14 Apr 2009 18:14
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News Release
Guernsey,Β 14Β April 2009
Publication of MarchΒ NAV
During the month of March, the net asset value (NAV) of Princess decreased by 8.18% to EUR 7.83 per share, resulting in aΒ NAVΒ total return of -5.26% for the first quarter of 2009. As indicated in the Princess annual report, Partners Group, theΒ InvestmentΒ Advisor to Princess, could not rule outΒ NAVΒ declines despite the partial anticipation ofΒ suchΒ likelyΒ NAVΒ write-downs by general partners through its monthly IFRS revaluations. The impact of the 2008 year-end reports received from general partners during the month of March accounted for a decline of 5.64% of theΒ NAVΒ and primarily stemmed from large-cap and higher mid-cap buyout funds. Another significant negative return component in March was the depreciation of the US dollar against the Euro which led to a decrease of 2.44% of theΒ NAV. The residual is explained by IFRS revaluations, costs and other items.
Dr. Remy Hauser, Managing Director atΒ Princess'Β InvestmentΒ Advisor Partners Group, comments: "The valuation adjustments received from several general partners in their audited year-end reports reflect the financial crisis' impact on the macroeconomic environment and the public markets and have to a certain extent already been taken into account by the Investment Advisor's IFRS adjustments in previous months. While being significant, an overallΒ NAVΒ performance of -5.26% for the first quarter of 2009 appears reasonable in comparison to the general industry, which is mainly explained by Princess' limited exposure to large-cap buyout funds of more recent vintage years. Irrespective of further valuation adjustments PrincessΒ mayΒ exhibit, the Investment Advisor remains confident in the long-term development of the portfolio with its high quality investments and its broad diversification."
About Princess
PrincessΒ is an investment holding company founded in 1999 and domiciled inΒ GuernseyΒ 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) withΒ over CHFΒ 24Β billionΒ assets under management in private equity, private debt, private real estate,Β private infrastructure,Β absolute return strategies andΒ listed alternatives.Β PrincessΒ aims to provide shareholders with long-term capital growth and an attractive dividend yield.Β PrincessΒ is traded on the Frankfurt Stock Exchange (ticker symbol: PEY1) and on the London Stock Exchange (ticker symbol: PEY). Further information:Β www.princess-privateequity.net
ContactsΒ
Princess Private Equity Holding Limited:
princess@princess-privateequity.net
www.princess-privateequity.net
Registered Number: 35241
Media enquiries:
Partners GroupΒ AG
Tamara Krebs
CommunicationsΒ
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 theΒ United States of America,Β Canada,Β AustraliaΒ orΒ Japan.Β
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 theΒ United Kingdom.
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