21st March 2013
Pantheon International Participations PLC
Net Asset Value at 28th February 2013
Pantheon International Participations PLC ("PIP") announces an unaudited net
asset value ("NAV") per share at 28th February 2013 of 1,303.7p, an increase of
5.0% from the NAV per share at 31st January 2013. Valuation gains in the month
accounted for 19.2p of the increase in NAV per share. In addition, PIP
benefited from foreign exchange movements, which accounted for 41.3p of the
increase in NAV per share.
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 2013, the majority of reported
valuations (accounting for circa 61% by value) are dated 31st December 2012.
At 28th February 2013, PIP's private equity assets stood at £816m, whilst cash
balances were £81m. Undrawn commitments to investments stood at £188m at 28th
February 2013, calculated using exchange rates at that date. In addition, the
Company's multi-currency revolving credit facility agreement, comprising an
US$82m facility and a €57m facility, remained completely undrawn.
PIP's portfolio generated £4.2m of cash during the month, with distributions of
£5.6m relative to £1.4m of calls from existing commitments to private equity
PIP completed two new co-investments in the month. A £2.1m co-investment was
made to acquire a telecommunications equipment firm in the USA and a £2.0m
co-investment was made in a US-based domestic bank. Furthermore, PIP invested £
4.9m in share buybacks, acquiring 550,000 redeemable shares at a price of 890p.
This price represented a 28% discount to the NAV per share at 31st January
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/
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 has been active in private equity since 1982 and is now one of the
world's leading private equity fund-of-funds managers, with £14.9bn under
management (as at 30th September 2012). 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
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 firstname.lastname@example.org
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.