reports
Edison issues report on Partners Group Private Equity (PEY/PEYS)
Edison Investment Research Limited Edison issues report on Partners Group Private Equity (PEY/PEYS) 11-Sep-2024 / 13:39 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 11 September 2024 Edison issues report on Partners Group Private Equity (PEY/PEYS) Edison issues report on Partners Group Private Equity (LSE: PEY) Partners Group Private Equity received a strong €103.7m in realisation proceeds in H124 (c 11% of opening NAV). Proceeds of €70.2m came from the successful sale of SRS Distribution to Home Depot at a more than 30% upl...
- Pedro Fonseca
Partners Group Private Equity - Healthy realisations in H124
Partners Group Private Equity received a strong €103.7m in realisation proceeds in H124 (c 11% of opening NAV). Proceeds of €70.2m came from the successful sale of SRS Distribution to Home Depot at a more than 30% uplift to the previous carrying value (contributing to Partners Group Private Equity’s 4.1% NAV total return in H124), which resulted in a healthy gross multiple on invested capital (MOIC) of over 5x since its investment in this business in 2018. There are a number of exit candidates i...
Edison issues report on Patria Private Equity Trust (PPET)
Edison Investment Research Limited Edison issues report on Patria Private Equity Trust (PPET) 25-Jun-2024 / 13:06 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 25 Juni 2024 Edison issues report on Patria Private Equity Trust (PPET) to view the full report. All reports published by Edison are available to download free of charge from its website Edison is authorised and regulated by the . Edison is not an adviser or broker-dealer and does not provide investment advice. Edison’s reports are not solicitations to buy or sell ...
- Pedro Fonseca
Patria Private Equity Trust - H124 NAV TR of 2% amid still muted marke...
Patria Private Equity Trust (PPET) reported a modest 2.0% NAV per share total return in H124 (ending March 2024) as exit activity in private equity markets remained subdued, suggesting continued buyer cautiousness. Meanwhile, PPET’s share price total return was a strong 22.9% in H124, with the narrowing discount to NAV assisted by, among other things, PPET’s buyback programme (see our March 2024 note for details). Given the trust’s current balance sheet headroom, the board targets an annual divi...
- Sarah Godfrey
Private Equity: Stick or twist? Avoiding the ‘pig in the python'
After a period of record fundraising and with more than $1tn of ‘dry powder' on the sidelines awaiting investment, private equity (PE) has had a more difficult time in the past two years as inflation and interest rates have increased. The IPO market has been subdued following strong years in 2020 and 2021, challenging the traditional PE model, which relies on a steady cycle of exits in order to fund existing commitments and make new investments. One leading US private equity investor has likened...
Edison issues review on Princess Private Equity Holding (PEY): Introdu...
Edison Investment Research Limited Edison issues review on Princess Private Equity Holding (PEY): Introducing a well-defined buyback policy 29-Apr-2024 / 10:50 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 29 April 2024 Edison issues review on Princess Private Equity Holding (PEY): Introducing a well-defined buyback policy Princess Private Equity Holding’s (PEY’s) 12-month NAV total return (TR) to end-February 2024 was a modest 0.6% amid low exit activity across private equity (PE) markets. That said, if the pick-up in global M...
- Pedro Fonseca
Partners Group Private Equity - Introducing a well-defined buyback pol...
Princess Private Equity Holding’s (PEY’s) 12-month NAV total return (TR) to end-February 2024 was a modest 0.6% amid low exit activity across private equity (PE) markets. That said, if the pick-up in global M&A volumes witnessed earlier in 2024 continues, it should support PEY’s exit activity. This in turn would translate into improved returns if PEY delivers sizeable uplifts to previous carrying values upon exits, as it has done historically. In this context, we note that PEY has a good pipelin...
- David Johnson
- James Carthew
abrdn Private Equity Opportunities – On the way to greener pastures?
Despite navigating through what its managers considered to be challenging conditions in 2023, abrdn Private Equity Opportunities (APEO) was able to report both positive NAV growth and double-digit share price returns in its recently published annual results. APEO’s discount has narrowed by more than 10% in recent months, so that it is trading on a 28.9% discount currently, narrowing from about 45% last October. These figures were generated over a period that saw a slowdown in activity in Europea...
Edison issues update on abrdn Private Equity Opportunities Trust (APEO...
Edison Investment Research Limited Edison issues update on abrdn Private Equity Opportunities Trust (APEO): Returns and buyback help narrow the discount 04-March-2024 / 14:07 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 4 März 2024 Edison issues update on abrdn Private Equity Opportunities Trust (APEO): Returns and buyback help narrow the discount abrdn Private Equity Opportunities Trust (APEO) achieved a 5.4% NAV total return (TR) in FY23 (to end-September 2023) despite muted private equity (PE) deal activity and foreign exch...
- Pedro Fonseca
abrdn Private Equity Opportunities Trust - Returns and buyback help na...
abrdn Private Equity Opportunities Trust (APEO) achieved a 5.4% NAV total return (TR) in FY23 (to end-September 2023) despite muted private equity (PE) deal activity and foreign exchange headwinds (its portfolio value was up 9.4% excluding fx). We believe that APEO’s expansion into direct investments since 2019 has shown promising results so far, with a rise in value by a strong 18.5% in FY23. APEO’s balance sheet remains solid with a coverage ratio of c 33% at end-January 2024, as net capital c...
Edison issues update on Princess Private Equity Holding (PEY): Offerin...
Edison Investment Research Limited Edison issues update on Princess Private Equity Holding (PEY): Offering an attractive dividend yield 06-Dec-2023 / 09:16 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 6 December 2023 Edison issues update on Princess Private Equity Holding (PEY): Offering an attractive dividend yield Princess Private Equity Holding (PEY) posted a year-to-date NAV total return to end-October 2023 of 4.9%, 2.4% of which was from Q323. PEY’s performance continues to be assisted by portfolio earnings, with last-twe...
- Pedro Fonseca
Princess Private Equity Holding - Offering an attractive dividend yiel...
Princess Private Equity Holding (PEY) posted a year-to-date NAV total return (TR) to end-October 2023 of 4.9%, 2.4% of which was from Q323. PEY’s performance continues to be assisted by portfolio earnings, with last-twelve-month (LTM) revenue and EBITDA growth to end-September 2023 of 16% and 15%, respectively, and sustained healthy average EBITDA margin of 24%. PEY’s balance sheet remains firm with c €134m in undrawn credit facility and €3m in cash, further assisted by the Civica sale proceeds ...
Princess Private Equity Holding Limited: 1 director
A director at Princess Private Equity Holding Limited bought 30,000 shares at 10.700EUR and the significance rating of the trade was 83/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over ...
Edison issues update on abrdn Private Equity Opportunities Trust (APEO...
Edison Investment Research Limited Edison issues update on abrdn Private Equity Opportunities Trust (APEO): Resilient NAV and stable balance sheet 25-Oct-2023 / 11:34 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 25 October 2023 Edison issues update on abrdn Private Equity Opportunities Trust (APEO): Resilient NAV and stable balance sheet abrdn Private Equity Opportunities Trust (APEO) posted a 12-month NAV TR of 5.1% to end-September 2023 amid persistently muted exit activity across PE markets and FX headwinds from stronger st...
- Pedro Fonseca
abrdn Private Equity Opportunities Trust - Resilient NAV and stable ba...
abrdn Private Equity Opportunities Trust (APEO) posted a 12-month NAV TR of 5.1% to end-September 2023 amid persistently muted exit activity across PE markets and FX headwinds from stronger sterling. APEO’s drawdowns continue to outpace distributions, but the 12-month net capital calls were more than offset by the proceeds APEO received from the partial sale of its co-investment in non-food discount retailer Action. As a result, APEO’s balance sheet headroom, as measured by its commitment covera...
Utilico Emerging Markets Trust: Emerging market growth opportunities a...
Edison Investment Research Limited Utilico Emerging Markets Trust: Emerging market growth opportunities at a discount 18-Sep-2023 / 07:00 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 18 September 2023 Utilico Emerging Markets Trust: Emerging market growth opportunities at a discount Utilico Emerging Markets Trust (UEM) is managed by Charles Jillings, together with deputy portfolio managers Jacqueline Broers and Jonathan Groocock, at specialist investor ICM. Jillings is frustrated by the trust’s wide discount, which he believes...
Murray International Trust (MYI): Business as usual at Murray Internat...
Edison Investment Research Limited Murray International Trust (MYI): Business as usual at Murray International 13-Sep-2023 / 07:00 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 13 September 2023 Murray International Trust (MYI): Business as usual at Murray International The board of Murray International Trust (MYI) has been planning for manager Bruce Stout’s end-June 2024 retirement for a long time. He and the trust’s other two co-managers, Martin Connaghan and Samantha Fitzpatrick, have worked together for many years and they ...
- David Johnson
- Matthew Read
abrdn Private Equity Opportunities Trust – Unrecognised success
Given that abrdn Private Equity Opportunities Trust (APEO) is one of a limited number of ways in which investors can access a diverse pool of private equity managers, and that it has also produced long-term returns ahead of comparable equity indices and its peer group average, it might be reasonable to think that its shares would trade reasonably close to NAV. However, that is clearly not the case currently. APEO continues to trade on a stubbornly wide discount of 42.0%, possibly due to investor...
- David Johnson
- Matthew Read
abrdn Private Equity Opportunities Trust – Unrecognised success
Given that abrdn Private Equity Opportunities Trust (APEO) is one of the few ways in which the average investor can access a diverse pool of private equity managers, and has produced impressive long-term returns well ahead of comparable equity indices and its peer group average, one might expect its shares to trade close to NAV. However, that is clearly not the case currently. APEO continues to trade on a stubbornly wide discount of 42.0%, due to investors’ fears around valuations or market outl...
- Pedro Fonseca
Princess Private Equity Holding - Waiting for a rebound in global PE d...
Princess Private Equity Holding (PEY) posted a 3.5% NAV TR in H123, bringing its 12-month return to c 10%. Its portfolio maintains strong last 12-month (LTM) revenue and EBITDA momentum of 17% and 15%, respectively, at end-June 2023 and some of its holdings also benefited from peer multiple expansion (eg KinderCare). PEY’s holding-level balance sheet remains solid, with cash and the undrawn part of its credit line covering all of its outstanding investment commitments. PEY reiterated its dividen...
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