The performance
figures for PIP assume reinvestment of dividends, capital
repayments and cash flows from warrants.
Largest Holdings
Largest managers by value as at 30 November 2020
Region % of portfolio
1 Insight Venture Partners USA 5.7%
2 Providence Equity Partners USA 5.3%
3 Essex Woodlands USA 4.9%
4 Apax Partners SA Europe 2.8%
5 Baring Private Equity Asia Asia and EM 2.6%
Largest companies by value as at 30 September 2020(uu)
Country Sector % of portfolio
1 EUSA Pharma UK Healthcare 3.9%
2 JFrog Israel IT 1.8%
3 Allegro Poland Consumer 1.1%
4 Insurance Company
(u) USA Financials 1.0%
5 Abacus Data Systems USA IT 1.0%
(u) The private equity manager does not permit disclosure of this information.
(u u) Based on valuations as at 30 September 2020 adjusted for
known calls and distributions to 30 November 2020.
Monthly Report
The January monthly newsletter can be accessed on PIP's website
at www.piplc.com in the Investor Relations section under the
heading "Newsletters".
This announcement contains inside information.
Ends
LEI: 2138001B3CE5S5PEE928
For more information please visit PIP's website at www.piplc.com
or contact:
Pantheon
Helen Steers / Vicki Bradley
020 3356 1800
Follow us on LinkedIn: https://www.linkedin.com/company/pantheon-international-plc
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
600 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 $58.4 billion in AUM^^ (as at 30 September 2020) and 359
employees (as at 31 December 2020), including 104 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
UPDSFSFMAEFSEEE
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February 19, 2021 02:00 ET (07:00 GMT)
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