Pantheon aims for FTSE 250 as NAV per share rises

The NAV per share of Pantheon International plc (PIP) increased by 2.5% to £22.45 in the six months to 30 November 2017, according to its half-yearly financial report.

The firm said its buyout and growth segments, which make up 83% of its portfolio, performed well, while venture, which makes up 7%, lagged. The special situations portfolio also suffered, due primarily to company-specific issues within the UK retail sector. PIP stressed that UK assets accounted for less than 10% of its portfolio.

The company also announced it had consolidated its ordinary and redeemable shares into one class of ordinary shares. At the same time, it issued a £200m asset-linked note (ALN), which will pay out cash flows from 300 older-vintage funds. This is expected to give more recent vintages a higher weighting, thereby increasing returns.

PIP's market capitalisation stands at around £1bn and it should be eligible for inclusion in the FTSE 250 Index during 2018, the company said in a statement.

PIP made 34 new investments during the period, amounting to £196m in new commitments. It committed £88m to 10 secondary transactions, £52m to 15 co-investments and £56m to nine primary commitments. It said that at this time in the economic cycle it was focusing on the tech and healthcare sectors.

It also said pricing was rising. Sample-weighted average enterprise-value-to-EBITDA across a sample of its funds was 10.5x, compared with 10.2x and 11.6x for the FTSE All-Share and MSCI World indices respectively.

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