UNQUOTE

PIP in $40m secondaries deal

  • Kimberly Romaine
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Pantheon International Participations PLC (PIP), Pantheonт€™s quoted private equity fund-of-funds investment trust, has committed $40m to buy a portfolio of 25 buyout global funds with more than 400 portfolio companies.

The transaction price corresponds to a discount on September 2010 valuations and should be 77% funded when the deal completes. The portfolio consists of 40% US funds, 40% European and 20% from Asia.

PIP has also extended its multi-currency revolving credit facility to June 2015 and reduced it from £150m to £100m.

Since its last NAV announcement for Q1 2011, PIP's cash balances have increased by £16m to £42m in the two months to 31 May 2011. The portfolio has a weighted average fund age of approximately 6.5 years and is therefore in a cash-generative phase.

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