Partners Grp E Regulatory News (PEY)

News Release

Guernsey, 23 June 2016

Princess NAV increases by 2.1% in May

· Princess Private Equity Holding Limited's ("Princess") net asset value ("NAV") increased by 2.1% to EUR 9.66 per share, net of the interim dividend of EUR 0.27 per share

· Overall portfolio developments (+1.9%) and currency movements (+0.7%) were positive

· Princess received distributions of EUR 38.4 million from exited investments and invested EUR 9.8 million

The main performance drivers during the month were revaluations from Princess' legacy fund portfolio and the positive share price development of quoted holdings, including VAT Group AG which was listed on the SIX Swiss Exchange in April.

Distributions during the month had a positive impact on Princess' net liquidity position. Princess received proceeds of EUR 27.0 million from the sale of shares in the IPO of VAT Group AG. Princess also received EUR 7.1 million from the full repayment of its mezzanine debt investment in Plantasjen ASA, representing an investment multiple of over 2.5x invested capital. Founded in 1986, Plantasjen is a leading garden center chain in the Nordics with 120 stores spanning Norway, Sweden and Finland. In 2007, Partners Group provided debt financing in support of Apax Partner's acquisition of the company from EQT.

During May, Princess invested a total of EUR 9.8 million, of which three new direct investments accounted for EUR 7.8 million, with a further EUR 1.5 million follow-on investment in Permotio International Learning as a part of its ongoing "buy and build" strategy.

The largest investment (EUR 4.4 million) was a co-investment in the equity of ADT Corporation, a provider of security and automation solutions for homes and businesses in the US and Canada. As part of the transaction, ADT was taken private by Apollo Global Management and merged with a smaller US-based direct competitor Protection 1. ADT is a leading player in the resilient US security and monitoring space, with a strong brand identity and a customer base of over 6.5 million; while Protection 1 is led by a disciplined and result-oriented management team that has a customer base of over 2 million. Key value creation initiatives going forward include reducing customer churn and customer acquisition costs.

Princess also completed two private debt investments during May. EUR 2.2 million of second lien debt was provided to eResearch Technology, a US-headquartered, cloud platform solutions provider that caters specifically to the healthcare industry. The company aims to improve the efficiency of clinical development processes with data analytics and patient data collection. Partners Group's investment supports Nordic Capital's acquisition of eResearch Technology.

Princess also invested EUR 1.2 million in The Sunspire Health Companies (Sunspire), which was formed from the merger of equity sponsor Kohlberg and Company's existing portfolio company and Meadows Behavioral Healthcare. Based in the US, Sunspire is a provider of behavioral health services and offers a spectrum of care services through its inpatient rehabilitation programs, which include comprehensive treatment for addictions and behavioral health disorders such as eating disorders, sexual addiction, and treatment focused on young adults.

Further information is available in the monthly report which can be accessed via:

http://www.princess-privateequity.net/financialreports.

Ends.

About Princess

Princess is an investment holding company founded in 1999 and domiciled in Guernsey. It invests, inter alia, in private equity and private debt investments. Princess is advised in its investment activities by Partners Group, a global private markets investment management firm with over EUR 46 billion in investment programs under management in private equity, private debt, private real estate and private infrastructure. Princess aims to provide shareholders with long-term capital growth and an attractive dividend yield. Princess is traded on the London Stock Exchange (ticker symbol: PEY). Further information: www.princess-privateequity.net.

Contacts

Princess Private Equity Holding Limited:

princess@princess-privateequity.net

www.princess-privateequity.net

Registered Number: 35241

Investor relations contact

George Crowe

Phone: +44 (0)20 7575 2771

E-mail: george.crowe@partnersgroup.com

Media relations contact

Partners Group

Jenny Blinch

Phone: +41 41 784 65 26

E-mail: jenny.blinch@partnersgroup.com

www.partnersgroup.com

This document does not constitute an offer to sell or a solicitation of an offer to buy or subscribe for any securities and neither is it intended to be an investment advertisement or sales instrument of Princess. The distribution of this document may be restricted by law in certain jurisdictions. Persons into whose possession this document comes must inform themselves about, and observe any such restrictions on the distribution of this document. In particular, this document and the information contained therein are not for distribution or publication, neither directly nor indirectly, in or into the United States of America, Canada, Australia or Japan.

This document may have been prepared using financial information contained in the books and records of the product described herein as of the reporting date. This information is believed to be accurate but has not been audited by any third party. This document may describe past performance, which may not be indicative of future results. No liability is accepted for any actions taken on the basis of the information provided in this document. Neither the contents of Princess' website nor the contents of any website accessible from hyperlinks on Princess' website (or any other website) is incorporated into, or forms part of, this announcement.