Pantheon Infrastrct. - Net Asset Value(s)
15/12/2022 07:00
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RNS Number : 7606J Pantheon Infrastructure PLC 15 December 2022
15 December 2022
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UNLAWFUL.
This Announcement has been determined to contain inside information.
PANTHEON INFRASTRUCTURE PLC
Net Asset Value
Pantheon Infrastructure PLC ("PINT" or the "Company"), the listed global
infrastructure fund, announces that its Net Asset Value ("NAV") as at 30
September 2022 was 99.3 pence per share1.
Commentary
• The Company's NAV increased during the quarter by 1.4 pence per
share.
• Five of the Company's eight investments funded by the quarter end
date (representing c.38% of NAV) continue to be valued at cost, in line with
the underlying sponsor's valuation policy, given the recency of the
investments.
• Underlying fair value movements on the remaining three investments
contributed 1.6 pence per share during the period.
• The portfolio suffered no negative impacts from recent tax and
policy changes in UK and European renewables markets.
• Appreciation of EUR and USD vs. GBP resulted in a further increase
in the investment portfolio, equivalent to an increase in NAV of 3.4 pence per
share; however, this was offset by negative movements in the Company's NAV FX
hedging instruments, contributing a decrease in the NAV of 3.6 pence per
share.
• Other contributions to the movement in NAV included: investment
and deposit interest income receipts of 0.2 pence per share, the premium to
NAV attributable to exercise of the subscription share take-up of 0.2 pence
per share, and operating costs of -0.4 pence per share.
1 As at September 30 2022, not adjusted for 1pps dividend which went ex-div on
6 October 2022
NAV Bridge Q3 2022
Opening NAV per share at 30 June 2022 97.9p
Valuation gains / (losses) 1.6p
Investment income / yield 0.2p
FX movement 3.4p
FX hedge (3.6)p
Expenses (inc. operating and capital expenses) (0.4)p
Share issue 0.2p
Closing NAV per share at 30 September 2022 99.3p
Investment Portfolio as at 30 September 2022
# Status Portfolio Company Sponsor Announced Sector Region Fair Value (£m)1
1 Invested Primafrio Apollo Mar-22 Transport & Logistics Europe 40
2 Invested CyrusOne KKR Mar-22 Digital - Data Centre North America 25
3 Invested Vertical Bridge Digital Bridge Apr-22 Digital - Towers North America 28
4 Invested Delta Fiber Stonepeak Apr-22 Digital - Fibre Europe 23
5 Invested Cartier Energy Vauban May-22 Power & Utilities - District Heating North America 38
6 Invested Calpine ECP Jun-22 Power & Utilities - Electricity Generation North America 54
7 Invested Vantage Digital Bridge Jul-22 Digital - Data Centre North America 11
8 Invested Fudura DIF Jul-22 Renewables & Energy Efficiency Europe 40
Total 258
9 Committed NGGT2 Macquarie Mar-22 Power & Utilities - Gas utility and metering UK 41
Committed Existing portfolio Unfunded commitments 29
Total 328
10 In legal closing National Broadband Ireland3 Asterion Nov-22 Digital - Fibre Europe 46
Grand total 374
(1) Investment refers to the investment fair values, commitments or amounts in
legal closing as at 30 September 2022, adjusted for FX at that date as
necessary, except NBI which is adjusted for FX as at the date of
announcement. There is no guarantee that commitments under legal closing
will be closed. Rounding accounts for the difference between individual
amounts and the total stated
(2) The financial close of National Grid Gas Transmission is dependent on
external regulatory clearances
(3) National Broadband Ireland investment was completed and announced on 9
November 2022
Portfolio Diversification at 30 September 2022(1)
Geography
North America 48%
Europe 41%
UK 11%
Sector
Digital Infrastructure 43%
Power & Utilities 35%
Renewable & Energy Efficiency 11%
Transport & Logistics 11%
Market Segment(2)
Contracted 78%
Regulated 11%
GDP Linked 11%
Sponsor
Digital Bridge 16%
ECP 14%
Asterion Industrial Partners 13%
Macquarie 11%
DIF 11%
Apollo 11%
Vauban 10%
KKR 8%
Stonepeak 7%
(1 ) Total based on investment fair values, commitments or amounts in legal
closing as at 30 September 2022 of £374m. Geography and sector based on
exposure at underlying company level at time of entry. The financial close of
National Grid Gas Transmission is dependent on external regulatory clearances.
Rounding accounts for the difference between individual amounts and the total
stated.
(2) This classification represents where the majority of each portfolio
company cash flow is contracted in nature vs. regulated or GDP linked
For further information, contact:
Pantheon Ventures (UK) LLP +44 (0) 20 3356 1800
Investment Manager pint@pantheon.com (mailto:pint@pantheon.com)
Richard Sem, Partner
Harriet Alexander, Vice President
Investec Bank plc +44 (0) 20 7597 4000
Corporate Broker
Tom Skinner (Corporate Broking)
Lucy Lewis (Corporate Finance)
TB Cardew +44 (0) 20 7930 0777
Public relations advisor pint@tbcardew.com (mailto:pint@tbcardew.com)
Ed Orlebar +44 (0)7738 724 630
Tania Wild +44 (0)7425 536 903
Max Gibson +44 (0)7435 791 368
LEI 213800CKJXQX64XMRK69
Notes to editors
Pantheon Infrastructure PLC (PINT)
Pantheon Infrastructure PLC is a closed-ended investment company and an
approved UK Investment Trust, listed on the Premium Segment of the London
Stock Exchange's Main Market. Its Ordinary Shares trade under the ticker
'PINT'. The independent Board of Directors of PINT have appointed Pantheon,
one of the leading private markets investment managers globally, as investment
manager. PINT aims to provide exposure to a global, diversified portfolio of
high-quality infrastructure assets through building a portfolio of direct
co-investments in infrastructure assets with strong defensive characteristics,
typically benefitting from contracted cash flows, inflation protection and
conservative leverage profiles.
Further details can be found at www.pantheoninfrastructure.com
Pantheon
Pantheon is a leading global private equity, infrastructure & real assets,
private debt and real estate investor with 40 years' experience sourcing and
executing private market investment opportunities on behalf of clients.
Pantheon has US$88.0 billion in assets under management and advice (as at 30
June 2022) and employs over 440 staff, including more than 130 investment
professionals, across offices in London, San Francisco, New York, Chicago,
Hong Kong, Seoul, Bogotá, Tokyo, Dublin and Berlin. Further details can be
found at www.pantheon.com (http://www.pantheon.com/)
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