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

Pantheon InfrastructureAnnouncement

16/12/2024 07:00

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RNS Number : 1410Q  Pantheon Infrastructure PLC  16 December 2024

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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 2024 was 116.2 pence per share.

Commentary

•     NAV increased by 2.3 pence per share in the quarter to 116.2
pence, an increase of 2.0% on the NAV of 113.9 pence per share as at 30 June
2024. The Company declared an interim dividend of 2.1 pence during the period,
with the shares marked ex-dividend after the period end.

•     Year to date NAV total return, including the 2 pence per share
dividend for which the shares became ex-dividend during the year, was 11.6
pence per share or 10.6%. Last twelve months' NAV total return, including the
4 pence per share dividend for which the shares became ex-dividend during the
period, was 13.6 pence per share or 12.5%.

•     Underlying fair value movements on the investment portfolio
contributed 3.5 pence per share during the period. Performance was driven by
unrealised movements across a number of the Company's investments, with
notable valuation uplifts for CyrusOne, Calpine, National Broadband Ireland
and Primafrio.

•     Currency movements resulted in a negative FX valuation movement on
the investment portfolio, equivalent to a decrease in NAV of 3.6 pence per
share. This was offset by opposing movements in the Company's NAV FX hedging
instruments, contributing an increase in the NAV of 2.8 pence per share.

•     Combined operating and financing costs contributed to a decrease
in NAV of 0.4 pence per share.

•     As at 30 September 2024, the Company's net assets were £545.5
million, comprising the investment portfolio valued at £512.1 million, net
working capital of £11.8 million and a derivative mark-to-market value of
£21.7 million. At the end of the quarter, the Company had undrawn commitments
of £9.9 million and its £115 million Revolving Credit Facility was fully
undrawn.

Richard Sem, Partner at Pantheon, PINT's investment manager, commented: "I am
pleased to see the continued strong performance of PINT's portfolio, which
continues to be backed by strong underlying growth and favourable sector
tailwinds, and has translated into a NAV total return already in excess of the
Company's target set out at IPO."

NAV Bridge Q3 2024

 Opening NAV per share at 30 June 2024       113.9p
 Fair value gains / (losses)                 3.5p
 FX movement                                 (3.6)p
 FX hedge movement                           2.8p
 Expenses                                    (0.4)p
 Closing NAV per share at 30 September 2024  116.2p

 

 

 

 

 

Investment Portfolio as at 30 September 2024

 #   Portfolio Company           Sponsor        Announced  Sector                                            Region         Investment value (£m)1
 1   Primafrio                   Apollo         Mar-22     Transport & Logistics                             Europe         47
 2   CyrusOne                    KKR            Mar-22     Digital - Data Centre                             North America  37
 3   National Gas                Macquarie      Mar-22     Power & Utilities - Gas Utility and Metering      UK             46
 4   Vertical Bridge             DigitalBridge  Apr-22     Digital - Towers                                  North America  26
 5   Delta Fiber                 Stonepeak      Apr-22     Digital - Fibre                                   Europe         27
 6   Cartier Energy              Vauban         May-22     Power & Utilities - District Heating              North America  30
 7   Calpine                     ECP            Jun-22     Power & Utilities - Electricity Generation        North America  76
 8   Vantage                     DigitalBridge  Jul-22     Digital - Data Centre                             North America  29
 9   Fudura                      DIF            Jul-22     Renewables & Energy Efficiency                    Europe         48
 10  National Broadband Ireland  Asterion       Nov-22     Digital - Fibre                                   Europe         48
 11  GD Towers                   DigitalBridge  Jan-23     Digital - Towers                                  Europe         41
 12  GlobalConnect               EQT            June-23    Digital - Fibre                                   Europe         21
 13  Zenobe                      Infracapital   Sep-23     Renewables & Energy Efficiency                    UK             36
                                                                                                             Total          512

 

(1) Investment value refers to the investment fair value plus unfunded
commitments as at 30 September 2024, adjusted for FX at that date as
necessary.

 

Company diversification at 30 September 2024(2)

Geography

 Europe         44%
 North America  36%
 UK             16%
 Uncommitted    4%

 

Sector

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

 

 

Market Segment(3)

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

 

Sponsor

 Digital Bridge                18%
 ECP                           14%
 Asterion Industrial Partners  9%
 DIF                           9%
 Apollo                        9%
 Macquarie                     8%
 Infracapital                  7%
 KKR                           7%
 Vauban                        6%
 Stonepeak                     5%
 EQT                           4%
 Uncommitted                   4%

 

(2) Refers to investment fair values, or amounts committed as of 30 September
2024. Charts are based on % of gross asset value (portfolio value + net cash).
Net cash comprises cash, hedge and debtor balances. Some numbers do not sum to
100% due to rounding.

(3) 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)

 Lansons

 Public relations advisor          pint@lansons.com (mailto:pint@lansons.com)

 Lucy Horne                        +44 (0) 79 2146 8515

 Millie Steyn                      +44 (0) 75 9352 7234

 

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)

Pantheon

Pantheon has been at the forefront of private markets investing for more than
40 years, earning a reputation for providing innovative solutions covering the
full lifecycle of investments, from primary fund commitments to co-investments
and secondary purchases, across private equity, real assets and private
credit.

The firm has partnered with more than 650 clients, including institutional
investors of all sizes as well as a growing number of private wealth advisers
and investors, with approximately $68bn in discretionary assets under
management (as of June 30, 2024).

Leveraging its specialized experience and global team of professionals across
Europe, the Americas and Asia, Pantheon invests with purpose and leads with
expertise to build secure financial futures.

Pantheon was one of the first private equity investors to sign up to the
Principles for Responsible Investments ("PRI") in 2007 and has used these
principles as a framework to develop its sustainability policy across all its
investment activities. Since becoming a signatory, Pantheon has remained
highly engaged with the PRI and has been heavily focused on sustainability
integration, both through its involvement with associates and industry bodies,
and through its integration of ESG analysis into its investment process.

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

 

ENDS

 

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