Partners Grp E Regulatory News (PEY)

8 Dec 2008 13:50



News Release

Guernsey, 8 December 2008

Princess publishes November NAV 

After a strong performance during recent months, the net asset value of Princess eased in November by 1.3% to EUR 9.66 per share, of which 0.7% was attributable to revaluations of investments. 29% of the general partners' valuations received to date by Princess are based on 30 September 2008 and 62% on 30 June 2008 figures. While such revaluations had only a modest impact on the Princess NAV in November, further and more material adjustments are expected given the current market environment. Irrespective of the operational soundness of underlying portfolio companies, "fair valuations" are required to reflect to a significant extent the price development of comparable public companies which recently have experienced a major decline during the market downturn. This is particularly true for large-cap buyout portfolios of more recent vintage years; however, those only account for 14% of the Princess portfolio. In particular, less recession resilient sectors, such as retail, construction and financial services, which represent less than a third of the Princess portfolio, have suffered heavy losses in the public markets, which will result in corrections of "fair values" in the private market, too. That said, the Investment Advisor has high confidence in Princess' portfolio, with quality investments and high levels of diversification, managed by top-quartile private equity firms which the Investment Advisor believes are well-equipped to weather a difficult economic environment.

Dr. Stephan Schäli, Head of Private Alternative Capital at Princess' Investment Advisor Partners Group, comments: "While fair value accounting and valuation principles applied to individual public investments can be appropriate to measure a company's value in case of immediate liquidation at a given point in time, the "fair value" for private equity portfolio companies is usually less significant for investors in the present environment. This is because private equity investments are held for long term appreciation and the portfolio companies are still in the process of executing their business plans, and do not have to, or are not supposed to be exited today or in the near future."

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 25 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.