Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Pantheon International said its net asset value per share increased 6.5% from 30 April 2019 to 31 May 2019 and by 14.7% over the year to 31 May 2019 as valuation gains, investment income and foreign exchange movements offset expenses and taxes.
NAV per share increased 169.7p over the month and 355.8p over the year to 2,770.6p.
At 31 May 2019, the company's private equity assets stood at £1,450m, whilst its net available cash balances were £141m. The Asset Linked Note outstanding as at 31 May 2019 amounted to £92m.
Undrawn commitments to investments stood at £521m as at 31 May 2019, which was calculated using exchange rates at that date. The company's multi-currency revolving credit facilities comprised a US$163.0m facility and a €59.8m facility, both of which remained undrawn as at the month end.
Its portfolio generated net cash of £17.4m during the month, with distributions of £28.7m relative to £11.3m of calls from existing commitments to private equity funds. Over the year, it generated net cash of £169.8m, with distributions of £276.5m relative to £106.7m of calls from existing commitments to private equity funds.
Pantheon made £53.7m new commitments during the month across three primaries (£45.8m) and two secondaries (£7.9m). This included: a £23.8m primary commitment to Advent Global Private Equity IX, a large buyout fund with a global focus; a £20.5m primary commitment to Searchlight Capital III, a global special situations fund; and a £5.4m secondary direct investment in a US terminal and ports operator.
Seen over the year to 31 May 2019, it made 59 new investments, amounting to £340.7m in commitments. This included 13 secondary investments (£104.9m), 20 primary investments (£159.8m) and 26 co-investments (£76.0m).