Last checked at 
14 Jul 2009 07:07
News Release
Guernsey, 14 July 2009
Publication of June NAV
During the month of June, the net asset value (NAV) of Princess eased by 2.25% to EUR 7.06 per share. This result is mainly attributable to valuation adjustments which had a negative impact on the NAV of 1.78% overall. General partner revaluations, mainly from partnerships in the buyout space, had a negative effect on the NAV while IFRS adjustments made by Princess' Investment Advisor, Partners Group, positively influenced the NAV, mainly due to an increase of certain public comparables during the month of June.
As part of its active portfolio management, Princess has selectively divested some partnerships with high unfunded commitment levels during the course of the past months in order to decrease the company's commitment ratio. Thus, Princess' unfunded commitments decrease by EUR 42.6 million while the NAV impact is less than one percent. While some of these transactions will only settle in the coming weeks, the minor impact on the NAV is already fully reflected in the NAV as at 30 June 2009. Alongside the sale of certain listed private equity investments, this measure further strengthens Princess' liquidity position.
Urs Wietlisbach, Director of Princess, comments: "In order to further reduce Princess' commitment ratio and maintain a healthy balance sheet in this uncertain market environment, Princess has selectively reduced unfunded commitments. Instead of selling highly funded partnership interests on the secondary market at very steep discounts which would have resulted in a strong negative NAV impact, Princess divested very lowly funded commitments with a minimal impact on the NAV. The additional reduction of listed private equity investments provides Princess with further liquidity while benefitting from the rebound of rising stock prices in the last months. These active portfolio management measures underline Princess' strong position, with a moderate commitment ratio compared to the peer group and no net leverage on the fund level."
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.