Pantheon International PLC Monthly Performance Update (3135S)

TIDMPIN

RNS Number : 3135S

Pantheon International PLC

08 July 2020

8 July 2020

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The information contained in this announcement is restricted and is not for publication, release or distribution in the United States of America, Canada, Australia (other than to persons who are both wholesale clients and professional or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 31 May 2020

Performance Update at 31 May 2020

   2,882.8p                      NAV per share 
   +5.6%                          NAV per share movement for the month 
   GBP1.6bn                         Net asset value 
   GBP11.7m                        Net portfolio cash flow* 
   3.6x                             Financing cover** 
   +61%                           Total shareholder return (5Y)*** 

Month to 31 May 2020

PIP announced an unaudited net asset value ("NAV") per share as at 31 May 2020 of 2,882.8p, an increase of 152.9p (+5.6%) from the NAV per share as at 30 April 2020.

PIP's valuation policy is to value its private equity assets at fair market value in accordance with UK GAAP based principally on the latest valuations reported by the managers of the funds in which PIP has holdings. The latest reported valuations at 31 May 2020 were for the quarter ended 31 March 2020 and cover 95% of the portfolio by NAV. The valuation losses of -127.5 pence per share reflect the actual movement reported by PIP's underlying managers for the quarter ended 31 March 2020. In the month to 31 May 2020, these losses have been offset by the reversal of the Manager's Provision that was made to PIP's reported NAV per share at 31 March 2020 and 30 April 2020 to take account of the impact of the COVID 19 pandemic that had not yet been reflected in latest reported valuations from PIP's underlying managers at the time of issue of the Company's March 2020 and April 2020 newsletters.

Therefore in the month to 31 May 2020, valuation losses* of -127.5p (-4.7%), together with investment income* of 0.1p (+0.0%) were offset by a reversal of the Manager's Provision (applied in March 2020 and April 2020) of 210.7p (+7.7%), while foreign exchange gains* added +73.3p (+2.7%), and expenses and taxes**** were -3.7p (-0.1%).

At 31 May 2020, PIP's private equity assets stood at GBP1,496m, whilst net available cash balances^ were GBP121m. The Asset Linked Note^^ ("ALN") outstanding as at 31 May 2020 amounted to GBP58m. Undrawn commitments to investments stood at GBP541m as at 31 May 2020, calculated using exchange rates at that date. PIP's multi-currency revolving credit facilities comprise a US$269.8m facility and a EUR101.6m facility, which remained undrawn as at the month end.

During the month, PIP made a new secondary commitment of GBP7.1m to Idinvest Growth Secondary SLP, a European growth fund comprising high growth technology- and software-focussed companies across Europe and the USA.

*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.

Year End to 31 May 2020

Performance

The unaudited NAV per share at 31 May 2020 of 2,882.8p is an increase for the financial year of +112.2p (+4.0%) relative to the NAV per share at 31 May 2019. Valuation gains* (+89.9p, +3.2%), investment income* (18.3p, +0.7%), and foreign exchange movements* (+46.7p, +1.6%), were partially offset by expenses and taxes**** (-42.7p, -1.5%).

Portfolio Net Cash Flow

PIP's portfolio generated net cash* of GBP110.3m during the year, with distributions received of GBP227.9m relative to GBP117.6m of calls from existing commitments to private equity funds.

New Commitments

PIP made 44 new investments during the year to 31 May 2020, amounting to GBP244.5m in commitments. This comprised 13 primaries (GBP96.2m), 16 co-investments (GBP74.8m) and 15 secondaries (GBP73.5m).

Loan Facility

During the year PIP increased the size of its loan facility from an initial commitment of GBP175m to GBP300m. The loan facility remains fully undrawn.

Performance as at 31 May 2020^^^

 
                       1 Year   3 Years  5 Years  10 Years  Since Inception 
                         (%)     (% pa)   (% pa)   (% pa)        (% pa) 
NAV TR per share        4.0%     9.6%     13.0%    12.0%         11.6% 
Ordinary share price   (7.2%)    4.8%     10.0%    14.8%         10.9% 
FTSE All-Share TR      (11.2%)  (2.9%)    1.3%      6.1%         7.1% 
MSCI World (GBP) 
 TR                     7.4%     6.2%     9.9%     11.1%         7.8% 
                       =======  =======  =======  ========  =============== 
 

^^^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 May monthly 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

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 private equity investment managers globally. PIP offers investors a liquid, differentiated entry point to the excellent growth potential of global private equity, with access to the primary, secondary and co-investment opportunities of some of the best managers in the world. The Company has a track record of outperformance and manages risk through diversification and rigorous selection based on Pantheon's extensive experience and international platform.

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 $49.1 billion in AUM^^ (as at 31 December 2019) and 341 employees (as at 30 June 2020), including 100 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.

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.

Sir Laurie Magnus

Chairman, Pantheon International Plc

Beaufort House, 51 New North Road, Exeter, Devon, EX4 4EP

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July 08, 2020 02:00 ET (06:00 GMT)