PRINCESS PRIVATE EQUITY HOLDING LIMITED (Alliance News) - Princess Private Equity Holding Ltd on Thursday reported a higher net asset value and a positive NAV return in the first half of 2023.
The investor, which backs private companies said NAV per share as at June 30 rose 7.3% to EUR14.77 from EUR13.76 a year before.
The company reported a NAV return of 3.5%, compared to a negative return of 7.5% a year prior.
Value creation had the most positive impact with 5.5% for Princess's NAV growth, while currency effects had a small negative impact of 0.4% on performance.
Princess Private said it paid an interim dividend of EUR0.365 in June, down 3.9% from EUR0.38 a year prior.
"The first half of 2023 was marked by market uncertainty with higher interest rates and stubborn inflation with consequences for all asset classes across both private and public markets. While private equity transaction volumes in general remained subdued, reflecting market uncertainty, the investment manager continued to focus on operational value creation initiatives in underlying portfolio companies, which drove NAV growth and distributions," Interim Chair Fionnuala Carvill said.
Further, Carvill said that the board has started the necessary measures to identify and recruit a successor chair and additional non-executive directors.
Princess Private Equity shares were flat at 894.00 pence each on Thursday morning in London.
By Tom Budszus, Alliance News reporter
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