The board of Pantheon International Participations, the quoted private equity fund-of-funds investment trust, has entered into agreements with institutional investors to sell a number o
The board of Pantheon International Participations, the quoted private equity fund-of-funds investment trust, has entered into agreements with institutional investors to sell a number of the company’s fund interests.
The effect of this will be to reduce Pantheon International’s unfunded commitments by GBP154m from GBP687m (as at 31 March 2009) to GBP533m.
The agreements are conditional upon receipt of consents for the transfer of the relevant fund interests and other closing conditions that are customary for deals of their respective sizes.
The company estimates that the impact of the disposals will be to reduce the net asset value per share as at 31 March 2009 by approximately 102p. The effect would have been similar on the NAV per share as at 31 December 2008 which was 1126.3p.
The company is in the process of pursuing a number of additional transactions intended to ensure, once completed, that Pantheon International will be in a position to fund all its remaining commitments for the foreseeable future.
The board will make a further announcement later this week to update shareholders as to its liquidity and borrowings, as well as the company’s net asset value as at 31 March 2009 and to provide further detail on the disposals.
