26 September 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information contained in this announcement is restricted and is not
for publication, release or distribution in the United States of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
August 2024
Performance Update at 31 August 2024
485.0p
NAV per share
-0.2%
NAV per share movement for the month
£2.2bn
Net asset value
+64%
Total NAV per share return (5Y)*
£1.5bn
Market capitalisation
+40%
Total shareholder return (5Y)*
£10.4m
Net portfolio cash flow**
4.0x
Financing cover***
Month to 31 August 2024
PIP announced an unaudited net asset
value ("NAV") per share of 485.0p as at 31 August 2024, a decrease
of -1.0p (-0.2%) from the NAV per share as at 31 July
2024.
In the month to 31 August 2024,
valuation gains** were +7.6p (+1.6%), investment income** added
+0.1p (+0.0%), foreign exchange movements** were -7.9p (-1.6%),
share buybacks added +0.2p (+0.0%) and expenses and taxes**** were
-1.0p (-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 August 2024, 7% of reported valuations are
dated 31 August 2024 or later, 85% are dated 30 June 2024, 6% are
dated 31 March 2024 and 2% are dated 31 December 2023. Of the 7% of
valuations dated 31 August 2024 or later, 5.4% reflect the
mark-to-market fair value adjustment for PIP's listed company
holdings.
At 31 August 2024, PIP's private
equity assets stood at £2,470m, whilst net available cash balances^
were £15m. The Asset Linked Note^^ ("ALN") outstanding as at 31
August 2024 amounted to £29m. Undrawn commitments to investments
stood at £760m as at 31 August 2024, calculated using exchange
rates at that date. PIP maintains a five-year £500m^^^
multi-tranche, multi-currency revolving credit facility. As at 31
August 2024, £93m was drawn down under the credit facility and
$150m (£114m GBP equivalent as at month end) of private placement
notes were outstanding, resulting in a net debt to NAV ratio of
8.5%.^^^^
Net Portfolio Cash Flow
PIP received distributions of £14.2m
relative to £3.8m of calls from existing commitments to private
equity funds. Therefore, PIP's portfolio generated net cash of
£10.4m during the month.
New Investments
During the month, PIP made a £6.2m
investment in a manager-led secondary investment alongside Altamont
Capital Partners in Tacala, the largest franchisee of Taco Bell
restaurants in the USA.
Share Buybacks
PIP invested £1.6m in share buybacks
during the month, acquiring 511,500 shares at a weighted average
price of 314.4p per share. This price represented an average
discount of 35.6% to the prevailing NAV per share at the time of
the transactions. Of the £5.0m allocated to share buybacks for the
quarter, PIP has invested a total of £2.2m.
Quarter to 31 August 2024
Performance
The unaudited NAV per share of
485.0p as at 31 August 2024 is a decrease of -5.5p (-1.1%) relative
to the NAV per share as at 31 May 2024. Valuation gains* added
+7.8p (+1.6%), investment income* added +1.5p (+0.3%), foreign
exchange movements* were -12.5p (-2.5%), share buybacks added +0.7p
(+0.1%) and expenses and taxes**** were -3.0p (-0.6%).
Portfolio Net Cash Flow
PIP received distributions of £49.9m
relative to £28.4m of calls from existing commitments to private
equity funds. Therefore, PIP's portfolio generated net cash of
£21.5m over the quarter.
New Commitments
PIP made four new investments during
the quarter to 31 August 2024, amounting to £32.9m in new
commitments. These commitments were to one primary fund (£13.9m),
one co-investment (£11.1m) and two manager-led secondaries
(£7.9m).
Share Buybacks
During the financial quarter ended
31 August 2024, PIP invested £5.8m***** in share buybacks,
acquiring 1,803,803 shares at a weighted average price of 319.0p
per share. This price represented an average discount of 34.8% to
the prevailing NAV per share at the time of the
transactions.
Capital Allocation
The adjusted net portfolio cash
flow, which is calculated according to PIP's Capital Allocation
Policy, was slightly negative during the twelve months to 31 August
2024. Nevertheless, the PIP Board has allocated a further £5m to
share buybacks. This is in addition to the remaining £2.8m of the
£5.0m allocated to buybacks in the previous quarter.
* 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 £40.6m as at 31 August 2024.
**** Operating expenses, financing
costs and withholding taxes on investment distributions.
***** Includes £3.6m of share
repurchases that relate to the unused portion of the £200m FY2024
share buyback programme and 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 £500.0m
multi-currency credit facility. The overall credit facility
comprises facilities of US$487.7m and €115.7m and had a sterling
equivalent value of £468.5m as at 31 August 2024. As at 31 August
2024, PIP had drawn down £92.8m 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 9.8% as at 31 August 2024.
Annualised Performance as at 31 August
2024^^^^^
|
|
1 Year (%p.a.)
|
3 Years
(% p.a.)
|
5 Years
(% p.a.)
|
10 Years
(% p.a.)
|
Since Inception
(% p.a.)
|
|
NAV per share
|
5.7%
|
7.7%
|
10.5%
|
12.9%
|
11.8%
|
|
Ordinary share price
|
14.7%
|
3.5%
|
7.0%
|
10.7%
|
10.8%
|
|
FTSE All-Share, TR
|
17.0%
|
7.5%
|
6.6%
|
6.1%
|
7.6%
|
|
MSCI World TR, (£)
|
20.5%
|
9.1%
|
11.9%
|
12.8%
|
8.7%
|
^^^^^PIP was
launched on 18 September 1987. The performance figures for PIP
assume reinvestment of dividends and capital.
Discrete Performance as at 31 August
2024
|
|
31/08/2023- 31/08/2024
|
31/08/2022- 31/08/2023
|
31/08/2021- 31/08/2022
|
31/08/2020- 31/08/2021
|
31/08/2019- 31/08/2020
|
|
NAV per share
|
5.7%
|
-4.1%
|
23.2%
|
36.4%
|
-3.5%
|
|
Ordinary share price
|
14.7%
|
3.0%
|
-6.2%
|
28.2%
|
-1.1%
|
|
FTSE All-Share, TR
|
17.0%
|
5.2%
|
1.0%
|
26.9%
|
-12.6%
|
|
MSCI World TR, (£)
|
20.5%
|
6.7%
|
0.9%
|
26.8%
|
6.8%
|
Largest Holdings
Largest companies by value as at 31
May 2024
|
Company
|
Country
|
Sector
|
% of
portfolio
|
|
Action
|
Netherlands
|
Consumer
|
1.2%
|
|
Kaseya
|
Switzerland
|
Information Technology
|
1.2%
|
|
Visma
|
Norway
|
Information Technology
|
1.1%
|
|
Smile Doctors
|
USA
|
Healthcare
|
0.9%
|
|
Shiftkey
|
USA
|
Healthcare
|
0.8%
|
Largest managers by value as at 31
August 2024
|
Manager
|
Region
|
% of
portfolio
|
|
Insight Partners
|
USA
|
7.1%
|
|
HgCapital
|
Europe
|
3.8%
|
|
Index Ventures
|
Global
|
3.7%
|
|
Providence Equity
Partners
|
USA
|
3.1%
|
|
Parthenon Capital
|
USA
|
2.4%
|
Foreign Exchange Exposure
At 31 August 2024, the value of the
private equity investment assets stood at £2,470m. 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 31 August 2024, the GBP/USD
exchange rate was 1.31435 and the GBP/EUR exchange rate was
1.18750.
Monthly Report
The August 2024 newsletter can be
accessed on PIP's website at 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 / Charlotte Morris /
Vicki Bradley
Tel: +44 20 3356 1800
Follow us on LinkedIn: https://www.linkedin.com/company/pantheon-international-plc
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 650 clients, with approximately $67bn in
discretionary assets under management (as at 31 March
2024).
Important
Information
A
copy of this announcement will be available on the Company's
website at 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