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3 Aug 2010 17:03
3rd August 2010 PANTHEON INTERNATIONAL PARTICIPATIONS PLC NET ASSET VALUE AT 30th JUNE 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 958.7p at 30th June 2010 (931.0p at 31st March 2010). This represents an increase of 3% per share.
The unaudited net assets attributable to ordinary shareholders and redeemable shareholders increased by £18.4m in the quarter from £618.1m to £636.5m. Reported valuation uplifts accounted for £25m of gains. These gains were partially offset by losses from exchange rate movements of approximately £4m. Interest and net expenses totalled approximately £3m.
Cash Balance and Remaining Facilities
As at 30th June 2010, PIP had cash balances totalling £6.4m.
In addition at 30th June 2010, $55.9m of its $117.4m available US dollar bank loan facility remained undrawn and €41.2m of its €85.9m available euro bank loan facility remained undrawn as well as £150m of standby commitments to subscribe for redeemable shares. It should be noted that, if called, £49.5m of the proceeds from a redeemable share issue under the standby commitments would be needed to repay outstanding loan notes.
Based on exchange rates at 30th June 2010, PIP's total available financing capacity stood at £178m.
Loans
At 30th June 2010, $61.5m was drawn down under PIP's US dollar denominated loan facilities and €44.7m was drawn down under PIP's euro denominated loan facilities. In addition, the Company has outstanding £49.5m of unsecured subordinated loan notes.
Calls and Distributions
During the quarter ended 30th June 2010 PIP received distributions from private equity assets of £21.5m. PIP invested £20.3m in private equity assets.
Outstanding Commitments
PIP has made no new commitments to new investments. Outstanding commitments to investments, which are likely to be called over several years, stood at £331.0m at 30th June 2010 calculated using exchange rates as at that date.
Foreign Exchange Exposure
At 30th June 2010, the value of the private equity investment assets stood at £ 763.3m. Of the private equity investment assets at PIP's holding level 74% were represented by funds reporting values denominated in US dollars, 20% denominated in euros, 5% denominated in sterling and 1% denominated in other currencies. Of the 74% of investment assets denominated in US dollars, approximately 3% 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 30th June 2010, the majority of valuations (accounting for circa 95% by value) are dated 31st March 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 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
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 £14.6 billion under management (as at 31st March 2010), investments in over 500 private equity funds in over 30 countries and offices in London, San Francisco, New York and Hong Kong.
For more information please contact:
Andrew Lebus 020 7484 6200
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