20th Jun 2014 12:43
LONDON (Alliance News) - Private equity fund JZ Capital Partners Ltd Friday said net asset value edged down over the course of the recent quarter, after it sold 60% of its position in NASDAQ-listed Safety Insurance Group Inc in a block trade at a discount of 5%.
The fund, which invests in US and European micro cap companies, said its net asset value declined to USD655.3 million on May 31, from USD666.5 million on February 28. NAV per share fell to USD10.24, before dividend payments, from USD10.25 on March 1.
During the period, JZ Capital invested USD19.3 million, including a USD4.2 million co-investment in outdoor products manufacturer Igloo Products Corp, an additional USD3.6 million in Fidor Bank AG, and USD3.0 million in a real estate property in Brooklyn, New York.
It realised USD57.3 million from the sale of the position in Safety Insurance, while retaining a USD26.2 million holding, 4% of its total portfolio.
David Zalaznick, who founded JZ Capital Partners and acts as its investment advisor, suggested that more activity is in store for the fund.
"We're pleased with the positive performance of the underlying assets and look forward to reporting to shareholders new investments and realizations we hope to achieve by the interim period ending August 31," Zalaznick said in a statement.
JZ Capital shares were Friday quoted up 0.8% at 445.50 pence.
By Samuel Agini; [email protected]; @samuelagini
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