27 February 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information contained in this announcement is restricted and is not
for publication, release or distribution in the United States of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
January 2024
Performance Update at 31 January 2024
474.7p
NAV per share
-0.6%
NAV per share movement for the month
£2.3bn
Net asset value
-£12.1m
Net portfolio cash flow*
3.9x
Financing cover**
+49%
Total shareholder return (5Y)***
Month to 31 January 2024
PIP announced an unaudited net asset
value ("NAV") per share of 474.7p as at 31 January 2024, a decrease
of 2.7p (-0.6%) from the NAV per share as at 31 December
2023.
In the month to January 2024,
valuation losses* were -1.1p (-0.2%), foreign exchange movements*
were -1.3p (-0.3%), share buybacks added +0.5p (+0.1%) and expenses
and taxes**** were -0.8p (-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 January 2024, 9% of reported valuations
are dated 31 January 2024 or later, 6% are dated 31 December 2023,
79% are dated 30 September 2023, 6% are dated 30 June 2023. Of the
9% of valuations dated 31 January 2024 or later, 7.2% reflect the
mark-to-market fair value adjustment for PIP's listed company
holdings.
At 31 January 2024, PIP's private
equity assets stood at £2,404m, whilst net available cash balances^
were £13m. The Asset Linked Note^^ ("ALN") outstanding as at 31
January 2024 amounted to £29m. Undrawn commitments to investments
stood at £755m as at 31 January 2024, calculated using exchange
rates at that date. PIP maintains a five-year £500m^^^
multi-tranche, multi-currency revolving credit facility. As at 31
January 2024, £136m was drawn down under the loan facility,
resulting in a net debt to NAV ratio of 5.5%.^^^^
On 12 January 2024, PIP agreed a
private placement of $150m (£118m) of loan notes. The transaction
provides PIP with access to long-term funding at a US$ coupon rate
of 6.49%, which is cheaper than the all-in cost of the credit
facility. Proceeds from the loan notes were received on 1 February
2024 and were used to repay the RCF shortly thereafter.
New Investments
PIP made a £6.7m co-investment in a
US-based provider of outsourced healthcare communications, clinical
trial recruitment and medical affairs services to biopharma
clients.
During the month, PIP also invested
£4.5m in share buybacks, acquiring 1,435,000 shares at a weighted
average price of 310.5p per share. This price represented an
average discount of 34.9% 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 £42.7m as at 31 January 2024.
***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 £481.7m as at 31 January 2024. As at 31 January 2024, PIP
had drawn down £135.6m of the loan facility.
^^^^Net debt calculated as
borrowings (excluding the outstanding balance of the Asset Linked
Note) less net available cash. The ALN is not considered in the
calculation of gross borrowings or the loan-to-value ratio, as
defined in PIP's credit facility and note agreements. If the ALN is
included, net debt to NAV was 6.7% as at 31 January
2024.
Annualised Performance as at 31 January
2024^^^^^
|
1 Year
(%p.a.)
|
3
Years
(%
p.a.)
|
5
Years
(%
p.a.)
|
10
Years
(%
p.a.)
|
Since
Inception
(%
p.a.)
|
NAV per share
|
3.3%
|
15.3%
|
13.2%
|
13.8%
|
11.9%
|
Ordinary share price
|
18.3%
|
9.9%
|
8.3%
|
11.3%
|
10.9%
|
FTSE All-Share TR
|
1.9%
|
8.4%
|
5.5%
|
5.5%
|
7.3%
|
MSCI World (£) TR
|
13.7%
|
11.3%
|
12.7%
|
12.6%
|
8.5%
|
^^^^^PIP was
launched on 18 September 1987. The performance figures for PIP
assume reinvestment of dividends and capital.
Monthly Report
The January 2024 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: +65 6027 1060
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
September 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