Private Equity Holding AG: Net Asset Value as of June 30, 2023
Private Equity Holding AG
/ Key word(s): Net Asset Value
Zug, July 10, 2023
Net Asset Value as of June 30, 2023
As of June 30, 2023, the Net Asset Value (NAV) per share of Private Equity Holding AG (PEH) stood at EUR 152.77 (CHF 149.20), representing a change of -1.4% in EUR (-1.1% in CHF) since May 31, 2023 (including the dividend of CHF 1.00 paid on June 12, 2023).
PEH's portfolio performance was negative in June. At the portfolio level, valuation adjustments in fund currency were, on balance, positive (largest mover: Pelion VI) but could not fully compensate adverse FX movements.
The portfolio was cash-flow positive with total distributions amounting to EUR 21.5m vs. EUR 4.6m paid into the portfolio. The biggest distribution came from the sale of 80% of the direct co-investment in dss+, in which PEH co-invested USD 4.2m in 2019 alongside Gyrus Capital. In addition, Sycamore III distributed proceeds from the sale of Stag's Leap Wine Cellars by Chateau Ste. Michelle, a Napa Valley based winery, and from Clarus IV, distributing proceeds from two transactions, namely Avillion, a clinical co-development company and SFJ Pharmaceuticals, a bio-pharmaceutical development company. Capital calls were received, i.a., from Pollen Street IV, to fund an investment in Tandem Bank, a financial services company and Pair Finance GmbH, a leading AI-based digital collections platform.
Alpha Associates' investment committee approved a new commitment to a venture fund with a unique focus on cybersecurity and enterprise software companies. Further details will be published following the closing of the commitment.
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 2,503,925 as of June 30, 2023 (May 31, 2023: 2,504,900). 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 June 2023
|Company:||Private Equity Holding AG|
|Listed:||SIX Swiss Exchange|
|End of News||EQS News Service|