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Pantheon International manages small NAV per share improvement in March
(WebFG News) - Pantheon International announced an unaudited net asset value per share of 2,263.8p as at 31 March in its performance update for the month on Tuesday - an increase of 18.8p, or 0.8%, from 28 February.
The FTSE 250 firm said valuation gains of 63.9p or 2.8%, and investment income of 1.3p or 0.1%, were partially offset by negative foreign exchange movements of 39.7p or -1.8%, asset linked note financing losses of 3.4p or -0.2%, and expenses and taxes of 3.3p or -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," said the Pantheon board in its statement.
"In the case of PIP's valuation at 31 March, the majority of reported valuations accounting for circa 95% by value are dated 31 December 2017 or later."
At 31 March 2018, Pantheon's private equity assets stood at £1.23bn, whilst cash balances were £137m.
Undrawn commitments to investments stood at £429m, calculated using exchange rates at that date.
Pantheon's multi-currency revolving credit facilities comprised a $138.8m facility and a 66.6m facility, which remained completely undrawn as at 31 March, the board said.
Its portfolio generated net cash of £21.4m during the month, with distributions of £28.7m relative to £7.3m of calls from existing commitments to private equity funds.
"PIP completed two new investments during the month, amounting to £11.0m in new commitments," the board said.
"This consisted of a £9.6m primary commitment in Equistone Partners Europe Fund VI, a European mid-market buyout fund, and a £1.4m co-investment alongside HIG Capital in a leading value-for-money fitness chain in Brazil."