TIDMPINT
RNS Number : 3626D
Pantheon Infrastructure PLC
21 June 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 31 March 2023 was 99.2 pence per share.
Commentary
-- The Company's NAV total return in the quarter was 1.31%, with
the NAV increasing by 0.3 pence per share in the quarter, after the
payment of the 1.0 pence semi-annual interim dividend.
-- Underlying fair value movements on the investment portfolio
contributed 1.8 pence per share during the period. Performance was
driven by unrealized movements across eight of the Company's
investments, which were largely in line with underwritten
expectations. Three of the Company's eleven investments funded by
the quarter end date (representing c.25% of NAV) continue to be
valued at cost, in line with the underlying sponsor's valuation
policy, given the recency of the investment.
-- There was a slight depreciation of both EUR and USD vs. GBP,
which resulted in a negative FX valuation movement on the
investment portfolio, equivalent to a decrease in NAV of 1.3 pence
per share. This was partially offset by positive movements in the
Company's NAV FX hedging instruments, contributing an increase in
the NAV of 0.9 pence per share.
-- Other contributions to the movement in NAV included: deposit
interest income receipts (0.2 pence per share) and operating costs
(-0.4 pence per share).
-- As at 31 March 2023, the Company had an investment portfolio
valued at GBP386.1 million, net working capital of GBP94.0 million
and a derivative mark-to-market liability of GBP4.1 million. The
Company had undrawn commitments of GBP14.8 million and its
Revolving Credit Facility (GBP62.5 million as at 31 March 2023) was
undrawn at the end of the quarter, and was expanded to GBP115
million post the period end.
NAV Bridge Q1 2023
Opening NAV per share at 31
December 2022 98.9p
============================== =======
Valuation gains / (losses) 1.8p
============================== =======
FX movement (1.3)p
============================== =======
FX hedge 0.9p
============================== =======
Investment income / yield 0.2p
============================== =======
Expenses (inc. operating and
capital expenses) (0.4)p
============================== =======
Dividend paid (1.0)p
============================== =======
Closing NAV per share at 31
March 2023 99.2p
============================== =======
Investment Portfolio as at 31 March 2023
Status Portfolio Sponsor Announced Sector Region Total
# Company commitment
(GBPm)1
==== ========= ============ ============== ========== =============== ========= ============
Transport
1 Invested Primafrio Apollo Mar-22 & Logistics Europe 40
========= ============ ============== ========== =============== ========= ============
Digital
- Data North
2 Invested CyrusOne KKR Mar-22 Centre America 26
========= ============ ============== ========== =============== ========= ============
Vertical Digital North
3 Invested Bridge DigitalBridge Apr-22 - Towers America 26
========= ============ ============== ========== =============== ========= ============
Digital
4 Invested Delta Fiber Stonepeak Apr-22 - Fibre Europe 24
========= ============ ============== ========== =============== ========= ============
Power &
Utilities
Cartier - District North
5 Invested Energy Vauban May-22 Heating America 35
========= ============ ============== ========== =============== ========= ============
Power &
Utilities
- Electricity North
6 Invested Calpine ECP Jun-22 Generation America 47
========= ============ ============== ========== =============== ========= ============
Digital
- Data North
7 Invested Vantage DigitalBridge Jul-22 Centre America 27
========= ============ ============== ========== =============== ========= ============
Renewables
& Energy
8 Invested Fudura DIF Jul-22 Efficiency Europe 45
========= ============ ============== ========== =============== ========= ============
Power &
Utilities
- Gas utility
9 Invested NGGT Macquarie Mar-22 and metering UK 41
========= ============ ============== ========== =============== ========= ============
National
Broadband Digital
10 Invested Ireland Asterion Nov-22 - Fibre Europe 47
========= ============ ============== ========== =============== ========= ============
Digital
11 Invested GD Towers DigitalBridge Jan-23 - Towers Europe 42
========= ============ ============== ========== =============== ========= ============
Total 401
========= ============ ============== ========== =============== ========= ============
(1) Investment refers to the investment NAV plus unfunded
commitments as at 31 March 2023, adjusted for FX at that date as
necessary. Rounding accounts for the difference between individual
amounts and the total stated.
Company diversification at 31 March 2023(1)
Geography
North America 33%
=============== ====
Europe 39%
=============== ====
UK 9%
=============== ====
Net cash 19%
=============== ====
Sector
Digital Infrastructure 38%
=============================== ====
Power & Utilities 26%
=============================== ====
Renewable & Energy Efficiency 9%
=============================== ====
Transport & Logistics 8%
=============================== ====
Net cash 19%
=============================== ====
Market Segment (2)
Contracted 64%
============ ====
Regulated 9%
============ ====
GDP Linked 8%
============ ====
Net cash 19%
============ ====
Sponsor
Digital Bridge 19%
============================== ====
ECP 10%
============================== ====
Asterion Industrial Partners 9%
============================== ====
Macquarie 9%
============================== ====
DIF 9%
============================== ====
Apollo 8%
============================== ====
Vauban 7%
============================== ====
KKR 5%
============================== ====
Stonepeak 5%
============================== ====
Net cash 19%
============================== ====
(1) Refers to investment fair values, or amounts committed as of
31 March 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
Alex Denny, Managing Director
Ben Perkins, Principal
Harriet Alexander, Vice President
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$92.8 billion in
assets under management and advice (as at 31 December 2022) and
employs over 460 staff, including more than 140 investment
professionals, across offices in London, San Francisco, New York,
Chicago, Hong Kong, Seoul, Bogotá, Tokyo, Dublin, Berlin and a
presence in Tel Aviv.
Further details can be found at www.pantheon.com
ENDS
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