Correction – Monthly Performance Update

21 July 2023

For immediate release

The information contained in this announcement is restricted and is not for publication, release or distribution in the United States of America, Canada, Australia (other than to persons who are both wholesale clients and professional or sophisticated investors in Australia), Japan, the Republic of South Africa or any other jurisdiction where its release, publication or distribution is or may be unlawful.

Pantheon International Plc

("PIP" or the "Company")

Correction - Performance Update at 30 June 2023

The Monthly Performance Update is being reissued to correct an error in the foreign exchange percentage movement for the month which was -2.0% and not -0.2% as previously communicated.

Performance Update at 30 June 2023

454.9p                         NAV per share

-1.6%                           NAV per share movement for the month

£2.4bn                         Net asset value

-£0.8m                         Net portfolio cash flow*

3.8x                             Financing cover**

+26%                          Total shareholder return (5Y)***

Month to 30 June 2023

PIP announced an unaudited net asset value ("NAV") per share of 454.9p as at 30 June 2023, a decrease of 7.5p (-1.6%) from the NAV per share as at 31 May 2023.

In the month to 30 June 2023, valuation gains* were +2.1p (+0.5%), investment income* added +0.1p (+0.0%), foreign exchange movements* were -9.2p (-2.0%), and expenses and taxes**** were -0.5p     (-0.1%).

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. In the case of PIP's valuation as at 30 June 2023, 10% of reported valuations are dated 30 June 2023, 81% are dated 31 March 2023, 9% are dated 31 December 2022 or older. Of the 10% of valuations dated 30 June 2023, 7.7% reflect the mark to market fair value adjustment for PIP's listed company holdings.

At 30 June 2023, PIP's private equity assets stood at £2,380m, whilst net available cash balances^ were £60m. The Asset Linked Note^^ ("ALN") outstanding as at 30 June 2023 amounted to £30m. Undrawn commitments to investments stood at £826m as at 30 June 2023, calculated using exchange rates at that date. As at 30 June 2023, PIP maintained a five year £500m multi-tranche, multi-currency revolving credit facility agreement that is due to expire in July 2027. The facility remained undrawn at the month end.

Although the Company made no new commitments during the month, PIP's pipeline points to an active period for new investments in the coming months.

*Figures are stated net of movements associated with the ALN share of the reference portfolio. Valuation movement includes the mark to market fair value adjustment of listed company holdings.

** Ratio of net available cash, portfolio value and undrawn loan facility to outstanding commitments. Outstanding commitments relating to funds outside their investment period (>13 years old) were excluded from the calculation as there is a low likelihood of these being drawn. This amounted to £47.1m as at 30 June 2023.

***Based on the change in the ordinary share price over the period.

****Withholding taxes on investment distributions.

^Net available cash calculated as cash and net current assets / (liabilities) less undistributed net cashflows associated with the ALN.  

^^Unlisted 10-year note issued on 31 October 2017 whose cost and repayments are linked to a reference portfolio consisting of the Company's older vintage funds.

Annualised Performance as at 30 June 2023^^^^

^^^^PIP was launched on 18 September 1987. The performance figures for PIP assume reinvestment of dividends, capital.

Monthly Report

The June newsletter can be accessed on PIP's website at www.piplc.com in the Investor Relations section under the heading "Newsletters".

This announcement contains inside information.

Ends

LEI: 2138001B3CE5S5PEE928

For more information please visit PIP's website at www.piplc.com or contact:

Pantheon

Helen Steers / Vicki Bradley

Tel: +44 20 3356 1800         

Jie Gong

Tel: +852 3718 9605

Follow us on LinkedIn: https://www.linkedin.com/company/pantheon-international-plc

NOTES

PIP

PIP is a listed FTSE 250 private equity investment trust, overseen by an independent Board of Directors and managed by Pantheon, one of the leading private equity investment managers globally. PIP offers investors a liquid, differentiated entry point to the excellent growth potential of global private equity, with access to the primary, secondary and co-investment opportunities of some of the best managers in the world. The Company has a track record of NAV outperformance over the long term and manages risk strategically through diversification and rigorous selection based on Pantheon's extensive experience and international platform, and robust investment due diligence and decision-making processes.

Pantheon

PIP is managed and advised by Pantheon, a leading global private equity, infrastructure & real assets and private debt investor with 40 years' experience sourcing and executing private market investment opportunities on behalf of clients. Pantheon has $92.8 billion in AUM^^^^^ (as at 31 December 2022) and employs approximately 455 staff, including 134 investment professionals (as at 30 June 2023), across offices in London, San Francisco, New York, Chicago, Hong Kong, Seoul, Bogotá, Tokyo, Dublin and Berlin.

^^^^^This figure includes assets subject to discretionary or non-discretionary management, advice or those limited to a reporting function.

Important Information

A copy of this announcement will be available on the Company's website at www.piplc.com. Neither the content of the Company's website, nor the content on any website accessible from hyperlinks on its website for any other website, is incorporated into, or forms part of, this announcement nor, unless previously published by means of a recognised information service, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.

John Singer CBE

Chair, Pantheon International Plc

Broadwalk House, Southernhay West, Exeter, Devon EX1 1TS