Private Equity Holding AG: Net Asset Value as of September 30, 2022

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Private Equity Holding AG / Key word(s): Half-year results
Private Equity Holding AG: Net Asset Value as of September 30, 2022

10-Oct-2022 / 18:00 CET/CEST
Publication of an ad hoc announcement pursuant to Art. 53LR
The issuer is solely responsible for the content of this announcement.

PRESS RELEASE

Zug, October 10, 2022

Net asset value as of September 30, 2022

As of September 30, 2022, the net asset value (NAV) per share of Private Equity Holding AG (PEH) amounted to 156.58 EUR (150.53 CHF), i.e. a negative variation of -1.5% in EUR (-3.4% in CHF) since August 31, 2022.

For the month of September, the performance of the portfolio was negative. Favorable currency movements could not offset the negative valuation adjustments that were recorded for several portfolio funds and direct co-investments as well as listed positions primarily in relation to listed technology stocks held by the funds. The valuation adjustments of the direct co-investments are in line with the respective public market comparables.

The portfolio recorded positive cash flow at a low level, with total distributions amounting to €2.5 million compared to €1.9 million paid into the portfolio. PEH received notable distributions from Sycamore Partners through its investments in LOFT, an American women’s retail fashion brand, and Lane Bryant, an American women’s clothing retailer specializing in plus-size apparel, as well as Medicxi III, which distributes proceeds from the sale of a UK-based clinical-stage biotechnology company specializing in immunotherapies.

In addition, Warburg Pincus distributed the proceeds of various transactions, the majority from the sale of Reorg Research, a global provider of credit intelligence and analysis, and Foundation Risk Partners, one of the brokerage and fastest growing insurance consultancy in the United States.

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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 way in a diversified and professionally managed private equity portfolio with selective funds and direct investments.

Portfolio income is partially reinvested and passed on to shareholders in the form of 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 more information, please contact:
Kerstin von Stechow, Investor Relations, [email protected], phone +41 41 726 79 80, http://www.peh.ch

The Basis for Net Asset Value Calculation and Disclaimer

The number of outstanding shares used for the calculation of the net asset value per share amounted to 2,505,656 as of September 30, 2022 (August 31, 2022: 2,503,986). Calculations are prepared in accordance with International Financial Reporting Standards (IFRS) and the guidelines of Invest Europe (formerly known as the European Venture Capital Association). The valuations of the funds’ investments are based on the most recent net asset values ​​(NAV) of the funds. When estimating the fair value of unlisted 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 net asset value of Private Equity Holding AG is calculated at the end of each month assuming going concern and generally published within six trading days of the cut-off date. The different reporting deadlines of the individual companies and funds in which interests are held may lead to short-term distortions and lead to discrepancies between the published net asset value and the actual total net asset value of Private Equity Holding AG.

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