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Pantheon Int'l issues monthly performance update

21 April 2016 09:40

Pantheon International said its unaudited net asset value (NAV) per share at March 31 was 1747.0p, down 3.7p Feb. 29.

It said valuation gains (28.7p, 1.6%), investment income (1.1p, 0.1%) and share buy backs (1.8p, 0.1%) were offset by foreign exchange movements (-32.9p, -1.9%) and expenses and taxes* (-2.4p, -0.1%).

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 31st March 2016, the majority of reported valuations (accounting for circa 80% by value) are dated 31st December 2015 or later.

At 31st March 2016, PIP's private equity assets stood at £1,003m, whilst cash balances were £133m. Undrawn commitments to investments stood at £322m at 31st March 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.

PIP's portfolio generated net cash of £15.5m during the month, with distributions of £19.6m relative to £4.1m of calls from existing commitments to private equity funds.

PIP completed eight new investments during the month, amounting to £64.9m of total commitments.

At 9:40am: (LON:PIN) Pantheon International PLC share price was +7p at 1293p

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