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(LSE: PEYS/PEY)
Princess Private Equity Holding Limited
Princess publishes Annual Report 2022
Princess Private Equity Holding Limited today published its Annual Report for 2022. The key financial highlights were:
· Net asset value ("NAV") at 31 December 2022 was EUR 14.62 per share, representing a total return of -1.6% for the year.
· Princess paid a total dividend of EUR 0.38 per share during the year. For 2023, the Company intends to distribute 5% of the opening NAV via semi-annual payments in June and December.
· Realizations amounted to EUR 109.2 million1, including the exit of Voyage Care and partial exit of USIC.
· Investment activity totaled EUR 156.7 million in new and add-on investments in several portfolio companies.
Richard Battey, Chairman comments: "The recalibration of the global investment environment in 2022 resulted in downward pressure on valuations. Despite valuation multiples coming down, Princess' portfolio was supported by strong underlying operational performance of its portfolio companies, which underscores the high-quality assets as well as emphasizes the investment thesis of long-term sustainable growth in resilient and growing sub-sectors. In 2023 the Investment Manager believes that the demanding market environment can offer potentially strong investment opportunities, particularly given its approach which emphasises hands-on value creation at the portfolio company level. My fellow Directors and I trust that shareholders continue to recognize the potential of Princess and the opportunity to participate in the sustainable long-term growth of leading private market businesses."
A detailed analysis and commentary on the developments of Princess during 2022 is presented in the Annual Report published today, which can be accessed via: https://www.princess-privateequity.net/en/investor-relations/financial-reports/
A copy of the Annual Report has been submitted to the National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism
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 135 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
Investor relations contact: Media relations contact:
Sarah Page Jenny Blinch
Phone: +44 20 7575 2695 Phone: +41 41 784 65 26
Email: sarah.page@partnersgroup.com E-mail: jenny.blinch@partnersgroup.com
Registered Number: 35241 LEI: 54930038LU8RDPFFVJ57
Footnotes:
1. The realizations do not include redemptions from the related fund which invests in Senior Loans. Figure including these proceeds would be: EUR 241.4 million
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.