Pantheon International PLC Monthly Performance Update (5137V)

TIDMPIN

RNS Number : 5137V

Pantheon International PLC

31 January 2017

31(st) January 2017

Pantheon International Plc

Performance Update at 31(st) December 2016

Month to 31(st) December 2016

Pantheon International Plc ("PIP") announces an unaudited net asset value ("NAV") per share at 31(st) December 2016 of 2,089.5p, an increase of 18.6p (0.9%) from the NAV per share as at 30(th) November 2016. Foreign exchange movements (19.5p, 0.9%) and investment income (4.3p, 0.2%) were offset by valuation losses (-2.3p, -0.1%) and expenses and taxes* (-2.9p, -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) December 2016, the majority of reported valuations (accounting for circa 96% by value) are dated 30(th) September 2016 or later.

At 31(st) December 2016, PIP's private equity assets stood at GBP1,154m, whilst cash balances were GBP173m. Undrawn commitments to investments stood at GBP433m at 31(st) December 2016, calculated using exchange rates at that date. PIP's multi-currency revolving credit facilities comprise a US$138.8m facility and a EUR66.6m facility, which remained completely undrawn as at 31(st) December 2016.

PIP's portfolio generated net cash of GBP36.0m during the month, with distributions of GBP48.8m relative to GBP12.8m of calls from existing commitments to private equity funds.

PIP completed seven new investments during the month, amounting to GBP30.6m of total commitments. This included two primary commitments: GBP1.5m to KKR Americas Fund XII, a North American mid-market buyout fund; and GBP12.0m to Veritas Capital Fund VI, a North American large buyout fund. PIP also made five co-investments: GBP4.8m, alongside Warburg Pincus, in Navitas Mid-stream, a provider of services across multiple mid-stream commodities; GBP3.2m roll-over investment, alongside Insight, in Ministry Brands, a provider of cloud software services for faith-based organisations; GBP3.2m, alongside LNC Partners, in Penn Power Group, a company that conducts maintenance and repairs as well as parts distribution for tractor-trailer manufacturers and original equipment manufacturers for onsite power generation systems; GBP3.0m, alongside Mid-Europa in Allegro, a Polish e-commerce business connecting third-party vendors and buyers; and GBP2.9m, alongside Mid-Europa in Profi Rom, a supermarket and convenience store chain in Romania.

* Withholding taxes on investment distributions.

Six Months to 31(st) December 2016

Performance

The NAV per share at 31(st) December 2016 was 2,089.5p, representing an increase of 215.9p, or 11.5%, relative to the NAV per share at 30(th) June 2016.

Portfolio gains added 91.8p (4.9%) per share in the period. Investment income increased the NAV per share by 13.3p (0.7%). Favourable currency movements increased NAV per share by a further 127.6p (6.8%) and expenses and taxes reduced it by 16.8p (-0.9%).

The Company's ordinary share price increased during the six months by 34.9% to 1,733.0p, and the price of its redeemable shares increased by 27.9% to 1,502.5p at 31(st) December 2016.

Portfolio Cash Flow

PIP's portfolio generated net cash of GBP112.0m during the six months to 31(st) December 2016, with distributions of GBP154.9m, including GBP14.3m in respect of previously reported disposals of secondary interests, relative to GBP42.9m of calls from existing commitments to private equity funds.

New Commitments

PIP made 19 new investments in the half year, amounting to GBP125.1m in commitments. This included two secondary investments (GBP48.2m), eleven co-investments (GBP36.1m) and six primary commitments (GBP40.8m).

Historical Total Return Performance to 31(st) December 2016 (1)

 
                   1 Year   3 Years   5 Years   10 Years     Since 
                     (%)     (% pa)    (% pa)    (% pa)     Inception 
                                                             (% pa) 
----------------  -------  --------  --------  ---------  ----------- 
 NAV per share     26.1%     17.0%     13.0%      9.7%       11.8% 
 Ordinary share 
  price            31.8%     19.0%     22.6%      7.8%       11.6% 
 FTSE All-Share 
  TR               16.8%     6.1%      10.1%      5.6%        8.0% 
 MSCI World 
  (GBP) TR         29.0%     15.1%     16.3%      9.3%        7.9% 
 

(1)PIP was launched on 18th September 1987. The performance figures for PIP assume reinvestment of dividends, capital repayments and cash flow from warrants.

Foreign Exchange Exposure

At 31(st) December 2016, the value of the private equity investment assets stood at GBP1,154m. Of the private equity investment assets at PIP's holding level, 76% were represented by funds reporting values denominated in US dollars, 18% denominated in euros, 4% denominated in sterling and 2% denominated in other currencies. Of the 76% of investment assets denominated in US dollars, approximately 4% (expressed as a proportion of PIP's total portfolio) are invested in funds investing mainly in Europe and approximately 10% (expressed as a proportion of PIP's total portfolio) in funds investing mainly in Asia. In addition to the funds reporting values denominated in sterling, many of the euro-denominated funds have investments in the UK.

Monthly Report

The December 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 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 400 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 GBP27.1 billion in AUM** (as at 30(th) September 2016), 223 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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January 31, 2017 02:00 ET (07:00 GMT)