Net Asset Value as of December 31, 2023

NEWS RELEASE

Zug, January 10, 2024

Net Asset Value as of December 31, 2023

As of December 31, 2023, the Net Asset Value (NAV) per share of Private Equity Holding AG (PEH) stood at EUR 152.20 (CHF 141.68), representing a change of +0.8% in EUR (-5.0% in CHF) over the calendar year 2023, including the distribution of CHF 1 per share in June 2023. A major positive performance contributor was the concentration effect of EUR 1.23 per share generated by PEH’s purchase of treasury shares. PEH’s long term performance of 15.2% p.a. (in EUR) over the last three years continues to compare favourably to the MSCI World Index (TR), a broad index of global listed equities, which achieved a performance of 11.5% p.a. (in EUR) in the same period. 

PEH’s share price closed the year at CHF 73.60, representing a total performance of 5.1% over the last 12 months (incl. distribution).

PEH’s portfolio performance in fund currency was positive in December, however, the positive valuation adjustments for several portfolio funds including Pelion VI, Mid Europa Fund IV and Eagletree IV could not fully compensate adverse FX movements.

The portfolio was cash-flow positive in December with total distributions amounting to EUR 5.7m vs. EUR 4.1m paid into the portfolio. PEH received noteworthy distributions from Pollen Street III distributing proceeds from the sale of Aryza, a leading software solutions specialist, as well as from Pollen Street IV distributing proceeds from the sale of Markerstudy, one of the leading retail insurance platforms in the UK. Further, ALPHA CEE Opportunity IV distributed dividends and proceeds from three investments, namely from Kaspi, a Kazakh fintech firm, Allegro, a leading Polish and CEE e-commerce platform, as well as from Symfonia, a Polish payroll software company.

In 2023, PEH purchased 37,344 net treasury shares which was significantly accretive for the shareholders. 

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Private Equity Holding AG (SIX: PEHN) is a listed investment company for private equity investments. It offers institutional and private investors the opportunity to participate in a simple and tax-efficient manner in a diversified and professionally managed private equity portfolio with selective fund and direct investments.

Income from the portfolio is partially reinvested, as well as passed on to the shareholders as annual distributions. Private Equity Holding’s portfolio is managed by Alpha Associates, an independent Private Equity, Private Debt and Infrastructure investment manager based in Zurich.

For further information, please contact: 
Kerstin von Stechow, Investor Relations, Kerstin.Stechow@peh.ch, phone +41 41 726 79 80, http://www.peh.ch

The basis of the Net Asset Value Calculation and Disclaimer

The number of outstanding shares used for calculation of the Net Asset Value per share amounted to 2,468,262 as of December 31, 2023 (November 30, 2023: 2,468,862). The calculations are prepared in accordance with International Financial Reporting Standards (IFRS) and pursuant to the guidelines of Invest Europe (formerly known as the European Venture Capital Association). The valuations of the fund investments are based on the most recent reported net asset values (NAVs) of the funds. In estimating the fair value of unquoted direct investments, Private Equity Holding AG considers the most appropriate market valuation techniques. The fair value of listed direct investments is the market value. The NAV of Private Equity Holding AG is calculated at the end of each month under a going concern assumption and usually published within six trading days after the cut-off date. The different reporting cut-off dates of the individual companies and funds in which participations are held can lead to short-term distortions and cause discrepancies between the published NAV and the actual total value of Private Equity Holding AG's net assets.