Partners Grp E Regulatory News (PEY)

19 Feb 2009 07:35



News Release

Guernsey, 19 February 2009

Publication of January NAV

The net asset value of Princess showed a positive performance in January, closing the month up 2.4% from the unaudited December NAV at EUR 8.59 per share. The few revaluations received from the general partners in January only had a minor impact on the NAV while IFRS adjustments made by Princess' investment advisor Partners Group in order to reflect fair value of the portfolio companies had an adverse effect of 2.0% on the NAV. However, this decline could be more than offset by the significant appreciation of the US dollar against the Euro during the course of the month, which contributed a positive 4.6% to Princess' net asset value. 

Certain of the adjustments carried out by the investment advisor in January relate to information which only became known subsequent to the calculation of the monthly December NAV. Since this information pertains to the prior fiscal year, it is required to be considered in the preparation of the audited annual financial statements. Accordingly, the NAV of EUR 8.27 in Princess' annual financial statements for 2008 differs from the figure of EUR 8.39 published in the December monthly report. The January NAV includes the adjustments made in the annual financial statements. The year end results were approved by the Board of Directors on the 18 February 2009.

Urs Wietlisbach, a Director of Princess and co-founder of Partners Group, comments: "Due to our decision to hedge the US dollar exposure through options instead of rolling 3-month forward contracts, the fund could benefit strongly, both in terms of NAV performance as well as minimizing effects on liquidity. However, with options in place we expect an increased NAV volatility over the short-term. While we believe there is a risk of further write-downs in private equity fund portfolios driven particularly by weak comparable multiples, we are confident that Princess is well positioned to achieve relative outperformance through our underweight of mega large-cap funds and relative overweight of venture, special situations and small/mid-cap buyouts."

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 SWX 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

Dr. Cyrill Wipfli

Head Communications

Tel.: +41 41 768 85 71

cyrill.wipfli@partnersgroup.net

www.partnersgroup.net

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.