PIN : Flurry of deals increases Pantheon’s exposure to co-investments
Pantheon International Participations has published results for the year ended 30 June 2014. The net asset value rose by 2% over the year and the share price rose by 10%, narrowing the discount from 22% to 16%. The performance lagged that of the FTSE All-Share Index and MSCI World Index (which returned 13% and 11% respectively). Pantheon estimate that the strength of Sterling cost them 10% over the year. £142m of cash was freed up from the portfolio over the year as £184m was distributed to them and just £42m was called down.
With the free cash Pantheon bought back shares and made commitments to 29 new investments during the year representing total commitments of £148m. £92m of that had been drawn down by the period end. Six of these were secondary investments (half of this by value in funds with vintages of 2004-2008), four were primary investments in new funds and 19 were co-investments in deals made alongside private equity managers – they plan to increase this area within the portfolio. They say they have committed a further £70m since the end of June – mostly to secondary investments but they have also done a further two co-investment deals.