Princess Private Equity Holding Limited specializes in private equity and debt investments in non-public companies or assets through privately negotiated transactions. The fund invests in primary and secondary fund investments, direct investments, and listed private equity. It makes private equity investments in buyout, venture capital, and special situation and private debt investments in mezzanine, second lien, or senior debt investments. The fund makes investments without limitations as to geographic regions, financing stage, vintage year, and industry. It also makes investments as limited partnerships in the form of private equity and private debt funds in the form of common and preferred equity, convertible securities, subordinated debt and warrants, or other derivatives.
Guernsey, 13 August 2021 Princess publishes Half-Year Report 2021 Princess Private Equity Holding Limited ("Princess" or the "Company") today published its Half-Year Report for 2021. The key items were: · Net asset value ("NAV") increased to EUR 15.24 per share, representing a total return of +16.7% including the first interim dividend. · Share price total return over the same period was +9.8%. · The first interim dividend of EUR 0.335 per share was paid to shareholders in June, in line with the objective to distribute 5% of opening NAV for each financial year, via semi-annual payments in June and December. · Valuation developments (+19.6%) were the key driver of NAV growth, while currency effects were slightly negative. The largest contributors to Princess' NAV growth were the investments in GlobalLogic, International Schools Partnership and SRS Distribution. · Princess received distributions amounting to EUR 99.0 million during the first six months of 2021. EUR 92.7 million stemmed from direct investments, including proceeds from the sale of Cerba HealthCare, the exit of a minority position in Idera, and a dividend from Foncia. The balance of EUR 6.3 million was received from the Company's mature legacy fund portfolio. · Investment activity totalled EUR 61.9 million including new investments in Telepass, Careismatic Brands, Wedgewood Pharmacy, Axia Women's Health, Ecom Express and a reinvestment in Idera. Princess publishes Half-Year Report 2021 – Company Announcement - FT.com
Guernsey, 20 August 2021 Partners Group to sell Straive, a leading provider of technology-driven content and data solutions Partners Group, the Investment Manager of Princess Private Equity Holding Limited ("Princess"), has, on behalf of its clients, agreed to sell Straive, formerly known as SPi Global, a leading global provider of technology-driven content and data solutions, to funds affiliated with Baring Private Equity Asia. The transaction values Princess' stake in Straive at approximately USD 18.7 million. This compares to a carrying value of USD 17.9 million (EUR 15.1 million) at 30 June 2021. Princess realizes its investment in Straive – Company Announcement - FT.com
Princess Private Equity has entered into a new investment management agreement with Partners Group, it announced on Tuesday, with effect from 1 July. The London-listed firm said the agreement replaced the previous agreement with Princess Management - a wholly-owned subsidiary of Partners Group - under which Princess Management had engaged Partners Group to provide investment services under a separate investment advisory agreement. It said the key terms of the new agreement were that, in consideration of the investment services provided, the company would pay a management fee equal to 0.375% per quarter of the private equity asset value, being the higher of its net asset value and the value of its assets, less any temporary investments made for the purposes of liquidity management, plus the amount of unfunded commitments. "In order to achieve its investment objective, the company may make commitments to investment programmes or other pooling vehicles managed by the investment manager or its affiliates," the board explained in its statement. "For the purposes of calculating the value of the company's assets and unfunded commitments, the company's pro rata share of investments and commitments made by such pooling vehicles is included, but the company's commitments to invest in such pooling vehicles are excluded." The firm said the rate of 0.375% per quarter remained unchanged from the original investment management agreement. However, it said the definition of private equity asset value excluded two items which were included under the original agreement, thus reducing the management fees that would have been payable under that deal. Those items were unfunded commitments in respect of primary and secondary investments, and that for the purposes of liquidity management, the company could invest in the open-ended Partners Group Global Senior Loan Master Fund SICAV managed by the investment manager. The board said that under the new agreement, investments in the Partners Group Global Senior Loan Master Fund were excluded from the definition of private equity asset value, and instead, they incurred a lower effective management fee of 0.6% per annum. Princess said the incentive fees remained unchanged compared to the original agreement, explaining that for direct and secondary investments, the advisor would receive 15% and 10% respectively, whether or not they were made through a pooling vehicle, subject to an 8% preferred return for the company. The board said that no second layer of management or incentive fees would be payable for any commitments to pooling vehicles managed by the investment manager or its affiliates. It said the agreement would remain in effect for an initial term of two calendar years, and then could be terminated by either party at the end of the initial term, and each calendar year thereafter, on two years' prior written notice. The existing term of the original agreement automatically renewed every 10 years, with a three-year notice period. Princess Private Equity enters new management agreement with Partners | Financial News (lse.co.uk)
