TIDMPIN
RNS Number : 9177B
Pantheon International PLC
26 September 2018
26 September 2018
Pantheon International Plc
Performance Update at 31 August 2018
Highlights
2,572.9p NAV per share
+4.4% NAV per share growth for the month
GBP1.4bn Net asset value
GBP14.8m Net cash flow*
3.6x Financing cover**
+104% Total shareholder return (5Y)
Month to 31 August 2018
PIP announced an unaudited net asset value ("NAV") per share at
31 August 2018 of 2,572.9p, an increase of 109.5p (4.4%) from the
NAV per share as at 31 July 2018. Valuation gains* (91.9p, 3.7%),
investment income* (2.2p, 0.1%) and foreign exchange movements*
(18.2p, 0.7%) were partially offset by expenses and taxes***
(-2.8p, -0.1%).
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 August
2018, 96% of reported valuations are dated 30 June 2018 or
later.
At 31 August 2018, PIP's private equity assets stood at
GBP1,378m, whilst net available cash balances**** were GBP127m. The
Asset Linked Note***** ("ALN") outstanding as at 31 August 2018
amounted to GBP113m. Undrawn commitments to investments stood at
GBP474m as at 31 August 2018, calculated using exchange rates at
that date. PIP's multi-currency revolving credit facilities
comprise a US$163.0m facility and a EUR59.8m facility, which
remained completely undrawn as at 31 August 2018.
PIP's portfolio generated net cash* of GBP14.8m during the
month, with distributions of GBP23.3m relative to GBP8.5m of calls
from existing commitments to private equity funds.
PIP completed five new investments during the month amounting to
GBP29.6m in new commitments. This included an GBP11.6m secondary
investment in a US company and a GBP10.4m primary commitment to
Essex Woodlands Healthcare Fund II, a US healthcare-focused growth
fund. In addition, PIP committed GBP7.6m to three co-investments
including: GBP4.7m alongside Veritas Capital in Alion Science and
Technology, a provider of engineering solutions to the US defence
sector; and GBP1.3m alongside Summa Equity in HyTest, a
Finland-based manufacturer of antibodies for the diagnostics
industry.
*Figures are stated net of movements associated with the ALN
share of the reference portfolio.
**Ratio of net available cash, portfolio value and undrawn loan
facility to outstanding commitments.
***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.
Three months to 31 August 2018
Performance
The unaudited NAV per share at 31 August 2018 of 2,572.9p is an
increase of 158.1p (6.5%) relative to the NAV per share at 31 May
2017. Valuation gains* (106.1p, 4.4%), investment income* (9.6p,
0.4%) and foreign exchange movements* (52.0p, 2.2%) were offset by
and expenses and taxes*** (-9.6p, -0.5%).
Portfolio Net Cash Flow
PIP's portfolio generated net cash* of GBP48.3m during the
quarter, with distributions of GBP74.2m relative to GBP25.9m of
calls from existing commitments to private equity funds.
New Commitments
PIP made 17 new investments during the three months to 31 August
2018, amounting to GBP117.9m in commitments. This included four
secondary investments (GBP46.2m), four primary investments
(GBP47.1m) and nine co-investments (GBP24.6m).
Performance as at 31 August 2018^
1 Year 3 Years 5 Years 10 Years Since Inception
(%) (% pa) (% pa) (% pa) (% pa)
NAV per share 11.7% 17.1% 14.1% 8.8% 11.9%
Ordinary share price 16.1% 18.1% 15.3% 10.9% 11.6%
FTSE All-Share TR 4.7% 10.2% 7.6% 7.5% 8.0%
MSCI World (GBP)
TR 12.9% 19.1% 14.8% 11.5% 8.2%
^PIP was launched on 18 September 1987. The performance figures
for PIP assume reinvestment of dividends, capital repayments and
cash flow from warrants.
Largest Holdings
Largest managers by value as at 31 August 2018
Region % of portfolio
1 Providence Equity
Partners USA 6.2%
2 Essex Woodlands USA 3.1%
3 Growth Fund^^ USA 3.1%
4 Texas Pacific Group USA 3.0%
5 Ares Management USA 2.7%
Largest companies by value as at 31 May 2018^^^
Country Sector % of portfolio
1 EUSA Pharma UK Healthcare 1.8%
2 Abacus Data Systems USA IT 1.3%
3 LBX Pharmacy China Consumer 1.1%
4 Standard Aero USA Industrials 0.9%
5 NIBC Bank Netherlands Financials 0/8%
^^Confidential
^^^Based on valuations as at 31 December 2018 adjusted for known
calls and distributions to 31 May 2018, and accounts for over 96%
of PIP's portfolio.
Foreign Exchange Exposure
At 31 August 2018, the value of the private equity investment
assets stood at GBP1,378m. Of the private equity investment assets
at PIP's holding level, 78% were represented by funds reporting
values denominated in US dollars, 18% denominated in euros, 2%
denominated in sterling and 2% denominated in other currencies. Of
the 78% of investment assets denominated in US dollars,
approximately 7% (expressed as a proportion of PIP's total
portfolio) are invested in funds investing mainly in Europe and
approximately 9% (expressed as a proportion of PIP's total
portfolio) in funds investing mainly in Asia. In addition to the
funds reporting values denominated in sterling, many of the
euro-denominated funds have investments in the UK.
Monthly Report
The August monthly newsletter can be accessed on PIP's website
at www.piplc.com in the Investor Relations section under the
heading "Newsletters", or by following this link:
http://www.piplc.com/investor-relations/newsletters.
Ends
LEI: 2138001B3CE5S5PEE928
For more information please visit PIP's website at www.piplc.com
or contact:
Vicki Bradley
Pantheon
020 3356 1800
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 investment managers globally. PIP
offers a differentiated entry point to an investment company of
scale with risk managed through selection and diversification, and
to the excellent growth potential generated by some of the best
private equity managers in the world.
Pantheon
Pantheon is a leading global private equity fund investor that
invests on behalf of over 500 institutional investors. Established
over 35 years ago, Pantheon has developed a strong reputation and
track record in primary, secondary and co-investments and across
all stages and geographies. Pantheon has GBP28.8 billion in AUM^^^^
(as at 31 March 2018), 260 employees, including 78 investment
professionals, located across offices in London, San Francisco, New
York, Hong Kong, Seoul, and Bogotá.
^^^^This figure includes assets subject to discretionary or
non-discretionary management, advice or those limited to a
reporting function.
Neither the contents of PIP's website nor the contents of any
website accessible from hyperlinks on PIP's website (or any other
website) is incorporated into, or forms part of this
announcement.
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END
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