Proactive Investors - Pantheon International PLC (LON:PANI) (PIP) reported an increase in net asset value (NAV) up 6.1% year-on-year as it made five new investment commitments during May.
The investment trust focused on private equity assets announced an unaudited NAV per share of 490.5p as at 31 May 2024, an increase of 0.8p or 0.2% over the month.
Most of the gain came from a 6.7p increase in valuation, adding 1.4%, helped by another 0.8p from share buybacks, while foreign exchange movements took 6.1p or 1.2% away, with expenses and taxes another 0.8p.
The valuation increase is based on the latest valuations reported by the managers of the funds in which PIP has holdings, of which 9% are dated 31 May or later, the rest are dated March or earlier. Of the 9%, 6.2% reflect the mark-to-market fair value adjustment for PIP's listed company holdings.
PIP's private equity assets stood at £2.5 billion at the end of May, with net available cash balances of £16 million and an asset linked note had £30 million outstanding.
Undrawn commitments to investments stood at £789 million, while £83 million was drawn from PIP's five-year £500 million revolving credit facility.
PIP said it made £47.3 million of new commitments during the month, comprised of one £9.7 million co-investment and four primary investments totalling £37.6 million, including into a North American growth capital fund which will invest mainly in software and internet businesses and a global growth capital fund investing primarily in growth and late-stage private companies.
The co-investment was an additional commitment alongside Hg to Visma, a European-based provider of enterprise software.
PIP invested £8 million in share buybacks during the month at a weighted average price of 327.3p per share, representing an average discount of 33% to NAV, taking the total to £196.7 million.
PIP said in the intervening weeks it has now completed the planned £200 million buyback and, given the prevailing share price discount to NAV, the board has allocated a further £5 million to share buybacks.
The share repurchase transactions are expected to be completed by the end of September 2024.