REG - Pantheon Intl PLC - Monthly Performance Update

Pantheon InternationalAnnouncement

25/04/2025 07:02

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RNS Number : 1330G  Pantheon International PLC  25 April 2025

25 April 2025

 

For immediate release

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Pantheon International Plc

("PIP" or the "Company")

 

Performance Update at 31 March 2025

 

Share buybacks and Capital Allocation

 

The Board of PIP recognises that the discount on PIP's shares continues to be
wide and this has been further exacerbated by market volatility. As set out in
recent Chair's Statements, step three of the Company's three-step corporate
programme focuses on stimulating demand for PIP's shares through a number of
initiatives. These initiatives form part of the Board's objective to narrow
the discount and are underpinned by their priority of continuing to put
shareholders first. The Board remains confident in the valuations reported by
our underlying private equity managers and the quality of its underlying
portfolio. In order to capture the compelling value offered by the discount,
the Company announced on 28 March 2025 that the Board had allocated a further
£35.0m to share buybacks, to be deployed by 31 May 2025, bringing the
aggregate share buyback allocation for the financial year-to-date to £50.0m.
The allocation to share buybacks in the financial year-to-date is
significantly greater than the amount that was due to be allocated under the
Company's Capital Allocation Policy ("CAP"), reflecting the Board's continuing
commitment to delivering for shareholders.

 

As at 23 April 2025, of the £50.0m allocated to share buybacks in the current
financial year, PIP has invested a total of £20.2m. The amount of cash
committed to share buybacks during the fourth quarter of PIP's financial year
(£35.0m) significantly exceeds the amount of cash deployed into new
investments during the same period. As at 23 April 2025, the amount of cash
deployed into new investments during the fourth quarter of PIP's financial
year was £5.0m.

 

Performance Update at 31 March 2025

 

501.2p                         NAV per share

-0.5%                          NAV per share movement for the
month

£2.3bn                         Net asset value

+79%                          Total NAV per share return (5Y)*

£1.4bn                        Market capitalisation

+79%                         Total shareholder return (5Y)*

£8.0m                         Net portfolio cash flow**

4.1x                            Financing cover***

 

Month to 31 March 2025

 

PIP announced an unaudited net asset value ("NAV") per share of 501.2p as at
31 March 2025, a decrease of -2.4p (-0.5%) from the NAV per share as at 28
February 2025.

In the month to 31 March 2025, valuation gains** were +6.3p (+1.3%),
investment income** added +0.2p (+0.0%), foreign exchange movements** were
-8.6p (-1.7%), share buybacks added +0.5p (+0.1%) and expenses and taxes****
were -0.8p (-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 31 March 2025, 6% of reported valuations are
dated 31 March 2025 or later, 81% are dated 31 December 2024, 13% are dated 30
September 2024. Of the 6% of valuations dated 31 March 2025 or later, 5.1%
reflect the mark-to-market fair value adjustment for PIP's listed company
holdings.

At 31 March 2025, PIP's private equity assets stood at £2,494m, whilst net
available cash balances^ were £21m. The Asset Linked Note^^ ("ALN")
outstanding as at 31 March 2025 amounted to £22m. Undrawn commitments to
investments stood at £734m as at 31 March 2025, calculated using exchange
rates at that date. PIP maintains a £400m^^^ multi-tranche, multi-currency
revolving credit facility. As at 31 March 2025, £73m was drawn down under the
credit facility and $150m (£116m GBP equivalent as at month end) of private
placement notes were outstanding, resulting in a net debt to NAV ratio of
7.3%.^^^^

Net Portfolio Cash Flow

PIP received distributions of £24.2m relative to £16.2m of calls from
existing commitments to private equity funds. Therefore, PIP's portfolio
generated net cash of £8.0m during the month.

 

New Investments

 

PIP made a total of £45.2m of commitments during the month.

·   A £7.6m co-investment, alongside Lovell Minnick Partners, in Fortis
Payments, a US-based payment processing software company. Of the £7.6m
committed, £5.0m was funded at the time of completion.

·    A primary commitment of £19.1m to Hg Saturn 4, a European buyout
fund focusing on investing in the software and services sector.

·    A primary commitment of £9.1m to ChrysCapital X, a growth fund
focused on small and mid-market companies in India.

·   Primary commitments, amounting to £9.4m in total, to three Lightspeed
Venture Partners funds. Lightspeed Venture Capital Partners invests in
disruptive technology companies globally.

 

Share Buybacks during the month

 

PIP invested £3.5m in share buybacks during the month, acquiring 1,124,776
shares at a weighted average price of 307.5p per share. This price represented
an average discount of 39.5% 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 £43.8m as
at 31 March 2025.

****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 £400m multi-currency credit facility. The overall credit
facility comprises facilities of US$393.0m and €120.0m and had a sterling
equivalent value of £404.8m as at 31 March 2025.  As at 31 March 2025, PIP
had drawn down £72.8m 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 8.2% as at 31 March 2025.

 

Annualised Performance as at 31 March 2025^^^^^

 

                       1 Year     3 Years    5 Years    10 Years   Since Inception

                       (% p.a.)   (% p.a.)   (% p.a.)   (% p.a.)   (% p.a.)

 NAV per share         2.7%       5.2%       12.4%      12.2%      11.7%
 Ordinary share price  -6.1%      -1.6%      12.3%      8.3%       10.4%
 FTSE All-Share, TR    10.5%      7.2%       12.0%      6.2%       7.5%
 MSCI World TR, (£)    5.2%       8.8%       15.7%      11.6%      8.6%

^^^^^PIP was launched on 18 September 1987. The performance figures for PIP
assume reinvestment of dividends and capital.

Discrete Performance as at 31 March 2025

 

                       31/03/2024- 31/03/2025  31/03/2023- 31/03/2024  31/03/2022- 31/03/2023  31/03/2021- 31/03/2022  31/03/2020- 31/03/2021
 NAV per share         2.7%                    6.9%                    5.9%                    31.6%                   17.2%
 Ordinary share price  -6.1%                   36.6%                   -25.8%                  19.8%                   56.3%
 FTSE All-Share, TR    10.5%                   8.4%                    2.9%                    13.0%                   26.7%
 MSCI World TR, (£)    5.2%                    23.1%                   -0.5%                   15.9%                   39.1%

 

Largest Holdings

 

Largest companies by value as at 28 February 2025

 

 Company           Country      Sector                  % of portfolio
 Kaseya            Switzerland  Information Technology  1.3%
 Visma             Norway       Information Technology  1.2%
 Action            Netherlands  Consumer                1.2%
 Smile Doctors     USA          Healthcare              0.9%
 John Staurulakis  USA          Industrials             0.9%

 

Largest managers by value as at 28 February 2025

 

 Manager                     Region  % of portfolio
 Insight Partners            USA     6.5%
 Index Ventures              Global  4.1%
 HgCapital                   Europe  3.8%
 Providence Equity Partners  USA     3.1%
 Parthenon Capital           USA     2.6%

 

Monthly Report

 

The March 2025 newsletter can be accessed on PIP's website at www.piplc.com
(http://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 MBE / Charlotte Morris / Vicki Bradley

Tel: +44 20 3356 1800

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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 680 clients, with
approximately $71bn in discretionary assets under management (as at 30
September 2024).

 

Important Information

A copy of this announcement will be available on the Company's website at
www.piplc.com (http://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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