Monthly Performance Update
29/01/2024 07:00
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RNS Number : 1265B Pantheon International PLC 29 January 2024
29 January 2024
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The information contained in this announcement is restricted and is not for
publication, release or distribution in the United States of America, Canada,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")
Performance Update at 31 December 2023
Performance Update at 31 December 2023
477.4p NAV per share
+0.2% NAV per share movement
for the month
£2.3bn Net asset value
£7.9m Net portfolio cash
flow*
3.8x Financing cover**
+58% Total shareholder
return (5Y)***
Month to 31 December 2023
PIP announced an unaudited net asset value ("NAV") per share of 477.4p as at
31 December 2023, an increase of 0.9p (+0.2%) from the NAV per share as at 30
November 2023.
In the month to 31 December 2023, valuation gains* were +2.4p (+0.5%),
investment income* added +0.4p (+0.1%), foreign exchange movements* were -1.8p
(-0.4%), share buybacks added +0.8p (+0.2%) and expenses and taxes**** were
-0.9p (-0.2%).
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 December 2023, 9% of reported valuations
are dated 31 December 2023 or later, 83% are dated 30 September 2023, 8% are
dated 30 June 2023. Of the 9% of valuations dated 31 December 2023 or later,
7.5% reflect the mark-to-market fair value adjustment for PIP's listed company
holdings.
At 31 December 2023, PIP's private equity assets stood at £2,397m, whilst net
available cash balances^ were £39m. The Asset Linked Note^^ ("ALN")
outstanding as at 31 December 2023 amounted to £29m. Undrawn commitments to
investments stood at £779m as at 31 December 2023, calculated using exchange
rates at that date. PIP maintains a five-year £500m^^^ multi-tranche,
multi-currency revolving credit facility. As at 31 December 2023, £135m was
drawn down under the loan facility, resulting in a net debt to NAV ratio of
5.5%.^^^^
New Investments
PIP made £29.4m of new commitments during the month, which were to three
primary funds. These were:
A £16.1m primary commitment to Balderton Growth II, a European growth equity
fund.
A £9.9m primary commitment to Balderton Capital IX, a European venture
capital fund.
A £3.4m primary commitment to Accel XVI, a North American venture capital
fund.
During the month, PIP invested £6.4m in share buybacks, acquiring 2,140,743
shares at a weighted average price of 299.2p per share. This price represented
an average discount of 38.8% 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.
** Ratio of net available cash, portfolio value and undrawn loan facility to
outstanding commitments. Outstanding commitments relating to funds outside
their investment period (>13 years old) were excluded from the calculation
as there is a low likelihood of these being drawn. This amounted to £43.7m as
at 31 December 2023.
***Based on the change in the ordinary share price over the period.
****Operating expenses, financing costs and 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 maintains a £500m multi-currency credit facility. The overall loan
facility comprises facilities of US$487.7m and €115.7m and had a sterling
equivalent value of £482.9m as at 31 December 2023. As at 31 December 2023,
PIP had drawn down £135.4m of the loan facility.
^^^^Net debt calculated as drawn loan facility and the outstanding balance of
the asset linked note less net available cash. Note that the ALN is not
considered in the calculation of gross borrowings or the loan-to-value ratio,
as defined in PIP's loan facility agreement.
Annualised Performance as at 31 December 2023^^^^^
1 Year (%p.a.) 3 Years 5 Years 10 Years Since Inception
(% p.a.) (% p.a.) (% p.a.) (% p.a.)
NAV per share 2.3% 15.6% 12.7% 13.9% 12.0%
Ordinary share price 19.6% 7.5% 9.6% 11.7% 10.9%
FTSE All-Share TR 7.9% 8.6% 6.6% 5.3% 7.4%
MSCI World (£) TR 17.4% 10.3% 13.4% 12.1% 8.4%
^^^^^PIP was launched on 18 September 1987. The performance figures for PIP
assume reinvestment of dividends and capital.
Monthly Report
The December newsletter can be accessed on PIP's website at www.piplc.com
(http://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
Tel: +44 20 3356 1800
Jie Gong
Tel: +852 3718 9605
Follow us on
LinkedIn: https://www.linkedin.com/company/pantheon-international-plc
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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
NAV outperformance over the long term and manages risk strategically through
diversification and rigorous selection based on Pantheon's extensive
experience and international platform, and robust investment due diligence and
decision-making processes.
Pantheon
PIP is managed and advised by Pantheon, a specialist global private markets
investor. 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, across private equity, real assets
and private credit. The firm has partnered with more than 1,000 clients, with
approximately $62bn^^^^^^ in discretionary assets under management (as at 30
June 2023).
^^^^^^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 (http://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.
John Singer CBE
Chair, Pantheon International Plc
Broadwalk House, Southernhay West, Exeter, Devon EX1 1TS
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