PANTHEON INTERNATIONAL PARTICIPATIONS PLC - Monthly Performance Update
PR Newswire
London, March 24
25th March 2014
Pantheon International Participations PLC
Performance update at 28th February 2014
Pantheon International Participations PLC ("PIP") announces an unaudited net
asset value ("NAV") per share at 28th February 2014 of 1,331.2p, an increase of
25.3p (1.9%) from the NAV per share at 31st January 2014. Valuation gains in
the month accounted for 43.9p (3.4%) of the increase in NAV per share but were
partially offset by adverse foreign exchange movements of -17.6p (-1.3%).
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 28th February 2014, the majority of reported
valuations (accounting for circa 76% by value) are dated 31st December 2013.
At 28th February 2014, PIP's private equity assets stood at £803m, with cash
balances of £88m. Undrawn commitments to investments stood at £183m at 28th
February 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 £12.4m during the month, with
distributions of £14.7m relative to £2.3m of calls from existing commitments to
private equity funds.
PIP finalised one new investment during the month, a £1.7m co-investment
alongside ABRY Partners in Aegis Sciences Corporation, a specialty toxicology
laboratory providing a range of testing services. PIP has committed a total of
£102m to new investments in the financial year to date.
Monthly Report
The February 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"), one of the longest-established international private equity
fund-of-funds managers, investing in both primary funds and secondary
transactions. 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. PIP may occasionally acquire direct holdings in unquoted companies,
usually where a vendor is seeking to sell a combined portfolio of funds and
direct holdings. PIP's investment policy also extends to investing directly in
companies where there is a private equity manager well known to the Company
investing on the same terms.
Pantheon
Pantheon has been active in private equity since 1982 and is now one of the
world's leading private equity fund-of-funds managers, with £16.9bn under
management (as at 30th September 2013). Pantheon's offices are located in
London, San Francisco, New York and Hong Kong, and it has made investments in
over 1,000 funds globally.
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.
