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PANTHEON INTERNATIONAL PARTICIPATIONS PLC - Net Asset Value(s)

July 23, 2014

24th July 2014Pantheon International Participations PLC Net Asset Value at 30th June 2014Pantheon International Participations PLC ("PIP") announces an unaudited net asset value ("NAV") per share at 30th June 2014 of 1,364.2p, a decrease of 20.5p (-1.5%) from the NAV per share as at 31st May 2014. Valuation gains (2.9p, 0.2%), investment income (1.4p, 0.1%) and share buybacks (1.0p) were offset by foreign exchange movements (-24.1p, -1.7%) and expenses (-1.7p, -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 at 30th June 2014, the majority of reported valuations (accounting for circa 95% by value) are dated 31st March 2014. At 30th June 2014, PIP's private equity assets stood at 815m, whilst cash balances were 88m. Undrawn commitments to investments stood at 176m at 30th June 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 9.2m during the month, with distributions of 12.7m relative to 3.5m of calls from existing commitments to private equity funds. Amongst new investments in the month was a 12.9m secondary commitment in two North American energy funds which, on aggregate, were approximately 72% funded at completion. In addition, PIP completed two co-investments during the month: a 3.9m co-investment was made alongside Rutland Partners in Maplin, a UK multi-channel retailer of specialist electronics products and computer accessories; and a 2.8m co-investment was made alongside Warburg Pincus in Venari, a US-based oil and gas exploration and production (E&P) company. During the month, PIP invested 2.2m in share buybacks, acquiring 10,000 ordinary shares for a total of 0.1m at a price of 1,135.0p per share (18% discount to NAV per share at 31st May 2014), and 200,000 redeemable shares for a total of 2.1m at an average price of 1,051.0p per share (24% discount to NAV per share at 31st May 2014). For the year ended 30th June 2014 The NAV per share at 30th June 2014 of 1,364.2p is an increase of 32.3p, or 2.4% for the financial year. Solid underlying portfolio gains (158.6p, 11.9%), investment income (20.4p, 1.5%) and share buybacks (7.2p, 0.5%) were offset by foreign exchange movements (-135.4p, -10.1%) and expenses (-18.5p, -1.4%) PIP's portfolio generated 142m of cash during the year, with distributions of 184m relative to 42m of calls from existing commitments to private equity funds. PIP made 29 new investments in the year amounting to 148m. This included six secondary deals (95m), 19 co-investments (42m) and four primary commitments (11m). During the year PIP, invested 18m in share buybacks, acquiring 1.0m ordinary shares and 0.7m redeemable shares, at an average price of 1,044p. This price represented an average discount of 22% to the NAV per share as at 30th June 2013. Commenting on the results, Andrew Lebus, Partner at Pantheon Ventures (UK) LLP, said: "2014 has been an active year for PIP as high levels of realisations and strong positive cash flow enabled us to increase our investment pace, actively renewing the portfolio as well as adding to NAV per share growth through share buybacks." Monthly Report The June 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 ago, Pantheon has developed a strong reputation and track record in primary, secondary and co-investments and across all stages and geographies. Pantheon has 18.3 billion in AUM (as at 31st March 2014), over 190 employees, including over 75 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. Pantheon International Telephone +44 (0) 20 Participations PLC 7484 6200 Norfolk House Facsimile +44 (0)20 7484 6201 31 St. James's Square E-mail: London SW1Y 4JR pip.ir@pantheon.com Internet: www.pipplc.com Registered office: Beaufort House, 51 New North Road, Exeter, Devon EX4 4EP. Incorporated in England number: 2147984. An investment company under section 833 of the Companies Act 2006. Managed by Pantheon Ventures (UK) LLP.




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Source: PR Newswire (UK Disclosure)


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