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3 Feb 2011 13:33
3rd February 2011
PANTHEON INTERNATIONAL PARTICIPATIONS PLC
NET ASSET VALUE AT 31st DECEMBER 2010
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 978.5p at 31st December 2010 (944.2p at 30th September 2010), an increase of approximately 4% per share.
The unaudited net assets attributable to ordinary shareholders and redeemable shareholders increased by £22.7m in the quarter from £626.9m to £649.6m. Gains of £22m were made in the quarter from reported valuation uplifts in the portfolio. A further £2m of gains were due to movements in exchange rates. Interest and expenses net of income totalled approximately £1m.
Cash Balance and Remaining Facilities
As at 31st December 2010, PIP had cash balances equivalent to a total of £ 16.3m.
In addition, at 31st December 2010, $102.4m of PIP's $117.4m available US dollar bank loan facility remained undrawn and €77.5m of its €85.9m available euro bank loan facility remained undrawn. The Company also had available £150m of standby commitments to subscribe for redeemable shares. It should be noted that, if called, £100.5m of the proceeds from a redeemable share issue under the standby commitments would be needed to repay outstanding unsecured subordinated loan notes in issue at 31st December 2010.
Based on exchange rates at 31st December 2010, PIP's total available liquid financing capacity stood at £198m.
Loans
At 31st December 2010, $15.0m was drawn down under PIP's US dollar denominated loan facilities and €8.4m was drawn down under PIP's euro denominated loan facilities. In addition, the Company has outstanding £100.5m of unsecured subordinated loan notes (£49.5m of Series A unsecured subordinated loan notes were issued in December 2008. £51.0m of Series B unsecured subordinated loan notes were issued in September and October 2010).
Calls and Distributions
During the quarter ended 31st December 2010 PIP received distributions from private equity assets of £46.6m and invested £24.2m in private equity assets.
Outstanding Commitments
PIP has made no new commitments in the quarter. Outstanding commitments to investments, which are likely to be called over several years, stood at £275.8m at 31st December 2010, calculated on exchange rates at that date.
Foreign Exchange Exposure
At 31st December 2010, the value of the private equity investment assets stood at £754.0m. Of the private equity investment assets at PIP's holding level, 70% were represented by funds reporting values denominated in US dollars, 24% denominated in euros, 5% denominated in sterling and 1% denominated in other currencies. Of the 70% of investment assets denominated in US dollars, approximately 4% are invested in funds investing mainly in Europe and approximately 10% 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.
Valuation Policy
PIP's valuation policy for private equity funds is based on the latest accounts produced by the managers of the funds in which PIP has holdings. In the case of the valuation as at 31st December 2010, the majority of valuations (accounting for circa 93% by value) are dated 30th September 2010. 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, 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.
Pantheon
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 £14.7 billion under management (as at 30th September 2010). Pantheon has offices in London, San Francisco, New York and Hong Kong, and has made investments in over 1,000 funds globally.
For more information pleasevisit PIP's website at www.pipplc.com or contact:
Andrew LebusPantheon020 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.
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