REG - Pantheon Intl PLC - Monthly Performance Update

Pantheon InternationalAnnouncement

30/05/2025 07:00

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RNS Number : 6771K  Pantheon International PLC  30 May 2025

30 May 2025

 

For immediate release

The information contained in this announcement is restricted and is not for
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distribution is or may be unlawful.

Pantheon International Plc

("PIP" or the "Company")

 

Performance Update at 30 April 2025

 

Share buybacks and Capital Allocation

 

In the current financial year, PIP has invested £50m in share buybacks which
was the amount allocated by PIP's Board for completion by 31 May 2025, and in
the fourth quarter PIP invested £35m in share buybacks, which significantly
exceeds the amount of cash deployed into new investments during the same
period (as at 29 May 2025, the amount of cash deployed into new investments
during the fourth quarter of PIP's financial year was £5.0m).

 

In recognition of the continued wide discount on PIP's shares, and the
compelling value that this offers to shareholders, the Board has opted to
allocate a further £10m to share buybacks from 1 June 2025 which will be
deployed by the publication of the Company's full year NAV in early July
2025.  This brings the total amount allocated to share buybacks for the
period from 28 March to early July to £45m, which is significantly greater
than the amount that was due to be allocated under the Company's Capital
Allocation Policy ("CAP"), reflecting the Board's continuing commitment to
delivering for shareholders.

 

Performance Update at 30 April 2025

 

492.9p                         NAV per share

-1.7%                           NAV per share
movement for the month

£2.2bn                         Net asset value

+81%                           Total NAV per share
return (5Y)*

£1.3bn                        Market capitalisation

+38%                           Total shareholder
return (5Y)*

£8.9m                          Net portfolio cash
flow**

4.2x                            Financing cover***

 

Month to 30 April 2025

 

PIP announced an unaudited net asset value ("NAV") per share of 492.9p as at
30 April 2025, a decrease of -8.3p (-1.7%) from the NAV per share as at 31
March 2025.

In the month to 30 April 2025, valuation gains** were +1.1p (+0.2%),
investment income** added +0.3p (+0.0%), foreign exchange movements** were
-10.7p (-2.1%), share buybacks added +1.9p (+0.4%) 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 30 April 2025, 6% of reported valuations are
dated 30 April 2025 or later, 5% are dated 31 March 2025, 83% are dated 31
December 2024 and 6% are dated 30 September 2024. Of the 6% of valuations
dated 30 April 2025 or later, 4.8% reflect the mark-to-market fair value
adjustment for PIP's listed company holdings.

At 30 April 2025, PIP's private equity assets stood at £2,440m, whilst net
available cash balances^ were £10m. The Asset Linked Note^^ ("ALN")
outstanding as at 30 April 2025 amounted to £22m. Undrawn commitments to
investments stood at £705m as at 30 April 2025, calculated using exchange
rates at that date. PIP maintains a £400m^^^ multi-tranche, multi-currency
revolving credit facility. As at 30 April 2025, £70m was drawn down under the
credit facility and $150m (£112m GBP equivalent as at month end) of private
placement notes were outstanding, resulting in a net debt to NAV ratio of
7.7%.^^^^

Net Portfolio Cash Flow

PIP received distributions of £22.6m relative to £13.7m of calls from
existing commitments to private equity funds. Therefore, PIP's portfolio
generated net cash of £8.9m during the month.

 

New Investments

 

PIP made a £5.2m co-investment, alongside Arbor Investments, in Rubix Food, a
US-based provider of custom flavours and functional ingredients for
restaurants and food manufacturers.

 

Share Buybacks during the month

 

PIP invested £10.8m in share buybacks during the month, acquiring 3,910,747
shares at a weighted average price of 276.7p per share. This price represented
an average discount of 44.9% to the prevailing NAV per share at the time of
the transactions.

 

*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 £43.1m as
at 30 April 2025.

****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 £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 £396.4m as at 30 April 2025.  As at 30 April 2025, PIP
had drawn down £70.4m 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 8.6% as at 30 April 2025.

 

Annualised Performance as at 30 April 2025^^^^^

 

                       1 Year     3 Years    5 Years    10 Years   Since Inception

                       (% p.a.)   (% p.a.)   (% p.a.)   (% p.a.)   (% p.a.)
 NAV per share         0.7%       3.3%       12.5%      12.4%      11.6%
 Ordinary share price  -15.8%     -4.5%      6.7%       7.8%       10.2%
 FTSE All-Share, TR    7.5%       7.0%       10.9%      5.8%       7.5%
 MSCI World TR, (£)    5.6%       9.3%       13.2%      11.5%      8.5%

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

Discrete Performance as at 30 April 2025

 

                       30/04/2024- 30/04/2025  30/04/2023- 30/04/2024  30/04/2022- 30/04/2023  30/04/2021- 30/04/2022  30/04/2020- 30/04/2021
 NAV per share         0.7%                    8.1%                    1.2%                    33.5%                   22.8%
 Ordinary share price  -15.8%                  29.8%                   -20.4%                  19.2%                   33.2%
 FTSE All-Share, TR    7.5%                    7.5%                    6.0%                    8.7%                    25.9%
 MSCI World TR, (£)    5.6%                    19.4%                   3.6%                    6.9%                    33.0%

 

Largest Holdings

 

Largest companies by value as at 28 February 2025

 

 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%

 

Monthly Report

 

The April 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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