Pantheon International PLC Monthly Performance Update (6072P)

TIDMPIN

RNS Number : 6072P

Pantheon International PLC

21 November 2016

21(st) November 2016

Pantheon International Plc

Performance Update at 31(st) October 2016

Month to 31(st) October 2016

Pantheon International Plc ("PIP") announces an unaudited net asset value ("NAV") per share at 31(st) October 2016 of 2088.1p, an increase of 115.5p (5.9%) from the NAV per share as at 30(th) September 2016. Valuation gains (7.8p, 0.4%), investment income (1.5p, 0.1%) and foreign exchange movements (108.8p, 5.5%) were offset by expenses and taxes* (-2.6p, -0.1%).

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 31(st) October 2016, the majority of reported valuations (accounting for circa 97% by value) are dated 30(th) June 2016 or later.

At 31(st) October 2016, PIP's private equity assets stood at GBP1,179m, whilst cash balances were GBP147m. Undrawn commitments to investments stood at GBP435m at 31(st) October 2016, calculated using exchange rates at that date. During the month PIP increased its multi-currency revolving credit facility agreement by GBP50m. PIP's multi-currency revolving credit facilities now comprise a US$138.8m facility and a EUR66.6m facility, which remained completely undrawn as at 31(st) October 2016.

PIP's portfolio generated net cash of GBP19.9m during the month, with distributions of GBP22.1m relative to GBP2.2m of calls from existing commitments to private equity funds.

PIP completed three new investments during the month, amounting to GBP14.3m of total commitments. This included two co-investments; a GBP4.6m investment, alongside HIG, in a provider of food and other products to correctional facilities; and a GBP1.8m investment, alongside Francisco Partners, in Dell Software, a US information technology company. PIP also made a primary commitment of GBP7.9m to LYFE Capital Fund II, a growth fund focused on the healthcare sector in China.

* Withholding taxes on investment distributions.

Monthly Report

The October 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.

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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 venture, 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), 219 employees, including 71 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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November 21, 2016 02:00 ET (07:00 GMT)