News Column

PANTHEON INTERNATIONAL PARTICIPATIONS PLC - Monthly Performance Update

June 22, 2014



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). Monthly Report 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/ financial-reports. Ends NOTES PIP 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 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 Pantheon 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.




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Source: PR Newswire (UK Disclosure)