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 M a r c h 2 0 2 1
NAV increases by 7.3% in March
- Princess Private Equity Holding Limited's (Princess or the Company) net asset value increased by 7.3% to EUR 14.49 per share
- Portfolio developments (+8.3%) and currency movements (+0.1%) were positive
- Princess invested EUR 34.0 million during the month and received distributions of EUR 13.5 million
Princess invested a total of EUR 34.0 million during March, of which EUR
14.5 million was invested in Telepass, a leading European provider of elec- tronic toll collection (ETC) services. Telepass provides services to approxim- ately 7 million clients, with an asset base of more than 12 million active payment devices. The company processes around EUR 7 billion in annual transactions across 14 European countries. Telepass complements its core ETC services with other transport-related services, such as digital mobility payments and personal mobility insurance services. Partners Group will work closely with Telepass' management on a number of strategic value creation initiatives, with key areas of focus including the further penetration and consolidation of the European ETC market through organic and acquis- itive growth, strengthening the company's "one-stop mobility payment" solution for B2C and B2B customers, and scaling mobility insurance coverage across Europe.
EUR 13.8 million was invested in Idera, a provider of infrastructure software solutions to businesses for testing, application development and database architecture and management, both on premises and in the cloud. Idera has 700,000 users globally across a wide range of industries, including techno- logy, financial services, legal, pharmaceuticals, government and non-profit, energy and education. Partners Group will work closely with the company to further develop its pipeline of strategic M&A opportunities and optimize its sales and marketing processes.
EUR 5.6 million was invested in Ecom Express (Ecom), one of the largest providers of technology-enabledend-to-end logistics solutions to the fast- growing Indian e-commerce industry. Ecom's logistics network covers more than 95% of India's population, with the company delivering close to one million shipments daily through approximately 2,800 delivery centres. Following the transaction, Partners Group will work closely with Ecom in accelerating its core business growth, expanding its product offerings, and entering new segments and markets.
During the month Princess received distributions of EUR 13.5 million, of which EUR 9.7 million stemmed from Foncia, the leading French property management and real estate services provider, following a refinancing of the company's debt. The refinancing allowed the company to repay its existing indebtedness, raise additional funds for future acquisitions, and pay a dividend to shareholders. The remaining balance of EUR 3.8 million was received from Princess' mature legacy fund portfolio.
Princess will hold a quarterly investor update on 19 May 2021 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 31 March 2021. Please find the registration detailson the Company's webpage.
Key figures
In EUR | 28.02.2021 | 31.03.2021 |
NAV per share | 13.50 | 14.49 |
Share price | 11.10 | 12.00 |
Discount to NAV | -17.7% | -17.2% |
Portfolio (in million) | 935.47 | 1'028.24 |
Net current assets (in million) | -2.25 | -26.45 |
Net asset value (in million) | 933.22 | 1'001.79 |
Unfunded commitments (in million) | 122.04 | 117.67 |
Undrawn credit facility (in million) | 80.00 | 54.00 |
Dividend LTM | 0.435 | 0.435 |
Dividend yield | 3.9% | 3.6% |
Key figures in GBP
In GBP | 28.02.2021 | 31.03.2021 |
NAV per share | 11.71 | 12.34 |
Share price | 9.86 | 10.25 |
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 | 8.5 | 40.0 | 51.5 | 93.3 |
Princess share price | 2.1 | 39.8 | 39.4 | 122.3 |
MSCI World TR | 9.2 | 43.8 | 50.2 | 81.4 |
Largest ten direct investments
% of NAV | |||||
1. | International Schools Partnership | WEU | Consumer | 13.9 | |
discretionary | |||||
2. | GlobalLogic Inc. | NAM | Information | 10.3 | |
technology | |||||
3. | Foncia | WEU | Financials | 5.0 | |
4. | Fermaca | ROW | Energy | 3.5 | |
5. | Ammega (Megadyne - Ammeraal Beltech) | WEU | Industrials | 3.4 | |
6. | Vishal Mega Mart | APC | Consumer | 3.3 | |
discretionary | |||||
7. | Cerba HealthCare | WEU | Healthcare | 3.1 | |
8. | SRS Distribution, Inc. | NAM | Materials | 3.1 | |
9. | KinderCare Education | NAM | Consumer | 3.1 | |
discretionary | |||||
10. | Techem Metering GmbH | WEU | Industrials | 3.0 | |
Monthly NAV performance (total return)
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% | 8.5% |
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 1 M a r c h 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 109 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 | 59% | ||||
E | F | B | Large/mega-large-cap | 16% | ||
C | Growth | 10% | ||||
D | ||||||
D | Special situations | 7% | ||||
C | E | Venture capital | 6% | |||
F | Mezzanine | 2% | ||||
B | A | |||||
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 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.
Attachments
- Original document
- Permalink
Disclaimer
Princess Private Equity Holding Limited published this content on 29 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2021 06:00:03 UTC.
