Private Equity Investor’s net asset value fell in dollar terms over the year to the end of March 2015 from $3.808 to $3.544 but rose in sterling terms from 228.4p to 238.7p as the dollar strengthened. The share price rose by 6.6% as the discount narrowed to 18.5%.
£8.5m was returned via a tender offer in April 2014 and a further £6.7m was handed back in April 2015. This brings the total returned to shareholders to date to £76.8m.
Over the period $11.4m was received in distributions and $1.1m went out to fund capital calls. $4.2m remains uncalled and this money is held in a separate account. At 31 March 2015, of Private Equity Investor’s twenty funds, five were still in their initial fund terms, nine were in term extensions and six were in the process of winding-down.
The biggest exposures (collectively more than a third of the portfolio) are to Draper Fisher Jurvetson ePlanet Ventures, Vector Capital IV and Oak Capital Partners X which were established in 1999, 2007 and 2000 respectively.
PEQ : Private Equity Investor benefits from dollar strength