Princess Private Equity Holding Ltd New Investment Management Agreement (2099U)
28 Julio 2020 - 1:00AM
UK Regulatory
TIDMPEY TIDMPEYS
RNS Number : 2099U
Princess Private Equity Holding Ltd
28 July 2020
News Release
Guernsey, 28 July 2020
Princess Private Equity Holding Limited ("Princess" or "the
Company") announces it has entered into a new Investment Management
Agreement ("the new IMA") with Partners Group AG ("the Investment
Manager") with effect from 1 July 2020. The agreement replaces the
previous agreement (the "Original IMA") with Princess Management
Limited ("PML"), a wholly owned subsidiary of Partners Group AG,
under which PML had engaged Partners Group to provide investment
services to the Company under a separate investment advisory
agreement.
The key terms of the new IMA are as follows:
Management fees: In consideration of the investment services
provided by the Investment Manager, the company shall pay to the
Investment Manager a management fee equal to 0.375% per quarter of
the Private Equity Asset Value, being the higher of (i) the
Company's net asset value and (ii) the value of the Company's
assets less any temporary investments made for the purposes of
liquidity management, plus the amount of unfunded commitments.
In order to achieve its investment objective the Company may
make commitments to investment programs or other pooling vehicles
(collectively "Pooling Vehicles") managed by the Investment Manager
or its affiliates. For the purposes of calculating the value of the
Company's assets and unfunded commitments, the Company's pro rata
share of investments and commitments made by such Pooling Vehicles
is included, but the Company's commitments to invest in such
Pooling Vehicles are excluded.
The rate of 0.375% per quarter remains unchanged compared to the
Original IMA. However, the definition of Private Equity Asset Value
excludes two items which were included under the Original IMA,
thereby reducing the Management fees that would have been payable
by the Company under the Original IMA:
i) Unfunded commitments in respect of Primary and Secondary investments are excluded.
ii) For the purposes of liquidity management, the Company may
invest in the open-ended Partners Group Global Senior Loan Master
Fund SICAV managed by the Investment Manager. Under the New IMA,
investments in the Partners Group Global Senior Loan Master Fund
are excluded from the definition of Private Equity Asset Value.
Instead, they incur a lower effective management fee of 0.6% per
annum.
Incentive fees: Incentive fees remain unchanged compared to the
Original IMA. For Direct and Secondary investments, the Investment
Advisor shall receive 15% and 10% per Direct and Secondary
investment respectively, whether or not such investments are made
through a Pooling Vehicle, subject in each case to an 8% preferred
return for the Company.
For the avoidance of doubt, no second layer of Management or
Incentive fees is payable by the Company in respect of any
commitments to Pooling Vehicles managed by the Investment Manager
or its affiliates.
Termination: The agreement will remain in effect for an initial
term of two calendar years (the "Initial Term"), and thereupon may
be terminated by either party at the end of the Initial Term and
each calendar year thereafter upon two years' prior written notice
by either party. The existing term of the Original IMA
automatically renews every ten years, with a three-year notice
period.
Richard Battey, Chairman, comments "Following a review by the
Company's Management Engagement Committee, the Board is pleased to
have agreed a new Investment Management Agreement on improved
terms, which it believes is aligned with the interests of
shareholders. Partners Group, the Investment Manager, is a
well-established investor in private equity with a global team of
over 100 direct private equity professionals including local
investment teams, in-house operators and Industry Value Creation
specialists who bring significant sector experience and help to
create value in portfolio companies. An investment in the Company
enables shareholders to invest alongside the Investment Manager's
institutional clients and to access a global portfolio of leading
private companies that would otherwise not be accessible to
investors in public equity markets."
Ends.
About Princess
Princess is an investment holding company founded in 1999 and
domiciled in Guernsey. It invests, inter alia, in private equity
and private debt investments. Princess is advised in its investment
activities by Partners Group, a global private markets investment
management firm with EUR 96 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. Princess
is traded on the Main Market of the London Stock Exchange (ticker:
PEY for the Euro Quote; PEYS for the Sterling Quote).
Contacts
Princess Private Equity Holding Limited:
princess@partnersgroup.com
www.princess-privateequity.net
Registered Number: 35241
LEI: 54930038LU8RDPFFVJ57
Investor relations contact
George Crowe
Phone: +44 (0)20 7575 2771
Email: george.crowe@partnersgroup.com
Media relations contact
Jenny Blinch
Phone: +44 207 575 2571
Email: jenny.blinch@partnersgroup.com
www.partnersgroup.com
This document does not constitute an offer to sell or a
solicitation of an offer to buy or subscribe for any securities and
neither is it intended to be an investment advertisement or sales
instrument of Princess. The distribution of this document may be
restricted by law in certain jurisdictions. Persons into whose
possession this document comes must inform themselves about, and
observe any such restrictions on the distribution of this document.
In particular, this document and the information contained therein
are not for distribution or publication, neither directly nor
indirectly, in or into the United States of America, Canada,
Australia or Japan.
This document may have been prepared using financial information
contained in the books and records of the product described herein
as of the reporting date. This information is believed to be
accurate but has not been audited by any third party. This document
may describe past performance, which may not be indicative of
future results. No liability is accepted for any actions taken on
the basis of the information provided in this document. Neither the
contents of Princess' website nor the contents of any website
accessible from hyperlinks on Princess' website (or any other
website) is incorporated into, or forms part of, this
announcement.
This information is provided by RNS, the news service of the
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END
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