25th Oct 2006 16:34
25th October 2006 PANTHEON INTERNATIONAL PARTICIPATIONS PLC NET ASSET VALUE AT 30 SEPTEMBER 2006 AND PRIMARY INVESTMENT PROGRAMME INCREASE The Board of Pantheon International Participations PLC (`PIP'), the quotedprivate equity fund-of-funds investment trust, today announced an unaudited netasset value per share and redemption value per redeemable share of 823.3p at 30September 2006 (796.8p at 30 June 2006). This is an increase of 26.5p, or 3.3%,per share from 30 June 2006.The unaudited net assets attributable to ordinary shareholders and redeemableshareholders at 30 September 2006 stood at ‚£455.7m (‚£441.0m at 30 June 2006).Of the unaudited net assets, ‚£397.7m are private equity investment assets. Theprivate equity investment assets at PIP's holding level were 71% denominated inUS Dollars, 23% denominated in Euros and 6% denominated in Sterling. Theremaining net assets of ‚£58.0m are predominantly Sterling denominated. Of the71% of investment assets denominated in US Dollars, approximately 5% areinvested in funds investing in Europe and approximately 5% in funds investingin Asia. Many of the Euro denominated funds have investments in the UK.Primary Investment ProgrammeThe Board has also reviewed the primary investment programme and, in order toreinvest the increasing level of distributions received from PIP's portfolio,has decided to increase the rate at which it will commit to the primary newfund programme from ‚£450 million to ‚£600 million over a three year period. Ends NOTESPIPPantheon International Participations (`PIP') is a London quoted investmenttrust, managed by Pantheon Ventures Ltd., one of the longest-establishedinternational private equity fund-of-funds, investing in both primary funds andsecondary transactions. With investments in over 300 private equity funds,covering late stage buyouts to early stage technology, PIP enables individualsas well as institutions to gain access to a substantial portfolio of unquotedcompanies in the USA, the UK, Continental Europe and Asia, within funds managedby experienced private equity managers. PIP may occasionally acquire directholdings in unquoted companies, usually where a vendor is seeking to sell acombined portfolio of funds and direct holdings. PIP's investment policy alsoextends to investing directly in companies where there is a private equitymanager well known to the Company investing on the same terms. www.pipplc.comPantheon Ventures Ltd.Pantheon has been active in private equity since 1982 and is now one of theworld's leading private equity fund-of-funds managers, with ‚£6.5 billion undermanagement (as at 31 March 2006), investments in some 500 private equity fundsin over 30 countries and offices in London, San Francisco, Hong Kong andBrussels. Pantheon is part of the Russell Investment Group.PIP's valuation policy for private equity funds is based on the latest accountsproduced by the managers of the funds in which of PIP has holdings. In the caseof the valuation as at 30 September 2006, the majority of valuations are dated30 June 2006. Private equity funds may contain a proportion of quoted sharesfrom time to time, for example where the underlying company investments havebeen taken public but the holdings have not yet been sold. The quoted marketholdings at the date of the latest fund accounts are reviewed and compared withthe value of those holdings at the year end. If there has been a materialmovement in the value of these holdings, the valuation is adjusted to reflectthis.For more information please contact: Alastair Bruce / Andrew Lebus 020 7484 6200 ENDPANTHEON INTERNATIONAL PARTICIPATIONS PLCRelated Shares:
Pantheon International