Partners Grp E Regulatory News (PEY)

31 Jul 2009 13:15



News Release

Guernsey, 31 July 2009

Princess publishes first half 2009 results 

Princess Private Equity Holding Limited ("Princess") today announces the publication of its half-yearly report for the six months ended 30 June 2009. Against the background of a continuous recessionary macroeconomic environment, Princess' net asset value ("NAV") declined by 14.59% to EUR 7.06 per share during the first half of the year.

Notable events during the first half of 2009 included:

Valuation adjustments in the first half of the year had a negative impact of 11.89% on the NAV, reflecting the global recessionary macroeconomic environment, the weakening operating results of certain underlying portfolio companies and the decline in public comparables within the first months of the year.

Currency movements caused a further decline in NAV of 1.63% during the six month period.

As part of its active portfolio management approach, the investment manager selectively reduced unfunded commitments by EUR 42.6 million in recent months with an overall negative impact on the NAV of less than 1%.

Urs Wietlisbach, Director of Princess, comments: "While Princess has witnessed a narrowing funding gap between drawdowns and distributions over the first six months of the year, we currently expect the funding gap to widen again in the coming quarters. In order to reduce the amount of future drawdowns, Princess has in recent months divested certain very lowly funded commitments with minimal impact on its NAV. In a second measure to further strengthen Princess' healthy balance sheet, the investment manager is, on the Board's behalf, currently in the final stages of the negotiation of a new credit facility. Based on these active measures and Princess' broadly diversified and high quality portfolio, we are confident that Princess is well positioned in this challenging environment."

A detailed analysis and commentary on the first half 2009 developments at Princess are presented in the half-yearly report published today, which can be accessed via 

http://www.princess-privateequity.net/en/investor_relations/reports.php?ml.

About Princess

Princess is an investment holding company founded in 1999 and domiciled in Guernsey that invests in private equity and private debt investments. The Company is advised in its investment activities by Partners Group AG, a global alternative asset management firm listed on the SIX Swiss Exchange (ticker symbol: PGHN) with over CHF 24 billion assets under management in private equity, private debt, private real estate, private infrastructure, absolute return strategies and listed alternatives. Princess aims to provide shareholders with long-term capital growth and an attractive dividend yield. 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., authorised and regulated by the Financial Services Authority in the United Kingdom.