Pantheon International Regulatory News (PIN)

13th November 2013 Pantheon International Participations PLC Interim Management Statement (Unaudited) for the Quarter Ended 30th September 2013 Pantheon International Participations PLC ("PIP" or the "Company") presents itsinterim management statement for the period from 1st July 2013 to 30th September2013. This constitutes the Company's first interim management statement in thefinancial year ending 30th June 2014, as required by the UK Listing Authority'sDisclosure and Transparency Rule 4.3. The Company published an unaudited Net Asset Value ("NAV") as at 30th September2013 on 22nd October 2013. This interim management statement summarises theinformation as at 30th September 2013 and any further developments up to 11thNovember 2013. Investment Objective PIP's primary investment objective is to maximise capital growth by investing ina diversified portfolio of private equity funds and, occasionally, directly inprivate companies. General Information 30/09/2013 30/06/2013 Change NAV per share 1,283.3p 1,331.9p -3.6% Ordinary share price 1,057.0p 1,042.0p 1.4% Redeemable share price 1,025.0p 1,050.0p -2.4% Net asset value £867m £903m -4.0% Outstanding commitments £175m £195m -10.3% Performance The NAV per share at 30th September 2013 was 1,283.3p, representing a decreaseof 48.6p, or 3.6%, relative to the NAV per share at 30th June 2013. Portfolio gains added 18.8p per share in the quarter, led by value increases inthe large/mega buyout portfolio, and the venture & growth portfolio. Adverse currency movements, caused in particular by the US dollar which declinedby c. 6.3% against sterling, decreased NAV per share by 70.0p. During the quarter the Company invested £2.3m (at market value) buying backshares for cancellation. These buybacks resulted in an uplift to NAV per shareof approximately 1.0p. Income, net of expenses increased NAV per share by 1.6p. The Company's ordinary share price increased during the quarter by 1.4% to1,057.0p, whilst the price of its redeemable shares decreased by 2.4% to1,025.0p at 30th September 2013. Subsequent to the quarter end, up until themarket close on 11th November 2013, the share price of the ordinary andredeemable shares decreased to 1,034.0p and 1,010.0p respectively. Portfolio Cash Flow PIP's portfolio generated positive net cash of £33.3m in the quarter before thecost of new commitments. Distributions amounted to £39.4m and calls fromexisting commitments totalled £6.1m. Distributions in the quarter included: * £2.1m from Genstar Capital following the sale of clinical research organisation PRA International to funds managed by KKR & Co., realising a multiple in excess of 2.2x. * £1.7m from Brentwood Associates in relation to the sale of wholesale paper distributor Paper Source, Inc. to Investcorp. * £1.4m from Doughty Hanson & Co. in relation to the sale of multiplex cinema operator Vue Entertainment at a 2.1x cost multiple. * £1.2m from Doughty Hanson & Co. in relation to the sale of transport services provider Avanza to Grupo ADO. * £0.7m from Apollo Management following the sale of shares in Realogy Corporation, a provider of real estate and relocation services. New Commitments PIP invested a total of £9.4m in new commitments in the quarter, whichconsisted of the following: * A co-investment of £2.4m was made alongside Parthenon to acquire Bracket, a pharmaceutical services provider. * A co-investment of £2.1m was made alongside Riverstone to acquire ILX, a US oil and gas company. * A co-investment of £2.0m was made alongside CVC to acquire ISTA, a pan-European sub-metering hardware and services provider. * A co-investment of £1.9m was made alongside Bencis to acquire Xeikon, a designer, manufacturer and distributor of digital printing and pre-press equipment. * A co-investment of £1.0m was made alongside Herkules to acquire Schat Harding, a supplier and service provider of lifeboats in the Nordic region. Since the quarter-end PIP has completed a £2.1m primary commitment to NordicCapital VIII, and a co-investment of £1.8m alongside Ares Management to acquireNeiman Marcus, a luxury branded goods retailer. For its new private equity investments, the Company will continue to emphasisesecondary transactions, supplemented with co-investments alongside leadingprivate equity managers selected by Pantheon. The Company will also look tomake primary commitments on a targeted basis for portfolio constructionpurposes. The pipeline of investment activity is likely to lead to the completion offurther transactions in the coming quarter. This includes two new secondarieswhich are at an advanced stage, pending completions that are scheduled at theend of November and December respectively. Beyond that the pipeline ofsecondaries has increased since the first half of the year, and activity isexpected to continue to pick up during the fourth quarter. Share Buybacks During the quarter, PIP bought back for cancellation 225,000 ordinary shares atan average price of 1,037.2p per share. These transactions were executed at adiscount of approximately 22% to the 30th June 2013 NAV per share. From August 2011, when the Company started buying back shares, up to 30thSeptember 2013, it has acquired, for investment purposes, approximately 10.5%of its outstanding shares. After the quarter end PIP bought back for cancellation 450,000 ordinary sharesat a price of 1,039p per share, which represented a discount of approximately22% to the 30th June 2013 NAV per share. The Board expects the Company's mature portfolio to remain cash generative andcontinues to believe that share buybacks are an effective means of enhancingNAV per share as an alternative to new investments when the Company's sharesare trading at a wide discount. Cash Balance and Remaining Facilities As at 30th September 2013, PIP had cash balances equivalent to a total ofapproximately £91m. In addition, the Company's multi-currency revolving credit facility agreement("the Bank Loan Facility"), comprising an $82m US dollar facility and a €57meuro facility, was completely undrawn. The Bank Loan Facility expires in June2015. Based on exchange rates at 30th September 2013, PIP's total available liquidfinancing capacity, comprising its cash and bank facility, stood at £189m. Undrawn Commitments Undrawn commitments to investments stood at £175m at 30th September 2013,calculated using exchange rates at that date. Drawdowns of undrawn commitmentstypically occur over a period of several years. Historical Total Return Performance to 30th September 2013¹ Since 1 Year 3 Years 5 Years 10 Years Inception % % p.a. % p.a. % p.a. % p.a. NAV per share 8.9% 10.8% 2.2% 8.5% 11.3% Ordinary share price 37.4% 22.0% 9.4% 7.7% 10.9% FTSE All-Share Total Return 18.9% 10.1% 10.7% 9.2% 8.1% MSCI World (sterling) Total 20.6% 11.4% 10.5% 8.4% 6.9%Return ¹PIP was launched on 18th September 1987. The performance figures for PIPassume reinvestment of dividends, capital repayments and cash flow fromwarrants. Valuations PIP's valuation policy for private equity funds is based on the latest accountsproduced by the managers of the funds in which PIP has holdings. In the case ofthe valuation as at 30th September 2013, the majority of valuations (accountingfor circa 95% by value) are dated 30th June 2013. Private equity funds maycontain a proportion of quoted shares from time to time, for example where theunderlying company investments have been taken public but the holdings have notyet been sold. The quoted market holdings at the date of the latest fundaccounts are reviewed and compared with the value of those holdings at theperiod end. If there has been a material movement in the value of theseholdings, the valuation is adjusted to reflect this. Foreign Exchange Exposure At 30th September 2013, the value of the private equity investment assets stoodat £776m. Of the private equity investment assets at PIP's holding level, 70%were represented by funds reporting values denominated in US dollars, 21%denominated in euros, 7% denominated in sterling and 2% denominated in othercurrencies. Of the 70% of investment assets denominated in US dollars,approximately 5% (expressed as a proportion of PIP's total portfolio) areinvested in funds investing mainly in Europe and approximately 11% (expressedas a proportion of PIP's total portfolio) in funds investing mainly in Asia. Inaddition to the funds reporting values denominated in sterling, many of theeuro-denominated funds have investments in the UK. Other than as described in the paragraphs above the Board is not aware of anyevents during the period from 30th September 2013 to the date of this statementwhich would have a material impact on the financial position of the Company. Tom Bartlam Chairman12th November 2013 The views, information and data in this announcement should not be deemed as afinancial promotion or recommendation. Shareholders are advised that thisstatement is unaudited. ENDS For more information please visit PIP's website at www.pipplc.com or contact: Andrew Lebus or Alexis BarlingPantheon020 7484 6200 Neither the contents of the Company's website nor the contents of any websiteaccessible from hyperlinks on the Company's website (or any other website) isincorporated into, or forms part of this announcement.