UK- Pantheon sells fund interests
PIP, the London-listed investment trust of Pantheon Ventures, has sold a number of its fund interests in an effort to boost the company's liquidity to meet its commitments.
The fund interests the firm has agreed to dispose include a significant percentage which are unfunded commitments - totalling £154m. This will effectively reduce PIP's unfunded commitments from £687m to £533m.
The quoted private equity fund-of-funds anticipates a loss of approximately £68m on the holding value of these assets.
Managing partner Andrew Lebus was cited in the company statement as saying that he expects these transactions are 'sufficient to enable [PIP] to finance all remaining commitments'.
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