Net Asset Value(s)
2nd November 2010
PANTHEON INTERNATIONAL PARTICIPATIONS PLC
NET ASSET VALUE AT 30th SEPTEMBER 2010
The Board of Pantheon International Participations PLC (`PIP'), the quoted
private equity fund-of-funds investment trust, today announced an unaudited net
asset value per share and redemption value per redeemable share of 944.2p at
30th September 2010 (958.7p at 30th June 2010). The unaudited net assets
attributable to ordinary shareholders and redeemable shareholders decreased by
£9.6m in the quarter from £636.5m to £626.9m.
Gains of £11m were made in the quarter from reported valuation uplifts in the
portfolio, but these were offset by losses from exchange rate movements of
approximately £19m. Interest and net expenses totalled approximately £2m.
Cash Balance and Remaining Facilities
As at 30th September 2010, PIP had cash balances totalling £51.7m.
In addition, at 30th September 2010, $54.4m of PIP's $117.4m available US
dollar bank loan facility remained undrawn and €37.9m of its €85.9m available
euro bank loan facility remained undrawn. The Company also had available £150m
of standby commitments to subscribe for redeemable shares. It should be noted
that, if called, £88.6m of the proceeds from a redeemable share issue under the
standby commitments would be needed to repay outstanding unsecured subordinated
loan notes in issue at 30th September 2010.
Based on exchange rates at 30th September 2010, PIP's total available liquid
financing capacity stood at £180m.
Loans
At 30th September 2010, $63.0m was drawn down under PIP's US dollar denominated
loan facilities and €48.0m was drawn down under PIP's euro denominated loan
facilities. In addition, the Company has outstanding £88.6m of unsecured
subordinated loan notes (£49.5m of Series A unsecured subordinated loan notes
were issued in December 2008. In the current financial year, £51.0m of Series B
unsecured subordinated loan notes have been issued, £39.1m of which were issued
on 30th September 2010 and £11.9m of which were issued on 1st October 2010).
Calls and Distributions
During the quarter ended 30th September 2010 PIP received distributions from
private equity assets of £29.5m and invested £23.0m in private equity assets.
Outstanding Commitments
PIP has made no new commitments in the quarter. Outstanding commitments to
investments, which are likely to be called over several years, stood at £303.4m
at 30th September 2010, calculated on exchange rates at that date.
Foreign Exchange Exposure
At 30th September 2010, the value of the private equity investment assets stood
at £750.1m. Of the private equity investment assets at PIP's holding level, 70%
were represented by funds reporting values denominated in US dollars, 24%
denominated in euros, 5% denominated in sterling and 1% denominated in other
currencies. Of the 70% of investment assets denominated in US dollars,
approximately 3% are invested in funds investing mainly in Europe and
approximately 9% in funds investing mainly in Asia. In addition to the funds
reporting values denominated in sterling, many of the euro-denominated funds
have investments in the UK.
Valuation Policy
PIP's valuation policy for private equity funds is based on the latest accounts
produced by the managers of the funds in which PIP has holdings. In the case of
the valuation as at 30th September 2010, the majority of valuations (accounting
for circa 93% by value) are dated 30th June 2010. Private equity funds may
contain a proportion of quoted shares from time to time, for example where the
underlying company investments have been taken public but the holdings have not
yet been sold. The quoted market holdings at the date of the latest fund
accounts are reviewed and compared with the value of those holdings at the year
end. If there has been a material movement in the value of these holdings, the
valuation is adjusted to reflect this.
Ends
NOTES
PIP
Pantheon International Participations (`PIP') is a London quoted investment
trust, managed by Pantheon Ventures Ltd., one of the longest-established
international private equity fund-of-funds manager, investing in both primary
funds and secondary transactions. With investments in private equity funds,
covering 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. PIP may occasionally acquire direct
holdings in unquoted companies, usually where a vendor is seeking to sell a
combined portfolio of funds and direct holdings. PIP's investment policy also
extends to investing directly in companies where there is a private equity
manager well known to the Company investing on the same terms. www.pipplc.com
Pantheon
Pantheon has been active in private equity since 1982 and is now one of the
world's leading private equity fund-of-funds managers, with £15.0 billion under
management (as at 30th June 2010), investments in over 500 private equity funds
in over 30 countries and offices in London, San Francisco, New York and Hong
Kong.
For more information please contact:
Andrew Lebus 020 7484 6200
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