22nd August 2014Pantheon International Participations PLC
Performance update at 31st July 2014Pantheon International Participations PLC ("PIP") announces an unaudited net
asset value ("NAV") per share at 31st July 2014 of 1,373.1p, an increase of
8.9p (0.7%) from the NAV per share as at 30th June 2014. Investment income
(2.1p, 0.2%), foreign exchange gains (9.7p, 0.7%) and share buybacks (0.8p,
0.1%) were offset by valuation losses (-2.0p, -0.2%) and expenses (-1.7p,
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 July 2014, the majority of reported
valuations (accounting for circa 93% by value) are dated 31st March 2014 or
At 31st July 2014, PIP's private equity assets stood at £835m, whilst cash
balances were £71m. Undrawn commitments to investments stood at £196m at 31st
July 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 £16.9m during the month, with
distributions of £19.0m relative to £2.1m of calls from existing commitments to
private equity funds.
During the month, PIP completed five new investments comprising two
secondaries, two primaries and one co-investment. The secondaries comprise a £
20.1m investment in a European buyout fund that was 88% funded and a £11.5m
investment in three European buyout funds that were on average 90% funded. PIP
made two primary commitments to European buyout funds: £9.3m to Altor Fund IV
and £7.5m to ECI 10. PIP also completed a £4.2m co-investment alongside
Wasserstein & Co., LP in ALM Media, a global leader in specialised business
news and information.
PIP acquired 100,000 ordinary shares for a total of £1.14m at a price of
1,144.0p per share (16% discount to NAV per share at 30th June 2014), and
100,000 redeemable shares for a total of £1.06m at a price of 1,055.0p per
share (23% discount to NAV per share at 30th June 2014).
The July 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:
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 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 195 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.
Pantheon International Telephone +44 (0) 20
Participations PLC 7484 6200
Norfolk House Facsimile +44 (0)20 7484
31 St. James's Square
London SW1Y 4JR email@example.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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