Jpel Priv Eqty Regulatory News (JPEL)

29 Jul 2005 12:08

Bear Stearns Private Equity Limited29 July 2005 Bear Stearns Private Equity Limited HSBC Private Bank Building, Rue du Pre, St Peter Port, Guernsey GY1 1LU 29 July, 2005 Regulatory News Service London Stock Exchange London EC4M 7LS Dear Sirs BEAR STEARNS PRIVATE EQUITY LIMITED ANNOUNCEMENT OF ESTIMATED NET ASSET VALUE AND PORTFOLIO ACQUISITION NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. PERSONS The Board of Bear Stearns Private Equity Limited (the "Company" or "BSPEL")announces an unaudited, estimated net asset value per Equity Share of USD 1.02 as of July 15, 2005 (from USD 1.05 placing price on June 30, 2005, less an amount equal to 2.35% for the offering expenses ). In addition, today the Company announces that it has determined to acquire theportfolio of 20 private equity fund limited partnership interests identified in its Listing Particulars (the "Transfer Portfolio"). Assuming the Company receives transfer approvals from the underlying privateequity managers, the Company will use substantially all of the net proceeds raised from in its launch on 30 June 2005 to purchase the Transfer Portfolio which had been valued, as of 1 June 2005, at approximately US$ 55 million. Any remaining proceeds will be invested in accordance with the Company's enhanced cash management strategy. "The Company Board believes that following the acquisition of the TransferPortfolio, the Company will be well positioned, given that it will be almost fully invested in a quality private equity portfolio, providing the advantages of a shortened investment timetable, transparency and good prospects forshareholder returns," said Trevor Ash, the Chairman of the Company. The Company anticipates that the acquisition of the Transfer Portfolio willclose in the fourth quarter of 2005. This announcement is not an offer of securities for sale in the United States.Securities may not be offered or sold in the United States or to US persons absent registration or an exemption from registration under the Securities Act of 1933, as amended. Bear Stearns Private Equity Limited has not and does not intend to register any of its securities in the United States. ### End ### For more information: John Knight 44-0207-516-6270 NOTES BSPEL • Bear Stearns Private Equity Limited ("BSPEL") is a London quoted, Guernsey registered, closedended investment company which uses a fund-of-funds approach to private equity investment. • The Company's capital structure includes two classes of shares: Equity Shares and Zero Dividend Preference Shares. The Company aims to provide Equity Shareholders with geared exposure to a private equity funds portfolio, and to provide ZDP Shareholders with a predetermined final capital entitlement (although not guaranteed). • BSPEL is managed by Bear Stearns Asset Management Inc. ("BSAM(R).") and Bear Stearns Asset Management Limited ("BSAM Ltd."), each an affiliate of The Bear Stearns Companies Inc. BSAM(R) currently manages private equity portfolios that comprise some 97 separate private equity funds with total commitments of over US$950 million as at 28 April 2005. • The Company makes commitments and investments in a portfolio of private equity funds, diversified by manager, industry, geography, asset class, stage and vintage year, and employs an enhanced cash management strategy for cash awaiting investment in private equity funds. • Consistent with its investment guidelines, the Company invests in private equity funds both by subscribing to new funds and by acquiring secondary interests. Bear Stearns • Bear Stearns Asset Management Inc. Bear Stearns Asset Management Inc. ("BSAM(R)") was founded in 1984 as a division of Bear, Stearns & Co. Inc. and is now a wholly-owned subsidiary of The Bear Stearns Companies Inc. The firm currently manages approximately $32.5 billion (as of 6/30/05) in assets, with extensive experience spanning equity, fixed income, and alternative investment strategies. BSAM's clients include corporations, municipal governments, multi-employer plans, endowments, foundations and family offices. • Bear Stearns Asset Management Limited Bear Stearns Asset Management Limited, authorized and regulated by the FSA in the UK, was established to deliver investment products to institutional clients. The firm markets a variety of alternative investment strategies along with traditional equity and fixed income asset management products and services managed by BSAM(R) in New York. • The Bear Stearns Companies Inc. Founded in 1923, The Bear Stearns Companies Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., a leading investment banking and securities trading and brokerage firm. With approximately $49.3 billion in total capital, Bear Stearns serves governments, corporations, institutions and individuals worldwide. The company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales and trading, securities research, private client services, derivatives, foreign exchange and futures sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it offers financing, securities lending, clearing and technology solutions to hedge funds, broker-dealers and investment advisors. Headquartered in New York City, the company has approximately 11,000 employees worldwide. This information is provided by RNS The company news service from the London Stock Exchange