Partners Grp E Regulatory News (PEY)

12 Aug 2009 09:33



News Release

Guernsey, 12 August 2009

Princess publishes July NAV

In July, the net asset value (NAV) of Princess eased by 3.12% to EUR 6.84 per share. This result is mainly attributable to valuation adjustments, which had a negative effect on the NAV of 1.81% overall. These adjustments were primarily made by underlying general partners, although the impact was at a lower level than in previous months. As of 31 July 2009, 14% of all general partner valuations were based on reports as of end-June and 74% on general partner reports as of end-March, with the remainder based on earlier reports. IFRS adjustments carried out by the investment manager to reflect the current "fair value" of the underlying portfolio holdings had a positive impact on the July NAV, reflecting the rise in public comparables and listed holdings. With the US dollar depreciating against the Euro in July, the foreign exchange movements contributed a negative 1.11% to the net asset value.

On the investment side, Dresser, a portfolio company of First Reserve Fund XI and a leading provider of highly engineered infrastructure products for the global energy markets, entered an agreement to acquire assets from iMeter, a global supplier of natural gas metering equipment. iMeter is known for its innovative product design capabilities and engineering expertise, which will strengthen Dresser's product portfolio for the global natural gas distribution and transmission markets. Dresser intends to build on iMeter's engineering innovations by leveraging its world-class manufacturing operations to supply iMeter products to its global customer base.

Urs Wietlisbach, Director of Princess, comments: "We are pleased with Dresser's purchase of iMeter's assets since we believe this add-on acquisition further strengthens Dresser's position in the natural gas metering equipment market. Portfolio companies such as Dresser, which are active in infrastructure-focussed sectors, are typically less impacted by the recessionary market environment and thus provide further stability to Princess' portfolio. The broad diversification of the portfolio and high-quality investments such as Dresser are key factors for weathering the current economic environment."

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.