Princess Private Equity (PEYS) has reported final results to 31 December 2020, with highlights that include:
- NAV increased to EUR 13.35 per share, representing a total return of +10.0% for the year.
- Share price total return over the same period was +12.4%.
- PEYS paid a total dividend of EUR 0.435 per share during the year, equivalent to 3.5% of opening NAV, and provided guidance that from 2021 onwards it intends to distribute 5% of opening NAV via semi-annual payments.
- Investment activity totalled EUR 64.6m comprising new investments in EyeCare Partners, eResearch Technology, AlliedUniversal and Rovensa, as well as add-on investments in several portfolio companies to finance M&A activity.
- Realizations amounted to EUR 178.2m, including the full exit of Action and partial exit of PCI Pharma Services.
Richard Battey, Chairman comments: “The COVID-19 pandemic presented a challenging environment for PEYS and its portfolio companies during 2020. Reflecting the uncertain outlook in the first half of the year the board, acting on the advice of the manager, took the decision to pay a reduced first interim dividend in order to preserve liquidity. Ultimately, the majority of portfolio companies proved to be resilient and were able to grow earnings despite the imposition of government restrictions on the economy. The robust performance of the portfolio and the re-opening of capital markets in the second half of the year gave the board confidence to increase the second interim dividend to its prior level and to provide dividend guidance for 2021.”
PEYS is an investment holding company founded in 1999 and domiciled in Guernsey. It invests, inter alia, in private equity and private debt investments. PEYS is managed in its investment activities by Partners Group, a global private markets investment management firm with USD 109 billion in investment programs under management in private equity, private debt, private real estate and private infrastructure. Princess aims to provide shareholders with long-term capital growth and an attractive dividend yield.
PEYS/PEY: Majority of Princess Private Equity’s portfolio companies grew earnings over 2020
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