EIH has published its results for the year ended 31 December 2014. The figures are a long way out of date now but for what it’s worth, the net asset value fell from 74.7 cents to 49.8 cents over the year but 26 cents of this move relates to a distribution they made to shareholders so, in fact, the NAV appreciated by 1.5% over the period.
During the year in review, the Company received distributions of $7.3m from the Evolvence India Fund PCC (“EIF”) and consideration of $11.7m from the part disposal of its direct investment in EIF Co Invest X (Gland Pharma Limited). It was this that funded the distributions.
Evolvence India still accounts for 34.7 cents per share of the NAV. The majority of EIF’s ten underlying private equity funds have fully drawn down their committed capital from EIF, and EIF’s remaining commitments are concentrated in NYLIM Jacob Ballas India Fund III. During the year in review, EIF received net distributions from all except one of its funds, while drawdowns were limited. At the year end the fair value of the Company’s interest in EIF’s ten underlying private equity funds was $13.5m, equivalent to 20.9 cents per share, while EIF’s direct investments had a fair value of $8.1m, equivalent to 12.6 cents per share
There is no more up to date financial information in the announcement although they do mention that the Indian stock market and the Rupee / Dollar exchange rate both barely moved over the five months ended 31 May 2015.
EIH says Evolvence India just about fully invested