23rd Mar 2020 09:50
(Alliance News) - Pantheon International PLC on Monday said uncertainty around Covid-19 may hurt its performance from March onward, after reporting growth in February.
The FTSE 250-listed private equity fund reported an unaudited net asset value per share as at February 29 of 2,906.7 pence, an increase of 5.0% from the NAV per share as at January 31.
As at the end of February, Pantheon's private equity assets stood at GBP1.49 billion, whilst net available cash balances were GBP148 million.
Pantheon's portfolio generated net cash of GBP108.6 million during the nine months to the end of February, it said.
The company's multi-currency revolving credit facilities comprise a USD163.0 million facility and a EUR59.8 million facility, which remained undrawn as at the February-end.
During February, Pantheon said it has made two new investments worth GBP5.4 million. This included a GBP2.7 million co-investment, alongside Insight Venture Partners, in Armis, a cloud-based internet-of-things cyber security provider.
In the full nine months, the company said it has made 34 new investments, amounting to GBP157.3 million.
"Recent substantial movements in asset prices and currency exchange rates associated with the Covid-19 crisis and its inevitable impact on global economic growth have accelerated after February 29. These significant negative economic and market developments are likely adversely to affect the value of the company's assets," the company said in its statement Monday.
Pantheon shares were trading 7.0% lower in London on Monday at 1,394.68p each.
By Evelina Grecenko; [email protected]
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