Pantheon International net asset value slips in November

21st Dec 2016 08:59

(ShareCast News) - Pantheon International announced an unaudited net asset value per share at 30 November of 2070.9p, a decrease of 17.2p from the NAV per share as at 31 October.The company said valuation gains of 38.6p and investment income of 4.5p were offset by foreign exchange movements of -57.5p and expenses and taxes of -2.8p."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," its board explained in the update on Wednesday."In the case of PIP's valuation at 30 November, the majority of reported valuations - accounting for circa 92% by value - are dated 30 September 2016 or later."At 30 November, PIP's private equity assets stood at £1.17bn, whilst cash balances were £141m.Undrawn commitments to investments stood at £420m, which was calculated using exchange rates at that date.PIP's multi-currency revolving credit facilities comprised a $138.8m facility and a €66.6m facility, which remained completely undrawn on 30 November.The firm's portfolio generated net cash of £9.2m during the month, with distributions of £16.4m relative to £7.2m of calls from existing commitments to private equity funds."PIP completed two new investments during the month - a £6.8m purchase of an interest in a European bank managed by a global large buyout manager focused on the financial services sector; and a £3.2m co-investment, alongside Wellspring Capital Management, in Hoffmaster Group."The board described Hoffmaster Group as a paper converting business focused on the design and manufacturing of premium paper tableware.