Pantheon International PLC Monthly Performance Update (9310O)

TIDMPIN

RNS Number : 9310O

Pantheon International PLC

23 May 2018

23 May 2018

Pantheon International Plc

Performance Update at 30 April 2018

Month to 30 April 2018

PIP announced an unaudited net asset value ("NAV") per share at 30 April 2018 of 2,299.7p, an increase of 35.9p (1.6%) from the NAV per share as at 31 March 2018. Valuation gains (10.5p, 0.5%), investment income (0.9p, 0.0%) and foreign exchange movements (35.1p, 1.6%) were offset by Asset Linked Note* ("ALN") financing** (-4.0p, -0.2%) and expenses and taxes*** (-6.6p, -0.3%).

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 30 April 2018, 100% of reported valuations are dated 31 December 2017 or later.

At 30 April 2018, PIP's private equity assets stood at GBP1,229m, whilst cash balances were GBP158m. The ALN outstanding as at month-end amounted to GBP140m. Undrawn commitments to investments stood at GBP436m as at 30 April 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 30 April 2018.

PIP's portfolio generated net cash of GBP21.9m during the month, with distributions of GBP27.4m relative to GBP5.5m of calls from existing commitments to private equity funds.

PIP completed two new investments during the month, amounting to GBP12.6m in new commitments. This included a GBP2.6m secondary investment in an Asian growth equity fund and a GBP10.0m primary commitment to HgCapital Saturn I, a large buyout fund that will focus on investments in the European software sector.

*Unlisted 10-year note issued on 31 October 2017 whose cost and repayments are linked to a reference portfolio consisting of older vintage funds.

**Reflects movements in the value of the ALN, as a result of the reference portfolio's share of valuation gains, investment income and foreign exchange movements. A negative ALN financing figure shows financing costs associated with an increase in the value of the ALN, and vice versa.

***Withholding taxes on investment distributions.

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:

Andrew Lebus or Vicki Bradley

Pantheon

020 3356 1800

NOTES

PIP

PIP, a constituent of the FTSE 250, 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 31 December 2017), 248 employees, including over 75 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.

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May 23, 2018 02:00 ET (06:00 GMT)