Pantheon International PLC Monthly Performance Update (7093F)

TIDMPIN

RNS Number : 7093F

Pantheon International PLC

23 February 2018

23 February 2018

Pantheon International Plc

Performance Update at 31 January 2018

Month to 31 January 2018

PIP announced an unaudited net asset value ("NAV") per share at 31 January 2018 of 2,148.3p, a decrease of 99.7p (-4.4%) from the NAV per share as at 31 December 2017. Valuation gains (1.4p, 0.1%), investment income (0.4p, 0.0%) and Asset Linked Note* ("ALN") financing (1.3p, 0.1%) were offset by foreign exchange movements (-100.3p, -4.5%) and expenses and taxes** (-2.5p, -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 January 2018, the majority of reported valuations (accounting for circa 97% by value) are dated 30 September 2017 or later.

At 31 January 2018, PIP's private equity assets stood at GBP1,206m, whilst cash balances were GBP101m. Undrawn commitments to investments stood at GBP422m at 31 January 2018, 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 January 2018. The ALN outstanding as at 31 January 2018 amounted to GBP141m.

PIP's portfolio generated net cash of GBP8.3m during the month, with distributions of GBP13.5m relative to GBP5.2m of calls from existing commitments to private equity funds.

PIP committed GBP19.5m to new investments in January. This included a GBP12.1m secondary investment in a North American mid-market buyout fund that was fully funded at completion, and a GBP5.2m secondary investment in a North American large buyout fund.

*Unlisted 10-year note issued on 31 October 2017 whose performance is linked to a reference portfolio consisting of older vintage funds.

**Withholding taxes on investment distributions.

Monthly Report

The January 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:

Andrew Lebus or Vicki Bradley

Pantheon

020 3356 1800

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 35 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 GBP28.7 billion in AUM*** (as at 30 September 2017), 245 employees, including 76 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.

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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February 23, 2018 02:00 ET (07:00 GMT)