REG - Pantheon Infrastrct. - Net Asset Value(s)

Pantheon InfrastructureAnnouncement

15/12/2023 07:00

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RNS Number : 9062W  Pantheon Infrastructure PLC  15 December 2023

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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 2023 was 106.6 pence per share.

Commentary

•     The NAV increased by 5.6 pence per share in the quarter, an
increase of 5.5% on the NAV of 101 pence per share as at 30 June 2023.

•     Underlying fair value movements on the investment portfolio
contributed 4.6 pence per share during the period. Performance was driven by
unrealized movements across eleven of the Company's investments, with notable
valuation uplifts on Calpine, CyrusOne, National Gas and GlobalConnect. One of
the Company's twelve investments funded by the quarter end date, GD Towers,
was valued on an adjusted cost basis.

•     There was an appreciation of both EUR and USD vs. GBP, which
resulted in a positive FX valuation movement on the investment portfolio,
equivalent to an increase in NAV of 2.0 pence per share. This was partially
offset by opposing movements in the Company's NAV FX hedging instruments,
contributing a decrease in the NAV of 1.0 pence per share.

•     Other contributions to the movement in NAV included: deposit
interest income (0.2 pence per share), operating costs (-0.4 pence per share)
and the NAV accretion from the Company's buyback of shares at a discount to
NAV during the period (0.2 pence per share).

•     During the period, the Company committed £35 million to an
investment in Zenobe, a UK battery storage and electric vehicle fleet
specialist (with the funds drawn subsequent to the period end). Cash totaling
£19.4 million was advanced under existing commitments during the period,
primarily on the investment into GlobalConnect, which had been committed to in
the previous quarter. The Company also invested £2.8 million into the
acquisition of its own shares at a weighted average discount of 21.6% to the
NAV as at 30 June 2023.

•     As at 30 September 2023, the Company's net assets were £506.5
million, comprising the investment portfolio valued at £441.4 million, net
working capital of £68.5 million and a derivative mark-to-market liability of
£3.4 million. At the end of the quarter, the Company had undrawn commitments
of £48.1 million and its £115 million Revolving Credit Facility was fully
undrawn.

Richard Sem, Partner at Pantheon, PINT's investment manager, commented: "We
are pleased to see the performance of PINT's investments flowing through to
the NAV. The valuation movements across the Portfolio during the period are
testament to the quality of the assets that PINT has invested in and underpins
our continued confidence in the investment strategy going forward."

 

NAV Bridge Q3 2023

 Opening NAV per share at 30 June 2023       101.0p
 Fair value gains / (losses)                 4.6p
 FX movement                                 2.0p
 FX hedge movement                           (1.0)p
 Deposit interest                            0.2p
 Expenses                                    (0.4)p
 NAV accretion from share buybacks           0.2p
 Closing NAV per share at 30 September 2023  106.6p

 

Investment Portfolio as at 30 September 2023

 #   Status     Portfolio Company           Sponsor        Announced  Sector                                            Region         Total Investment  (£m)1
 1   Invested   Primafrio                   Apollo         Mar-22     Transport & Logistics                             Europe         44
 2   Invested   CyrusOne                    KKR            Mar-22     Digital - Data Centre                             North America  30
 3   Invested   National Gas                Macquarie      Mar-22     Power & Utilities - Gas utility and metering      UK             44
 4   Invested   Vertical Bridge             DigitalBridge  Apr-22     Digital - Towers                                  North America  28
 5   Invested   Delta Fiber                 Stonepeak      Apr-22     Digital - Fibre                                   Europe         26
 6   Invested   Cartier Energy              Vauban         May-22     Power & Utilities - District Heating              North America  35
 7   Invested   Calpine                     ECP            Jun-22     Power & Utilities - Electricity Generation        North America  64
 8   Invested   Vantage                     DigitalBridge  Jul-22     Digital - Data Centre                             North America  27
 9   Invested   Fudura                      DIF            Jul-22     Renewables & Energy Efficiency                    Europe         47
 10  Invested   National Broadband Ireland  Asterion       Nov-22     Digital - Fibre                                   Europe         49
 11  Invested   GD Towers                   DigitalBridge  Jan-23     Digital - Towers                                  Europe         41
 12  Invested   GlobalConnect               EQT            June-23    Digital - Fibre                                   Europe         20
 13  Committed  Zenobe                      Infracapital   Sep-23     Renewables & Energy Efficiency                    UK             35
                                                                                                                        Total          490

 

(1) Investment refers to the investment fair value plus unfunded commitments
as at 30 September 2023, adjusted for FX at that date as necessary.

 

Company diversification at 30 September 2023(1)

Geography

 North America  36%
 Europe         53%
 UK             7%
 Uncommitted    4%

 

Sector

 Digital Infrastructure             43%
 Power & Utilities                  28%
 Renewable & Energy Efficiency      16%
 Transport & Logistics              9%
 Uncommitted                        4%

 

Market Segment(2)

 Contracted   79%
 GDP Linked   9%
 Regulated    8%
 Uncommitted  4%

 

Sponsor

 Digital Bridge                19%
 ECP                           13%
 Asterion Industrial Partners  9%
 DIF                           9%
 Apollo                        9%
 Macquarie                     8%
 Vauban                        7%
 Infracapital                  7%
 KKR                           6%
 Stonepeak                     5%
 EQT                           4%
 Uncommitted                   4%

 

(1) Refers to investment fair values, or amounts committed as of 30 September
2023. Charts are based on % of gross asset value (portfolio value + net cash).
Net cash is comprised of cash, hedge and debtor balances.

(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

 Ben Perkins, Principal

 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

 Henry Crane                       +44 (0)7918 207157

 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
(http://www.pantheoninfrastructure.com)

LEI 213800CKJXQX64XMRK69

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$94.6 billion in assets under management and advice (as at 30
June 2023) and employs over 456 staff, including more than 136 investment
professionals, across offices in London, San Francisco, New York, Chicago,
Hong Kong, Seoul, Singapore, Bogotá, Tokyo, Dublin, Berlin and a presence in
Tel Aviv.

Further details can be found at www.pantheon.com (http://www.pantheon.com)

 

ENDS

 

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