Pantheon International PLC (LSE:PIN) reported a rise in net asset value (NAV) for last month, boosted by valuation gains, currency swings and its share buyback programme.
The private equity investment trust's NAV rose 3.7% per share in July to 510.4p. Foreign exchange swings contributed 2.8% and valuation gains 0.9%.
As part of the buyback, 2.17 million shares were repurchased during the month for £7 million at an average price of 321.1p, a 35% discount to NAV. The buybacks are part of a £30 million allocation announced in June, of which £19 million has been deployed so far.
Net portfolio cash flow was £8.6 million, with £23.1 million of distributions and £14.5 million of calls.
New commitments of £47.3 million were made during the month, including a co-investment with Shamrock Capital Advisors in US-based communications and intelligence firm Penta Group; a secondary transaction with Five Arrows across six companies in Europe and North America; and a £23.6 million primary commitment to Hg Genesis 11, a European buyout fund focused on software and services.