Sign In
Last checked at 
24 Jun 2024 07:00
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR TO THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY MEMBER STATE OF THE EEA OR ANY OTHER JURISDICTION IN WHICH THE PUBLICATION, DISTRIBUTION OR RELEASE OF THIS ANNOUNCEMENT WOULD BE UNLAWFUL.
This Announcement has been determined to contain inside information.
PANTHEON INFRASTRUCTURE PLC
Net Asset Value
Pantheon Infrastructure PLC ("PINT" or the "Company"), the listed global infrastructure fund, announces that its Net Asset Value ("NAV") as at 31 March 2024 was 109.0 pence per share.
Commentary
• NAV increased by 2.4 pence per share in the quarter, an increase of 2.3% on the NAV of 106.6 pence per share as at 31 December 2023.
• NAV total return during the quarter, including the 2 pence per share dividend for which the shares became ex-dividend during the period, was 4.4 pence per share, or 4.1%.
• Underlying fair value movements on the investment portfolio contributed 4.4 pence per share during the period. Performance was driven by unrealized movements across a number of the Company's investments, with notable valuation uplifts for GD Towers, Vantage Data Centers, Calpine and CyrusOne.
• Currency movements resulted in a negative FX valuation movement on the investment portfolio, equivalent to a decrease in NAV of 0.2 pence per share. This was offset by opposing movements in the Company's NAV FX hedging instruments, contributing an increase in the NAV of 0.5 pence per share.
• Other contributions to the movement in NAV included operating costs (-0.4 pence per share) and the NAV accretion from the Company's buyback of shares at a discount to NAV during the period (0.1 pence per share).
• As at 31 March 2024, the Company's net assets were £512.0 million, comprising the investment portfolio valued at £492.6 million, net working capital of £13.4 million and a derivative mark-to-market value of £6.0 million. At the end of the quarter, the Company had undrawn commitments of £11.6 million and its £115 million Revolving Credit Facility was fully undrawn.
Richard Sem, Partner at Pantheon, PINT's investment manager, commented: "The strength and quality of PINT's diversified, all-weather global infrastructure portfolio continues to flow through to the NAV and underpins our continued confidence in the investment strategy looking forward. Infrastructure remains a key driver of economic growth around the world, and we expect to see ongoing demand for investment into new and existing projects. PINT is well placed to identify and capture the very best of these opportunities."
NAV Bridge Q1 2024
Opening NAV per share at 31 December 2023 | 106.6p |
Fair value gains / (losses) | 4.4p |
FX movement | (0.2)p |
FX hedge movement | 0.5p |
Expenses | (0.4)p |
NAV accretion from share buybacks | 0.1p |
Dividend declared | (2.0)p |
Closing NAV per share at 31 March 2024 | 109.0p |
Investment Portfolio as at 31 March 2024
# | Status | Portfolio Company | Sponsor | Announced | Sector | Region | Investment value (£m)1 |
1 | Invested | Primafrio | Apollo | Mar-22 | Transport & Logistics | Europe | 47 |
2 | Invested | CyrusOne | KKR | Mar-22 | Digital - Data Centre | North America | 33 |
3 | Invested | National Gas | Macquarie | Mar-22 | Power & Utilities - Gas Utility and Metering | UK | 46 |
4 | Invested | Vertical Bridge | DigitalBridge | Apr-22 | Digital - Towers | North America | 27 |
5 | Invested | Delta Fiber | Stonepeak | Apr-22 | Digital - Fibre | Europe | 27 |
6 | Invested | Cartier Energy | Vauban | May-22 | Power & Utilities - District Heating | North America | 31 |
7 | Invested | Calpine | ECP | Jun-22 | Power & Utilities - Electricity Generation | North America | 61 |
8 | Invested | Vantage | DigitalBridge | Jul-22 | Digital - Data Centre | North America | 31 |
9 | Invested | Fudura | DIF | Jul-22 | Renewables & Energy Efficiency | Europe | 48 |
10 | Invested | National Broadband Ireland | Asterion | Nov-22 | Digital - Fibre | Europe | 50 |
11 | Invested | GD Towers | DigitalBridge | Jan-23 | Digital - Towers | Europe | 45 |
12 | Invested | GlobalConnect | EQT | June-23 | Digital - Fibre | Europe | 20 |
13 | Invested | Zenobe | Infracapital | Sep-23 | Renewables & Energy Efficiency | UK | 38 |
| Total | 504 |
1 Investment value refers to the investment fair value plus unfunded commitments as at 31 March 2024, adjusted for FX at that date as necessary.
Company diversification at 31 March 20242
Geography
Europe | 46% |
North America | 36% |
UK | 17% |
Uncommitted | 2% |
Sector
Digital Infrastructure | 45% |
Power & Utilities | 27% |
Renewable & Energy Efficiency | 17% |
Transport & Logistics | 9% |
Uncommitted | 2% |
Market Segment3
Contracted | 80% |
GDP Linked | 9% |
Regulated | 9% |
Uncommitted | 2% |
Sponsor
Digital Bridge | 20% |
ECP | 12% |
Asterion Industrial Partners | 10% |
DIF | 9% |
Apollo | 9% |
Macquarie | 9% |
Infracapital | 8% |
KKR | 7% |
Vauban | 6% |
Stonepeak | 5% |
EQT | 4% |
Uncommitted | 2% |
2 Refers to investment fair values, or amounts committed as of 31 March 2024. Charts are based on % of gross asset value (portfolio value + net cash). Net cash is comprised of cash, hedge and debtor balances. Some numbers do not sum to 100% due to rounding.
3 This classification represents where the majority of each portfolio company cash flow is contracted in nature vs. regulated or GDP linked.
For further information, contact:
Pantheon Ventures (UK) LLP Investment Manager
Richard Sem, Partner Ben Perkins, Principal
| +44 (0) 20 3356 1800 pint@pantheon.com
|
Investec Bank plc Corporate Broker
Tom Skinner (Corporate Broking) Lucy Lewis (Corporate Finance)
| +44 (0) 20 7597 4000
|
Lansons Public relations advisor
Lucy Horne Millie Steyn |
pint@lansons.com
+44 (0) 79 2146 8515 +44 (0) 75 9352 7234
|
LEI 213800CKJXQX64XMRK69
Notes to editors
Pantheon Infrastructure PLC (PINT)
Pantheon Infrastructure PLC is a closed-ended investment company and an approved UK Investment Trust, listed on the Premium Segment of the London Stock Exchange's Main Market. Its Ordinary Shares trade under the ticker 'PINT'. The independent Board of Directors of PINT have appointed Pantheon, one of the leading private markets investment managers globally, as investment manager. PINT aims to provide exposure to a global, diversified portfolio of high-quality infrastructure assets through building a portfolio of direct co-investments in infrastructure assets with strong defensive characteristics, typically benefitting from contracted cash flows, inflation protection and conservative leverage profiles.
Further details can be found at www.pantheoninfrastructure.com
LEI 213800CKJXQX64XMRK69
Pantheon
Pantheon has been at the forefront of private markets investing for more than 40 years, earning a reputation for providing innovative solutions covering the full lifecycle of investments, from primary fund commitments to co-investments and secondary purchases, across private equity, real assets and private credit.
The firm has partnered with more than 650 clients, including institutional investors of all sizes as well as a growing number of private wealth advisers and investors, with approximately $65bn in discretionary assets under management (as of December 31, 2023).
Leveraging its specialized experience and global team of professionals across Europe, the Americas and Asia, Pantheon invests with purpose and leads with expertise to build secure financial futures.
Further details can be found at www.pantheon.com
ENDS
Follow the stocks
