10th Mar 2015 13:56
LONDON (Alliance News) - Princess Private Equity Holding Ltd Tuesday reported an increase of 13.2% in its net asset value on a total return basis in 2014, adjusted for a total dividend of EUR0.54 paid to investors.
The private equity company, which is advised by Partners Group AG, said that net revaluation developments in 2014 amounted to 13.4%, crediting "solid earnings results" of companies in its portfolio of investments.
The company said the biggest contributors to NAV growth were its direct investments.
Over the year, it deployed EUR5.2 million directly to seven new direct private equity and seven new direct private debt investments.
Its direct investments grew to represent 56% of its net asset value, compared with 39% at the end of 2013.
Total investment activity amounted to EUR85.9 million, Princess said, with the investment level increasing to 85.9% of NAV, up from 70.7% at the start of the year.
Princess said that distribution proceeds remained "robust" throughout 2014, with its "mature portfolio" generating EUR73.3 million.
"In 2014 Princess showed a strong NAV performance and passed a significant landmark, with direct investments now comprising the majority of the portfolio. It is encouraging to see that the portfolio is gaining traction with strong performance of underlying portfolio companies feeding through to the NAV of which the outstanding contributors to NAV growth in 2014 were Princess' direct investments," Chairman Brian Human said in a statement.
"Furthermore, I am confident that Princess' emergence as a leading global mid-market direct private equity fund with a high dividend yield objective has ensured that Princess is well-placed to continue creating value for its shareholders over the years to come," Human added.
Princess shares were up 0.3% at EUR7.35 on Tuesday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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