LONDON (ShareCast) - (Sharecast News) - Private equity investor Pantheon International issued its financial report for the year ended 31 May on Wednesday, reporting that its had a "very active year", during which its underlying portfolio generated "strong" investment returns.
The FTSE 250 firm said it continued its strategy of investing selectively, with "the best" private equity managers globally.

Its net asset value per share increased 10.3% to 2,414.8 from 2,189.9p.

Net assets as at 31 May were £1.31bn, down from £1.39bn year-on-year, with the increase in gross assets being partially offset by the effect of issuing an asset-linked note.

The ordinary share price increased from 1,793.0p to 2,010.0p, an increase of 12.1%, with the discount decreasing slightly from 18% to 17%.

Looking at its portfolio, Pantheon said assets in it generated underlying pre-foreign exchange returns of 14.7%.

Distributions received in the 12 months to 31 May were £280m, and excluding the distributions attributable to the asset-linked note, that was equivalent to 26% of opening private equity assets.

After funding £86m of calls, net cash flow from the portfolio totalled £194m.

A total of £256m of new investment commitments were made during the year, of which £139m was funded at the time of purchase.

Pantheon also highlighted that its ordinary and redeemable shares were consolidated into a single enlarged class of ordinary shares during the year, leading to entry into FTSE 250 index.

Older assets in the portfolio were de-emphasised through the issue of a £200m asset-linked note, with £3.5m also invested in acquiring 190,000 ordinary shares.

"Pantheon International (PIP) has had a milestone year," said chairman Sir Laurie Magnus.

"It celebrated its 30 year anniversary, simplified its capital structure and entered the FTSE 250 index."

Sir Laurie also noted the issue of the asset-linked note, which had the effect of de-emphasising older assets in its portfolio, and was expected to boost net asset value per share.

"The board believes that the continued active management of PIP's portfolio, through Pantheon's well-established platform, provides an attractive means of maximising long-term capital growth for shareholders."

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