Monthly Performance Update

RNS Number : 8308J
Pantheon International PLC
22 August 2019

22 August 2019


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The information contained in this announcement is restricted and is not for publication, release or distribution in the United States of America, any member state of the European Economic Area (other than the United Kingdom or to professional investors in Finland and Sweden), Canada, Australia, Japan or the Republic of South Africa.



Pantheon International Plc

Performance Update at 31 July 2019




2,847.6p                      NAV per share

+3.4%                          NAV per share growth for the month

£1.5bn                         Net asset value

-£2.8m                         Net portfolio cash flow*

3.5x                             Financing cover**

+100%                         Total shareholder return (5Y)***


Month to 31 July 2019


PIP announced an unaudited net asset value ("NAV") per share at 31 July 2019 of 2,847.6p, an increase of 94.7p (+3.4%) from the NAV per share as at 30 June 2019. Valuation gains* (+3.5p, +0.1%), investment income* (0.9p, 0.0%) and foreign exchange movements* (+93.5p, +3.4%) were offset by expenses and taxes**** (-3.2p, -0.1%) during the period.

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 July 2019, 99% of reported valuations are dated 31 March 2019 or later.  A detailed description of PIP's valuation policy can be found on pages 100 and 101 of the 2019 Annual Report.

At 31 July 2019, PIP's private equity assets stood at £1,489m, whilst net available cash balances^ were £138m. The Asset Linked Note^^ ("ALN") outstanding as at 31 July 2019 amounted to £87m. Undrawn commitments to investments stood at £515m as at 31 July 2019, calculated using exchange rates at that date. PIP's multi-currency revolving credit facilities comprise a US$163.0m facility and a €59.8m facility, which remained undrawn at the month end.


PIP's portfolio generated net cash* of -£2.8m during the month, with distributions of £6.2m relative to £9.0m of calls from existing commitments to private equity funds.


PIP made two new investments during the month amounting to £7.7m in new commitments. This comprised a £4.6m co-investment alongside Insight Venture Partners in Recorded Future, a provider of cyber threat intelligence software; and a £3.1m co-investment alongside Lee Equity Partners in K2 Insurance Services, a leading platform for managing general agents serving the US property and casualty insurance market.


Performance as at 31 July 2019^^^


1 Year


3 Years

(% pa)

5 Years

(% pa)

10 Years

(% pa)

Since Inception

(% pa)

NAV per share






Ordinary share price






FTSE All-Share TR






MSCI World (£) TR







*Figures are stated net of movements associated with the ALN share of the reference portfolio.


**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.


^^^PIP was launched on 18 September 1987. The performance figures for PIP assume reinvestment of dividends, capital repayments and cash flow from warrants.


Monthly Report

The July monthly newsletter can be accessed on PIP's website at in the Investor Relations section under the heading "Newsletters", or by following this link:


This announcement contains inside information.









LEI: 2138001B3CE5S5PEE928


For more information please visit PIP's website at or contact:


Vicki Bradley                          


020 3356 1800





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 investment managers globally. PIP offers a differentiated entry point to an investment company of scale with risk managed through selection and diversification, and to the excellent growth potential generated by some of the best private equity managers in the world.



Pantheon is a leading global private equity, infrastructure, real assets and debt fund investor that invests on behalf of over 550 investors. Founded in 1982, Pantheon has developed an established reputation in primary, co-investment and secondary private asset solutions across all stages and geographies. Pantheon has $46.3 billion in AUM^^^^ (as at 31 March 2019) and 291 employees, including 90 investment professionals, located across offices in London, San Francisco, New York, Hong Kong, Seoul, Bogotá, Tokyo and Dublin.


^^^^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 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

Chairman, Pantheon International Plc

Beaufort House, 51 New North Road, Exeter, Devon, EX4 4EP



This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact or visit
UK 100

Latest directors dealings