Net Asset Value(s)
3rd February 2011
PANTHEON INTERNATIONAL PARTICIPATIONS PLC
NET ASSET VALUE AT 31st DECEMBER 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 978.5p at
31st December 2010 (944.2p at 30th September 2010), an increase of
approximately 4% per share.
The unaudited net assets attributable to ordinary shareholders and redeemable
shareholders increased by £22.7m in the quarter from £626.9m to £649.6m. Gains
of £22m were made in the quarter from reported valuation uplifts in the
portfolio. A further £2m of gains were due to movements in exchange rates.
Interest and expenses net of income totalled approximately £1m.
Cash Balance and Remaining Facilities
As at 31st December 2010, PIP had cash balances equivalent to a total of £
16.3m.
In addition, at 31st December 2010, $102.4m of PIP's $117.4m available US
dollar bank loan facility remained undrawn and €77.5m 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, £100.5m 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 31st December 2010.
Based on exchange rates at 31st December 2010, PIP's total available liquid
financing capacity stood at £198m.
Loans
At 31st December 2010, $15.0m was drawn down under PIP's US dollar denominated
loan facilities and €8.4m was drawn down under PIP's euro denominated loan
facilities. In addition, the Company has outstanding £100.5m of unsecured
subordinated loan notes (£49.5m of Series A unsecured subordinated loan notes
were issued in December 2008. £51.0m of Series B unsecured subordinated loan
notes were issued in September and October 2010).
Calls and Distributions
During the quarter ended 31st December 2010 PIP received distributions from
private equity assets of £46.6m and invested £24.2m 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 £275.8m
at 31st December 2010, calculated on exchange rates at that date.
Foreign Exchange Exposure
At 31st December 2010, the value of the private equity investment assets stood
at £754.0m. 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 4% are invested in funds investing mainly in Europe and
approximately 10% 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 31st December 2010, the majority of valuations (accounting
for circa 93% by value) are dated 30th September 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, 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.
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 £14.7 billion under
management (as at 30th September 2010). Pantheon has offices in London, San
Francisco, New York and Hong Kong, and has made investments in over 1,000 funds
globally.
For more information pleasevisit PIP's website at www.pipplc.com or contact:
Andrew Lebus
Pantheon
020 7484 6200
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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