Monthly NAV Reporting

NEWS RELEASE

Zug, May 9, 2023

Net Asset Value as of April 30, 2023

As of April 30, 2023, the Net Asset Value (NAV) per share of Private Equity Holding AG (PEH) stood at EUR 150.18 (CHF 147.59), representing a change of -1.0% in EUR (-1.9% in CHF) since March 31, 2023.

PEH's portfolio performance was negative in April. Positive valuation adjustments for several portfolio funds including ALPHA CEE Opportunity IV, Mid Europa Fund IV and Clarus Lifesciences III could not fully compensate the adverse FX movements.

The portfolio was cash-flow negative with total distributions amounting to EUR 1.0m vs. EUR 2.7m paid into the portfolio. The biggest distribution was received from Sycamore III, distributing proceeds from a recapitalisation of RONA, a Canadian retailer of home improvement and construction products and services. Clarus Lifesciences III distributed proceeds from various transactions including the sale of shares in Praxis Precision Medicines, a clinical-stage biopharmaceutical company translating insights from genetic epilepsies into the development of therapies for central nervous system (CNS) disorders. The biggest drawdown came from Procuritas VII to fund three transactions, namely investments in Werksta, a leading independent car damage repair chain in the Nordics, We Select, a digital talent acquisition platform on social media, and Nordic Biomarker, a Swedish supplier of advanced reagents for IVD coagulation analysers. 

In the reporting period, PEH committed USD 7.0m to TA XV, a fund targeting growth capital investments in the middle market in the US and Europe.

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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 2,505,606 as of April 30, 2023 (March 31, 2023: 2,505,606). 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.