Monthly Performance Update

RNS Number : 4740J

Pantheon International PLC

18 December 2015

 



18^th December 2015

Pantheon International PLC

Performance Update at 30^th November 2015

Month to 30^th November 2015

Pantheon International PLC ("PIP") announces an unaudited net asset value ("NAV") per share at 30^th November 2015 of 1,620.0p, an increase of 24.5p (1.5%) from the NAV per share as at 31^st October 2015. Foreign exchange gains (29.5p, 1.8%) and investment income (1.6p, 0.1%) were offset by valuation losses (-4.8p, -0.3%) and expenses and taxes* (-1.8p, -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 30^th November 2015, the majority of reported valuations (accounting for circa 90% by value) are dated 30^th September 2015. 

At 30^th November 2015, PIP's private equity assets stood at £884m, whilst cash balances were £172m. Undrawn commitments to investments stood at £276m at 30^th November 2015, calculated using exchange rates at that date. In addition, the Company's multi-currency revolving credit facility agreement, comprising a US$100m facility and a €46m facility, remained completely undrawn.

PIP's portfolio generated net cash of £16.0m during the month, with distributions of £17.7m relative to £1.7m of calls from existing commitments to private equity funds.

PIP made a primary commitment of £7.6m to Shamrock Capital Growth Fund IV during the month.  Shamrock Capital Advisors is a US-based manager focused on growth-oriented businesses in the media, entertainment and communications sectors.

Following shareholder approval at the recent Annual General Meeting, the Company changed its name to Pantheon International PLC with effect from 24^th November 2015.   

* Withholding taxes on investment distributions.

Monthly Report

The November 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 technology, 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 380 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 £20.7 billion in AUM** (as at 30^th June 2015), 200 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 Alexis Barling                                 

Pantheon                                            

020 3356 1800                                   

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of this announcement.        

 

END

 

 

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