Princess Private Equity Holding


Market Cap€624m

Last Close €9.02

Princess Private Equity Holding is an investment holding company domiciled in Guernsey that invests in private equity and has a minor private debt position. Its portfolio consists mostly of direct investments but may also include primary and secondary fund investments. It aims to provide shareholders with long-term capital growth and an attractive dividend yield.

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Investment summary

Princess Private Equity Holding’s (PEY’s) portfolio has fared quite well in 2022, with the +3.7% NAV total return (TR) in Q322 bringing the 9M22 TR decline to a moderate 4.0%. This was likely assisted by PEY’s sector mix and the temporary allocation of excess funds into senior loans in H221 (gradually redeemed throughout 2022). However, this was overshadowed by PEY’s decision to suspend its second interim dividend amid holding-level liquidity concerns due to high cash outflows for foreign exchange (fx) hedges and subdued M&A markets. This allowed PEY to build a liquidity buffer (c €88m at 18 November) to cushion against potential further headwinds due to a strong US dollar and muted portfolio realisations.

Content on Princess Private Equity Holding
Princess Private Equity – Portfolio resilient, holding-level liquidity strained
Investment companies | research Update | 28 November 2022
Princess Private Equity Holding – Seeking to deploy excess liquidity
Investment companies | research Update | 7 March 2022
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Share price graph
Price performance
Actual (5.6) (19.1) (32.7)
Relative* (11.6) (21.7) (34.5)
52-week high/low €14.8/€7.8
*% relative to local index
Key management
Felix Haldner Partner

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