TIDMPINT
RNS Number : 9062W
Pantheon Infrastructure PLC
15 December 2023
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This Announcement has been determined to contain inside
information.
PANTHEON INFRASTRUCTURE PLC
Net Asset Value
Pantheon Infrastructure PLC ("PINT" or the "Company"), the
listed global infrastructure fund, announces that its Net Asset
Value ("NAV") as at 30 September 2023 was 106.6 pence per
share.
Commentary
-- The NAV increased by 5.6 pence per share in the quarter, an
increase of 5.5% on the NAV of 101 pence per share as at 30 June
2023.
-- Underlying fair value movements on the investment portfolio
contributed 4.6 pence per share during the period. Performance was
driven by unrealized movements across eleven of the Company's
investments, with notable valuation uplifts on Calpine, CyrusOne,
National Gas and GlobalConnect. One of the Company's twelve
investments funded by the quarter end date, GD Towers, was valued
on an adjusted cost basis.
-- There was an appreciation of both EUR and USD vs. GBP, which
resulted in a positive FX valuation movement on the investment
portfolio, equivalent to an increase in NAV of 2.0 pence per share.
This was partially offset by opposing movements in the Company's
NAV FX hedging instruments, contributing a decrease in the NAV of
1.0 pence per share.
-- Other contributions to the movement in NAV included: deposit
interest income (0.2 pence per share), operating costs (-0.4 pence
per share) and the NAV accretion from the Company's buyback of
shares at a discount to NAV during the period (0.2 pence per
share).
-- During the period, the Company committed GBP35 million to an
investment in Zenobe, a UK battery storage and electric vehicle
fleet specialist (with the funds drawn subsequent to the period
end). Cash totaling GBP19.4 million was advanced under existing
commitments during the period, primarily on the investment into
GlobalConnect, which had been committed to in the previous quarter.
The Company also invested GBP2.8 million into the acquisition of
its own shares at a weighted average discount of 21.6% to the NAV
as at 30 June 2023.
-- As at 30 September 2023, the Company's net assets were
GBP506.5 million, comprising the investment portfolio valued at
GBP441.4 million, net working capital of GBP68.5 million and a
derivative mark-to-market liability of GBP3.4 million. At the end
of the quarter, the Company had undrawn commitments of GBP48.1
million and its GBP115 million Revolving Credit Facility was fully
undrawn.
Richard Sem, Partner at Pantheon, PINT's investment manager,
commented: "We are pleased to see the performance of PINT's
investments flowing through to the NAV. The valuation movements
across the Portfolio during the period are testament to the quality
of the assets that PINT has invested in and underpins our continued
confidence in the investment strategy going forward."
NAV Bridge Q3 2023
Opening NAV per share at 30
June 2023 101.0p
=================================== =======
Fair value gains / (losses) 4.6p
=================================== =======
FX movement 2.0p
=================================== =======
FX hedge movement (1.0)p
=================================== =======
Deposit interest 0.2p
=================================== =======
Expenses (0.4)p
=================================== =======
NAV accretion from share buybacks 0.2p
=================================== =======
Closing NAV per share at 30
September 2023 106.6p
=================================== =======
Investment Portfolio as at 30 September 2023
Status Portfolio Sponsor Announced Sector Region Total
# Company Investment
(GBPm)1
========== ============== ============== ========== =============== ========= ============
Transport
1 Invested Primafrio Apollo Mar-22 & Logistics Europe 44
========== ============== ============== ========== =============== ========= ============
Digital
- Data North
2 Invested CyrusOne KKR Mar-22 Centre America 30
========== ============== ============== ========== =============== ========= ============
Power &
Utilities
National - Gas utility
3 Invested Gas Macquarie Mar-22 and metering UK 44
========== ============== ============== ========== =============== ========= ============
Vertical Digital North
4 Invested Bridge DigitalBridge Apr-22 - Towers America 28
========== ============== ============== ========== =============== ========= ============
Digital
5 Invested Delta Fiber Stonepeak Apr-22 - Fibre Europe 26
========== ============== ============== ========== =============== ========= ============
Power &
Utilities
Cartier - District North
6 Invested Energy Vauban May-22 Heating America 35
========== ============== ============== ========== =============== ========= ============
Power &
Utilities
- Electricity North
7 Invested Calpine ECP Jun-22 Generation America 64
========== ============== ============== ========== =============== ========= ============
Digital
- Data North
8 Invested Vantage DigitalBridge Jul-22 Centre America 27
========== ============== ============== ========== =============== ========= ============
Renewables
& Energy
9 Invested Fudura DIF Jul-22 Efficiency Europe 47
========== ============== ============== ========== =============== ========= ============
National
Broadband Digital
10 Invested Ireland Asterion Nov-22 - Fibre Europe 49
========== ============== ============== ========== =============== ========= ============
Digital
11 Invested GD Towers DigitalBridge Jan-23 - Towers Europe 41
========== ============== ============== ========== =============== ========= ============
Digital
12 Invested GlobalConnect EQT June-23 - Fibre Europe 20
========== ============== ============== ========== =============== ========= ============
Renewables
& Energy
13 Committed Zenobe Infracapital Sep-23 Efficiency UK 35
========== ============== ============== ========== =============== ========= ============
Total 490
========== ============== ============== ========== =============== ========= ============
(1) Investment refers to the investment fair value plus unfunded
commitments as at 30 September 2023, adjusted for FX at that date
as necessary.
Company diversification at 30 September 2023(1)
Geography
North America 36%
=============== ====
Europe 53%
=============== ====
UK 7%
=============== ====
Uncommitted 4%
=============== ====
Sector
Digital Infrastructure 43%
=============================== ====
Power & Utilities 28%
=============================== ====
Renewable & Energy Efficiency 16%
=============================== ====
Transport & Logistics 9%
=============================== ====
Uncommitted 4%
=============================== ====
Market Segment (2)
Contracted 79%
============= ====
GDP Linked 9%
============= ====
Regulated 8%
============= ====
Uncommitted 4%
============= ====
Sponsor
Digital Bridge 19%
============================== ====
ECP 13%
============================== ====
Asterion Industrial Partners 9%
============================== ====
DIF 9%
============================== ====
Apollo 9%
============================== ====
Macquarie 8%
============================== ====
Vauban 7%
============================== ====
Infracapital 7%
============================== ====
KKR 6%
============================== ====
Stonepeak 5%
============================== ====
EQT 4%
============================== ====
Uncommitted 4%
============================== ====
(1) Refers to investment fair values, or amounts committed as of
30 September 2023. Charts are based on % of gross asset value
(portfolio value + net cash). Net cash is comprised of cash, hedge
and debtor balances.
(2) This classification represents where the majority of each
portfolio company cash flow is contracted in nature vs. regulated
or GDP linked.
For further information, contact:
Pantheon Ventures (UK) LLP +44 (0) 20 3356 1800
Investment Manager pint@pantheon.com
Richard Sem, Partner
Ben Perkins, Principal
Investec Bank plc
Corporate Broker
Tom Skinner (Corporate Broking)
Lucy Lewis (Corporate Finance) +44 (0) 20 7597 4000
TB Cardew +44 (0) 20 7930 0777
Public relations advisor pint@tbcardew.com
Ed Orlebar +44 (0)7738 724 630
Tania Wild +44 (0)7425 536 903
Henry Crane +44 (0)7918 207157
LEI 213800CKJXQX64XMRK69
Notes to editors
Pantheon Infrastructure PLC (PINT)
Pantheon Infrastructure PLC is a closed-ended investment company
and an approved UK Investment Trust, listed on the Premium Segment
of the London Stock Exchange's Main Market. Its Ordinary Shares
trade under the ticker 'PINT'. The independent Board of Directors
of PINT have appointed Pantheon, one of the leading private markets
investment managers globally, as investment manager. PINT aims to
provide exposure to a global, diversified portfolio of high-quality
infrastructure assets through building a portfolio of direct
co-investments in infrastructure assets with strong defensive
characteristics, typically benefitting from contracted cash flows,
inflation protection and conservative leverage profiles.
Further details can be found at
www.pantheoninfrastructure.com
LEI 213800CKJXQX64XMRK69
Pantheon
Pantheon is a leading global private equity, infrastructure
& real assets, private debt and real estate investor with 40
years' experience sourcing and executing private market investment
opportunities on behalf of clients. Pantheon has US$94.6 billion in
assets under management and advice (as at 30 June 2023) and employs
over 456 staff, including more than 136 investment professionals,
across offices in London, San Francisco, New York, Chicago, Hong
Kong, Seoul, Singapore, Bogotá, Tokyo, Dublin, Berlin and a
presence in Tel Aviv.
Further details can be found at www.pantheon.com
ENDS
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