LONDON (ShareCast) - (Sharecast News) - Pantheon International updated the market on its performance for October on Friday, reporting an unaudited net asset value per share as at the end of the months of 2,603.2p, an increase of 39.6p or 1.5% from the end of September.
The FTSE 250 company said valuation gains of 2.9p or 0.1%, investment income of 2.2p or 0.1%, and foreign exchange movements of 38.2p or 1.4%, were all partially offset by expenses and taxes of 3.7p or -0.1%.

It said its valuation policy for private equity funds was based on the latest valuations reported by the managers of the funds in which it had holdings.

In the case of Pantheon's valuation as at 31 October, 99% of reported valuations were dated 30 June or later, the board said.

At at 31 October, Pantheon's private equity assets stood at £1.395bn, while net available cash balances were £123m.

The asset linked note outstanding as at 31 October amounted to £109m.

Pantheon said its undrawn commitments to investments stood at £490m, calculated using exchange rates at that date.

Its multi-currency revolving credit facilities comprised a $163.0m facility and a €59.8m facility, which remained completely undrawn as at the month end.

"Pantheon's portfolio generated net cash of £19.6m during the month, with distributions of £29.5m relative to £9.9m of calls from existing commitments to private equity funds," the board said in its statement.

The firm made £39.5m new commitments during the month across three secondaries totalling £28.4m, one primary of £4.1m, and three co-investments totalling £7.0m.

That included a £13.2m secondary commitment to a European mid-market buyout fund, a £13.0m secondary acquisition of a minority interest in an ophthalmology platform, a £4.1m primary commitment to a US large buyout fund, and a £2.2m co-investment alongside HgCapital in Medifox, a provider of outpatient care software solutions in Germany.

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