Zug, June 11, 2019
Net Asset Value as of May 31, 2019
As of May 31, 2019, the Net Asset Value (NAV) per share of Private Equity Holding AG stood at EUR 85.71 (CHF 95.98), representing an increase of 1.5% in EUR and a decrease of 0.5% in CHF, since April 30, 2019.
The PEH portfolio was cash flow positive with the largest distributions received from Bridgepoint Europe IV, which distributed sales proceeds from software solutions provider eFront and international sports management business Dorna, Clarus Lifesciences III distributing shares in kind in clinical-stage gene therapy company Avrobio as well as Mid Europa IV distributing proceeds from a dividend recapitalisation of Eastern Europe's largest e-commerce platform Allegro among others.
PEH further benefitted from positive valuation adjustments throughout the portfolio; in addition to the funds mentioned above, noteworthy valuation increases were recorded for Highland Europe I, Sycamore II, ABRY ASF III, Highland Europe II and Capvis III.
In May, PEH committed USD 5.0 million to TA XIII, a buyout and growth fund targeting mid-market growth companies predominantly in North America and Europe, and completed a EUR 2.0 million direct co-investment in Morgan Motors, an iconic 110-year-old British sports cars manufacturer alongside Investindustrial.
The enclosed monthly newsletter shows the development of the NAV, the share price as well as certain balance sheet data and portfolio key figures.
Private Equity Holding AG (SIX: PEHN) offers investors the opportunity to invest, within a simple legal and tax optimized structure, in a broadly diversified and professionally managed private equity portfolio.
For further information, please contact:
Anna Knaub, Investor Relations, [email protected], phone +41 41 726 79 80, http://www.peh.ch
The basis of the Net Asset Value Calculation and Disclaimer
The number of outstanding shares used for calculation of the Net Asset Value per share amounted to 2,605,077 as of May 31, 2019 (April 30, 2019: 2,605,577). The calculations are prepared in accordance with International Financial Reporting Standards (IFRS) and pursuant to the guidelines of Invest Europe (formerly known as the European Venture Capital Association). The valuations of the fund investments are based on the most recent reported net asset values (NAVs) of the funds. In estimating the fair value of unquoted direct investments, Private Equity Holding AG considers the most appropriate market valuation techniques. The fair value of listed direct investments is the market value. The NAV of Private Equity Holding AG is calculated at the end of each month under a going concern assumption and usually published within six trading days after the cut-off date. The different reporting cut-off dates of the individual companies and funds in which participations are held can lead to short-term distortions and cause discrepancies between the published NAV and the actual total value of Private Equity Holding AG's net assets.