REG - Pantheon Intl PLC - Monthly Performance Update

Pantheon InternationalAnnouncement

28/03/2025 07:00

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RNS Number : 5828C  Pantheon International PLC  28 March 2025

28 March 2025

 

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The information contained in this announcement is restricted and is not for
publication, release or distribution in the United States of America, Canada,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
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distribution is or may be unlawful.

Pantheon International Plc

("PIP" or the "Company")

 

Performance Update at 28 February 2025

 

Performance Update at 28 February 2025

 

503.6p                         NAV per share

-1.1%                           NAV per share
movement for the month

£2.3bn                         Net asset value

+73%                           Total NAV per share
return (5Y)*

£1.5bn                        Market capitalisation

+50%                           Total shareholder
return (5Y)*

£13.6m                        Net portfolio cash flow**

4.3x                             Financing
cover***

 

 

Month to 28 February 2025

 

PIP announced an unaudited net asset value ("NAV") per share of 503.6p as at
28 February 2025, a decrease of -5.7p (-1.1%) from the NAV per share as at 31
January 2025.

In the month to 28 February 2025, valuation gains** were +1.1p (+0.2%),
investment income** added +0.3p (+0.1%), foreign exchange movements** were
-6.4p (-1.2%), share buybacks added +0.1p (+0.0%) 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 28 February 2025, 6% of reported valuations
are dated 28 February 2025 or later, 38% are dated 31 December 2024, 54% are
dated 30 September 2024 and 2% are dated 30 June 2024. Of the 6% of valuations
dated 28 February 2025 or later, 5.1% reflect the mark-to-market fair value
adjustment for PIP's listed company holdings.

At 28 February 2025, PIP's private equity assets stood at £2,512m, whilst net
available cash balances^ were £27m. The Asset Linked Note^^ ("ALN")
outstanding as at 28 February 2025 amounted to £25m. Undrawn commitments to
investments stood at £720m as at 28 February 2025, calculated using exchange
rates at that date. PIP maintains a £400m^^^ multi-tranche, multi-currency
revolving credit facility. As at 28 February 2025, £75m was drawn down under
the credit facility and $150m (£119m GBP equivalent as at month end) of
private placement notes were outstanding, resulting in a net debt to NAV ratio
of 7.2%.^^^^

Net Portfolio Cash Flow

PIP received distributions of £16.7m relative to £3.1m of calls from
existing commitments to private equity funds. Therefore, PIP's portfolio
generated net cash of £13.6m during the month.

 

New Investments

 

Although the Company made no significant new commitments during the month,
PIP's pipeline points to an active period for new commitments in the months
ahead.

 

Share Buybacks

 

PIP invested £1.1m in share buybacks during the month, acquiring 350,000
shares at a weighted average price of 321.1p per share. This price represented
an average discount of 36.3% to the prevailing NAV per share at the time of
the transactions. As at 28 February 2025, PIP has allocated a total of £15.0m
for share buybacks in the current financial year, of which PIP has invested a
total of £12.0m.

 

Nine months to 28 February 2025

 

Performance

 

The unaudited NAV per share of 503.6p as at 28 February 2025 is an increase of
+13.1p (+2.7%) relative to the NAV per share as at 31 May 2024. Valuation
gains* added +16.1p (+3.3%), investment income* added +3.3p (+0.7%), foreign
exchange movements* were +0.6p (+0.1%), share buybacks added +1.8p (+0.4%) and
expenses and taxes**** were -8.7p (-1.8%).

 

Portfolio Net Cash Flow

 

PIP received distributions of £223.8m relative to £115.2m of calls from
existing commitments to private equity funds. Therefore, PIP's portfolio
generated net cash of £108.6m during the nine-month period.

 

New Commitments

 

PIP made 10 new investments during the nine months ended 28 February 2025,
amounting to £88.0m in new commitments. These commitments were to five
primary funds (£50.9m), two co-investments (£20.9m) and three manager-led
secondaries (£16.2m).

 

PIP continued to make primary commitments, the timing of which is linked to
the fundraising cycles of a targeted list of GPs.

 

Share Buybacks

 

During the nine months ended 28 February 2025, PIP invested £15.5m***** in
share buybacks, acquiring 4,863,799 shares at a weighted average price of
319.0p per share. This price represented an average discount of 34.7% to the
prevailing NAV per share at the time of the transactions.

Share buybacks during the period have resulted in a +0.4% uplift to the May
2024 NAV per share.

 

Capital Allocation

 

The adjusted net cash flow according to PIP's Capital Allocation Policy is
calculated at the end of each quarter of PIP's financial year. As at 28
February 2025, the share buyback allocation under the CAP should be between
£4.1m and £7.9m. The PIP Board is committed to delivering for shareholders
and remains confident in the valuations reported by our underlying private
equity managers. Therefore, the Board has exercised its discretion and opted
to allocate £35.0m to share buybacks, to be deployed by 31 May 2025. This
brings the aggregate share buyback allocation for the financial year-to-date
to £50m.

 

*Based on the change in the NAV per share and ordinary share price over the
period.

**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 £45.6m as
at 28 February 2025.

****Operating expenses, financing costs and withholding taxes on investment
distributions.

*****Includes £3.5m of share repurchases that relate to the unused portion of
the £200m FY2024 share buyback programme that was carried over to the current
financial year.

^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 £400m multi-currency credit facility. The overall credit
facility comprises facilities of US$393.0m and €120.0m and had a sterling
equivalent value of £411.2m as at 28 February 2025.  As at 28 February 2025,
PIP had drawn down £74.7m 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 8.3% as at 28 February 2025.

 

Annualised Performance as at 28 February 2025^^^^^

 

                       1 Year     3 Years    5 Years    10 Years   Since Inception

                       (% p.a.)   (% p.a.)   (% p.a.)   (% p.a.)   (% p.a.)

 NAV per share         4.1%       6.4%       11.6%      12.8%      11.7%
 Ordinary share price  3.2%       2.5%       8.5%       9.5%       10.7%
 FTSE All-Share, TR    18.4%      8.5%       8.9%       6.2%       7.6%
 MSCI World TR, (£)    16.7%      13.1%      14.8%      12.7%      8.8%

^^^^^PIP was launched on 18 September 1987. The performance figures for PIP
assume reinvestment of dividends and capital.

Discrete Performance as at 28 February 2025

 

                       29/02/2024- 28/02/2025  28/02/2023- 29/02/2024  28/02/2022- 28/02/2023  28/02/2021- 28/02/2022  29/02/2020- 28/02/2021
 NAV per share         4.1%                    4.4%                    11.0%                   32.4%                   8.5%
 Ordinary share price  3.2%                    20.3%                   -13.1%                  24.6%                   11.8%
 FTSE All-Share, TR    18.4%                   0.6%                    7.3%                    16.0%                   3.5%
 MSCI World TR, (£)    16.7%                   20.2%                   3.2%                    15.9%                   18.8%

 

Largest Holdings

 

Largest companies by value as at 30 November 2024

 

 Company           Country      Sector                  % of portfolio
 Kaseya            Switzerland  Information Technology  1.3%
 Visma             Norway       Information Technology  1.2%
 Action            Netherlands  Consumer                1.2%
 Smile Doctors     USA          Healthcare              0.9%
 John Staurulakis  USA          Industrials             0.9%

 

Largest managers by value as at 28 February 2025

 

 Manager                     Region  % of portfolio
 Insight Partners            USA     6.5%
 Index Ventures              Global  4.1%
 HgCapital                   Europe  3.8%
 Providence Equity Partners  USA     3.1%
 Parthenon Capital           USA     2.6%

 

Foreign Exchange Exposure

 

At 28 February 2025, the value of the private equity investment assets stood
at £2,512m. Of the private equity investment assets at PIP's holding level,
76% were represented by funds reporting values denominated in US dollars, 19%
denominated in euros, 4% denominated in sterling and 1% denominated in other
currencies.

 

Of the 76% of investment assets denominated in US dollars, approximately 8%
(expressed as a proportion of PIP's total portfolio) are invested in funds
investing mainly in Europe and approximately 6% (expressed as a proportion of
PIP's total portfolio) in funds investing mainly in Asia.

 

As at 28 February 2025, the GBP/USD exchange rate was 1.2592 and the GBP/EUR
exchange rate was 1.2108.

 

Monthly Report

 

The February 2025 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 MBE / Charlotte Morris / Vicki Bradley

Tel: +44 20 3356 1800

Follow us on
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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 680 clients, with
approximately $71bn in discretionary assets under management (as at 30
September 2024).

 

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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