Pantheon International Regulatory News (PIN)

27th January 2016

Pantheon International PLC

Performance Update at 31st December 2015

Month to 31st December 2015

Pantheon International PLC ("PIP") announces an unaudited net asset value ("NAV") per share at 31st December 2015 of 1,657.5p, an increase of 37.5p (2.3%) from the NAV per share as at 30th November 2015. Foreign exchange gains (40.2p, 2.5%) and investment income (2.2p, 0.1%) were offset by valuation losses (-2.0p, -0.1%) and expenses and taxes* (-2.9p, -0.2%).

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 at 31st December 2015, the majority of reported valuations (accounting for circa 94% by value) are dated 30th September 2015.

At 31st December 2015, PIP's private equity assets stood at £904m, whilst cash balances were £175m. Undrawn commitments to investments stood at £289m at 31st December 2015, calculated using exchange rates at that date. In addition, the Company's multi-currency revolving credit facility agreement, comprising a US$100m facility and a €46m facility, remained completely undrawn.

PIP's portfolio generated net cash of £28.5m during the month, with distributions of £38.7m relative to £10.2m of calls from existing commitments to private equity funds.

PIP made eight new commitments amounting to £36.0m in December. New secondary investments included a £15.3m commitment to a portfolio of US growth funds that was 75% funded at completion. PIP also committed to four co-investments: £4.8m alongside Providence Strategic Growth in Abacus Data Systems, a provider of cloud-based software solutions to small and mid-sized law firms; £3.6m alongside Baring Private Equity Asia in Vistra-Orangefield, a global provider of corporate and trust services; £2.9m alongside Anchorage Capital Partners in Affinity Education, the third largest child care provider in Australia; and £2.2m alongside Clessidra Capital Partners in ICBPI, a provider of payments processing services in Italy. In addition, PIP completed two primaries totaling £4.6m in new commitments.

* Withholding taxes on investment distributions.

Six Months to 31st December 2015

Performance

The NAV per share at 31st December 2015 was 1,657.5p, representing an increase of 125.1p, or 8.2%, relative to the NAV per share at 30th June 2015.

Portfolio gains added 32.9p (2.1%) per share in the period. Investment income increased the NAV per share by 11.5p (0.8%) and share buybacks by 0.6p. Favourable currency movements increased NAV per share by a further 92.8p (6.1%) and expenses and taxes reduced it by 12.7p (-0.8%).

The Company's ordinary share price increased during the six months by 3.4% to 1,315.0p, whilst the price of its redeemable shares decreased by 4.1% to 1,232.5p at 31st December 2015. Subsequent to 31st December 2015, up until the market close on 25th January 2016, the share price of the ordinary shares decreased to 1,240.0p and the redeemable share price decreased to 1,185.0p.

Portfolio Cash Flow

PIP's portfolio generated net cash of £117.1m during the six months to 31st December 2015, with distributions of £148.1m relative to £31.0m of calls from existing commitments to private equity funds.

New Commitments

PIP made 24 new investments in the half year, amounting to £121.8m in commitments. This included five secondary investments (£59.4m), 12 co-investments (£37.2m) and seven primary commitments (£25.2m).

Historical Total Return Performance to 31st December 2015 1

¹PIP was launched on 18th September 1987. The performance figures for PIP assume reinvestment of dividends, capital repayments and cash flow from warrants.

Buybacks

PIP invested £1.2m in share buybacks during the six months to 31st December 2015, acquiring 100,000 redeemable shares at a price of 1,212.5p. This price represented an average discount of 21% to the NAV per share as at 30th June 2015.

Foreign Exchange Exposure

At 31st December 2015, the value of the private equity investment assets stood at £904m. Of the private equity investment assets at PIP's holding level, 77% were represented by funds reporting values denominated in US dollars, 17% denominated in euros, 5% denominated in sterling and 1% denominated in other currencies. Of the 77% of investment assets denominated in US dollars, approximately 4% (expressed as a proportion of PIP's total portfolio) are invested in funds investing mainly in Europe and approximately 7% (expressed as a proportion of PIP's total portfolio) in funds investing mainly in Asia. In addition to the funds reporting values denominated in sterling, many of the euro-denominated funds have investments in the UK.

Monthly Report

The December 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  

NOTES

PIP

PIP 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. With investments in private equity funds, covering multiple private equity strategies ranging from investments in late stage buyouts to early stage technology, 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 380 institutional investors. Established over 30 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 £20.7 billion in AUM** (as at 30th June 2015), 199 employees, including 71 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.

For more information please visit PIP's website at www.piplc.com or contact:

Andrew Lebus or Alexis Barling

Pantheon

020 3356 1800

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of this announcement.