LEGAL AND RISK NOTICE
Status of Information
The information on this web site 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 web site 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 on this web site is intended only for persons in the UK and persons in any other jurisdiction to whom such information can be lawfully communicated without any approval being obtained or any other action being taken to permit such communication where approval or other action for such purpose is required. The information on this web site is not directed at and is not for use by any other person. In particular, the information on this web site is not directed at and is not for use by any U.S. person.
Shares in PIP are not registered for sale, offer or delivery in any jurisdiction outside the UK and may not be sold, offered or delivered in any jurisdiction in which registration or any other action for such purpose is required. In particular, shares in PIP have not been and will not be registered under the US Securities Act of 1933 and PIP has not been and will not be registered under the US Investment Company Act 1940.
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.
Pantheon UK is authorised and regulated by the Financial Conduct Authority in the United Kingdom (FCA Reference Number 520240) and has permission under Part 4 FSMA 2000. Pantheon UK is PIP’s manager and receives a management fee of between 1 and 1.5 per cent. per annum of the value of PIP's investment assets and, in addition, a fee at the rate of up to 0.5 per cent. per annum on the value of PIP's outstanding investment commitments and a 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.
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.
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