Last checked at 
22 Aug 2018 07:00
22 August 2018
Pantheon International Plc
Performance Update at 31 July 2018
Month to 31 July 2018
PIP announced an unaudited net asset value ("NAV") per share at 31 July 2018 of 2,463.4p, an increase of 24.6p (1.0%) from the NAV per share as at 30 June 2018. Valuation gains* (10.1p, 0.4%), investment income* (1.1p, 0.0%) and foreign exchange movements* (16.5p, 0.7%) were partially offset by 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 31 July 2018, 100% of reported valuations are dated 31 March 2018 or later.
At 31 July 2018, PIP's private equity assets stood at £1,314m, whilst net available cash balances*** were £132m. The Asset Linked Note**** ("ALN") outstanding as at 31 July 2018 amounted to £113m. Undrawn commitments to investments stood at £469m as at 31 July 2018, 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 completely undrawn as at 31 July 2018.
PIP's portfolio generated net cash* of £4.4m during the month, with distributions of £16.1m relative to £11.7m of calls from existing commitments to private equity funds.
PIP committed £34.0m to new investments in July. This included a £15.0m primary commitment to ECI 11, a UK mid-market buyout fund, and a £10.7m primary commitment to Baring Asia Private Equity Fund VII, an Asian buyout fund. PIP also committed £8.3m to three co-investments: £3.2m alongside Francisco Partners in Renaissance Learning, a provider of K-12 digital learning solutions; £3.2m alongside Oak HC/FT Associates in Therapy Brands, a provider of practice management solutions for the behavioural health market segment; and, £1.9m alongside Hellman and Friedman Capital Management in Financial Engines, a leading provider of automated, personalised investment management services to individuals in employer-sponsored personal pension plans in the USA.
* Figures are stated net of movements associated with the ALN share of the reference portfolio.
**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.
Monthly Report
The July monthly newsletter can be accessed on PIP'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.
Ends
LEI: 2138001B3CE5S5PEE928
For more information please visit PIP's website at www.piplc.com or contact:
Andrew Lebus or Vicki Bradley
Pantheon
020 3356 1800
NOTES
PIP
PIP, a constituent of the FTSE 250, is a London quoted investment trust, managed by Pantheon Ventures (UK) LLP ("Pantheon"), a leading global private equity fund investor, investing in both primary funds and secondary transactions, and from time to time capitalising further on its fund investment activities by acquiring direct holdings in unquoted companies, usually either where a vendor is seeking to sell a combined portfolio of fund interests and direct holdings or where there is a private equity manager, well known to Pantheon, investing on substantially the same terms. By covering multiple private equity strategies ranging from investments in late stage buyouts to early stage venture, PIP enables individuals as well as institutions to gain access to a substantial portfolio of unquoted companies in the USA, the UK, Continental Europe and Asia, within funds managed by experienced private equity managers.
Pantheon
Pantheon is a leading global private equity fund investor that invests on behalf of over 400 institutional investors. Established over 35 years ago, Pantheon has developed a strong reputation and track record in primary, secondary and co-investments and across all stages and geographies. Pantheon has £28.8 billion in AUM***** (as at 31 March 2018), 256 employees, including 78 investment professionals, located across offices in London, San Francisco, New York, Hong Kong, Seoul, and Bogotá.
****\* This figure includes assets subject to discretionary or non-discretionary management, advice or those limited to a reporting function.
Neither the contents of PIP's website nor the contents of any website accessible from hyperlinks on PIP's website (or any other website) is incorporated into, or forms part of this announcement.