Pantheon International Plc (LON:PIN), today announced Performance Update at 28 February 2019
2,536.4p NAV per share
-0.6% NAV per share growth for the month
£1.4bn Net asset value
£1.2m Net portfolio cash flow*
3.5x Financing cover**
+95% Total shareholder return (5Y)***
Month to 28 February 2019
PIP announced an unaudited net asset value (“NAV”) per share at 28 February 2019 of 2,536.4p, a decrease of 14.7p (-0.6%) from the NAV per share as at 31 January 2019. Valuation gains* (19.2p, +0.8%) and investment income* (1.3p, +0.1%) were offset by foreign exchange movements* (-32.1p, -1.4%) and expenses and taxes**** (-3.1p, -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 28 February 2019, all reported valuations are dated 30 September 2018 or later. A detailed description of PIP’s valuation policy can be found on pages 92 and 93 of the Annual Report.
At 28 February 2019, PIP’s private equity assets stood at £1,365m, whilst net available cash balances^ were £96m. The Asset Linked Note^^ (“ALN”) outstanding as at 28 February 2019 amounted to £89m. Undrawn commitments to investments stood at £464m as at 28 February 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 as at the month end.
PIP’s portfolio generated net cash* of £1.2m during the month, with distributions of £8.6m relative to £7.4m of calls from existing commitments to private equity funds.
PIP made £34.7m new commitments during the month across three primaries (£30.2m) and two co-investments (£4.5m). This included: a £19.4m primary commitment to Altor Fund V, a European mid-market fund; a £9.4m primary commitment to ABRY IX, a North American mid-market fund; and, a £2.4m co-investment alongside LYFE Capital in Burning Rock, a biotechnology company in China.
*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.