In QuotedData’s morning briefing 7 February 2025:
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Ecofin US Renewables Infrastructure (RNEW) says that its AIFM and investment manager, Ecofin Advisors, LLC (Ecofin), has given it notice to terminate its investment management agreement. RNEW says that the manager and Board will work towards an orderly transition during the 12 month notice period.
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Residential Secure Income (RESI) says that it is assessing a number of inbound enquiries from interest parties to acquire its portfolio, as its realisation strategy moves a step closer. The update came in a quarterly NAV release, in which NAV for the three months to 31 December 2024 was down 4.5% to 69.6p., mainly driven by a 3.5% reduction in the value of its portfolio.
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Phoenix Spree Deutschland’s (PSDL’s) portfolio of Berlin rental properties increased in value by 3.2% over the second half of 2024 (0.8%) over the year) to €552.8m, marking the first like-for-like valuation increase since the German residential market downturn began in 2022. More than half of its portfolio has been split and categorised as condominiums (€278.0m – which will be sold as individual units) and saw an marked uplift in value of 11.9% in the second half of the year (and 9.0% over the whole year). Private rented assets were valued at €274.8m – a like-for-like fall of 2.8% in second half (6.3% fall over the year). The company is looking to sell €50m of condominiums in 2025 as its realisation programme progresses.
- Riverstone Energy (RSE) has released its quarterly portfolio update for 2024. It says that share prices in its conventional energy portfolio increased slightly in the fourth quarter with Permian Resources and Veren, REL’s publicly traded upstream oil and gas businesses, ending the quarter up 4.1 per cent. and 6.5 per cent. respectively. RSE sees the increase as driven by optimism about the prospects for conventional fuels playing a longer-term role in meeting energy demand, as well the market recognising positive operational and financial news during the period. Permian Resources has been focused on integrating the Barilla Draw bolt-on acquisition, adding significant acreage and midstream infrastructure in the Delaware Basin. The company also increased the base dividend by 150 per cent. RSE says that the macroeconomic backdrop is mixed, with conventional assets increasing in value and partially offsetting declines in the decarbonisation portfolio. Looking ahead, RSE expects further gains and distributions in 2025, supported by solid cash flow generation, low leverage, and favourable commodity prices. The regulatory environment in the U.S. is also expected to be beneficial. RSE says that the energy transition will be a longer-term process, requiring a balanced approach that leverages both conventional and clean energy sources to meet growing global energy demand. It adds that there is an acceptance that conventional energy will continue to play an important role in the global energy mix. The focus remains on maintaining a diversified portfolio to ensure reliable and affordable energy while advancing towards a decarbonised and cleaner energy system.
- Partners Group Private Equity (PEY) has provided its December update. Its NAV increased by 4.4% to €15.03 per share with total net assets at €1,039m. Positive value creation contributed 4.6% and currency movements 0.8%. PEY received distributions of €21.7m and invested €1.3m. Vishal Mega Mart, PEY’s second largest portfolio company, was a key contributor to value creation (2.9% of NAV) and distributions (€18.8m). As at 31 December 2024, PEY had its entire revolving facility of €140m available and €18.7m in cash and cash equivalents. Vishal Mega Mart began trading on the National Stock Exchange and Bombay Stock Exchange on 18 December 2024, pricing 1,026m shares of common stock at INR 78 per share, giving a fully diluted equity value of INR 370bn. As part of the IPO, PEY has sold approximately 23% of its underlying investment in Vishal with an uplift of 36%, which resulted in a distribution during December of €18.8m. Since Partners Group’s initial investment in 2018, Vishal has demonstrated strong growth, with EBITDA rising over 55% in the last two years and revenues by more than 60%, reflecting the successful execution of several value creation initiatives. The remaining balance of €2.9m in distributions largely came from Galderma. PEY received proceeds from the sale of a portion of its stake in the pure-play dermatology category leader. The shares were sold via an accelerated bookbuild process, achieving a price that was over 50% above Galderma’s IPO valuation. Finally, International School Partnership (ISP) was another key contributor to value creation. The global K-12 schools group’s increased value reflects its robust financial performance, which has been driven both by strong organic growth and acquisitions. ISP has a strong acquisition team and proven capabilities in onboarding new acquisitions and delivering sustainable organic growth through its high-quality offer and learning-focused philosophy.
- Louise Drummond Hall a director of CQS Natural Resources Growth & Income (CYN) has purchased 2,500 CYN shares at a 186.90p per share.
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