The investment is carried at the estimated fair value of EUR 17 million at 31 March 2021 (31 March 2020: EUR 19 million), based on audited financial information as at 31 December 2020, adjusted for cash movements and changes in prices of listed investments. No adjustment has been made by Reinet in respect of the impact of COVID-19 on the valuation of underlying unlisted investments as at 31 March 2021, as Reinet does not expect this to be significant. Future valuations will take into account any new impacts of COVID-19 which could affect the valuation of underlying unlisted investments.

The decrease in estimated fair value over the year under review is the result of decreases in the value of underlying investments together with the weakening of the US dollar against the euro in the year.

Further information on Vanterra C Change TEM is available at www.temcapital.com.

NanoDimension funds and co-investment opportunities

Reinet is a limited partner in NanoDimension I, II and III Limited Partnerships and is invested in one co-investment opportunity alongside NanoDimension II. ND Capital ('NanoDimension') is a venture capital firm founded in 2002 that invests in disruptive technologies in and at the intersection of the Life and Physical Sciences, accelerated by Data Sciences. Their core belief is that scientific disciplines will continue to converge, and that some of the biggest breakthroughs will occur at the intersection of two or more disciplines. The focus of each fund is to invest in and support the establishment, technology development and scale up, growth and commercialisation of portfolio companies. They believe that these disruptive technologies address some of the biggest societal problems. Investments range from molecular diagnostics, cell and gene therapies, organs on chip, DNA synthesis and DNA editing, energy storage and electrical propulsion system for aviation. They invest predominantly across the United States and Europe with recent investments in Canada and the United Kingdom. Their teams are situated in Silicon Valley, Switzerland and the Cayman Islands.

Aymeric Sallin, Founder of NanoDimension, commented:

'Despite the COVID-19 pandemic, our portfolio companies have been able to operate and develop during 2020 following the same solid trajectories of 2018 and 2019 as illustrated by Twist Bioscience Corporation (Nasdaq TWST).

The synergies between California and Switzerland have been particularly beneficial during 2020 for Natron and H55 as Natron has received non-dilutive subsidies in Switzerland and H55 has raised capital in Silicon Valley. For example, following meetings we initiated with the State of Valais, Natron will be receiving up to CHF 30 million of subsidies to manufacture its breakthrough batteries in Sion (Switzerland), in addition H55 will receive up to CHF 5 million and a free building and hangar at the airport of Sion to support the manufacture of its electrical propulsion system for aviation. Both companies will also benefit from a 10-year tax exemption.

Over the last few months, some of the portfolio companies we helped launch, received hundreds of millions of dollars of investment, at stepped up valuations, by major Wall Street firms, setting them up for future IPOs. These significant inflows of capital into the sector in which we specialize, demonstrates the growing maturity and attractiveness of the sector.'

At 31 March 2021, the estimated fair value of Reinet's investment in the three funds and the co-investment amounted to EUR 84 million (31 March 2020: EUR 52 million for the three funds). The estimated fair value is based on audited valuation data provided by NanoDimension as at 31 December 2020 adjusted for movements in listed investments and cash movements up to 31 March 2021. No adjustment has been made by Reinet in respect of the impact of COVID-19 on the valuation of underlying unlisted investments as at 31 March 2021, following discussion with NanoDimension, as Reinet does not expect this to be significant. Future valuations will take into account any new impacts of COVID-19 which could affect the valuation of underlying unlisted investments.

The increase in estimated fair value reflects capital contributions of EUR 18 million, together with increases in the value of underlying investments, offset by the weakening of the US dollar against the euro in the year.

Further information on NanoDimension is available at www.nanodimension.com. GAM Real Estate Finance Fund

The GAM Real Estate Finance Fund ('REFF') was created to take advantage of opportunities resulting from a funding gap between the expected demand for commercial real estate finance and its availability from banks, other traditional lenders and equity investors. Its investment strategy focuses on the origination of commercial real estate loans primarily in Western Europe, and with primary focus on the UK. At December 2020, REFF held three investments.

Andrew Gordon, Invesco Real Estate, as Investment Advisor to REFF, commented:

'The Fund invested in a diversified portfolio of 25 self-originated, private loans secured by commercial and residential real estate in the UK, Ireland and Belgium. The Fund's investment objectives are to generate an attractive dividend yield while protecting against a material, downward adjustment in real estate values. As at the end of 2020, twenty-two of the Fund's investments had been realised. Following the end of the year, 2 further investments were realised.

The impact of COVID-19 had a negative impact on the returns of the remaining investments in the Fund, with impairments taken against 2 of the 3 investments remaining at the end of the year.'

The investment is carried at the estimated fair value of EUR 9 million at 31 March 2021 (31 March 2020: EUR 13 million) based on audited valuation data provided by the fund manager at 31 December 2020. No adjustment has been made by Reinet in respect of the impact of COVID-19 on the valuation of underlying unlisted investments as at 31 March 2021, as Reinet does not expect this to be significant. Future valuations will take into account any new impacts of COVID-19 which could affect the valuation of underlying investments.

The decrease in estimated fair value is due to decreases in the value of underlying investments, off set by the strengthening of sterling against the euro during the year. Other fund investments

This includes small, specialist funds investing in private equity businesses, property and start-up ventures.

Other fund investments are valued in total at their estimated fair value of EUR 84 million at 31 March 2021 (31 March 2020: EUR 96 million) based on the latest available valuation statements received from the fund managers. No adjustment has been made by Reinet in respect of the impact of COVID-19 on the valuation of underlying unlisted investments as at 31 March 2021, as Reinet does not expect this to be significant. Future valuations will take into account any new impacts of COVID-19 which could affect the valuation of underlying investments.

Included in this section is a limited partner investment in RLG Real Estate Partners L.P. ('RLG'), a property fund which is managed by a subsidiary of Compagnie Financière Richemont SA. RLG invests in and develops real estate properties, including luxury brand retail developments situated in prime locations throughout the world. The fair value of this investment is underpinned by a recent third party offer.

UNITED STATES LAND DEVELOPMENT AND MORTGAGES

Reinet has invested in certain real estate development projects and related businesses located in the United States (including Florida, Georgia, Colorado and North and South Carolina). Reinet has also purchased mortgage debt linked to such developments from financial institutions, usually at significant discounts to face value.

The core land development process encompasses land planning, attaining entitlements from governmental bodies and installation of community infrastructure. Other investments in mitigation banks facilitate the preservation of land to offset the loss of wetlands necessitated by public improvements, such as highway construction, and other privately-sponsored developments.

Bill Lanius, Chief Executive Officer of United States land development and mortgages, commented:

'Our United States land development and mortgages business is correlated to the local homebuilding markets in which we operate. Last year, these markets demonstrated resilience after pausing to absorb the initial impact of the COVID-19 pandemic. To a large extent, the pandemic reinforced the value of homeownership in the United States. as the number of people working from home increased significantly and more consumers chose to improve their living conditions and/or relocate. While it is difficult to predict the duration of this evolving trend, our focus remains on the fundamentals that tend to drive demand such as interest rates, which have recently experienced an uptick.

To summarise this past fiscal year, we continued our progression of generating cash flow and returning previously deployed capital to Reinet. Moreover, we enter the new year with a sound backlog of contracts and greater agility to navigate business challenges.'

The investment is carried at the estimated fair value of EUR 33 million as at 31 March 2021 (31 March 2020: EUR 41 million).

The current valuation is based on audited financial statements as at 31 December 2020 adjusted for cash movements up to 31 March 2021. No adjustment has been made by Reinet in respect of the impact of COVID-19 as at 31 March 2021, as Reinet does not expect this to be significant. Future valuations will take into account any new impacts of COVID-19 which could affect the valuation of underlying investments.

The decrease in the estimated fair value reflects repayments received during the year of EUR 12 million together with the weakening of the US dollar against the euro during the year, offset by increases in the valuation of underlying assets.

DIAMOND INTERESTS

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