Better Capital has published figures for its 2009 and 2012 cells for the year ended 31 March 2015.
For the 2009 cell the net asset value grew by 11% driven by solid performance from two of the investee companies in Fund I, Gardner and Santia.
For the 2012 cell, the combination of write-downs in City Link and Jaeger offset by modest write ups in Everest and iNTERTAIN have resulted in a NAV decrease of 7.9% over the full year.
With effect from April 2015, Simon Pilling (formerly an executive director at Capita) has assumed the role of Head of Portfolio with Jon Mouton continuing his role as the General Partner of both Funds I and II, and as a director of three of the portfolio companies (Gardner and Omnico in Fund I and CAV Aerospace in Fund II).
Fund II, on the instruction of the Fund II GP acquired 3.25 million 2012 Cell shares in April 2015 at a cost of 62.16 pence per share. The Fund II GP considered that the investment in the 2012 Cell shares at the pricing then prevailing provided further upsides on the total returns in Fund II.
UPDATE 14/9
He has now been promoted to CEO
BCAP / BC12 : Simon Pilling now head of portfolio at Better Capital