Last checked at 
22 Sep 2015 07:00
22nd September 2015
Pantheon International Participations PLC
Performance Update at 31st August 2015
Pantheon International Participations PLC ("PIP") announces an unaudited net asset value ("NAV") per share at 31st August 2015 of 1,600.3p, an increase of 62.8p (4.1%) from the NAV per share as at 31st July 2015. Valuation gains (50.7p, 3.3%), investment income (4.0p, 0.3%) and foreign exchange gains (10.4p, 0.7%) were partly offset by expenses and taxes* (-2.3p, -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 August 2015, the majority of reported valuations (accounting for circa 98% by value) are dated 31st March 2015 or later.
At 31st August 2015, PIP's private equity assets stood at £890m, whilst cash balances were £154m. Undrawn commitments to investments stood at £273m at 31st August 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 £13.2m during the month, with distributions of £16.8m relative to £3.6m of calls from existing commitments to private equity funds.
PIP completed eight new investments during the month, amounting to £19.3m in new commitments. This includes a £4.5m co-investment alongside Searchlight Capital Partners for the acquisition of two UK construction equipment rental businesses; a £4.2m co-investment alongside Stone Point Capital in a leading North American speciality insurance broker; a £2.8m co-investment alongside Andreesen Horowitz in Mixpanel, a mobile data analytics software company; a £2.6m co-investment alongside Altas Partners in MyEyeDr, a US retailer of eyeware products and vision care services; and a £1.7m co-investment alongside CVC in Douglas, a pan-European premium beauty and cosmetics retailer. In addition, PIP completed three primaries totaling £3.5m in new commitments.
* Withholding taxes on investment distributions.
Monthly Report
The August monthly newsletter can be accessed on PIP's website at www.pipplc.com in the Investor Relations section under the heading "Newsletters", or by following this link: http://www.pipplc.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 £20.8 billion in AUM** (as at 31st March 2015), 198 employees, including 70 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.pipplc.com or contact:
Andrew Lebus or Alexis Barling
Pantheon
020 7484 6200
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.