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Investment trust insider on Princess Private Equity

Investment trust insider on Princess Private Equity – James Carthew: Sanity and dividend restored at Princess

News that Princess Private Equity (PEY) is abandoning currency hedges is welcome news after the strategy caused serious problems last year, leading to the cancellation of its interim dividend in November.

The shares edged up a little after last week’s announcement but remain on a wide discount of 32% below net asset value (NAV), although that is about middle of the pack for listed private equity funds, which, as I have said several times, look very undervalued.

Princess used to be a fund of funds investing through Partners Group, a global private equity firm with offices in 17 countries but headquartered in Switzerland. After a policy switch motivated by a desire to reduce the fee burden on investors, it now overwhelmingly invests in direct co-investments alongside Partners Group. Partners has assets under management of about $135bn, and Princess accounts for almost $1bn of that.


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