Last checked at 
11 Jun 2010 10:15
News Release
Guernsey, 11 June 2010
Princess NAV increases by 5.65% in May
The net asset value ("NAV") of Princess showed a strong positive performance of 5.65% in May and increased for the sixth consecutive month to EUR 8.40 per share, resulting in a year-to-date NAV increase of 14.47%. Overall valuation developments of the portfolio companies continued to have a favorable effect on the NAV and were primarily driven by investments in the buyout segment. With the US dollar strongly appreciating against the euro in May, foreign exchange movements were the main contributor to the NAV development. Since April 2008, Princess uses put options instead of forward contracts to limit negative effects from currency movements between the US dollar and the euro. The current put option was bought in July 2009. Given the continued appreciation of the US dollar, Princess' NAV benefited strongly from the uplift on its US dollar denominated investments while only facing a relatively minor impact on the currency hedging contract. With the expiry of the current put option in July 2010, Princess is expected to renew protection against adverse currency movements.
In May, Princess received EUR 8.3 million in distributions from exited portfolio companies compared to EUR 4.5 million in drawdowns for new investments.Amongst others, Princess received a partial distribution of EUR 4.5 million from the completed sale of Newbridge Asia III's investment in the Chinese lender Shenzhen Development Bank to Ping An Insurance Group in a stock deal. The distribution stemmed from a sale of just over half of Newbridge Asia III's holding in Ping An Insurance Group shares which the fund received for their stake in Shenzhen Development Bank. Based on the price of the Ping An Insurance Group shares that Newbridge Asia III sold, the value of its investment in Shenzhen Development generated a return of about 13 times the original investment.
Dr. Stephan Schäli, Partner and Head Private Equity at Princess' investment advisor Partners Group AG, comments: "The highly successful realization of Shenzhen Development Bank, one of the five largest portfolio companies of Princess in terms of NAV, further highlights the maturity and quality of the Princess portfolio. As only about half of the proceeds from the exit of Shenzhen Development Bank have already been distributed to Princess, another significant distribution of approximately the same size should be received by Princess over the coming months. We are pleased to see the increasing exit activity in the portfolio while Princess is currently also capitalizing on many new attractive investment opportunities."
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 AG, a global private markets investment management firm with over CHF 25 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. Princess is traded on the Frankfurt Stock Exchange (ticker symbol: PEY1) and 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
Media enquiries:
Partners Group AG
Tamara Krebs
Communications
Tel.: +41 41 768 85 26
tamara.krebs@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 Private Equity Holding Limited. 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 is 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.
Approved by Partners Group (UK) Ltd., authorized and regulated by the Financial Services Authority in the United Kingdom.