Pantheon acquires predominantly US-based portfolio

The board of Pantheon International Participations Plc (PIP) has announced that it has exchanged contracts to purchase secondary interests in a substantial portfolio of private equity fund investments. The transaction involves interests in more than 20 private equity funds. Approximately 90% of the portfolio is focused on the US, with global funds comprising the majority of the balance. PIP will acquire its share of this portfolio alongside other Pantheon clients including the $909m Pantheon Global Secondary Fund II, with which PIP has co-investment arrangements in place. PIP's share of the transaction consideration, including its proportionate share of outstanding commitments to the funds in which interests are being acquired, will be approximately £39m. The transfer of the individual funds will commence during the fourth quarter of 2004 and, subject to necessary consents being obtained, is expected to complete by the end of the first quarter of 2005. PIP has extended its loan facility from Royal Bank of Scotland to £80m to ensure adequate financing over the coming period.

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