LONDON (ShareCast) - (Sharecast News) - Pantheon International (PIP) announced an unaudited net asset value (NAV) per share as at 31 December of 2,627.0p on Friday - a decrease of 47.3p, or 1.8%, from its NAV per share as at 30 November.
The FTSE 250 firm said valuation losses of 53.7p, or 2.0%, and expenses and taxes of 3.1p,, or 0.1%, exceeded investment income of 2.0p, or 0.1%, and foreign exchange movements of 7.5p, or 0.2%, during the period.

It said the valuation movement in the period included an adjustment to estimate the movement in the aggregate value of its quoted investments, held through funds, reflecting changes in the quoted share price of those investments between the fund reporting date and PIP's period end of 31 December.

That adjustment amounted to a reduction of 50.1p per share in December, the board explained.

"PIP's valuation policy for private equity funds is based on the latest valuations reported by the managers of the funds in which PIP has holdings," PIP's board said in its statement.

"In the case of PIP's valuation as at 31 December, 97% of reported valuations are dated 30 September or later."

As at 31 December, PIP's private equity assets stood at £1.42bn, whilst net available cash balances were £100m.

The company said the asset-linked note (ALN) outstanding as at 31 December amounted to £98m.

Undrawn commitments to investments stood at £462m as at period end, calculated using exchange rates at that date.

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

The board said PIP's portfolio generated net cash of £3.6m during the month, with distributions of £19.4m relative to £15.8m of calls from existing commitments to private equity funds.

PIP made one new commitment during the month - a £3.5m co-investment alongside Mid Europa Partners in Urgent Cargus, a domestic courier firm in Romania.

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