24 May 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information contained in this announcement is restricted and is not
for publication, release or distribution in the United States of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 30
April 2024
Performance Update at 30 April 2024
489.7p
NAV per share
+0.3%
NAV per share growth for the month
£2.3bn
Net asset value
-£7.8m
Net portfolio cash flow*
4.0x
Financing cover**
+51%
Total shareholder return (5Y)***
Month to 30 April 2024
PIP announced an unaudited net asset
value ("NAV") per share of 489.7p as at 30 April 2024, an increase
of 1.6p (+0.3%) from the NAV per share as at 31 March
2024.
In the month to 30 April 2024,
valuation losses* were -1.5p (-0.3%), investment income* was +0.0p
(+0.0%), foreign exchange movements* were +3.1p (+0.6%), share
buybacks added +0.8p (+0.2%) 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 30 April 2024, 10% of reported valuations are
dated 30 April 2024 or later, 5% are dated 31 March 2024, 78% are
dated 31 December 2023 and 7% are dated 30 September 2023. Of the
10% of valuations dated 30 April 2024 or later, 6.6% reflect the
mark-to-market fair value adjustment for PIP's listed company
holdings.
At 30 April 2024, PIP's private
equity assets stood at £2,497m, whilst net available cash balances^
were £11m. The Asset Linked Note^^ ("ALN") outstanding as at 30
April 2024 amounted to £27m. Undrawn commitments to investments
stood at £771m as at 30 April 2024, calculated using exchange rates
at that date. PIP maintains a five-year £500m^^^ multi-tranche,
multi-currency revolving credit facility. As at 30 April 2024, £69m
was drawn down under the credit facility. PIP had $150m (£120m GBP
equivalent as at month end) of private placement notes outstanding,
resulting in a net debt to NAV ratio of 7.8%^^^^.
New Commitments
PIP made £34.0m of new commitments
during the month. These were:
An £11.7m primary commitment to a
North American venture capital fund that will invest in artificial
intelligence infrastructure and applications, as well as
opportunities in transport and logistics.
An £11.6m single-asset secondary
alongside IK Partners to Yellow Hive, a Dutch insurance
company.
A £10.7m co-investment alongside KKR
to Cotiviti, a US-based healthcare technology company.
Share Buybacks
PIP invested £8.0m in share buybacks
during the month, acquiring 2,463,317 shares at a weighted average
price of 325.7p per share. This price represented an average
discount of 32.9% 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 credit 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 £43.3m as at 30 April 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 credit facility
comprises facilities of US$487.7m and €115.7m and had a sterling
equivalent value of £488.4m as at 30 April 2024. As at 30 April
2024, PIP had drawn down £69m of the credit 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 8.9% as at 30 April 2024.
Annualised Performance as at 30 April
2024^^^^
|
|
1 Year (%p.a.)
|
3 Years
(% p.a.)
|
5 Years
(% p.a.)
|
10 Years
(% p.a.)
|
Since Inception
(% p.a.)
|
|
NAV per share
|
8.1%
|
13.5%
|
13.5%
|
13.8%
|
11.9%
|
|
Ordinary share price
|
29.8%
|
7.2%
|
8.6%
|
11.5%
|
10.9%
|
|
FTSE All-Share TR
|
7.5%
|
7.4%
|
5.4%
|
5.8%
|
7.5%
|
|
MSCI World (£) TR
|
19.4%
|
9.8%
|
11.9%
|
12.8%
|
8.6%
|
^^^^PIP was
launched on 18 September 1987. The performance figures for PIP
assume reinvestment of dividends and capital.
Monthly Report
The April 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 FTSE 250 private equity
investment trust, overseen by an experienced, independent Board of
Directors and managed by Pantheon, one of the leading private
equity investment managers worldwide. PIP provides investors with
liquid access to a global portfolio of fast-growing private
companies that are managed by many of the best private equity
managers in the world. Through its flexible investment approach,
PIP focuses on high quality, profitable businesses in resilient
sectors that can weather a range of macroeconomic environments. PIP
has a track record of NAV outperformance over the long term and
manages risk strategically through diversification and rigorous
investment selection, based on Pantheon's extensive experience,
international platform and robust investment due diligence
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).
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