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“Solid performance” for Pantheon trust

Pantheon International Participations Plc has announced an 11.5 per cent increase in the value of its net asset value.

Pantheon International Participations Plc (PIP), the investment trust managed by Pantheon Ventures that uses an international fund of funds approach, has announced a fully diluted net asset value per share of 669.06 pence at 29 June 2001. This represents a growth in net asset value per share of 11.5 per cent for the year. The total fund value, including PLNs, stands at £206m.

The board also announced an adjusted redemption value to its participating loan notes (PLN) of 658.96 pence (656.1p at 31 March 2001). It says it intends to pursue a policy of allowing redemptions of PLNs, every February and August at a price per PLN equal to the then current adjusted redemption value, subject to it having sufficient resources for this purpose. It is pursing this policy because it has told investors that it “will enable any spare cash to be used in this way”. In line with this policy, it intends to redeem on 14 August 2001 up to 758,771 PLNs at 658.96p per PLN and having an aggregate value of up to £5m.

Rhoddy Swire of Pantheon Ventures said that given PIP’s exposure to technology and other industries, the 11.5 per cent increase in net asset value represents a “solid performance”. This does, however, strongly contrasts the increase of 48 per cent achieved for the same period last year.

He largely attributes its success to the benefits of having a highly diversified portfolio. The investment trust, managed by Pantheon Ventures, uses an international fund of funds approach to private equity investment. It has investments in over 140 private equity funds across USA, UK, Continental Europe and Asia, whose portfolios contain investments in over 2,100 companies.

Another reason for its success is, says Swire, is due to its expertise in knowing who builds real value consistently rather than who wins over the short term. “Our job is to know who has won yesterday and who will win tomorrow and not the short-term heroes of yesteryear,” he said.