29 January 2024
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information contained in this announcement is restricted and is not
for publication, release or distribution in the United States of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
December 2023
Performance Update at 31 December 2023
477.4p
NAV per share
+0.2%
NAV per share movement for the month
£2.3bn
Net asset value
£7.9m
Net portfolio cash flow*
3.8x
Financing cover**
+58%
Total shareholder return (5Y)***
Month to 31 December 2023
PIP announced an unaudited net asset
value ("NAV") per share of 477.4p as at 31 December 2023, an
increase of 0.9p (+0.2%) from the NAV per share as at 30 November
2023.
In the month to 31 December 2023,
valuation gains* were +2.4p (+0.5%), investment income* added +0.4p
(+0.1%), foreign exchange movements* were -1.8p (-0.4%), share
buybacks added +0.8p (+0.2%) and expenses and taxes**** were -0.9p
(-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 as at 31 December 2023, 9% of reported valuations
are dated 31 December 2023 or later, 83% are dated 30 September
2023, 8% are dated 30 June 2023. Of the 9% of valuations dated 31
December 2023 or later, 7.5% reflect the mark-to-market fair value
adjustment for PIP's listed company holdings.
At 31 December 2023, PIP's private
equity assets stood at £2,397m, whilst net available cash balances^
were £39m. The Asset Linked Note^^ ("ALN") outstanding as at 31
December 2023 amounted to £29m. Undrawn commitments to investments
stood at £779m as at 31 December 2023, calculated using exchange
rates at that date. PIP maintains a five-year £500m^^^
multi-tranche, multi-currency revolving credit facility. As at 31
December 2023, £135m was drawn down under the loan facility,
resulting in a net debt to NAV ratio of 5.5%.^^^^
New Investments
PIP made £29.4m of new commitments
during the month, which were to three primary funds. These
were:
A £16.1m primary commitment to
Balderton Growth II, a European growth equity fund.
A £9.9m primary commitment to
Balderton Capital IX, a European venture capital fund.
A £3.4m primary commitment to Accel
XVI, a North American venture capital fund.
During the month,
PIP invested £6.4m in share buybacks, acquiring
2,140,743 shares at a weighted average price of 299.2p per share.
This price represented an average discount of 38.8% to the
prevailing NAV per share at the time of the
transactions.
*Figures are stated net of movements
associated with the ALN share of the reference portfolio. Valuation
movement includes the mark-to-market fair value adjustment of
listed company holdings.
** Ratio of
net available cash, portfolio value and undrawn loan facility to
outstanding commitments. Outstanding commitments relating to funds
outside their investment period (>13 years old) were excluded
from the calculation as there is a low likelihood of these being
drawn. This amounted to £43.7m as at 31 December 2023.
***Based on the change in the
ordinary share price over the period.
****Operating expenses, financing
costs and 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.
^^^PIP maintains a £500m
multi-currency credit facility. The overall loan facility comprises
facilities of US$487.7m and €115.7m and had a sterling equivalent
value of £482.9m as at 31 December 2023. As at 31 December 2023,
PIP had drawn down £135.4m of the loan facility.
^^^^Net debt calculated as drawn
loan facility and the outstanding balance of the asset linked note
less net available cash. Note that the ALN is not considered
in the calculation of gross borrowings or the loan-to-value ratio,
as defined in PIP's loan facility agreement.
Annualised Performance as at 31 December
2023^^^^^
|
1 Year
(%p.a.)
|
3
Years
(%
p.a.)
|
5
Years
(%
p.a.)
|
10
Years
(%
p.a.)
|
Since
Inception
(%
p.a.)
|
NAV per share
|
2.3%
|
15.6%
|
12.7%
|
13.9%
|
12.0%
|
Ordinary share price
|
19.6%
|
7.5%
|
9.6%
|
11.7%
|
10.9%
|
FTSE All-Share TR
|
7.9%
|
8.6%
|
6.6%
|
5.3%
|
7.4%
|
MSCI World (£) TR
|
17.4%
|
10.3%
|
13.4%
|
12.1%
|
8.4%
|
^^^^^PIP was
launched on 18 September 1987. The performance figures for PIP
assume reinvestment of dividends and capital.
Monthly Report
The December 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
Tel: +44 20 3356 1800
Jie Gong
Tel: +852 3718 9605
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
NAV outperformance over the long term and manages risk
strategically through diversification and rigorous selection based
on Pantheon's extensive experience and international platform, and
robust investment due diligence and decision-making
processes.
Pantheon
PIP is managed and advised by
Pantheon, a specialist global private markets investor. Pantheon
has been at the forefront of private markets investing for more
than 40 years, earning a reputation for providing innovative
solutions covering the full lifecycle of investments, across
private equity, real assets and private credit. The firm has
partnered with more than 1,000 clients, with approximately
$62bn^^^^^^
in discretionary assets under management (as at 30
June 2023).
^^^^^^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.
John Singer CBE
Chair, Pantheon International Plc
Broadwalk House, Southernhay West, Exeter, Devon EX1
1TS