The Pantheon International PLC (LON: PIN) share price traded sideways after the company released its latest monthly performance update. For the month ending on 30 November 2023, PIP has reported an unaudited net asset value (NAV) of 476.5p per share, marking a 12.1p or 2.5% decline from the previous month’s NAV as of 31 October 2023.
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During this period, the factors influencing the NAV included valuation gains of 4.8p (a 1.0% increase), investment income contributing an additional 0.4p (0.1% increase), and foreign exchange fluctuations leading to a decrease of 16.3p (-3.4%). Operational expenses and taxes also accounted for a reduction of 1.0p (-0.2%).
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The valuation methodology adopted by PIP for its private equity funds relies on the most current evaluations provided by the fund managers of the respective holdings.
For the valuation recorded on 30 November 2023, a minor 8% of the reported valuations were dated on or after 30 November 2023, the majority, 81%, were as of 30 September 2023, and the remaining 11% as of 30 June 2023. Notably, 7.4% of the valuations dated 30 November 2023 or later represent the adjusted fair value of PIP’s listed company holdings.
As the month closed, PIP’s private equity assets were valued at £2,404 million, with net available cash balances of £24 million. The Asset Linked Note (ALN) had an outstanding value of £29 million.
The undrawn commitments to investments totalled £761 million, calculated using the exchange rates prevalent on that date. PIP also has access to a five-year, £500 million multi-tranche, multi-currency revolving credit facility, of which £121 million was drawn down as of 30 November 2023.
Regarding new commitments during November 2023, PIP engaged in two noteworthy co-investments. The first was a £5.5 million commitment in partnership with ECI Partners to Commify, a UK-based enterprise specialising in business messaging solutions for small to medium-sized businesses.
The second investment was a £2.0 million commitment alongside TPG in Denodo, a U.S.-based entity focused on data management and integration software. These strategic investments underscore PIP’s continued commitment to diversifying and strengthening its portfolio.
Pantheon International (PIN) share price.
Pantheon International’s (PIN) share price traded sideways on the latest monthly update. What’s next?
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