20th Sep 2016 09:13
LONDON (Alliance News) - Pantheon International PLC on Tuesday said it continued to see "interesting opportunities" in the secondaries market where pricing has seen a "modest increase", after its net asset value grew over its financial year.
The private equity investment trust said its net asset value per share rose 22% over the year ended June 30 to 1,873.60 pence from 1,532.40p, and said its net assets grew to GBP1.19 billion from GBP1.00 billion.
Pantheon said its portfolio is weighted towards companies based in North America and the stronger Northern European economies, though said its energy holdings in its Special Situations portfolio continued to feel the adverse effects of declining oil prices. However, Pantheon said it has been able to take advantage of the cyclical nature of the sector and has acquired additional energy assets at "attractive prices".
The trust noted "great political and economic uncertainty" resulting from the Brexit vote and said it has put "robust contingency plans" in place, though its internationally diversified portfolio "has only a small minority that is exposed to the UK economy".
"Pantheon has delivered a good performance over the past 12 months, which has been reflected in the strong growth in the net asset value per share. During the year, our managers have continued to benefit from the strong exit environment and the company has maintained a disciplined approach when committing capital to new investment opportunities," Chairman Tom Bartlam said.
"It is more critical than ever that we only invest in assets with attractive long-term growth potential and with managers that have successful track records of managing assets through economic cycles," Bartlam added.
"We continue to see interesting opportunities in the secondaries market where pricing has seen a modest decrease. The manager has been able to use the privileged insights it gains from extensive interactions with private equity managers to evaluate funds with identifiable growth prospects at entry or assets that may, upon realisation, deliver significant uplifts to their holding value," the chairman said.
Shares in Pantheon were up 1.7% at 1,372.50p on Tuesday morning.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Pantheon International