Private Equity Holding AG: Net Asset Value as of August 31, 2023

NEWS RELEASE

Zug, September 12, 2023

Net Asset Value as of August 31, 2023

As of August 31, 2023, the Net Asset Value (NAV) per share of Private Equity Holding AG (PEH) stood at EUR 152.56 (CHF 146.28), which is almost unchanged compared to July (in EUR and CHF).

The flat performance in August was a result of negative valuation adjustments for several portfolio funds offset by favourable FX movements and a few positive valuation adjustments in the portfolio. Noteworthy positive valuation adjustments were recorded for fund investments such as ALPHA CEE Opportunity IV, Sycamore III, and ABRY ASF IV, as well as for the direct co-investments in Guala Closures, a market leader in the production of aluminium and non-refillable closures, and Renaissance Learning, a digital learning solutions provider.

The portfolio was cash-flow positive with total distributions amounting to EUR 3.5m vs. EUR 2.4m paid into the portfolio. PEH received noteworthy distributions from Highland Europe III, with proceeds distributed from the sale of Wolt, a food delivery company, and Alkemics, a platform for retailers to simplify data. Further, TA Associates XIII distributed proceeds from various transactions, including Netwrix, a provider of data security and compliance software.

Notable capital calls were received from Abry Senior Equity VI, to fund the acquisition of Prime Capital Investment, a US-based investment advisor, as well as from Highland Europe III, to fund various follow-on investments, including Nexthink, a digital employee experience management software.

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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 manner in a diversified and professionally managed private equity portfolio with selective fund and direct investments.

Income from the portfolio is partially reinvested, as well as passed on to the shareholders as 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 further information, please contact: 
Kerstin von Stechow, Investor Relations, Kerstin.Stechow@peh.ch, phone +41 41 726 79 80, http://www.peh.ch

The basis of the Net Asset Value Calculation and Disclaimer

The number of outstanding shares used for calculation of the Net Asset Value per share amounted to 2,498,742 as of August 31, 2023 (July 31, 2023: 2,503,925). The calculations are prepared in accordance with International Financial Reporting Standards (IFRS) and pursuant to the guidelines of Invest Europe (formerly known as the European Venture Capital Association). The valuations of the fund investments are based on the most recent reported net asset values (NAVs) of the funds. In estimating the fair value of unquoted 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 NAV of Private Equity Holding AG is calculated at the end of each month under a going concern assumption and usually published within six trading days after the cut-off date. The different reporting cut-off dates of the individual companies and funds in which participations are held can lead to short-term distortions and cause discrepancies between the published NAV and the actual total value of Private Equity Holding AG's net assets.