PANTHEON INFRASTRUCTURE PLC

Net Asset Value • Jun 21, 2023

National Storage Mechanism | Additional information

RNS Number : 3626D

Pantheon Infrastructure PLC

21 June 2023

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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 £386.1 million, net working capital of £94.0 million and a derivative mark-to-market liability of £4.1 million. The Company had undrawn commitments of £14.8 million and its Revolving Credit Facility (£62.5 million as at 31 March 2023) was undrawn at the end of the quarter, and was expanded to £115 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 Company	Sponsor	Announced	Sector	Region	Total commitment  (£m)1
1	Invested	Primafrio	Apollo	Mar-22	Transport & Logistics	Europe	40
2	Invested	CyrusOne	KKR	Mar-22	Digital - Data Centre	North America	26
3	Invested	Vertical Bridge	DigitalBridge	Apr-22	Digital - Towers	North America	26
4	Invested	Delta Fiber	Stonepeak	Apr-22	Digital - Fibre	Europe	24
5	Invested	Cartier Energy	Vauban	May-22	Power & Utilities - District Heating	North America	35
6	Invested	Calpine	ECP	Jun-22	Power & Utilities - Electricity Generation	North America	47
7	Invested	Vantage	DigitalBridge	Jul-22	Digital - Data Centre	North America	27
8	Invested	Fudura	DIF	Jul-22	Renewables & Energy Efficiency	Europe	45
9	Invested	NGGT	Macquarie	Mar-22	Power & Utilities - Gas utility and metering	UK	41
10	Invested	National Broadband Ireland	Asterion	Nov-22	Digital - Fibre	Europe	47
11	Invested	GD Towers	DigitalBridge	Jan-23	Digital - 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 20231

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 Segment2

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 Investment Manager Richard Sem, Partner Alex Denny, Managing Director Ben Perkins, Principal Harriet Alexander, Vice President	+44 (0) 20 3356 1800 pint@pantheon.com
Investec Bank plc Corporate Broker Tom Skinner (Corporate Broking) Lucy Lewis (Corporate Finance)	+44 (0) 20 7597 4000
TB Cardew Public relations advisor Ed Orlebar Tania Wild Henry Crane	+44 (0) 20 7930 0777 pint@tbcardew.com +44 (0)7738 724 630 +44 (0)7425 536 903 +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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