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15 Dec 2022 07:00
15 December 2022
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 30 September 2022 was 99.3 pence per share1.
Commentary
• The Company's NAV increased during the quarter by 1.4 pence per share.
• Five of the Company's eight investments funded by the quarter end date (representing c.38% of NAV) continue to be valued at cost, in line with the underlying sponsor's valuation policy, given the recency of the investments.
• Underlying fair value movements on the remaining three investments contributed 1.6 pence per share during the period.
• The portfolio suffered no negative impacts from recent tax and policy changes in UK and European renewables markets.
• Appreciation of EUR and USD vs. GBP resulted in a further increase in the investment portfolio, equivalent to an increase in NAV of 3.4 pence per share; however, this was offset by negative movements in the Company's NAV FX hedging instruments, contributing a decrease in the NAV of 3.6 pence per share.
• Other contributions to the movement in NAV included: investment and deposit interest income receipts of 0.2 pence per share, the premium to NAV attributable to exercise of the subscription share take-up of 0.2 pence per share, and operating costs of -0.4 pence per share.
1 As at September 30 2022, not adjusted for 1pps dividend which went ex-div on 6 October 2022
NAV Bridge Q3 2022
Opening NAV per share at 30 June 2022 | 97.9p |
Valuation gains / (losses) | 1.6p |
Investment income / yield | 0.2p |
FX movement | 3.4p |
FX hedge | (3.6)p |
Expenses (inc. operating and capital expenses) | (0.4)p |
Share issue | 0.2p |
Closing NAV per share at 30 September 2022 | 99.3p |
Investment Portfolio as at 30 September 2022
# | Status | Portfolio Company | Sponsor | Announced | Sector | Region | Fair Value (£m)1 |
1 | Invested | Primafrio | Apollo | Mar-22 | Transport & Logistics | Europe | 40 |
2 | Invested | CyrusOne | KKR | Mar-22 | Digital - Data Centre | North America | 25 |
3 | Invested | Vertical Bridge | Digital Bridge | Apr-22 | Digital - Towers | North America | 28 |
4 | Invested | Delta Fiber | Stonepeak | Apr-22 | Digital - Fibre | Europe | 23 |
5 | Invested | Cartier Energy | Vauban | May-22 | Power & Utilities - District Heating | North America | 38 |
6 | Invested | Calpine | ECP | Jun-22 | Power & Utilities - Electricity Generation | North America | 54 |
7 | Invested | Vantage | Digital Bridge | Jul-22 | Digital - Data Centre | North America | 11 |
8 | Invested | Fudura | DIF | Jul-22 | Renewables & Energy Efficiency | Europe | 40 |
Total | 258 | ||||||
9 | Committed | NGGT2 | Macquarie | Mar-22 | Power & Utilities - Gas utility and metering | UK | 41 |
Committed | Existing portfolio | Unfunded commitments | 29 | ||||
Total | 328 | ||||||
10 | In legal closing | National Broadband Ireland3 | Asterion | Nov-22 | Digital - Fibre | Europe | 46 |
Grand total | 374 | ||||||
1 Investment refers to the investment fair values, commitments or amounts in legal closing as at 30 September 2022, adjusted for FX at that date as necessary, except NBI which is adjusted for FX as at the date of announcement. There is no guarantee that commitments under legal closing will be closed. Rounding accounts for the difference between individual amounts and the total stated
2 The financial close of National Grid Gas Transmission is dependent on external regulatory clearances
3 National Broadband Ireland investment was completed and announced on 9 November 2022
Portfolio Diversification at 30 September 20221
Geography
North America | 48% |
Europe | 41% |
UK | 11% |
Sector
Digital Infrastructure | 43% |
Power & Utilities | 35% |
Renewable & Energy Efficiency | 11% |
Transport & Logistics | 11% |
Market Segment2
Contracted | 78% |
Regulated | 11% |
GDP Linked | 11% |
Sponsor
Digital Bridge | 16% |
ECP | 14% |
Asterion Industrial Partners | 13% |
Macquarie | 11% |
DIF | 11% |
Apollo | 11% |
Vauban | 10% |
KKR | 8% |
Stonepeak | 7% |
1 Total based on investment fair values, commitments or amounts in legal closing as at 30 September 2022 of £374m. Geography and sector based on exposure at underlying company level at time of entry. The financial close of National Grid Gas Transmission is dependent on external regulatory clearances. Rounding accounts for the difference between individual amounts and the total stated.
2 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 Harriet Alexander, Vice President
| +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
|
TB Cardew Public relations advisor
Ed Orlebar Tania Wild Max Gibson
| +44 (0) 20 7930 0777 pint@tbcardew.com
+44 (0)7738 724 630 +44 (0)7425 536 903 +44 (0)7435 791 368
|
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
Pantheon
Pantheon is a leading global private equity, infrastructure & real assets, private debt and real estate investor with 40 years' experience sourcing and executing private market investment opportunities on behalf of clients. Pantheon has US$88.0 billion in assets under management and advice (as at 30 June 2022) and employs over 440 staff, including more than 130 investment professionals, across offices in London, San Francisco, New York, Chicago, Hong Kong, Seoul, Bogotá, Tokyo, Dublin and Berlin. Further details can be found at www.pantheon.com
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