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Pantheon targets $400m IPO with focus on digital infrastructure

Company intends to acquire equity or equity-related investments in private infrastructure assets alongside leading sponsors and institutional investors.

By João Marques Lima

Co-founder and Editor, The Tech Capital

3 Mins

October 14, 2021 | 1:14 AM BST

Investment trust Pantheon Infrastructure PLC (PINT) said it intends to launch an initial public offering (IPO) to begin trading on the London Stock Exchange (LSE).

The company is seeking to raise £300 million (US$410 million) via a placing, an offer for subscription and an intermediaries offer of Ordinary Shares at an issue price of 100 pence per Ordinary Share. Pantheon Ventures (UK) LLP will be the company’s investment manager.

PINT said it intends to acquire equity or equity-related investments in private infrastructure assets alongside leading sponsors and institutional investors (co-investments), predominantly on a no management fee and no carried interest basis on the underlying assets.

The investments will focus on five major sectors, including renewables and energy efficiency, power and utilities, transport and logistics, social and other, and of course, digital infrastructure, including wireless towers, data centres and fibre-optic networks) is benefiting from very strong growth in demand for mobile data usage, cloud services, fibre networks, and 5G.

Pantheon has a pipeline of co-investment opportunities in active diligence of over £1 billion ($1.37 billion)  as of 8 October 2021, and will seek to assemble a diversified portfolio of 8 to 12 assets within 9 to 12 months of the IPO.

Vagn Sørensen, Chairman of Phanteon Infrastructure, said: “We are very pleased to announce the launch of PINT, which is an exciting opportunity for investors to gain access to attractive risk-adjusted returns from infrastructure assets that benefit from long-term contractual cash flows, and have a positive correlation to inflation and favourable exposure to secular changes in society.

“Pantheon has a proven track record of delivering strong returns by applying a disciplined investment process across a globally diversified portfolio and we are confident that their approach, which focuses on co-investing, thus minimising fees while maximising the number of investment opportunities it can access, offers a compelling and differentiated opportunity for investors.”

Richard Sem, Partner, Pantheon, said: “There is a growing and substantial requirement for investment in a number of different infrastructure sectors globally, where private capital is playing an increasingly important role in adapting to key global trends such as the transition to a low-carbon economy.

“Pantheon has a strong track record built over more than a decade derived from identifying compelling opportunities, in conjunction with leading investment partners, and supporting the growth and development of infrastructure companies in a diverse range of sectors. The strategy is expected to deliver a robust income stream and capital growth from creating value in the underlying portfolio companies.”

Founded in 1982, Pantheon has total assets under management and advice of $71.3 billion as at 31 March 2021.

Since 2009, the firm has completed 155 infrastructure investments across primaries, secondaries and co-investments alongside more than 50 asset sourcing partners. The global infrastructure investment team managed $16.0 billion in assets as of 31 March 2021.

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João Marques Lima

Co-founder and Editor, The Tech Capital

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