Pantheon International PLC Monthly Performance Update (2268N)

TIDMPIN

RNS Number : 2268N

Pantheon International PLC

24 October 2016

24(th) October 2016

Pantheon International Plc

Performance Update at 30(th) September 2016

Month to 30(th) September 2016

Pantheon International Plc ("PIP") announces an unaudited net asset value ("NAV") per share at 30(th) September 2016 of 1,972.6p, an increase of 16.6p (0.8%) from the NAV per share as at 31(st) August 2016. Investment income (1.2p) and foreign exchange movements (19.5p, 1.0%) were slightly offset by valuation losses (-0.5p) and expenses and taxes*(-3.6p, -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 30(th) September 2016, the majority of reported valuations (accounting for circa 94% by value) are dated 30(th) June 2016 or later.

At 30(th) September 2016, PIP's private equity assets stood at GBP1,125m, whilst cash balances were GBP120m. Undrawn commitments to investments stood at GBP406m at 30(th) September 2016, calculated using exchange rates at that date. In addition, PIP's multi-currency revolving credit facility agreement, comprising a US$100m facility and a EUR46m facility, remained completely undrawn.

PIP's portfolio generated net cash of GBP24.8m during the month, with distributions of GBP36.7m relative to GBP11.9m of calls from existing commitments to private equity funds.

PIP completed two new investments during the month, amounting to GBP44.5m of total commitments. This included a GBP41.4m secondary commitment to a North American portfolio comprised mostly of small buyout funds that 68% funded at completion. PIP also made a GBP3.1m co-investment, alongside Onex, in DB, Co., a provider of subscription-based information services to businesses.

* Withholding taxes on investment distributions.

Three Months to 30th September 2016

Performance

The NAV per share at 30th September 2016 was 1,972.6p, representing an increase of 99.0p, or 5.3%, relative to the NAV per share at 30th June 2016.

Portfolio gains added 47.7p (2.5%) per share in the period. Investment income increased the NAV per share by 3.0p (0.2%). Foreign exchange gains (56.8p, 3.0%) were slightly offset by expenses and taxes (-8.5p, -0.4%)

The Company's ordinary share price increased during the three months by 23.7% to 1,590.0p and the price of its redeemable shares increased by 14.9% to 1,350.0p at 30th September 2016.

Portfolio Cash Flow

PIP's portfolio generated net cash of GBP46.9m during the three months to 30th September 2016, with distributions of GBP67.6m relative to GBP20.7m of calls from existing commitments to private equity funds.

New Commitments

PIP made seven new investments during the quarter amounting to GBP70.2m in total commitments. This included one secondary investment (GBP41.4m), three primary commitments (GBP19.4m) and three co-investments (GBP9.4m).

Foreign Exchange Exposure

At 30th September 2016, the value of the private equity investment assets stood at GBP1,125m. Of the private equity investment assets at PIP's holding level, 75% were represented by funds reporting values denominated in US Dollars, 19% denominated in Euros, 4% denominated in Sterling and 2% denominated in other currencies. Of the 75% of investment assets denominated in US Dollars, approximately 4% (expressed as a proportion of PIPs total portfolio) are invested in funds investing mainly in Europe and approximately 8% (expressed as a proportion of PIP's total portfolio) in funds investing mainly in Asia. In addition to the fund reporting values denominated in Sterling, many of the Euro-denominated funds have investments in the UK.

Monthly Report

The September 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

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 technology, 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 380 institutional investors. Established over 30 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 GBP25.6 billion in AUM** (as at 30(th) June 2016), 210 employees, including 72 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.

For more information please visit PIP's website at www.piplc.com or contact:

Andrew Lebus or Vicki Bradley

Pantheon

020 3356 1800

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

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October 24, 2016 02:00 ET (06:00 GMT)