Monthly Performance Update

RNS Number : 6460S

Pantheon International PLC

21 March 2016

 

21^st March 2016

Pantheon International Plc

Performance Update at 29^th February 2016

Month to 29^th February 2016

Pantheon International Plc ("PIP") announces an unaudited net asset value ("NAV") per share at 29^th February 2016 of 1,750.7p, an increase of 30.5p (1.8%) from the NAV per share as at 31^st January 2016. Valuation gains (5.3p, 0.3%), investment income (0.3p) and foreign exchange gains (26.9p, 1.6%) were offset by expenses and taxes* (-2.0p, -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 29^th February 2016, the majority of reported valuations (accounting for circa 94% by value) are dated 30^th September 2015 or later.

At 29^th February 2016, PIP's private equity assets stood at £977m, whilst cash balances were £164m. Undrawn commitments to investments stood at £305m at 29^th February 2016, 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 £3.6m during the month, with distributions of £11.7m relative to £8.1m of calls from existing commitments to private equity funds.

PIP completed six new investments during the month, amounting to £21.4m in total commitments. This included a £4.4m secondary commitment to a European venture and growth fund that was fully funded at completion. PIP also committed £17.0m to five co-investments: a £6.1m co-investment alongside IK Investment Partners in Salad Signature, a Benelux-based manufacturer of branded sandwich spreads, salads and dips; a £3.2m co-investment alongside Chequers Capital in Spandex, a pan-European distributor of supplies for the signage and display industries; a £3.1m co-investment alongside Insight Venture Partners in Virgin Pulse, an enterprise health and wellness software platform focused on large employers; a £2.4m co-investment alongside Apax France in Melita, a broadband and cable TV provider in Malta; and a £2.2m co-investment alongside Anacacia Capital in Big River, an Australian manufacturer and distributor of niche building products.

* Withholding taxes on investment distributions.

Monthly Report

The February 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 £21.4 billion in AUM** (as at 30^th September 2015), 202 employees, including 69 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 Vicki Bradley                                  

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.  

 

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