Legal & Risk notice
Pantheon UK is authorised and regulated by the Financial Conduct Authority in the United Kingdom (FCA Reference Number 520240) and has permission under Part 4A FSMA 2000. Pantheon UK is PIP’s manager and receives a monthly management fee at the rate of 1.5 per cent. per annum on the value of PIP’s investment assets (that is, all assets excluding cash and fixed interest near-cash investments) up to £150 million and at the rate of 1 per cent. per annum on the value of investments assets above £150 million. Pantheon UK also receives a monthly fee at the rate of 0.5 per cent. per annum on the amount committed by PIP to investments which is for the time being outstanding and unpaid, up to a maximum amount equal to the total value of PIP’s investment assets. Further Pantheon UK is entitled to an annual performance fee equal to 5 per cent. of all growth in PIP’s fully diluted total net asset value above 10 per cent. per annum calculated on a compounded basis. Further information on the fees payable to Pantheon UK can be found in The Directors’ Report section of PIP’s latest annual report and accounts
Status of Information
The information on this website does not constitute or form part of an offer to sell or an invitation to purchase or subscribe for shares or other securities of PIP, nor may it or any part of it form the basis of, or be relied upon in connection with, any contract relating thereto. The information on this website is provided for general information, is not comprehensive, is not intended to constitute any recommendation to acquire or dispose of any securities or apply for or use any investment related service or product and does not constitute investment, legal, tax or other advice. You should seek individual advice from an appropriate independent financial and/or other professional adviser before making any investment or financial decision or applying for or using any such investment related service or product.
The information contained on this website is intended for persons in the United Kingdom and for professional investors in Denmark, Finland, Germany, Spain and Sweden and for persons who are both wholesale clients and professional or sophisticated investors in Australia only and in particular is not for release, publication or distribution, directly or indirectly, in whole or in part, in or into any member state of the European Economic Area (“EEA”) (other than to professional investors in Denmark, Finland, Germany, Spain or Sweden), the United States, Canada, Australia (other than to persons who are both wholesale clients and professional or sophisticated investors), the Republic of South Africa or Japan or any other jurisdiction where its release, publication or distribution is or may be unlawful.
The information on this website is intended only for, and may be accessed only by, persons in the United Kingdom, professional investors in Denmark, Finland, Germany, Spain and Sweden and persons who are both wholesale clients and professional or sophisticated investors in Australia. Viewing the materials on this website may not be lawful in other jurisdictions.
The information on this website is for information purposes only and does not constitute or form a part of any offer or invitation to sell or issue, or the solicitation of any offer to purchase or subscribe for, securities.
Shares in PIP may not be sold, offered or delivered in any jurisdiction in which registration or any other action for such purpose is required. No securities of PIP have been or will be registered under the US Securities Act of 1933, as amended (the “Securities Act”) or under the securities laws of any state or other jurisdiction of the United States and may not be offered, sold or delivered, directly or indirectly, in or into the United States, or to or for the account or benefit of any US person (within the meaning of Regulation S under the Securities Act). In addition, PIP has not been, and will not be, registered under the United States Investment Company Act of 1940, as amended. There will be no public offer of securities in the United States.
If you are not permitted to view this website or are in any doubt as to whether you are permitted to view this website, please exit this website immediately. The contents of this website must not be released or otherwise forwarded, distributed or sent, directly or indirectly, in whole or in part, outside the United Kingdom and in particular in or into any Member State of the EEA (other than to professional investors in Denmark, Finland, Germany, Spain or Sweden), the United States, Australia (other than to persons who are both wholesale clients and professional or sophisticated investors), Canada, the Republic of South Africa or Japan or any other jurisdiction where the distribution of such materials would or may breach any applicable law or regulation or would require any registration or licensing within such jurisdiction. Persons receiving any such materials (including, without limitation, custodians, nominees and trustees) should observe these restrictions and must not, directly or indirectly, in whole or in part, forward, distribute or send them in, into or from any jurisdiction (other than the United Kingdom, to professional investors in Denmark, Finland, Germany, Spain or Sweden, or to persons who are both wholesale clients and professional or sophisticated investors in Australia). Neither PIP, Pantheon UK nor their respective advisers accept any responsibility for any violation by any person of any of these restrictions.
The value of investments, and the income from them, may go down as well as up, and is not guaranteed and an investor may not get back the amount of money invested. There is no assurance that the investment objective of PIP will be achieved. Further, the market price of PIP shares may not fully reflect their underlying net asset value and it is not uncommon for the market price of PIP shares to trade at a substantial discount to their net asset value. This discount may increase or reduce due to market factors which are unrelated to PIP’s net asset value or performance. You should also remember that past performance cannot be relied on as a guide to future performance and that rates and levels of taxation may change. The spread between the purchase and sale prices for certain investment trusts, and classes of investment trust, can be wide. This means the purchase price can be considerably higher than the sale price.
You should also note the following risks relating to investments made by PIP:
PIP invests in private equity funds and unquoted companies which are less readily marketable than quoted securities and may take a long time to realise. In addition, such investments may carry a higher degree of risk than investments in quoted securities. PIP may be adversely affected by these risks notwithstanding the level of diversification which PIP seeks to achieve in relation to its investment portfolio.
PIP uses its borrowing facilities to make investments in order to manage its cash flow flexibly without having to retain significant cash balances. The use of borrowings should enhance net asset value per share where the value of PIP’s underlying assets is rising, but will lead to a correspondingly greater percentage reduction in net asset value per share in the event of a reduction in the value of PIP’s investments. In addition, PIP may from time to time invest in private equity funds or unquoted companies which are geared by loan facilities which rank ahead of PIP’s investment both for payment of interest and capital. Accordingly, PIP may be exposed to gearing by such private equity funds and unquoted companies.
There is no guarantee that PIP will find sufficient suitable investment opportunities, or that private equity funds in which PIP invests will find suitable investment opportunities, to achieve the level of diversification which PIP seeks to achieve in relation to its investment portfolio.
Private equity investments are long term in nature and may take some years before reaching a level of maturity at which they can be realised. Accordingly, it is possible that PIP may not receive a return on investments made by it for a number of years.
In valuing its investments in private equity funds and unquoted companies and in publishing its net asset value, PIP relies to a significant extent on the accuracy of financial and other information provided by these funds and companies to Pantheon. Valuation methods used by those funds and companies may be inconsistent.
At any given time, PIP typically has outstanding, unpaid commitments to private equity funds which are substantial relative to PIP’s assets. PIP’s ability to meet these commitments (and avoid the potentially adverse consequences of default) depends on PIP receiving cash distributions from its investments and, to the extent these are insufficient, on the continuing availability of PIP’s financing facilities.
PIP invests in overseas markets. Accordingly, changes in exchange rates may cause the value of an investment to go up or down.
Most of the private equity funds and unquoted companies in which PIP invests are not subject to regulation by the Financial Conduct Authority or an equivalent regulatory body. Such funds and companies may be in jurisdictions which do not provide an equivalent level of investor protection to that provided in the United Kingdom.
PIP is dependent upon Pantheon UK as its manager and may be adversely affected if the services of Pantheon cease to be available to PIP.
If PIP fails to continue to meet the qualifying conditions for an investment trust, this may result in the loss of the exemption from liability for corporation tax on chargeable capital gain.
Other principal risks associated with PIP’s activities are described in the notes to the financial statements in PIP’s latest annual report and accounts.
PIP Share Savings Scheme
The PIP Savings Scheme is operated and administered by The Share Centre Limited (TSC) a third party broker which is independent of Pantheon UK and PIP. TSC is solely responsible for the operation and administration of the PIP Share Savings Scheme and neither Pantheon UK nor PIP accepts any responsibility or liability for the operation or administration of the PIP Share Savings Scheme or for any acts or omissions of TSC as the administrator of the PIP Share Savings Scheme.
Pantheon UK acts exclusively for PIP and no-one else in relation to the PIP Share Savings Scheme and is not responsible to anyone other than PIP for providing the protections afforded to customers of Pantheon UK or for providing advice in relation to such matters.
TSC’s annual administration fee for operating the PIP Share Savings Scheme is borne by PIP.
Content. Pantheon UK will use reasonable efforts to include accurate and up-to-date information on this website, but makes no warranties or representations of any kind as to and shall not be responsible for the accuracy, currency, completeness or fitness for purpose of any such information. You agree that access to and use of this website and reliance on the content thereof is at your own risk and you assume responsibility for determining whether any laws or regulations limit your access to any use of information or any investment or other product described on this website.
Disclaimer of Liability. Save to the extent required by applicable law and regulatory requirements, Pantheon shall not be liable for any loss or damages, including without limitation, direct, incidental, consequential, indirect or punitive loss or damages, arising out of access to, use of or inability to use this website, or any errors, inaccuracies or omissions in the content thereof.
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