Zug, November 9, 2020
Net Asset Value as of October 31, 2020
As of October 31, 2020, the Net Asset Value (NAV) per share of Private Equity Holding AG (PEH) stood at EUR 84.85 (CHF 90.57), representing an increase of 1.7% in EUR (0.8% in CHF) since September 30, 2020.
PEH's portfolio performance was positive in October and supported by favourable FX movements. Notable valuation adjustments were recorded for Mid Europa Fund IV following the highly successful IPO of Allegro in Warsaw, a Polish online e-commerce platform and now the country's highest capitalised listed company, PEH's fund investments in Latitude I, Pelion V and VI as well as PEH's co-investments in DSS, a global operations management consulting firm, and Aston Martin, a luxury British sports car manufacturer.
The portfolio was cash-flow positive in October with total distributions amounting to EUR 5.6m. PEH received noteworthy distributions from Procuritas VI distributing proceeds from the fund's exit of TS Nordics AS, a company providing temporary space solutions for public and private customers, as well as from Mid Europa Fund IV distributing proceeds related to the IPO of Allegro.
In the reporting period, PEH completed a USD 1.4m direct co-investment in Ozon Group, a fast-growing Russian online retailer and one of the leading Russian internet companies.
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.
For further information, please contact:
Kerstin von Stechow, Investor Relations, Kerstin.Stechow@peh.ch, phone +41 41 726 79 80, http://www.peh.ch
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 2,584,642 as of October 31, 2020 (September 30, 2020: 2,584,842). 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.