Pantheon International Participations reports a 12% increase in NAV per share for the year to the end of June 2015 which compares favourably to a 3% return on the FTSE All-Share Index and an 11% return on the MSCI World Index. The ordinary share discount widened slightly from 16% to 17% but the discount on the redeemable shares narrowed from 22% to 16% – this led to an 11% increase in the ordinary share price and a 20% increase in the redeemable share price.
Pantheon made 44 new investments in the year, amounting to £238m in commitments with £121m drawn. This included £116m in commitments to 13 secondary and late primary funds, and £51m to 16 co-investments alongside selected private equity managers, in line with our strategic aims. They say they continue to think co-investments are an attractive opportunity to put capital to work efficiently alongside selected managers. During the period, the Company added £71m in primary commitments, an increase from the £11m committed in the previous year, taking advantage of the high quality primary opportunities available in mostly mid-market funds, that are often oversubscribed. This has also helped to add more recent vintage exposure, in line with their focus on managing the maturity profile. Smaller funds are typically less likely to trade on the secondary market and complement the portfolio with newer vintages.
The Company continued to be active following the year end, committing an additional £39m: £24m to eight co-investments, £11m to four primary funds and £4m to one secondary transaction, with a further two secondary commitments due to be completed.
The portfolio generally benefited from better economic and public market conditions, with all sectors generating distributions. In particular, distributions reflected potentially growing confidence among acquirers in the consumer, information technology, industrials and healthcare sectors as economic recovery becomes better established. Trade sales and secondary buyouts represented the most significant source of exit activity during the year.
PIN / PINR : Pantheon benefits from uptick in distributions