Pantheon reports big jump in distributions

Pantheon Ventures, manager of quoted investment trust Pantheon International Participations, has generated £157m of distributions in the full year to June 30 2006, up 74 percent.

Pantheon International Participations (PIP), a quoted investment trust managed by global fund of funds manager and secondary specialist Pantheon Ventures, has reported record investments and distributions in its full year figures to June 30 2006.
In the period, PIP made £131.2 million (€196 million) of investments, an increase of 13 percent on the previous year, and commitments of £239.9 million, up seven percent from 2004 to 2005 figures. Distributions for the period totalled £156.8 million, an increase of 74 percent on previous figures.
Portfolio performance led to an increase in net asset value per share of 21.1 percent to £796.8p. Total assets increased by £59.5 million to £441 million.
Of the £239.9 million of commitments, £159.2 million went to primary funds with a further £80.7 million for the purchase of five portfolios of secondary interests. Over the period, PIP made commitments to 12 Europe-focused funds, 20 US-focused funds and six new Asian funds.
Tom Bartlam, PIP chairman, commented on the figures in a release: “The pace of realisations during the year was bolstered by low interest rates, accommodating debt markets and an increase in M&A activity with the return of the corporate buyer. The venture markets show signs of renewed life and, with 27 percent of the portfolio in venture capital funds, PIP is well placed to benefit from further recovery.”
Andrew Lebus, a managing partner at Pantheon Ventures, told PEO that the results were in line with the firm’s strategy to continue to grow PIP’s primary funds programme in line with its secondary investments.
Lebus added that the increased scale of the secondary market had given rise to an increase of would-be acquirers of secondary assets: “There is an appreciation by an increasing number of investors that the secondary market is available to them as a place to sell their private equity interests and that means some investors are beginning to think about how to manage their portfolios more effectively.”
As a result of realisations, £59.8 million of distributions came from primary funds and a further £97 million from secondary interests. This compares to £90.1 million of total distributions for the twelve months to the year ended 30 June 2005.
Acquired by Washington-based money manager Russell Investment Group in 2004, Pantheon Ventures has £5.9 billion under management and offices in London, San Francisco, Hong Kong and Brussels.