Monthly Performance Update
24/05/2024 07:01
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RNS Number : 7410P Pantheon International PLC 24 May 2024
24 May 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The information contained in this announcement is restricted and is not for
publication, release or distribution in the United States of America, Canada,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 30 April 2024
Performance Update at 30 April 2024
489.7p NAV per share
+0.3% NAV per share growth
for the month
£2.3bn Net asset value
-£7.8m Net portfolio cash
flow*
4.0x Financing cover**
+51% Total shareholder
return (5Y)***
Month to 30 April 2024
PIP announced an unaudited net asset value ("NAV") per share of 489.7p as at
30 April 2024, an increase of 1.6p (+0.3%) from the NAV per share as at 31
March 2024.
In the month to 30 April 2024, valuation losses* were -1.5p (-0.3%),
investment income* was +0.0p (+0.0%), foreign exchange movements* were +3.1p
(+0.6%), share buybacks added +0.8p (+0.2%) and expenses and taxes**** were
-0.8p (-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 30 April 2024, 10% of reported valuations
are dated 30 April 2024 or later, 5% are dated 31 March 2024, 78% are dated 31
December 2023 and 7% are dated 30 September 2023. Of the 10% of valuations
dated 30 April 2024 or later, 6.6% reflect the mark-to-market fair value
adjustment for PIP's listed company holdings.
At 30 April 2024, PIP's private equity assets stood at £2,497m, whilst net
available cash balances^ were £11m. The Asset Linked Note^^ ("ALN")
outstanding as at 30 April 2024 amounted to £27m. Undrawn commitments to
investments stood at £771m as at 30 April 2024, calculated using exchange
rates at that date. PIP maintains a five-year £500m^^^ multi-tranche,
multi-currency revolving credit facility. As at 30 April 2024, £69m was drawn
down under the credit facility. PIP had $150m (£120m GBP equivalent as at
month end) of private placement notes outstanding, resulting in a net debt to
NAV ratio of 7.8%^^^^.
New Commitments
PIP made £34.0m of new commitments during the month. These were:
An £11.7m primary commitment to a North American venture capital fund that
will invest in artificial intelligence infrastructure and applications, as
well as opportunities in transport and logistics.
An £11.6m single-asset secondary alongside IK Partners to Yellow Hive, a
Dutch insurance company.
A £10.7m co-investment alongside KKR to Cotiviti, a US-based healthcare
technology company.
Share Buybacks
PIP invested £8.0m in share buybacks during the month, acquiring 2,463,317
shares at a weighted average price of 325.7p per share. This price represented
an average discount of 32.9% 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 credit 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 £43.3m as
at 30 April 2024.
***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 credit
facility comprises facilities of US$487.7m and €115.7m and had a sterling
equivalent value of £488.4m as at 30 April 2024. As at 30 April 2024, PIP had
drawn down £69m of the credit facility.
^^^^Net debt calculated as borrowings (excluding the outstanding balance of
the Asset Linked Note) less net available cash. The ALN is not considered in
the calculation of gross borrowings or the loan-to-value ratio, as defined in
PIP's credit facility and note agreements. If the ALN is included, net debt to
NAV was 8.9% as at 30 April 2024.
Annualised Performance as at 30 April 2024^^^^
1 Year (%p.a.) 3 Years 5 Years 10 Years Since Inception
(% p.a.) (% p.a.) (% p.a.) (% p.a.)
NAV per share 8.1% 13.5% 13.5% 13.8% 11.9%
Ordinary share price 29.8% 7.2% 8.6% 11.5% 10.9%
FTSE All-Share TR 7.5% 7.4% 5.4% 5.8% 7.5%
MSCI World (£) TR 19.4% 9.8% 11.9% 12.8% 8.6%
^^^^PIP was launched on 18 September 1987. The performance figures for PIP
assume reinvestment of dividends and capital.
Monthly Report
The April 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: +65 6027 1060
Follow us on
LinkedIn: https://www.linkedin.com/company/pantheon-international-plc
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NOTES
PIP
PIP is a FTSE 250 private equity investment trust, overseen by an experienced,
independent Board of Directors and managed by Pantheon, one of the leading
private equity investment managers worldwide. PIP provides investors with
liquid access to a global portfolio of fast-growing private companies that are
managed by many of the best private equity managers in the world. Through its
flexible investment approach, PIP focuses on high quality, profitable
businesses in resilient sectors that can weather a range of macroeconomic
environments. PIP has a track record of NAV outperformance over the long term
and manages risk strategically through diversification and rigorous investment
selection, based on Pantheon's extensive experience, international platform
and robust investment due diligence 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
September 2023).
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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