P R I N C E S S P R I V A T E E Q U I T Y H O L D I N G L I M I T E D
M o n t h l y r e p o r t a s o f 3 1 A u g u s t 2 0 2 0
NAV increases by 3.1% in August
- Princess Private Equity Holding Limited's (Princess) net asset value in- creased by 3.1% to EUR 12.49 per share
- Portfolio developments were positive (+3.6%) and currency movements were negative (-0.1%)
- Princess invested EUR 0.5 million during the month and received dis- tributions of EUR 2.5 million
In August, Princess' NAV increased in value by 3.1%. Amongst the largest contributors to performance was PCI Pharma Services (PCI) for which the sale of a majority equity stake was agreed during August. Following the sale, Princess, alongside other Partners Group-managed funds, will retain a meaningful minority equity stake in PCI. Partners Group acquired a majority stake in PCI, a US-based provider of outsourced pharmaceutical services, in June 2016. During the last four years, its investment and industry value creation teams have worked alongside the company's management team to further establish PCI as a strategic partner to the pharmaceutical industry. Value creation initiatives included an expansion in high-growth,high-value capabilities such as clinical trial services and complex molecule and biologics commercial packaging capabilities, a focus on operational excellence and a number of bolt-on acquisitions. Under Partners Group's ownership, PCI's EBITDA increased by 15.6% CAGR. During the COVID-19 global health crisis, PCI proved itself as an essential partner in the pharmaceutical supply chain, supporting its pharmaceutical and biotech customers across drug development and commercialization to address the health crisis.
Additional EUR 0.5 million was provided to portfolio company SPi Global, a leading business process outsourcing services provider, which acquired a majority stake in LearningMate, a business-to-businesse-learning solutions provider based in New Jersey. Founded in 2003, LearningMate has a strong global presence and employs over 700 ed-tech professionals across six countries. The company has built a unique position and brand through its focus on innovation and digital technologies, serving clients from K-12, higher education and corporate training sectors. Furthermore, the ed-tech and online learning space is supported by strong tailwinds, especially in light of the recent pandemic-driven disruptions. Leveraging on complementary strengths, the partnership will help generate synergies for both companies and create greater value for their customers.
Key figures
In EUR | 31.07.2020 | 31.08.2020 |
NAV per share | 12.12 | 12.49 |
Share price | 8.72 | 10.15 |
Discount to NAV | -28.1% | -18.7% |
Portfolio (in million) | 822.63 | 848.15 |
Net current assets (in million) | 15.46 | 15.50 |
Net asset value (in million) | 838.09 | 863.65 |
Unfunded commitments (in million) | 68.19 | 67.93 |
Undrawn credit facility (in million) | 80.00 | 80.00 |
Dividend LTM | 0.435 | 0.435 |
Dividend yield | 5.0% | 4.3% |
Key figures in GBP
In GBP | 31.07.2020 | 31.08.2020 |
NAV per share | 10.92 | 11.16 |
Share price | 8.08 | 8.43 |
NAV performance since inception (total return)
400 | 50% |
300 | 25% |
200 | |
100 | 0% |
0 | -25% |
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 |
- Princess ■ MSCI World TR ■ Performance (RHS)
Total return in EUR (%)
YTD | 1 year | 3 years | 5 years | |
Princess NAV | 0.6 | 11.0 | 33.7 | 76.1 |
Princess share price | -5.3 | 9.0 | 20.2 | 78.4 |
MSCI World TR | -1.1 | 7.6 | 31.6 | 53.8 |
Largest ten direct investments | |||||
% of NAV | |||||
1. | Permotio International Learning SarL | WEU | Consumer | 12.9 | |
discretionary | |||||
2. | GlobalLogic Inc. | NAM | Information | 6.2 | |
technology | |||||
3. | Foncia | WEU | Financials | 5.1 | |
4. | PCI Pharma Services | NAM | Healthcare | 4.7 | |
5. | KinderCare Education | NAM | Consumer | 4.0 | |
discretionary | |||||
6. | Ammega (Megadyne - Ammeraal Beltech) | WEU | Industrials | 3.5 | |
7. | Techem Metering GmbH | WEU | Industrials | 3.4 | |
8. | Fermaca | ROW | Energy | 3.3 | |
9. | Vishal Mega Mart | APC | Consumer | 3.2 | |
discretionary | |||||
10. | Hearthside Food Solutions | NAM | Consumer | 2.7 | |
staples | |||||
Monthly net performance (total return)
Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year | |
2015 | 2.6% | 0.8% | 2.8% | -1.5% | 1.4% | 3.4% | -0.3% | -0.4% | 3.9% | 0.5% | 0.7% | 2.5% | 17.5% |
2016 | -1.1% | 0.1% | 1.2% | 2.0% | 2.1% | 1.3% | -0.0% | 2.1% | 1.8% | 0.3% | 0.6% | 1.8% | 12.9% |
2017 | 1.0% | 2.1% | 2.7% | 1.1% | -0.0% | 1.6% | -0.4% | -0.2% | 1.8% | 0.4% | -0.5% | 1.1% | 11.2% |
2018 | 0.2% | 1.0% | 0.7% | 0.8% | 0.2% | 2.7% | 1.1% | 0.2% | 2.1% | -0.6% | -0.2% | -1.6% | 6.8% |
2019 | 0.7% | 1.8% | 3.0% | 0.6% | 0.8% | 2.3% | 0.4% | -0.2% | 4.2% | -0.4% | 0.5% | 5.7% | 21.1% |
2020 | 0.2% | -1.0% | -14.1% | 5.6% | 3.0% | 2.9% | 2.3% | 3.1% | 0.6% |
P R I N C E S S P R I V A T E E Q U I T Y H O L D I N G L I M I T E D
M o n t h l y r e p o r t a s o f 3 1 A u g u s t 2 0 2 0
Princess Private Equity Holding Limited (Princess or the Company) is an investment holding company listed on the London Stock Exchange. The Company's investment objective is to provide shareholders with long-term capital growth and an attractive dividend yield by investing in a global portfolio of private companies. Princess is managed in its investment activities by Partners Group, a global private markets investment management firm with USD 96 billion in investment programs under management in private equity, private debt, private real estate and private infrastructure.
Information
For further information please visit:
www.princess-privateequity.net
Key facts
Stock exchange | London |
Reuters Euro Quote | PEY.L |
Reuters Sterling Quote | PEYS.L |
Bloomberg Euro Quote | PEY LN |
Bloomberg Sterling Quote | PEYS LN |
ISIN (Euro and Sterling Quote) | GG00B28C2R28 |
Sedol Euro Quote | B28C2R2 |
Sedol Sterling Quote | BF012D4 |
Product life start date | 12.05.1999 |
Shares outstanding | 69'151'168 |
Investor Relations
Portfolio composition
Phone: +44 (0) 1481 711 690
Fax: +44 (0) 1481 730 947 | Investments by regional focus | |||||
princess@partnersgroup.com | ||||||
A | Europe | 47% | ||||
Registered Office | D | B | North America | 39% | ||
C | C | Asia-Pacific | 8% | |||
Princess Private Equity Holding Limited | D | Rest of World | 6% | |||
Tudor House | A | |||||
P.O. Box 477 | ||||||
Guernsey, GY1 6BD | B | |||||
Investments by financing category | ||||||
A | Small/Mid-cap | 57% | ||||
E | F | B | Large/mega-large-cap | 18% | ||
C | Growth | 9% | ||||
D | ||||||
D | Special situations | 8% | ||||
C | E | Venture capital | 6% | |||
F | Mezzanine | 2% | ||||
A | ||||||
B | ||||||
Investments by transaction type | ||||||
A | Direct | 95% | ||||
B | B | Primary | 5% |
A
Key figures in GBP EUR NAV converted to GBP at month-end GBP/EUR exchange rate from Bloomberg. NAV performance since inception (total return) Indexed to 100. Since inception of Princess Private Equity Holding Limited. Princess: based on monthly total return valuations. MSCI World TR: Bloomberg NDDUWI Index in EUR. Largest ten direct investments Based on net asset value. Portfolio composition Based on total value of investments.
This document is not intended to be an investment advertisement or sales instrument; it constitutes neither an offer nor an attempt to solicit offers for the product described herein. This report was prepared using financial information contained in the company's books and records as of the reporting date. This information is believed to be accurate but has not been audited by any third party. This report describes past performance, which may not be indicative of future results. The company does not accept any liability for actions taken on the basis of the information provided. Please consult the constituent documents for a more complete description of the terms.
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Princess Private Equity Holding Limited published this content on 24 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 September 2020 07:09:04 UTC