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Pantheon International PLC

Pantheon International Plc Performance Update at 30 June 2019

Pantheon International Plc (LON: PIN) has today announced its Performance Update at 30 June 2019.

Month to 30 June 2019

Highlights

2,752.9p                      NAV per share

-0.6%                           NAV per share growth for the month

£1.5bn                         Net asset value

£12.3m                        Net portfolio cash flow*

3.5x                             Financing cover**

+86%                           Total shareholder return (5Y)***

PIP announced an unaudited net asset value per share at 30 June 2019 of 2,752.9p, a decrease of 17.7p (-0.6%) from the NAV per share as at 31 May 2019. Investment income* (2.1p, +0.1%) was offset by valuation losses* (-0.4p, 0.0%), foreign exchange movements* (-15.8p, -0.6%) and expenses and taxes**** (-3.6p, -0.1%) during the period.

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 June 2019, 98% of reported valuations are dated 31 March 2019 or later.  A detailed description of PIP’s valuation policy can be found on pages 92 and 93 of the 2018 Annual Report.

At 30 June 2019, PIP’s private equity assets stood at £1,431m, whilst net available cash balances^ were £144m. The Asset Linked Note^^ (“ALN”) outstanding as at 30 June 2019 amounted to £86m. Undrawn commitments to investments stood at £508m as at 30 June 2019, 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 at the month end.

PIP’s portfolio generated net cash* of £12.3m during the month, with distributions of £23.6m relative to £11.3m of calls from existing commitments to private equity funds.

PIP made two new investments during the month amounting to £7.3m in new commitments. This included a £6.4m co-investment alongside HgCapital in Visma, a provider of business-critical software to enterprises in the Nordic and Benelux regions.

Performance as at 30 June 2019^^^

*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.

^^^PIP was launched on 18 September 1987. The performance figures for PIP assume reinvestment of dividends, capital repayments and cash flow from warrants.

Monthly Report

The June monthly newsletter can be accessed on PIP’s website at www.piplc.com in the Investor Relations section under the heading “Newsletters”.

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