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 0 J u n e 2 0 2 2
Princess publishes June NAV
- Princess Private Equity Holding Limited's ("Princess" or the "Company") net asset value decreased by 5.8% to EUR 13.76 per share
- Portfolio developments were negative (-6.0%) and currency movements were positive (+0.1%)
- Princess invested EUR 10.7 million and received distributions of EUR 0.5 million
In June, the net asset value of Princess fell by 5.8%, reflecting the volatility experienced by public markets during the month. The Investment Manager has been preparing for a period of volatility and has progressively increased the scale of multiple contraction in its underwriting process to account for rising rates. Although economic challenges are unlikely to dissipate in the short term, Partners Group maintains high conviction in its disciplined approach to investment underwriting and portfolio construction, which has helped prepare the Company's portfolio to navigate the potentially uncertain times ahead.
Princess invested a total of EUR 10.7 million during the month, of which EUR 9.8 million was invested in a joint investment in Precisely (formerly known as Syncsort), a global leader in data integrity software. Headquartered in the US, Precisely provides comprehensive software, data, and strategic services to help companies access and analyze data from complex processes and build trust in their enterprise data. Alongside its investment partners, Partners Group will support Precisely's buy-and-build strategy, while extending the company's strong market position through product innovation.
Post-period end, Princess has agreed an increase in the size of its senior revolving credit facility ("the Facility") with Lloyds Bank. The Facility will be increased to EUR 110 million and the term remains to 13 December 2024. The margins remain unchanged at +2.95% over EURIBOR on drawn amounts of between 0%-15%loan-to-value and at +3.25% over EURIBOR between 15%-25%loan-to-value based on the Company's net asset value. The Facility has a non-utilization fee of 0.9% p.a. on undrawn amounts and an arrangement fee of EUR 120'000 payable upon closing. The Company takes a conservative approach to balance sheet management, while aiming to maintain a high investment level. The Facility supports these objectives and provides the Company with the flexibility to manage short-term funding requirements.
Princess will hold a quarterly investor update on 16 August 2022 at 10:00 BST / 11:00 CET. During the webcast, Partners Group, the Investment Manager to Princess, will give an update on the recent developments of the Princess portfolio based on unaudited figures as of 30 June 2022. Please find the registration detailson the Company's webpage or register directly here.
Key figures
In EUR | 31.05.2022 | 30.06.2022 |
NAV per share | 14.60 | 13.76 |
Share price | 11.57 | 12.15 |
Discount to NAV | -20.7% | -11.7% |
Portfolio (in million) | 1'022.40 | 991.26 |
Net current assets (in million) | -12.69 | -39.62 |
Net asset value (in million) | 1'009.71 | 951.64 |
Unfunded commitments (in million) | 111.39 | 103.50 |
Undrawn credit facility (in million) | 41.50 | 37.50 |
Dividend LTM | 0.72 | 0.72 |
Dividend yield | 6.2% | 5.9% |
Key figures in GBP
In GBP | 31.05.2022 | 30.06.2022 |
NAV per share | 12.42 | 11.84 |
Share price | 9.34 | 10.60 |
NAV performance (total return)
400 | 50% |
300 | 25% |
200 | |
100 | 0% |
0 | -25% |
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 |
- Princess ■ MSCI World TR ■ Performance (RHS)
Total return in EUR (%)
YTD | 1 year | 3 years | 5 years | |
Princess NAV | -7.5 | -5.3 | 34.4 | 60.7 |
Princess share price | -13.5 | 1.9 | 50.6 | 57.5 |
MSCI World TR | -13.5 | -2.8 | 33.4 | 57.8 |
Largest ten direct investments
% of NAV | |||||
1. | SRS Distribution, Inc. | NAM | Materials | 5.2 | |
2. | KinderCare Education | NAM | Consumer | 4.6 | |
discretionary | |||||
3. | PCI Pharma Services | NAM | Healthcare | 4.5 | |
4. | Foncia | WEU | Financials | 4.2 | |
5. | Vishal Mega Mart | APC | Consumer | 3.9 | |
discretionary | |||||
6. | Ammega (Megadyne - Ammeraal Beltech) | WEU | Industrials | 3.7 | |
7. | Techem Metering GmbH | WEU | Industrials | 3.2 | |
8. | EyeCare Partners | NAM | Healthcare | 3.1 | |
9. | Fermaca | ROW | Energy | 3.0 | |
10. | United States Infrastructure Corporation | NAM | Utilities | 2.9 | |
Monthly NAV performance (total return)
Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year | |
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% | 1.1% | 0.9% | 0.8% | -0.4% | -0.8% | 19.4% |
2022 | -0.8% | -0.8% | 1.7% | -0.6% | -1.3% | -5.8% | -7.5% |
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 0 J u n e 2 0 2 2
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 131 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
Phone: +44 (0) 1481 711 690
Fax: +44 (0) 1481 730 947 princess@partnersgroup.com
Registered Office
Princess Private Equity Holding Limited
Tudor House
P.O. Box 477
Guernsey, GY1 6BD
Portfolio composition
Investments by regional focus | |||
A | North America | 52% | |
D | B | Europe | 34% |
C | C | Asia-Pacific | 9% |
D | Rest of World | 5% |
A
B
Investments by financing category
A | Buyout Small/Mid-cap | 51% | |
D | B | Buyout Large/Mega-cap | 31% |
C | C | Special situations | 14% |
D | Venture capital | 4% | |
A | |||
B | |||
Investments by transaction type | |||
A | Direct | 96% | |
B | B | Primary | 4% |
A
Key figures in GBP EUR NAV converted to GBP at month-end GBP/EUR exchange rate from Bloomberg. NAV performance (total return) Indexed to 100 at inception of Princess Private Equity Holding Limited, showing last twenty years. 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.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Princess Private Equity Holding Limited published this content on 29 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2022 05:53:09 UTC.
