Princess Private Equity Holding published its interim report for the nine-month period ended 30 September 2019. It reported a share price total return of +19.1% over the same period. The company maintains its objective to distribute 5-8% of opening NAV per annum.
Valuation developments (+17.2% YTD) were the key driver of NAV growth. Investments in Permotio, Action, Foncia and KinderCare were the largest contributors to NAV growth during Q3 2019.
The company received proceeds from exited investments, which totalled EUR 59.7m during the first nine months. EUR 34.2m stemmed from direct investments, which included the full exit of Agiliti and the further sale of shares of Ceridian HCM. The balance of EUR 25.5m was received from the company’s legacy fund portfolio. Post period-end, the full realizations of Action and Vermaat were agreed. The company made investments totalling EUR 42.0m over the same period. EUR 31.2m was invested in six direct equity investments (Convex Group, Idera, Confluent Health, Blue River PetCare, BCR Group and Schleich).
Richard Battey, Princess Private Equity Holding’s Chairman, commented: “2019 represents the ninth successive year of dividend payments and the board is pleased to re-affirm its commitment to the dividend policy, which it recognizes is an important element of Princess’ investment proposition for shareholders.”