PINT said that it will target risk-adjusted total returns comprising capital growth and a progressive dividend by investing in private infrastructure assets alongside other private asset investment managers and institutional investors, in sectors including digital infrastructure, and renewables and energy efficiency.
Pantheon Ventures will be the company’s investment manager, having completed 155 infrastructure investments across primaries, secondaries and co-investments alongside more than 50 asset sourcing partners since 2009 and has committed $2.7bn to 34 co-investment transactions since 2015, delivering gross risk-adjusted returns of 18.5%.
Pantheon has a pipeline of co-investment opportunities of more than £1 billion as at 8 October 2021, which it said were on a “predominantly” no management fee, no carried interest basis, and intends to assemble a diversified portfolio of eight to 12 assets within nine to 12 months of the IPO.
The new investment trust will raise the funds via a placing, an offer for subscription and an intermediaries offer of ordinary Shares at an issue price of 100p per ordinary share.
PINT is targeting a NAV total return per share of between 8% and 10% per annum following the full investment of the net initial proceeds.
It aims to pay an initial dividend of at least 2p per ordinary share in the first financial year ending 31 December 2022, rising to 4p per share for the financial year ending 31 December 2023, with dividends paid semi-annually.
Vagn Sørensen, chairman of the company, 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 at Pantheon, added: “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.”
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