JP Morgan Private Equity’s net asset value rose by 2.8% over the second half of 2013. The share price rose by 0.2% so the discount widened a little over the period. NAV gains were derived in part from disposals – JPEL received $41.5m and invested $3.3m during the six months. Since the start of 2014 another $32m has come in and $0.5m gone out. The disposals included two large sales. LifeLock (identity theft protection) was an investment made in February 2012. This was sold in January this year for 2.5x its original cost. WinnCare, a medical homecare equipment manufacturer, was sold in February for $9m, generating a return of 5.8x cost.
The company announced a new strategic plan earlier this year. As part of this it expects the pace of new investment to accelerate as it seeks to deploy $150m over the next couple of years.