Private Equity Holding AG: Net Asset Value as of December 31, 2021
EQS-NAV: Private Equity Holding AG
/ Key word(s): Net Asset Value
Zug, January 10, 2022
Net Asset Value as of December 31, 2021
As of December 31, 2021, the Net Asset Value (NAV) per share of Private Equity Holding AG (PEH) stood at EUR 152.48 (CHF 157.99), representing an increase of 57.5% in EUR (50.8% in CHF) over the calendar year 2021, including the distribution of CHF 2 per share in June 2021.
PEH's share price closed the year at CHF 96, representing an exceptional total performance of 63% over the last 12 months.
For the month of December, the portfolio performance was negatively affected by both adverse FX movements and share price developments of various underlying positions. While there have been positive valuation adjustments in some of PEH's direct co-investments, most notably Design Holding, a global high-end design group in the field of furniture and lighting, and certain portfolio funds, i.a., Evolution Technology II and Clarus Lifesciences III, the negative effects of the wider technology share price correction in December outweighed these developments.
PEH completed two fund commitments and a USD 5.4m direct co-investment in Inovalon, a leading provider of cloud-based platforms empowering data-driven healthcare, alongside Insight Partners. Inovalon's capability to interconnect with the healthcare ecosystem, aggregate and analyse data in real time enables better care, efficiency, and financial performance across the healthcare ecosystem. Mainly due to the upfront funding of this investment, PEH's portfolio was cash-flow negative in the reporting month, despite distributions of EUR 10.9m from several portfolio funds, e.g., Procuritas VI's distribution from the sale of Ouriginal Group AB, a market leader in the Nordics for plagiarism prevention and detection software, and Eagletree IV distributing proceeds from its investment in FuseFX Corp., one of the largest independent visual special effects ("VFX") studios.
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 2,526,064 as of December 31, 2021 (November 30, 2021: 2,526,764). 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 Dec 2021
|Company:||Private Equity Holding AG|
|Listed:||SIX Swiss Exchange|
|End of News||EQS News Service|