11.05.2020 – Private Equity Holding AG

Net Asset Value as of April 30, 2020

Private Equity Holding AG / Key word(s): Monthly Figures
Net Asset Value as of April 30, 2020

11.05.2020 / 18:00



Zug, May 11, 2020

Net Asset Value as of April 30, 2020

As of April 30, 2020, the Net Asset Value (NAV) per share of Private Equity
Holding AG, stood at EUR 87.35 (CHF 92.38), representing a decrease of 1.8%
in EUR (-2.0% in CHF) since March 31, 2020.

The portfolio showed a mixed performance during the month with both positive
and negative valuation adjustments. However, lower valuations for several
direct co-investments, including Shawbrook, a UK challenger bank, and Dupont
Sustainable Solutions, an independent global operations management
consulting firm, as well as listed stock adjustments on Aston Martin and
Enanta Pharmaceuticals resulted in the overall negative NAV development.

PEH's portfolio was significantly cash flow positive. Noteworthy
distributions were received from Clarus Lifesciences III from the sale of
Forty Seven Inc., a clinical-stage immuno-oncology company, focusing on
developing cancer therapies, and from Mid Europa Partners IV, distributing
proceeds from a partial sale of Profi Rom Food, a leading Romanian
convenience supermarket chain. Further distributions were received from
Warburg Pincus X related to the investment in CrowdStrike, a leading
next-generation, cloud-delivered end-point security platform.

PEH Published its annual report 2019/20 on May 6, 2020. The invitation to
the AGM will be published on June 5, 2020, details of which will be
announced in due course. Private Equity Holding will resume its investor
relations activities once circumstances and official guidance allow doing
so. Interested parties may still register at info@peh.ch and will be


Private Equity Holding AG (SIX: PEHN) is a listed investment company for
private equity investments. It offers institutional and private investors
the opportunity to participate in a simple and tax-efficient manner in a
diversified and professionally managed private equity portfolio with
selective fund and direct investments.

Income from the portfolio is partially reinvested, as well as passed on to
the shareholders as annual distributions. Private Equity Holding's portfolio
is managed by Alpha Associates, an independent Private Equity, Private Debt
and Infrastructure investment manager based in Zurich.

For further information, please contact:
Anna Knaub, Investor Relations, anna.knaub@peh.ch, phone +41 41 726 79 80,

The basis of the Net Asset Value Calculation and Disclaimer

The number of outstanding shares used for calculation of the Net Asset Value
per share amounted to 2,592,633 as of April 30, 2020 (March 31, 2020:
2,594,311). The calculations are prepared in accordance with International
Financial Reporting Standards (IFRS) and pursuant to the guidelines of
Invest Europe (formerly known as the European Venture Capital Association).
The valuations of the fund investments are based on the most recent reported
net asset values (NAVs) of the funds. In estimating the fair value of
unquoted direct investments, Private Equity Holding AG considers the most
appropriate market valuation techniques. The fair value of listed direct
investments is the market value. The NAV of Private Equity Holding AG is
calculated at the end of each month under a going concern assumption and
usually published within six trading days after the cut-off date. The
different reporting cut-off dates of the individual companies and funds in
which participations are held can lead to short-term distortions and cause
discrepancies between the published NAV and the actual total value of
Private Equity Holding AG's net assets.