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Pantheon International Performance Update at 31 January 2020

Month to 31 January 2020

Pantheon International plc (LON:PIN) has announced an unaudited net asset value (“NAV”) per share as at 31 January 2020 of 2,768.7p, an increase of 19.4p (+0.7%) from the NAV per share as at 31 December 2019. Valuation gains* (16.3p, +0.6%), investment income* (0.3p, 0.0%) and foreign exchange movements* (5.8p, +0.2%) were partially offset by expenses and taxes**** (-3.0p, -0.1%).

Highlights

2,768.7p                      NAV per share

+0.7%                          NAV per share movement for the month

£1.5bn                         Net asset value

£8.6m                          Net portfolio cash flow*

3.5x                             Financing cover**

+89%                           Total shareholder return (5Y)***

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 January 2020, 96% of reported valuations are dated 30 September 2019 or later. A detailed description of PIP’s valuation policy can be found on pages 100 and 101 of the 2019 Annual Report and Accounts.

At 31 January 2020, PIP’s private equity assets stood at £1,428m, whilst net available cash balances^ were £135m. The Asset Linked Note^^ (“ALN”) outstanding as at 31 January 2020 amounted to £65m. Undrawn commitments to investments stood at £490m as at 31 January 2020, calculated using exchange rates at that date. PIP’s multi-currency revolving credit facilities comprise a US$163.0m facility and a €59.8m facility, which remained undrawn as at the month end.

Pantheon International made four new investments during the month amounting to £9.5m in new commitments. This included a £4.5m co-investment, alongside Lovell Minnick Partners, to Charles Taylor, a leading international provider of professional services and technology solutions to the global insurance market

*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.

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

****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.

Performance as at 31 January 2020^^^

1 Year(%)3 Years(% pa)5 Years(% pa)10 Years(% pa)Since Inception(% pa)
NAV per share  8.5%10.2%12.3%12.6%11.6%
Ordinary share price16.0%12.1%13.6%17.8%11.5%
FTSE All-Share TR10.7%  5.8%  6.3%  8.2%  7.7%
MSCI World (£) TR19.3%10.7%12.7%12.8%  8.1%

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