Net Asset Value as of March 31, 2021
EQS Group-News: Private Equity Holding AG / Key word(s): Monthly Figures
Zug, April 12, 2021
Net Asset Value as of March 31, 2021
As of March 31, 2021, the Net Asset Value (NAV) per share of Private Equity Holding AG (PEH) stood at EUR 121.33 (CHF 134.20), representing an increase of 12.1% in EUR (12.8% in CHF) since February 28, 2021. The monthly performance marks the third double digit NAV increase in the last 5 months, resulting in the best financial year performance of PEH since the re-start of the investment activity in 2007 (+37.5% per share in EUR, incl. dividend).
Key drivers of the exceptional portfolio performance in March were various technology and life science funds, ALPHA CEE Opportunity IV, Pollen Street III and the direct co-investments in Renaissance Learning (digital learning tools) and Earnix (rating, pricing and product personalisation software tools for the financial industry). The portfolio performance was supported by favourable FX movements in March; however, for the full financial year, the per share performance would have been 42% at constant EUR/USD rates vs. 37.5% at actual rates.
PEH's portfolio was significantly cash flow positive in March. Noteworthy distributions were received from Pollen Street III, distributing proceeds from the fund's sale of Specialist Risk Group (formerly Miles Smith), a specialist insurance intermediary group, as well as from Mid Europa Fund IV, distributing proceeds from the fund's partial sale of Allegro, a polish e-commerce platform.
As at the end of the financial year, PEH's share price was 47.1% higher than at March 31, 2020 (incl. the dividend of CHF 1/share). Since the ad hoc press release about the strong March result on April 6, the share price has increased further, and as of the publication of this NAV report the discount has decreased to 38.5%.
PEH will publish its annual report 2020/21 on May 11, 2021.
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 2,539,128 as of March 31, 2021 (February 28, 2021: 2,549,404). 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 2021