24 July 2024
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The information contained in this announcement is restricted and is not for publication, release or distribution in the United States of America, Canada, Australia (other than to persons who are both wholesale clients and professional or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 2024
Performance Update at 30 June 2024
491.4p NAV per share
+0.2% NAV per share growth for the month
£2.3bn Net asset value
+78% Total NAV per share return (5Y)*
£1.4bn Market capitalisation
+43% Total shareholder return (5Y)*
£4.9m Net portfolio cash flow**
3.8x Financing cover***
Month to 30 June 2024
PIP announced an unaudited net asset value ("NAV") per share of 491.4p as at 30 June 2024, an increase of 0.9p (+0.2%) from the NAV per share as at 31 May 2024.
In the month to 30 June 2024, valuation losses** were -1.4p (-0.3%), investment income** added +0.8p (+0.2%), foreign exchange movements** were +2.1p (+0.4%), share buybacks added +0.4p (+0.1%) and expenses and taxes**** were -1.0p (-0.2%).
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 2024, 10% of reported valuations are dated 30 June 2024 or later, 88% are dated 31 March 2024, 2% are dated 31 December 2023. Of the 10% of valuations dated 30 June 2024 or later, 5.8% reflect the mark-to-market fair value adjustment for PIP's listed company holdings.
At 30 June 2024, PIP's private equity assets stood at £2,512m, whilst net available cash balances^ were £16m. The Asset Linked Note^^ ("ALN") outstanding as at 30 June 2024 amounted to £30m. Undrawn commitments to investments stood at £803m as at 30 June 2024, calculated using exchange rates at that date. PIP maintains a five-year £500m^^^ multi-tranche, multi-currency revolving credit facility. As at 30 June 2024, £96m was drawn down under the credit facility and $150m (£119m GBP equivalent as at month end) of private placement notes outstanding, resulting in a net debt to NAV ratio of 8.7%.^^^^
Net Portfolio Cash Flow
PIP received distributions of £13.2m relative to £8.3m of calls from existing commitments to private equity funds, resulting in net cash of £4.9m during the month.
New Commitments
PIP made £25.0m of new commitments during the month. These were:
· An £11.1m co-investment alongside Lovell Minnick in London & Capital, a UK-based wealth and asset management firm.
· A £13.9m primary commitment to HIG Capital Partners VII, a North American buyout fund which will mainly target undervalued and undermanaged companies.
Share Buybacks
PIP invested £3.5m in share buybacks during the month, acquiring 1,092,303 shares at a weighted average price of 322.6p per share. This price represented an average discount of 34.1% to the prevailing NAV per share at the time of the transactions.
* Based on the change in the NAV per share and ordinary share price over the period.
** Figures are stated net of movements associated with the ALN share of the reference portfolio. Valuation movement includes the mark-to-market fair value adjustment of listed company holdings.
***Ratio of net available cash, portfolio value and undrawn credit facility to outstanding commitments. Outstanding commitments relating to funds outside their investment period (>13 years old) were excluded from the calculation as there is a low likelihood of these being drawn. This amounted to £42.1m as at 30 June 2024.
**** Operating expenses, financing costs and 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.
^^^PIP maintains a £500m multi-currency credit facility. The overall credit facility comprises facilities of US$487.7m and €115.7m and had a sterling equivalent value of £483.8m as at 30 June 2024. As at 30 June 2024, PIP had drawn down £96m of the credit facility.
^^^^Net debt calculated as borrowings (excluding the outstanding balance of the Asset Linked Note) less net available cash. The ALN is not considered in the calculation of gross borrowings or the loan-to-value ratio, as defined in PIP's credit facility and note agreements. If the ALN is included, net debt to NAV was 10.0% as at 30 June 2024.
Annualised Performance as at 30 June 2024^^^^
| | 1 Year (%p.a.) | 3 Years (% p.a.) | 5 Years (% p.a.) | 10 Years (% p.a.) | Since Inception (% p.a.)
|
| NAV per share | 8.0% | 11.7% | 12.3% | 13.7% | 11.9% |
| Ordinary share price | 20.0% | 4.3% | 7.5% | 10.3% | 10.7% |
| FTSE All-Share TR | 13.0% | 7.4% | 5.5% | 5.9% | 7.5% |
| MSCI World (£) TR | 21.4% | 10.6% | 12.5% | 13.1% | 8.7% |
^^^^PIP was launched on 18 September 1987. The performance figures for PIP assume reinvestment of dividends and capital.
Discrete Performance as at 30 June 2024
| | 30/06/2023- 30/06/2024 | 30/06/2022- 30/06/2023 | 30/06/2021- 30/06/2022 | 30/06/2020- 30/06/2021 | 30/06/2019- 30/06/2020 |
| NAV per share | 8.0% | -1.7% | 31.4% | 22.9% | 4.1% |
| Ordinary share price | 20.0% | 4.1% | -9.3% | 38.9% | -8.9% |
| FTSE All-Share TR | 13.0% | 7.9% | 1.6% | 21.5% | -13.0% |
| MSCI World (£) TR | 21.4% | 13.8% | -2.1% | 24.9% | 6.5% |
Largest Holdings
Largest companies by value as at 31 May 2024
| | Country | Sector | % of portfolio |
| Action | Netherlands | Consumer | 1.2% |
| Kaseya | Switzerland | Information Technology | 1.2% |
| Visma | Norway | Information Technology | 1.1% |
| Smile Doctors | USA | Healthcare | 0.9% |
| Shiftkey | USA | Healthcare | 0.8% |
Largest managers by value as at 31 May 2024
| | Region | % of portfolio |
| Insight Partners | USA | 7.1% |
| Index Ventures | Global | 3.6% |
| HgCapital | Europe | 3.6% |
| Providence Equity Partners | USA | 3.1% |
| Parthenon Capital | USA | 2.5% |
Monthly Report
The June 2024 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.
Ends
LEI: 2138001B3CE5S5PEE928
For more information please visit PIP's website at www.piplc.com or contact:
Pantheon
Helen Steers / Charlotte Morris / Vicki Bradley
Tel: +44 20 3356 1800
Follow us on LinkedIn: https://www.linkedin.com/company/pantheon-international-plc
NOTES
PIP
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 NAV outperformance over the long term and manages risk strategically through diversification and rigorous selection based on Pantheon's extensive experience and international platform, and robust investment due diligence and decision-making processes.
Pantheon
PIP is managed and advised by Pantheon, a specialist global private markets investor. Pantheon has been at the forefront of private markets investing for more than 40 years, earning a reputation for providing innovative solutions covering the full lifecycle of investments, across private equity, real assets and private credit. The firm has partnered with more than 650 clients, with approximately $65bn in discretionary assets under management (as at 31 December 2023).
Important Information
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.
John Singer CBE
Chair, Pantheon International Plc
Broadwalk House, Southernhay West, Exeter, Devon EX1 1TS
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