Pantheon International Regulatory News (PIN)

7th May 2014 Pantheon International Participations PLC Interim Management Statement (Unaudited) for the Quarter Ended 31st March 2014 Pantheon International Participations PLC ("PIP" or the "Company") presents itsinterim management statement for the period from 1st January 2014 to 31st March2014. This constitutes the Company's second 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 31st March 2014on 24th April 2014. This interim management statement summarises the informationas at 31st March 2014 and any further developments up to 2nd May 2014. Investment Objective PIP's primary investment objective is to maximise capital growth by investingin a diversified portfolio of private equity funds and directly in privatecompanies. General Information 31/03/2014 31/12/2013 Change NAV per share 1,344.1p 1,303.9p 3.1% Ordinary share price 1,100.0p 1,028.0p 7.0% Redeemable share price 1,055.0p 1,012.5p 4.2% Net asset value £898m £872m 3.0% Outstanding commitments £188m £188m 0.0% PerformanceThe NAV per share at 31st March 2014 was 1,344.1p, representing an increaseof 40.2p, or 3.1%, relative to the NAV per share at 31st December 2013. Portfolio gains added 48.7p per share in the quarter, led by value increasesin the venture & growth portfolio. Investment income increased the NAV pershare by 3.9p. Adverse currency movements decreased NAV per share by 7.7p andexpenses further decreased it by 4.7p. The Company's ordinary share price increased during the quarter by 7.0% to1,100.0p, whilst the price of its redeemable shares increased by 4.2% to1,055.0p at 31st March 2014. Subsequent to the quarter end, up until themarket close on 2nd May 2014, the share price of the ordinary shares increasedto 1,108.0p and the redeemable share price remained unchanged. Portfolio Cash FlowPIP's portfolio generated positive net cash of £38.8m in the quarter before thecost of new commitments. Distributions amounted to £46.5m and calls from existingcommitments totalled £7.7m. Distributions in the quarter included: * £2.8m from Providence Equity Partners in relation to the sale of digital automotive marketplace operator AutoTrader Group to Cox Enterprises. * £2.3m from Tricor Pacific Capital in relation to the sale of Golden Boy Foods, a leading Canadian manufacturer, marketer and distributor of private label and branded food products, to Post Holdings at a 3.1x cost multiple. * £2.1m was received from Hutton Collins following the refinancing of Caffè Nero. * £2.0m from Mid Europa Partners in relation to the sales of TV, broadband and telecom provider SBB/Telemach Group at a cost multiple of 2.5x, and mobile telecom services provider T-Mobile Czech Republic to Deutsche Telekom. * £1.0m was received from Chequers Capital in relation to the recapitalisation of Accelya, a provider of business process outsourcing services for the airline industry, which realised a 3.7x cash return. * £0.6m from Summit Partners Europe in relation to the recapitalisation of security software developer AVAST Software BV, an investment that has to date realised a 2.3x investment cost multiple. New Commitments PIP invested a total of £17.3m in new commitments in the quarter,which consisted of the following: * Two secondary commitments totaling £12.1m in European small buyout funds and global development funds. * A primary commitment of £2.4m to Clayton, Dubilier & Rice Fund IX, a large buyout fund based in the USA. * A co-investment of £1.7m alongside ABRY Partners in Aegis Sciences Corporation, a specialty toxicology laboratory providing a range of testing services. * A co-investment of £1.1m alongside Apollo Global Management, LLC in Athene Holdings, a provider of fixed annuities in the USA. Since the quarter-end PIP has completed a £3.7m primary commitment toa European venture fund. For its new private equity investments, the Company will continue to emphasisesecondary transactions, supplemented with co-investments alongside leading privateequity managers selected by Pantheon. The Company will also look to make primarycommitments on a targeted basis for portfolio construction purposes. The pipeline of investment activity is likely to lead to the completion offurther transactions in the coming quarter. This includes one new secondarywhich is at an advanced stage, pending completion that is scheduled at theend of June. Beyond that the pipeline of secondaries has increased since thestart of the year, and activity is expected to continue to pick up during thesecond quarter. Share Buybacks There were no share buybacks during the quarter. From August 2011, when the Company started buying back shares, up to31st March 2014, it has acquired, for investment purposes, approximately11.5% of its outstanding shares. After the quarter end PIP bought back for cancellation 250,000 ordinary sharesat a price of 1,090p per share, which represented a discount of approximately16% to the 31st December 2013 NAV per share, and 240,000 redeemable shares ata price of 1,050p which represented a discount of approximately 19% to the31st December 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 enhancing NAVper share as an alternative to new investments when the Company's shares aretrading at a wide discount. Cash Balance and Remaining Facilities As at 31st March 2014, PIP had cash balances equivalent to a total ofapproximately £95m. 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 June 2015. Based on exchange rates at 31st March 2014, PIP's total available liquid financingcapacity, comprising its cash and bank facility, stood at £191m. Undrawn Commitments Undrawn commitments to investments stood at £188m at 31st March 2014, calculated usingexchange rates at that date. Drawdowns of undrawn commitments typically occur over aperiod of several years. Historical Total Return Performance to 31st March 2014¹ Since 1 Year 3 Years 5 Years 10 Years Inception % % p.a. % p.a. % p.a. % p.a. NAV per share 4.0% 8.5% 7.1% 9.4% 11.3% Ordinary share price 2.3% 14.9% 39.7% 9.0% 11.0% FTSE All-Share Total Return 8.8% 8.8% 16.4% 8.6% 8.1% MSCI World (sterling) Total 9.1% 9.5% 15.3% 8.5% 7.0%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 31st March 2014, the majority of valuations (accounting forcirca 94% by value) are dated 31st December 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 fund accountsare reviewed and compared with the value of those holdings at the period end. Ifthere has been a material movement in the value of these holdings, the valuationis adjusted to reflect this. Foreign Exchange Exposure At 31st March 2014, the value of the private equity investment assets stood at£803m. Of the private equity investment assets held by PIP, looking throughfeeders and funds of funds, 68% were represented by funds reporting valuesdenominated in US dollars, 24% denominated in euros, 5% denominated in sterlingand 3% denominated in other currencies. Of the 68% of investment assetsdenominated in US dollars, approximately 3% (expressed as a proportion of PIP'stotal portfolio) are invested in funds investing mainly in Europe andapproximately 11% (expressed as a proportion of PIP's total portfolio) in fundsinvesting mainly in Asia. In addition to the funds reporting values denominatedin sterling, many of the euro-denominated funds have investments in the UK. Other than as described in the paragraphs above the Board is not aware of any eventsduring the period from 31st March 2014 to the date of this statement that would havea material impact on the financial position of the Company. Tom Bartlam Chairman6th May 2014 The views, information and data in this announcement should not be deemed as afinancial promotion or recommendation. Shareholders are advised that this statementis unaudited. ENDS For more information please visit PIP's website at www.pipplc.com or contact: Andrew Lebus or Alexis BarlingPantheon0207 484 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.