REG - Pantheon Infrastrct. - Net Asset Value(s)

Pantheon InfrastructureAnnouncement

24/06/2024 07:00

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RNS Number : 4775T  Pantheon Infrastructure PLC  24 June 2024

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This Announcement has been determined to contain inside information.

 

PANTHEON INFRASTRUCTURE PLC

Net Asset Value

Pantheon Infrastructure PLC ("PINT" or the "Company"), the listed global
infrastructure fund, announces that its Net Asset Value ("NAV") as at 31 March
2024 was 109.0 pence per share.

Commentary

•     NAV increased by 2.4 pence per share in the quarter, an increase
of 2.3% on the NAV of 106.6 pence per share as at 31 December 2023.

•     NAV total return during the quarter, including the 2 pence per
share dividend for which the shares became ex-dividend during the period, was
4.4 pence per share, or 4.1%.

•     Underlying fair value movements on the investment portfolio
contributed 4.4 pence per share during the period. Performance was driven by
unrealized movements across a number of the Company's investments, with
notable valuation uplifts for GD Towers, Vantage Data Centers, Calpine and
CyrusOne.

•     Currency movements resulted in a negative FX valuation movement on
the investment portfolio, equivalent to a decrease in NAV of 0.2 pence per
share. This was offset by opposing movements in the Company's NAV FX hedging
instruments, contributing an increase in the NAV of 0.5 pence per share.

•     Other contributions to the movement in NAV included operating
costs (-0.4 pence per share) and the NAV accretion from the Company's buyback
of shares at a discount to NAV during the period (0.1 pence per share).

•     As at 31 March 2024, the Company's net assets were £512.0
million, comprising the investment portfolio valued at £492.6 million, net
working capital of £13.4 million and a derivative mark-to-market value of
£6.0 million. At the end of the quarter, the Company had undrawn commitments
of £11.6 million and its £115 million Revolving Credit Facility was fully
undrawn.

Richard Sem, Partner at Pantheon, PINT's investment manager, commented: "The
strength and quality of PINT's diversified, all-weather global infrastructure
portfolio continues to flow through to the NAV and underpins our continued
confidence in the investment strategy looking forward. Infrastructure remains
a key driver of economic growth around the world, and we expect to see ongoing
demand for investment into new and existing projects. PINT is well placed to
identify and capture the very best of these opportunities."

 

NAV Bridge Q1 2024

 Opening NAV per share at 31 December 2023  106.6p
 Fair value gains / (losses)                4.4p
 FX movement                                (0.2)p
 FX hedge movement                          0.5p
 Expenses                                   (0.4)p
 NAV accretion from share buybacks          0.1p
 Dividend declared                          (2.0)p
 Closing NAV per share at 31 March 2024     109.0p

 

Investment Portfolio as at 31 March 2024

 #   Status    Portfolio Company           Sponsor        Announced  Sector                                            Region         Investment value (£m)1
 1   Invested  Primafrio                   Apollo         Mar-22     Transport & Logistics                             Europe         47
 2   Invested  CyrusOne                    KKR            Mar-22     Digital - Data Centre                             North America  33
 3   Invested  National Gas                Macquarie      Mar-22     Power & Utilities - Gas Utility and Metering      UK             46
 4   Invested  Vertical Bridge             DigitalBridge  Apr-22     Digital - Towers                                  North America  27
 5   Invested  Delta Fiber                 Stonepeak      Apr-22     Digital - Fibre                                   Europe         27
 6   Invested  Cartier Energy              Vauban         May-22     Power & Utilities - District Heating              North America  31
 7   Invested  Calpine                     ECP            Jun-22     Power & Utilities - Electricity Generation        North America  61
 8   Invested  Vantage                     DigitalBridge  Jul-22     Digital - Data Centre                             North America  31
 9   Invested  Fudura                      DIF            Jul-22     Renewables & Energy Efficiency                    Europe         48
 10  Invested  National Broadband Ireland  Asterion       Nov-22     Digital - Fibre                                   Europe         50
 11  Invested  GD Towers                   DigitalBridge  Jan-23     Digital - Towers                                  Europe         45
 12  Invested  GlobalConnect               EQT            June-23    Digital - Fibre                                   Europe         20
 13  Invested  Zenobe                      Infracapital   Sep-23     Renewables & Energy Efficiency                    UK             38
                                                                                                                       Total          504

 

(1) Investment value refers to the investment fair value plus unfunded
commitments as at 31 March 2024, adjusted for FX at that date as necessary.

 

Company diversification at 31 March 2024(2)

Geography

 Europe         46%
 North America  36%
 UK             17%
 Uncommitted    2%

 

Sector

 Digital Infrastructure             45%
 Power & Utilities                  27%
 Renewable & Energy Efficiency      17%
 Transport & Logistics              9%
 Uncommitted                        2%

 

Market Segment(3)

 Contracted   80%
 GDP Linked   9%
 Regulated    9%
 Uncommitted  2%

 

Sponsor

 Digital Bridge                20%
 ECP                           12%
 Asterion Industrial Partners  10%
 DIF                           9%
 Apollo                        9%
 Macquarie                     9%
 Infracapital                  8%
 KKR                           7%
 Vauban                        6%
 Stonepeak                     5%
 EQT                           4%
 Uncommitted                   2%

 

(2) Refers to investment fair values, or amounts committed as of 31 March
2024. Charts are based on % of gross asset value (portfolio value + net cash).
Net cash is comprised of cash, hedge and debtor balances. Some numbers do not
sum to 100% due to rounding.

(3) This classification represents where the majority of each portfolio
company cash flow is contracted in nature vs. regulated or GDP linked.

 

For further information, contact:

 Pantheon Ventures (UK) LLP        +44 (0) 20 3356 1800

 Investment Manager                pint@pantheon.com (mailto:pint@pantheon.com)

 Richard Sem, Partner

 Ben Perkins, Principal

 Investec Bank plc                 +44 (0) 20 7597 4000

 Corporate Broker

 Tom Skinner (Corporate Broking)

 Lucy Lewis (Corporate Finance)

 Lansons

 Public relations advisor          pint@lansons.com (mailto:pint@lansons.com)

 Lucy Horne                        +44 (0) 79 2146 8515

 Millie Steyn                      +44 (0) 75 9352 7234

 LEI 213800CKJXQX64XMRK69

Notes to editors

Pantheon Infrastructure PLC (PINT)

Pantheon Infrastructure PLC is a closed-ended investment company and an
approved UK Investment Trust, listed on the Premium Segment of the London
Stock Exchange's Main Market. Its Ordinary Shares trade under the ticker
'PINT'. The independent Board of Directors of PINT have appointed Pantheon,
one of the leading private markets investment managers globally, as investment
manager. PINT aims to provide exposure to a global, diversified portfolio of
high-quality infrastructure assets through building a portfolio of direct
co-investments in infrastructure assets with strong defensive characteristics,
typically benefitting from contracted cash flows, inflation protection and
conservative leverage profiles.

Further details can be found at www.pantheoninfrastructure.com
(http://www.pantheoninfrastructure.com)

LEI 213800CKJXQX64XMRK69

Pantheon

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, from primary fund commitments to co-investments
and secondary purchases, across private equity, real assets and private
credit.

The firm has partnered with more than 650 clients, including institutional
investors of all sizes as well as a growing number of private wealth advisers
and investors, with approximately $65bn in discretionary assets under
management (as of December 31, 2023).

Leveraging its specialized experience and global team of professionals across
Europe, the Americas and Asia, Pantheon invests with purpose and leads with
expertise to build secure financial futures.

Further details can be found at www.pantheon.com (http://www.pantheon.com)

 

ENDS

 

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