14th Apr 2009 18:14
News Release
Guernsey, 14 April 2009
Publication of March NAV
During the month of March, the net asset value (NAV) of Princess decreased by 8.18% to EUR 7.83 per share, resulting in a NAV total return of -5.26% for the first quarter of 2009. As indicated in the Princess annual report, Partners Group, the Investment Advisor to Princess, could not rule out NAV declines despite the partial anticipation of such likely NAV write-downs by general partners through its monthly IFRS revaluations. The impact of the 2008 year-end reports received from general partners during the month of March accounted for a decline of 5.64% of the NAV and primarily stemmed from large-cap and higher mid-cap buyout funds. Another significant negative return component in March was the depreciation of the US dollar against the Euro which led to a decrease of 2.44% of the NAV. The residual is explained by IFRS revaluations, costs and other items.
Dr. Remy Hauser, Managing Director at Princess' Investment Advisor Partners Group, comments: "The valuation adjustments received from several general partners in their audited year-end reports reflect the financial crisis' impact on the macroeconomic environment and the public markets and have to a certain extent already been taken into account by the Investment Advisor's IFRS adjustments in previous months. While being significant, an overall NAV performance of -5.26% for the first quarter of 2009 appears reasonable in comparison to the general industry, which is mainly explained by Princess' limited exposure to large-cap buyout funds of more recent vintage years. Irrespective of further valuation adjustments Princess may exhibit, the Investment Advisor remains confident in the long-term development of the portfolio with its high quality investments and its broad diversification."
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
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.
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