JPEL Private Equity Limited Largest Investment Sale & 9th Mandatory Redemption (3470G)
23 Julio 2021 - 09:52AM
UK Regulatory
TIDMJPEL
RNS Number : 3470G
JPEL Private Equity Limited
23 July 2021
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as amended by The
Market Abuse (Amendment) (EU Exit) Regulations 2019.
23 July 2021
JPEL PRIVATE EQUITY LIMITED ("JPEL" OR THE "COMPANY")
SALE OF LARGEST INVESTMENT AT 31 MAY 2021
JPEL is pleased to announce the realisation of its investment in
the Company's largest portfolio company, Swania International SA
("Swania").
The realisation results in an investment return of approximately
3.9x and an IRR of approximately 25.8% for JPEL.(1) As part of the
transaction, JPEL expects to receive gross proceeds of
approximately US$78 million, representing approximately 70% of
JPEL's overall market capitalisation as of 22 July 2021 and an
approximate 19% uplift to the current carrying value at 31 May
2021. At 31 May 2021, Swania represented 47.7% of JPEL's private
equity portfolio value.
Upon receipt of the net proceeds relating to the sale of Swania,
the Board anticipates conducting its ninth mandatory redemption to
shareholders as soon as practicable.
In January 2014, JPEL announced that it would initiate a
reinvestment program focusing predominantly on US and Western
European companies via the secondary and co-investment markets.
Including one investment completed in December 2013, JPEL has
invested US$184.7 million in 12 companies, realised or partially
realised US$412.1 million, and continues to have an unrealised
value of US$20.0 million at 31 May 2021, adjusted for the sale
price of Swania. This portfolio has produced a MOIC of 2.34x and an
IRR of 25.0%(1)
1. IRR and MOIC have been adjusted to exclude the effect of
foreign exchange. Returns are net of underlying sponsor fees and
gross of JPEL fees. Note that JPEL's investment in Swania is
included in the realised and partially realised category and is
proforma for the sale of Swania.
***
About JPEL Private Equity Limited
JPEL Private Equity Limited is a Guernsey registered and
incorporated, London Stock Exchange-listed, closed-ended investment
company (LSE: JPEL) designed primarily to invest in the global
private equity market. The investment objective of the Company is
to achieve both short and long-term capital appreciation by
investing in a well diversified portfolio of private equity fund
interests and by capitalising on the inefficiencies of the
secondary private equity market.
ENQUIRIES:
FCF JPEL Management LLC
JPELClientService@fortress.com
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END
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July 23, 2021 10:52 ET (14:52 GMT)
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