PRINCESS PRIVATE EQUITY HOLDING LIMITED 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 J u l y 2 0 2 1
NAV increases by 0.6% in July
- Princess Private Equity Holding Limited's (Princess or the Company) net asset value increased by 0.6% to EUR 15.32 per share
- Portfolio developments (+1.5%) were positive while currency move- ments were flat
- Princess received distributions of EUR 265.6 million and invested EUR 15.1 million
Princess received distributions of EUR 265.6 million during the month, the majority of which stemmed from International Schools Partnership ("ISP") and GlobalLogic.
Key figures
In EUR | 30.06.2021 | 31.07.2021 |
NAV per share | 15.24 | 15.32 |
Share price | 12.90 | 12.55 |
Discount to NAV | -15.3% | -18.1% |
Portfolio (in million) | 1'074.95 | 846.19 |
Net current assets (in million) | -21.25 | 213.33 |
Net asset value (in million) | 1'053.69 | 1'059.52 |
Unfunded commitments (in million) | 114.47 | 118.72 |
Undrawn credit facility (in million) | 53.00 | 80.00 |
Dividend LTM | 0.625 | 0.625 |
Dividend yield | 4.8% | 5.0% |
EUR 142.7 million was received from ISP, following an agreement for OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, to acquire a minority stake in the business. Partners Group formed UK-headquartered ISP in 2013 with the intention of creating a leading international school group through a buy-and-build strategy, capitalizing on the opportunities for consolidation in the K-12 school market. Today, ISP is the fifth largest K-12 international school group globally, operating 50 schools across 15 countries and serving more than 45,000 pupils. As part of the transaction, Princess reduced its exposure to ISP but re-invested EUR 15.1 million to participate in the future growth of the business.
EUR 108.0 million was received from the sale of GlobalLogic, a leader in design-led digital engineering services, to Japanese conglomerate Hitachi. The transaction valued GlobalLogic at an enterprise value of USD 9.5 billion. During its holding period, Partners Group worked with the company on several transformational value creation initiatives to drive growth. Key initiatives included increasing the size of the Company's top accounts and introducing a more targeted sales strategy in certain customer segments, including the development of a private equity-focused sales channel. GlobalLogic also completed four strategic acquisitions, including three in Europe. Additionally, Partners Group enhanced GlobalLogic's focus on environmental, social, and governance ("ESG") initiatives, helping it establish a dedicated ESG function focused on refining and implementing its ESG strategy going forward.
The remaining distributions of EUR 14.9 million were received from the Company's legacy fund portfolio and senior loans.
Monthly NAV performance (total return)
Key figures in GBP
In GBP | 30.06.2021 | 31.07.2021 |
NAV per share | 13.07 | 13.08 |
Share price | 1'097.50 | 1'095.00 |
NAV performance since inception (total return)
400 | 50% |
300 | 25% |
200 | |
100 | 0% |
0 | -25% |
01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 |
- Princess ■ MSCI World TR ■ Performance (RHS)
Total return in EUR (%)
YTD | 1 year | 3 years | 5 years | |
Princess NAV | 17.4 | 32.2 | 56.1 | 98.1 |
Princess share price | 6.8 | 47.6 | 42.8 | 107.3 |
MSCI World TR | 18.7 | 34.8 | 48.1 | 83.8 |
Largest ten direct investments
% of NAV | |||||
1. | Foncia | WEU | Financials | 5.2 | |
2. | KinderCare Education | NAM | Consumer | 3.9 | |
discretionary | |||||
3. | Ammega (Megadyne - Ammeraal Beltech) | WEU | Industrials | 3.5 | |
4. | Techem Metering GmbH | WEU | Industrials | 3.2 | |
5. | Fermaca | ROW | Energy | 3.2 | |
6. | Vishal Mega Mart | APC | Consumer | 3.0 | |
discretionary | |||||
7. | SRS Distribution, Inc. | NAM | Materials | 3.0 | |
8. | Hearthside Food Solutions | NAM | Consumer | 2.5 | |
staples | |||||
9. | PCI Pharma Services | NAM | Healthcare | 2.4 | |
10. | Civica | WEU | Information | 2.3 | |
technology | |||||
Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year | |
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% | 3.8% | -0.8% | 3.1% | 3.1% | 10.0% |
2021 | 0.1% | 0.9% | 7.3% | 1.5% | 1.2% | 4.8% | 0.6% | 17.4% |
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 J u l y 2 0 2 1
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 119 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 | 41% | ||||
Registered Office | D | B | North America | 41% | ||
C | Asia-Pacific | 10% | ||||
C | ||||||
Princess Private Equity Holding Limited | D | Rest of World | 8% | |||
A | ||||||
Tudor House | ||||||
P.O. Box 477 | ||||||
Guernsey, GY1 6BD | ||||||
B | ||||||
Investments by financing category | ||||||
A | Small/Mid-cap | 65% | ||||
D E | F | B | Large/mega-large-cap | 21% | ||
C | Special situations | 9% | ||||
C | ||||||
D | Venture capital | 3% | ||||
E | Growth | 1% | ||||
B | F | Mezzanine | 1% | |||
A | ||||||
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 26 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 August 2021 06:00:07 UTC.
