Correction - monthly performance update
25 April 2022
For immediate release
The information contained in this announcement is restricted and is not for publication, release or distribution in the United States of America, Canada, Australia (other than to persons who are both wholesale clients and professional or sophisticated investors in Australia), Japan, the Republic of South Africa or any other jurisdiction where its release, publication or distribution is or may be unlawful.
Pantheon International Plc
("PIP" or the "Company")
Correction - monthly performance update
The Company announces that there has been an accounting error in the calculation of the unaudited NAV per ordinary share as at 31 March 2022, announced on 22 April 2022, which overstated the NAV by 3.2p. The unaudited NAV per share as at 31 March 2022 was 431.0p. The Company apologises for the error.
The performance update as at 31 March 2022 has been corrected and reissued below. The March newsletter, available on the Company's website at Newsletters - Pantheon International Plc (piplc.com) , has been updated accordingly.
Performance Update at 31 March 2022
Performance Update at 31 March 2022
431.0p NAV per share
+3.2% NAV per share movement for the month
£2.3bn Net asset value
£14.7m Net portfolio cash flow*
3.8x Financing cover**
+83% Total shareholder return (5Y)***
Month to 31 March 2022
PIP announced an unaudited net asset value ("NAV") per share as at 31 March 2022 of 431.0p, an increase of 13.4p (+3.2%) from the NAV per share as at 28 February 2022.
In the month to 31 March 2022, valuation gains* were +12.7p (+3.0%), investment income* added +0.3p (+0.1%), foreign exchange movements* were +0.9p (+0.2%), share buybacks added +0.1p (+0.0%) and expenses and taxes**** were -0.6p (-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 as at 31 March 2022, 14% of reported valuations are dated 31 March 2022, 78% are dated 31 December 2021 and 8% are dated 30 September 2021. Of the 14% of valuations dated 31 March 2022, 12% reflect the mark to market fair value adjustment for PIP's listed company holdings.
At 31 March 2022, PIP's private equity assets stood at £2,140m, whilst net available cash balances^ were £236m. The Asset Linked Note^^ ("ALN") outstanding as at 31 March 2022 amounted to £51m. Undrawn commitments to investments stood at £699m as at 31 March 2022, calculated using exchange rates at that date. PIP's multi-currency revolving credit facilities comprise a US$269.8m facility and a €101.6m facility, which remained undrawn as at the month end.
PIP made £73.7m of new commitments during the month to three primaries (£49.7m), five co-investments (£18.3m) and one secondary (£5.7m). This included:
· A £17.8m primary commitment to Apax Global Impact Fund I, a global buyout fund focused on sustainable investing.
· An £8.8m co-investment alongside Sentinel Capital Partners in TriMech, a provider of 3D design software based in the USA.
· A £2.1m co-investment alongside Verdane Capital in Papirfly, a provider of brand activation management software in Norway.
PIP also invested £1.3m in share buybacks during the period, acquiring 439,690 shares at a weighted average price of 296.9p per share. This price represented a discount of 29% to the prevailing NAV per share at the time of the transactions.
*Figures are stated net of movements associated with the ALN share of the reference portfolio. Valuation movement includes the mark to market fair value adjustment of listed company holdings. A provision was made in February 2022 to reduce PIP's £2.9m legacy exposure to Russian assets to zero.
**Ratio of net available cash, portfolio value and undrawn loan facility to outstanding commitments.
***Based on the change in the ordinary share price over the period.
****Withholding taxes on investment distributions.
^Net available cash calculated as cash and net current assets / (liabilities) less undistributed net cashflows associated with the ALN.
^^Unlisted 10-year note issued on 31 October 2017 whose cost and repayments are linked to a reference portfolio consisting of the Company's older vintage funds.
Performance as at 31 March 2022 ^^^
|
|
1 Year (%p.a.) |
3 Years (% p.a.) |
5 Years (% p.a.) |
10 Years (% p.a.) |
Since Inception (% p.a.)
|
|
||
|
NAV TR per share |
31.6% |
18.4% |
14.8% |
14.2% |
12.1% |
|||
|
Ordinary share price |
19.8% |
14.2% |
12.8% |
15.0% |
11.5% |
|||
|
FTSE All-Share TR |
13.0% |
5.3% |
4.7% |
7.2% |
7.6% |
|||
|
MSCI World (£) TR |
15.9% |
15.1% |
11.8% |
13.7% |
8.5% |
|||
^^^PIP was launched on 18 September 1987. The performance figures for PIP assume reinvestment of dividends, capital.
Monthly Report
The March monthly newsletter can be accessed on PIP's website at www.piplc.com in the Investor Relations section under the heading "Newsletters".
This announcement contains inside information.
Ends
LEI: 2138001B3CE5S5PEE928
For more information please visit PIP's website at www.piplc.com or contact:
Pantheon
Helen Steers / Vicki Bradley
020 3356 1800
Follow us on LinkedIn: https://www.linkedin.com/company/pantheon-international-plc
NOTES
PIP
PIP is a listed FTSE 250 private equity investment trust, overseen by an independent Board of Directors and managed by Pantheon, one of the leading private equity investment managers globally. PIP offers investors a liquid, differentiated entry point to the excellent growth potential of global private equity, with access to the primary, secondary and co-investment opportunities of some of the best managers in the world. The Company has a track record of outperformance and manages risk through diversification and rigorous selection based on Pantheon's extensive experience and international platform.
Pantheon
PIP is managed and advised by Pantheon, a leading global private equity, infrastructure & real assets and private debt investor with more than 35 years' experience sourcing and executing private market investment opportunities on behalf of clients. Pantheon has $81.2 billion in AUM ^^ (as at 30 September 2021) and employs approximately 398 staff including 116 investment professionals across offices in London, San Francisco, New York, Chicago, Hong Kong, Seoul, Bogotá, Tokyo, Dublin and Berlin.
^^ This figure includes assets subject to discretionary or non-discretionary management, advice or those limited to a reporting function.
Important Information
A copy of this announcement will be available on the Company's website at www.piplc.com . Neither the content of the Company's website, nor the content on any website accessible from hyperlinks on its website for any other website, is incorporated into, or forms part of, this announcement nor, unless previously published by means of a recognised information service, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.
Sir Laurie Magnus CBE
Chairman, Pantheon International Plc
Beaufort House, 51 New North Road, Exeter, Devon, EX4 4EP
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