23 July 2021
For immediate release
The information contained in this announcement is restricted and is not for publication, release or distribution in the United States of America, Canada, Australia (other than to persons who are both wholesale clients and professional or sophisticated investors in Australia), Japan, the Republic of South Africa or any other jurisdiction where its release, publication or distribution is or may be unlawful.
Pantheon International Plc
("PIP" or the "Company")
Performance Update at 30 June 2021
Performance Update at 30 June 2021
3,521.9p NAV per share
+2.1% NAV per share movement for the month
£1.9bn Net asset value
£13.4m Net portfolio cash flow*
4.2x Financing cover**
+110% Total shareholder return (5Y)***
Month to 30 June 2021
PIP announced an unaudited net asset value ("NAV") per share as at 30 June 2021 of 3,521.9p, an increase of 73.5p (+2.1%) from the NAV per share as at 31 May 2021.
In the month to 30 June 2021, valuation gains* added +3.1p (+0.1%), investment income* added +2.2p (+0.1%), foreign exchange movements* were +72.9p (+2.0%), and expenses and taxes**** were -4.7p (-0.1%).
PIP's valuation policy for private equity funds is based on the latest valuations reported by the managers of the funds in which PIP has holdings. In the case of PIP's valuation as at 30 June 2021, 98% of reported valuations are dated 31 March 2021 or later, and 2% are dated 31 December 2020.
At 30 June 2021, PIP's private equity assets stood at £1,752m, whilst net available cash balances^ were £200m. The Asset Linked Note^^ ("ALN") outstanding as at 30 June 2021 amounted to £47m. Undrawn commitments to investments stood at £526m as at 30 June 2021, calculated using exchange rates at that date. PIP's multi-currency revolving credit facilities comprise a US$269.8m facility and a €101.6m facility, which remained undrawn as at the month end.
PIP committed £13.6m to five co-investments during the month. These included:
· A £3.3m co-investment alongside Insight Venture Partners in CoreLogic, a US-based provider of software platforms for the real estate sector.
· A £2.3m co-investment alongside ECI Partners in CIPHR, a provider of human resources management and payroll software solutions to UK mid-market customers.
· A £2.0m co-investment alongside Index Ventures in Rohlik, an online grocery retailer in Central and Eastern Europe.
*Figures are stated net of movements associated with the ALN share of the reference portfolio.
**Ratio of net available cash, portfolio value and undrawn loan facility to outstanding commitments.
***Based on the change in the ordinary share price over the period.
****Withholding taxes on investment distributions.
^Net available cash calculated as cash and net current assets / (liabilities) less undistributed net cashflows associated with the ALN.
^^Unlisted 10-year note issued on 31 October 2017 whose cost and repayments are linked to a reference portfolio consisting of the Company's older vintage funds.
Performance as at 30 June 2021^^^
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1 Year (%p.a.)
3 Years (% p.a.)
5 Years (% p.a.)
10 Years (% p.a.)
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NAV TR per share
Ordinary share price
FTSE All-Share TR
MSCI World (£) TR
^^^PIP was launched on 18 September 1987. The performance figures for PIP assume reinvestment of dividends, capital.
The June monthly newsletter can be accessed on PIP's website at www.piplc.com in the Investor Relations section under the heading "Newsletters".
This announcement contains inside information.
For more information please visit PIP's website at www.piplc.com or contact:
Helen Steers / Vicki Bradley
020 3356 1800
Follow us on LinkedIn: https://www.linkedin.com/company/pantheon-international-plc
PIP is a listed FTSE 250 private equity investment trust, overseen by an independent Board of Directors and managed by Pantheon, one of the leading private equity investment managers globally. PIP offers investors a liquid, differentiated entry point to the excellent growth potential of global private equity, with access to the primary, secondary and co-investment opportunities of some of the best managers in the world. The Company has a track record of outperformance and manages risk through diversification and rigorous selection based on Pantheon's extensive experience and international platform.
PIP is managed and advised by Pantheon, a leading global private equity, infrastructure & real assets and private debt investor with more than 35 years' experience sourcing and executing private market investment opportunities on behalf of clients. Pantheon has $65.9 billion in AUM^^ (as at 31 December 2020) and employs approximately 380 staff including more than 110 investment professionals across offices in London, San Francisco, New York, Hong Kong, Seoul, Bogotá, Tokyo, Dublin and Berlin.
^^This figure includes assets subject to discretionary or non-discretionary management, advice or those limited to a reporting function.
A copy of this announcement will be available on the Company's website at www.piplc.com. Neither the content of the Company's website, nor the content on any website accessible from hyperlinks on its website for any other website, is incorporated into, or forms part of, this announcement nor, unless previously published by means of a recognised information service, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.
Sir Laurie Magnus
Chairman, Pantheon International Plc
Beaufort House, 51 New North Road, Exeter, Devon, EX4 4EP