Pantheon International PLC Monthly Performance Update (7509Z)

TIDMPIN

RNS Number : 7509Z

Pantheon International PLC

22 May 2019

22 May 2019

Pantheon International Plc

Performance Update at 30 April 2019

Highlights

   2,600.9p                      NAV per share 
   +0.1%                          NAV per share growth for the month 
   GBP1.4bn                         Net asset value 
   GBP26.0m                        Net portfolio cash flow* 
   3.5x                             Financing cover** 
   +96%                           Total shareholder return (5Y)*** 

Month to 30 April 2019

PIP announced an unaudited net asset value ("NAV") per share at 30 April 2019 of 2,600.9p, an increase of 1.9p (+0.1%) from the NAV per share as at 31 March 2019. Valuation gains* (4.8p, +0.2%) and investment income* (2.2p, +0.1%) were offset by foreign exchange movements* (-2.4p, -0.1%) and expenses and taxes**** (-2.7p, -0.1%) during the period.

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 2019, 98% of reported valuations are dated 31 December 2018 or later. A detailed description of PIP's valuation policy can be found on pages 92 and 93 of the 2018 Annual Report.

At 30 April 2019, PIP's private equity assets stood at GBP1,364m, whilst net available cash balances^ were GBP129m. The Asset Linked Note^^ ("ALN") outstanding as at 30 April 2019 amounted to GBP86m. Undrawn commitments to investments stood at GBP474m as at 30 April 2019, calculated using exchange rates at that date. PIP's multi-currency revolving credit facilities comprise a US$163.0m facility and a EUR59.8m facility, which remained undrawn at the month end.

PIP's portfolio generated net cash* of GBP26.0m during the month, with distributions of GBP31.4m relative to GBP5.4m of calls from existing commitments to private equity funds.

PIP made two new investments during the month amounting to GBP12.2m in new commitments: a GBP9.7m primary commitment to Providence Strategic Growth IV, a North American growth equity fund, and a GBP2.5m secondary commitment to a portfolio of buyout and growth equity funds.

Performance as at 30 April 2019^^^

 
                       1 Year  3 Years  5 Years  10 Years  Since Inception 
                        (%)     (% pa)   (% pa)   (% pa)    (% pa) 
NAV per share          13.1%   14.5%    14.2%    10.5%     11.7% 
Ordinary share price   10.5%   19.5%    14.4%    19.9%     11.5% 
FTSE All-Share TR       2.6%    10.1%    6.2%    10.4%      7.9% 
MSCI World (GBP) 
 TR                    13.2%   16.5%    13.7%    13.7%      8.0% 
 

*Figures are stated net of movements associated with the ALN share of the reference portfolio.

**Ratio of net available cash, portfolio value and undrawn loan facility to outstanding commitments.

***Based on the change in the ordinary share price over the period.

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

Monthly Report

The April 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

LEI: 2138001B3CE5S5PEE928

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

Vicki Bradley

Pantheon

020 3356 1800

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 investment managers globally. PIP offers a differentiated entry point to an investment company of scale with risk managed through selection and diversification, and to the excellent growth potential generated by some of the best private equity managers in the world.

Pantheon

Pantheon is a leading global private equity, infrastructure, real assets and debt fund investor that invests on behalf of over 550 investors. Founded in 1982, Pantheon has developed an established reputation in primary, co-investment and secondary private asset solutions across all stages and geographies. Pantheon has $43.5billion in AUM^^^^ (as at 31 December 2018) and 293 employees, including 82 investment professionals, located across offices in London, San Francisco, New York, Hong Kong, Seoul, Bogotá, Tokyo and Dublin.

^^^^This figure includes assets subject to discretionary or non-discretionary management, advice or those limited to a reporting function.

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.

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May 22, 2019 02:00 ET (06:00 GMT)