23rd June 2014Pantheon International Participations PLC
Performance update at 31st May 2014Pantheon International Participations PLC ("PIP") announced an unaudited net
asset value ("NAV") per share at 31st May 2014 of 1,384.7p, an increase of
43.5p (3.2%) from the NAV per share as at 30th April 2014. Valuation gains
(38.4p, 2.9%), investment income (2.1p, 0.2%), foreign exchange gains (4.3p,
0.3%) and share buybacks (0.2p) were offset by expenses (-1.5p, -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 at 31st May 2014, the majority of reported
valuations (accounting for circa 86% by value) are dated 31st March 2014.
At 31st May 2014, PIP's private equity assets stood at £822m, with cash
balances of £97m. Undrawn commitments to investments stood at £180m at 31st May
2014, calculated using exchange rates at that date. In addition, the Company's
multi-currency revolving credit facility agreement, comprising a US$82m
facility and a €57m facility, remained completely undrawn.
PIP's portfolio generated net cash of £11.7m during the month, with
distributions of £19.2m relative to £7.5m of calls from existing commitments to
private equity funds.
PIP completed one new investment during the month, a £1.8m co-investment
alongside Yorktown Partners in Extraction Oil & Gas LLC, an energy company
focused on the exploration and production of oil & gas reserves in Colorado.
PIP acquired 50,000 ordinary shares in share buybacks for a total of £0.56m at
a price of 1,112.0p per share (17% discount to NAV per share at 30 April 2014).
The May monthly newsletter can be accessed on PIP's website at www.pipplc.com
in the Investor Relations section under the heading "Reports & Newsletters", or
by following this link: http://www.pipplc.com/investor-relations/
PIP is a London quoted investment trust, managed by Pantheon Ventures (UK) LLP
("Pantheon"), a leading global private equity fund investor, investing in both
primary funds and secondary transactions, and from time to time capitalising
further on its fund investment activities by acquiring direct holdings in
unquoted companies, usually either where a vendor is seeking to sell a combined
portfolio of fund interests and direct holdings or where there is a private
equity manager, well known to Pantheon, investing on substantially the same
terms. With investments in private equity funds, covering multiple private
equity strategies ranging from investments in 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.
Pantheon is a leading global private equity fund investor that invests on
behalf of over 400 institutional investors. Established over 30 years, Pantheon
has developed a strong reputation and track record in primary, secondary and
co-investments and across all stages and geographies. Pantheon has £17.3
billion in AUM (as at 31st December 2013), over 180 employees, including over
70 investment professionals, located across offices in London, San Francisco,
New York, Hong Kong, Seoul and BogotÁ.
For more information please visit PIP's website at www.pipplc.com or contact:
Andrew Lebus or Alexis Barling
020 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.