Pantheon Infrastructure (PINT) has confirmed its intention to float on the London Stock Exchange, seeking to raise £300m to invest in digital infrastructure, renewables, transport, logistics and utilities.
The investment trust will invest in a mix of high yielding and growth infrastructure assets, targeting risk-adjusted total returns or capital growth and progressive dividends.
Pantheon Ventures will be the investment manager, having completed 155 infrastructure investments across primaries, secondaries and co-investments alongside more than 50 asset sourcing partners since 2009.
It has also committed $2.7bn to 34 co-investment transactions since 2015, delivering gross risk-adjusted returns of 18.5%.
PINT is targeting an initial dividend of at least 2p per ordinary share in the first financial year, which ends on December 31, 2022. After this, it expects the dividend to rise to 4p per share for the 2023 financial year.
It is also targeting a net asset value total return per share of between 8% and 10% per year once the full initial proceeds have been fully invested.
Pantheon has a pipeline of co-investment opportunities of over £1bn as at 8 October 2021, which the company said are on a “predominantly no management fee, no carried interest basis”, and will look to assemble a diversified portfolio of eight to 12 assets within nine to 12 months of the IPO.
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.”
