Partners Grp E Regulatory News (PEY)

15 May 2009 11:53



News Release

Guernsey, 15 May 2009

Princess publishes first quarter 2009 report 

Princess Private Equity Holding Limited ("Princess") today announces the publication of its quarterly report for the three months ending 31 March 2009. The net asset value ("NAV") of Princess eased by 5.34% to EUR 7.83 per share during the first three months of 2009, owing to an increasingly challenging macroeconomic environment.

Notable events during the first quarter of 2009 included:

A number of general partners submitted their audited year-end 2008 reports in which they had adjusted their valuations overall downwards to reflect the difficult market environment. These valuation adjustments mainly stemmed from mega and large-cap buyout funds to which Princess has only limited exposure.

IFRS revaluations carried out by Princess' Investment Advisor, Partners Group, to reflect "fair values" of the underlying portfolio companies had a slightly negative effect on the NAV.

The currency hedging strategy using options allowed Princess to benefit from the appreciation of the US dollar against the Euro in the first quarter of the year. The effect of the foreign exchange movements contributed positively to the NAV.

Urs Wietlisbach, Director of Princess, comments: "With an overall NAV performance of -5.34% for the first quarter of 2009, Princess showed a relatively solid development in comparison to the general industry. Princess' relatively stable performance is particularly due to its limited exposure to the rather expensive mega and large-cap buyout funds of more recent vintage years as well as the built-up of an allocation to special situations and distressed players over the past 12 to 18 months, which are seen as sectors that could benefit from opportunities arising in the current environment. Although further valuation adjustments within the Princess portfolio are possible in light of the present recessionary environment, we expect that Princess is in a good position to achieve a relative outperformance of the private equity industry in light of its broadly diversified and high quality portfolio."

A detailed analysis and commentary on the first quarter 2009 developments at Princess are presented in the quarterly 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.