13th Mar 2020 12:29
(Alliance News) - JPEL Private Equity Ltd said Friday it has sold a part of its stake in its second largest portfolio holding, Tax Advisory Services Co.
At the end of 2019, the company represented 18.7% of JPEL's private equity portfolio value.
The private equity investor will receive USD37.5 million from the sale and will still hold 20% of its position, which is would hold a value of USD10.4 million at December 31.
"The partial realization results in an investment return of approximately 4.39x and an internal rate of return of approximately 33% for JPEL," the fund said.
In early 2014, JPEL started a reinvestment programme for its US and western European companies, using secondary and co-investment markets. Since then, JPEL has invested USD183.1 million and realised USD261.8 million.
Shares in JPEL Private Equity were 0.4% higher in London on Friday at USD1.25 each.
By Paul McGowan; [email protected]
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