Pantheon International Plc (LON:PIN) has announced its monthly performance update at 31 March 2024.
488.1p NAV per share
+0.9% NAV per share growth for the month
£2.3bn Net asset value
-£0.3m Net portfolio cash flow*
4.0x Financing cover**
+51% Total shareholder return (5Y)***
Month to 31 March 2024
PIP announced an unaudited net asset value per share of 488.1p as at 31 March 2024, an increase of 4.2p (+0.9%) from the NAV per share as at 29 February 2024.
In the month to 31 March 2024, valuation gains* were +3.8p (+0.8%), investment income* added +0.6p (+0.1%), foreign exchange movements* were +0.4p (+0.1%), share buybacks added +0.6p (+0.1%) and expenses and taxes**** were -1.2p (-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 2024, 9% of reported valuations are dated 31 March 2024 or later, 79% are dated 31 December 2023, 11% are dated 30 September 2023 and 1% are dated 30 June 2023. Of the 9% of valuations dated 31 March 2024 or later, 6.8% reflect the mark-to-market fair value adjustment for PIP’s listed company holdings.
At 31 March 2024, PIP’s private equity assets stood at £2,462m, whilst net available cash balances^ were £13m. The Asset Linked Note^^ (“ALN”) outstanding as at 31 March 2024 amounted to £28m. Undrawn commitments to investments stood at £766m as at 31 March 2024, calculated using exchange rates at that date. PIP maintains a five-year £500m^^^ multi-tranche, multi-currency revolving credit facility. As at 31 March 2024, £32m was drawn down under the credit facility. PIP had $150m (£119m GBP equivalent as at month end) of private placement notes outstanding, resulting in a net debt to NAV ratio of 6.0%^^^^.
New Commitments
During the month, PIP made a £20m primary commitment to Altor Carbon Transition I, a European growth buyout fund focused on the green transition and industrial decarbonisation.
Share Buybacks
Pantheon International invested £5.5m in share buybacks during the month, acquiring 1,720,609 shares at a weighted average price of 319.1p per share. This price represented an average discount of 33.1% to the prevailing NAV per share at the time of the transactions.
*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 £43.0m as at 31 March 2024.
***Based on the change in the ordinary share price over the period.
**** 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 £484.8m as at 31 March 2024. As at 31 March 2024, PIP had drawn down £32m 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 7.2% as at 31 March 2024.
Annualised Performance as at 31 March 2024^^^^
| 1 Year (%p.a.) | 3 Years(% p.a.) | 5 Years(% p.a.) | 10 Years(% p.a.) | Since Inception(% p.a.) | |
| NAV per share | 6.9% | 14.2% | 13.4% | 13.8% | 11.9% |
| Ordinary share price | 36.6% | 6.7% | 8.6% | 11.2% | 10.9% |
| FTSE All-Share TR | 8.4% | 8.0% | 5.4% | 5.8% | 7.5% |
| MSCI World (£) TR | 23.1% | 12.4% | 13.3% | 13.1% | 8.7% |
^^^^PIP was launched on 18 September 1987. The performance figures for PIP assume reinvestment of dividends and capital.
Monthly Report
The March newsletter can be accessed on Pantheon International’s website at www.piplc.com in the Investor Relations section under the heading “Newsletters”.
