Ad hoc announcements pursuant to Art. 53 LR
Private Equity Holding AG: Net Asset Value as of March 31, 2022
Private Equity Holding AG / Key word(s): Annual Results
Zug, April 11, 2022
Net Asset Value as of March 31, 2022
As of March 31, 2022, the Net Asset Value (NAV) per share of Private Equity Holding AG (PEH) stood at EUR 153.42 (CHF 156.85), representing an increase of 5.0% in EUR (4.0% in CHF) since February 28, 2022, and of 28.0% over the full financial year 2021/22 (in EUR, incl. dividend).
The reporting period continued to be characterised by an uncertain market environment resulting from the war in Ukraine. However, PEH's well diversified portfolio showed strong resilience amid volatile market conditions.
PEH's portfolio performance was positive in March and also benefitted from favourable FX movements. The NAV increase results from positive valuation adjustments of several portfolio funds including Eagletree IV and Mid Europa Fund IV as well as the direct co-investment in International Design Holding, a global high-end lighting and furniture group.
The portfolio was again cash-flow positive with total distributions amounting to EUR 7.9m. PEH received noteworthy distributions from Evolution Technology, distributing proceeds from the sale of Eperi, a market leading encryption gateway solution, and Pollen Street III from the partial sale of Aryza, a leading global provider of case management and process automation software solutions for the financial service industry. The distributions also include the proceeds from the second tranche of the highly successful partial sale of Renaissance Learning, a digital learning solutions provider.
In the reporting period, PEH committed USD 4.0m to Frontenac XII Private Capital, a Chicago-based private equity firm focusing on lower middle market buyout transactions in the consumer, industrial and services industries.
Private Equity Holding AG (SIX: PEHN) is a listed investment company for private equity investments. It offers institutional and private investors the opportunity to participate in a simple and tax-efficient manner in a diversified and professionally managed private equity portfolio with selective fund and direct investments.
Income from the portfolio is partially reinvested, as well as passed on to the shareholders as annual distributions. Private Equity Holding's portfolio is managed by Alpha Associates, an independent Private Equity, Private Debt and Infrastructure investment manager based in Zurich.
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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 2,524,604 as of March 31, 2022 (February 28, 2022: 2,524,704). 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.
File: PEH NAV Flyer March 2022
End of ad hoc announcement
|Company:||Private Equity Holding AG|
|Listed:||SIX Swiss Exchange|
|EQS News ID:||1325569|
|End of Announcement||EQS News Service|