Pantheon International PLC (LON:PIN) today announced an unaudited net asset value per share at 31 July 2019 of 2,847.6p, an increase of 94.7p (+3.4%) from the NAV per share as at 30 June 2019. Valuation gains* (+3.5p, +0.1%), investment income* (0.9p, 0.0%) and foreign exchange movements* (+93.5p, +3.4%) were offset by expenses and taxes**** (-3.2p, -0.1%) during the period.
2,847.6p NAV per share
+3.4% NAV per share growth for the month
£1.5bn Net asset value
-£2.8m Net portfolio cash flow*
3.5x Financing cover**
+100% 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 July 2019, 99% of reported valuations are dated 31 March 2019 or later. A detailed description of PIP’s valuation policy can be found on pages 100 and 101 of the 2019 Annual Report.
At 31 July 2019, PIP’s private equity assets stood at £1,489m, whilst net available cash balances^ were £138m. The Asset Linked Note^^ (“ALN”) outstanding as at 31 July 2019 amounted to £87m. Undrawn commitments to investments stood at £515m as at 31 July 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 -£2.8m during the month, with distributions of £6.2m relative to £9.0m of calls from existing commitments to private equity funds.
PIP made two new investments during the month amounting to £7.7m in new commitments. This comprised a £4.6m co-investment alongside Insight Venture Partners in Recorded Future, a provider of cyber threat intelligence software; and a £3.1m co-investment alongside Lee Equity Partners in K2 Insurance Services, a leading platform for managing general agents serving the US property and casualty insurance market.
Performance as at 31 July 2019^^^
|1 Year(%)||3 Years(% pa)||5 Years(% pa)||10 Years(% pa)||Since Inception(% pa)|
|NAV per share||15.6%||14.7%||15.7%||13.9%||11.9%|
|Ordinary share price||12.7%||16.9%||14.9%||20.8%||11.6%|
|FTSE All-Share TR||1.3%||8.3%||6.8%||9.6%||7.9%|
|MSCI World (£) TR||8.4%||13.0%||14.1%||13.6%||8.1%|
*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.
The July monthly newsletter can be accessed on Pantheon International’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.