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Pantheon Int'l gives monthly performance update

19 February 2016 07:39

Pantheon International announces an unaudited net asset value (NAV) per share at Jan. 31 of 1720.2p, up 62.7p or 3.8% from Dec. 31, 2015.

Valuation gains (2.7p, 0.2%), investment income (1.3p, 0.1%) and forex gains (61.0p, 3.7%) were offset by expenses and taxes (-2.3p, -0.2%).

Pantheon'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 Pantheon's valuation at 31st January 2016, the majority of reported valuations (accounting for circa 95% by value) are dated 30th September 2015 or later.

At 31st January 2016, Pantheon's private equity assets stood at £941m, whilst cash balances were £180m. Undrawn commitments to investments stood at £308m at 31st January 2016, calculated using exchange rates at that date.

In addition, the Company's multi-currency revolving credit facility agreement, comprising a US$100m facility and a €46m facility, remained completely undrawn.

Pantheon's portfolio generated net cash of £10.5m during the month, with distributions of £16.1m relative to £5.6m of calls from existing commitments to private equity funds.

Investments completed during the month include a £14.2m secondary commitment to an Asian growth equity fund that was 80% funded at completion and a £9.1m primary commitment to CHAMP IV, an Australian mid-market buyout fund.

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