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31 Oct 2008 17:02
31st October 2008 PANTHEON INTERNATIONAL PARTICIPATIONS PLC NET ASSET VALUE AT 30 SEPTEMBER 2008
The Board of Pantheon International Participations PLC (`PIP'), the quoted private equity fund-of-funds investment trust, today announced an unaudited net asset value per share and redemption value per redeemable share of 1153.8p at 30 September 2008 (1108.7p at 30 June 2008). This represents an increase of 4.1% per share. Net valuation adjustments within the private equity portfolio of -2.3% were more than offset by the positive contribution from currency movements, in particular the US dollar.
The unaudited net assets attributable to ordinary shareholders and redeemable shareholders at 30 September 2008 stood at ‚£766.1m (‚£736.1m at 30 June 2008).
At 30 September 2008 the value of the private equity investment assets stood at ‚£895.5m (‚£806.5m at 30 June 2008). Of the private equity investment assets at PIP's holding level 66% were represented by funds reporting values denominated in US Dollars, 27% denominated in Euros and 7% denominated in Sterling. Of the 66% of investment assets denominated in US Dollars, approximately 5% are invested in funds investing mainly in Europe and approximately 7% 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.
PIP's valuation policy for private equity funds is based on the latest valuations produced by the managers of the funds in which PIP has holdings. When accounting for the unquoted investments held within private equity funds, fair value is determined by reference either to recent significant transactions in the shares of the unquoted company or to the valuation of comparable companies that are publicly quoted. Therefore under a fair value accounting regime, there is a significant relationship between the level of prices of publicly quoted companies and the fair value of comparable privately owned companies. In the case of the valuation as at 30 September 2008, the majority of valuations (accounting for circa 94% by value) are dated 30 June 2008. In periods of significant public market price volatility (such as has been seen during the period since the 30 June during which quoted market prices have fallen considerably) such effects would be apparent in reported private equity valuations only when subsequent valuations are reported by the managers of the private equity funds. Private equity funds may contain a proportion of quoted shares from time to time, for example where the underlying company investments have been taken public but the holdings have not yet been sold. The quoted market holdings at the date of the latest fund accounts are reviewed and compared with the value of those holdings at the year end. If there has been a material movement in the value of these holdings, the valuation is adjusted to reflect this.
Ends NOTESPIP
Pantheon International Participations (`PIP') is a London quoted investment trust, managed by Pantheon Ventures Ltd., one of the longest-established international private equity fund-of-funds manager, investing in both primary funds and secondary transactions. With investments in private equity funds, covering 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. PIP may occasionally acquire direct holdings in unquoted companies, usually where a vendor is seeking to sell a combined portfolio of funds and direct holdings. PIP's investment policy also extends to investing directly in companies where there is a private equity manager well known to the Company investing on the same terms. www.pipplc.com
Pantheon Ventures Ltd.
Pantheon has been active in private equity since 1982 and is now one of the world's leading private equity fund-of-funds managers, with ‚£12.3 billion under management (as at 30 June 2008), investments in over 500 private equity funds in over 30 countries and offices in London, San Francisco, New York, Hong Kong and Brussels. Pantheon is part of Russell Investments.
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For more information please contact:
Andrew Lebus / Alastair Bruce 020 7484 6200
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