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Princess Private Equity Holding Limited

Princess publishes Half-Year Report 2023

Princess Q2 2023 results presentation webcast details

Princess Private Equity Holding Limited today published its Half-Year Report for 2023. The key financial highlights are:

· Net asset value ("NAV") developed positively and closed the reporting period at EUR 14.77 per share, representing a NAV total return of 3.5%, including the first interim dividend.

· Share price total return over the same period was 27.8%.

· The first interim dividend of EUR 0.365 per share was paid to shareholders in June, in line with the objective to distribute 5% of opening NAV for each financial year, via semi-annual payments in June and December.

· Value creation (+5.5%) was the primary driver for Princess' NAV growth, while currency effects (-0.4%) had a minor negative impact on performance. The largest three contributors were: KinderCare, Ammega and Techem.

· Princess committed EUR 30 million to Partners Group Direct Equity V fund. The total capital invested by Princess during the period amounted to EUR 10 million and includes drawn investments from Partners Group Direct Equity V fund together with additional follow-on investments in portfolio companies. 

· Princess received distributions amounting to EUR 14 million during the first six months of 2023, of which EUR 9 million stemmed from direct investments. The remaining balance of EUR 5 million was predominantly received from the mature legacy fund portfolio which continued to benefit from distributions.

Fionnuala Carvill, Interim Chair comments: "The first half of 2023 was marked by market uncertainty with higher interest rates and stubborn inflation with consequences for all asset classes across both private and public markets. While private equity transaction volumes in general remained subdued, reflecting market uncertainty, the Investment Manager continued to focus on operational value creation initiatives in underlying portfolio companies, which drove NAV growth and distributions.

"Post AGM, the Board has initiated the necessary measures to identify and recruit a successor Chair and additional Non-Executive Directors to bring the Board to full strength, appointing an independent external search consultancy to manage this process.

"My fellow Directors and I would like to take this opportunity to thank you for the continued confidence you have shown in Princess during the first half of the year. Acknowledging the sensitivity in Princess not fulfilling its dividend objective in 2022, and the impact that had on shareholders, it is our belief that Princess offers an attractive long-term investment case within Listed Private Equity with a well-respected Investment Manager that is well placed to navigate the current environment. "

A detailed analysis and commentary on the developments of Princess during H1 2023 is presented in the Half-Year Report published today, which can be accessed via: https://www.princess-privateequity.net/en/investor-relations/financial-reports/

A copy of the above document has been submitted to the National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism

Princess will hold a quarterly investor update today Thursday, 24 August 2023, at 10:00 BST / 11:00 CEST. During the webcast, Partners Group, the Investment Manager to Princess, will give an update on the recent developments of the Princess portfolio based on unaudited figures as of 30 June 2023. Please find the registration details below or on the Company's webpage.

The results presentation is now available at: https://www.princess-privateequity.net/en/investor-relations/web-cast-live-events/.

Ends.

About Princess

Princess is an investment holding company founded in 1999 and domiciled in Guernsey. It invests, inter alia, in private equity and private debt investments. Princess is managed in its investment activities by Partners Group, a global private markets investment management firm with USD 142 billion in investment programs under management in private equity, private debt, private real estate, and private infrastructure. Princess aims to provide shareholders with long-term capital growth and an attractive dividend yield. Princess is traded on the Main Market of the London Stock Exchange (ticker: PEY for the Euro Quote; PEYS for the Sterling Quote).

Contacts

Princess Private Equity Holding Limited:

princess@partnersgroup.com

www.princess-privateequity.net

Registered Number: 35241 LEI: 54930038LU8RDPFFVJ57

Notes:

1. Note that references in this announcement to Princess Private Equity Holding Limited have been abbreviated to "Princess" or "Company". References to Partners Group AG have been abbreviated to "Partners Group " or "Investment Manager".

2. 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 Holdings. 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.

3. 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. Neither the contents of Princess' website nor the contents of any website accessible from hyperlinks on Princess' website (or any other website) is incorporated into, or forms part of, this announcement.