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(An item published at 1026 GMT misstated Pantheon International Participations' share price and activity on Thursday. The correct version follows.)
LONDON (Alliance News) - Pantheon International Participations PLC Thursday said it will continue to emphasise secondary transactions, supplemented with co-investments alongside private equity managers selected by Pantheon when making new private equity investments.
In a statement, the company said it will also look to make primary commitments on a targeted basis for portfolio construction purposes.
"The pipeline of investment activity is likely to lead to the completion of further transactions in the coming quarter," Pantheon International Participations said.
The company said it generated GBP53.1 million of cash in the first quarter before the cost of new commitments, with distributions amounting to GBP62.0 million and calls from existing commitments coming to GBP8.9 million.
Pantheon International Participations said it invested GBP87.4 million in the quarter ended September 30. Undrawn commitments stood at GBP214 million at the end of the period.
Since the quarter-end, the company has completed a GBP5.7 million primary commitment to a Pan-Asian growth capital and buyout fund and a GBP1.4 million secondary investment in a Latin American buyout fund.
The company's NAV per share rose to 1,470.6 pence from 1,364.2p during the quarter.
"Portfolio gains added 55.1p per share in the quarter. Investment income increased the NAV per share by 8.0p. Favourable currency movements increased NAV per share by 47.6p but expenses and taxes reduced it by 5.1p. Share buybacks resulted in an uplift to NAV per share of 0.8p," the company said.
Pantheon International Participations shares were up 0.7% at 1,222.00 pence late Thursday afternoon.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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