First Quarter 2009 Review

RNS Number : 1700R

J.P. Morgan Private Equity Ltd

24 April 2009

 



J.P. MORGAN PRIVATE EQUITY LIMITED 
ANNOUNCES 31 MARCH 2009 RESULTS 

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GUERNSEY, 24 APRIL 2009 

J.P. Morgan Private Equity Limited ('JPEL' or the 'Company') today announces its first quarter 2009 results, which are as follows:

• The net asset value ('NAV') per Equity Share as at 31 March 2009 is $1.44.

• The value of JPEL's private equity portfolio, as based on 31 December 2008 financial reports received from the underlying fund managers, adjusted for changes in the public portfolio during the first quarter, declined by approximately 10% for the quarter ending 31 March 2009.  

• The Company's overall NAV was further impacted by currency movements and fund-related expenses during the quarter. The NAV per Equity Share of $1.44, represents a decrease of 11.1% from the last reported NAV per Equity Share of US$1.62 at 27 February 2009.

• The performance of JPEL's NAV per Equity Share continues to compare favourably with the broader public markets as well as comparable private equity indices. JPEL's first quarter performance, which largely reflects the underlying private equity portfolio performance during the fourth quarter of 2008, outperformed major market indices such as the Dow Jones Industrial Average and the S&P 500, which declined by 19.1% and 22.6%, respectively, during the fourth quarter of 2008. The LPX Index, which tracks publicly listed private equity funds, declined by 51.2% during the fourth quarter of 2008.

• NAV per share for the Company's 2013 and 2015 ZDP Shares increased from 53.17p to 54.1p and from 48.88p to 49.89p, respectively, during the first quarter, representing gains of 1.7% and 2.1%, respectively, per share.

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About J.P. Morgan Private Equity Limited 

J.P. Morgan 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. 

  THIS IS AN ESTIMATED VALUATION OF THE NET ASSETS OF THE COMPANY AS AT 31 MARCH 2009. THIS VALUATION IS FOR INFORMATION PURPOSES ONLY AND HAS NOT BEEN VERIFIED BY THE COMPANY OR THE MANAGER. THIS VALUATION INCLUDES THE MOST RECENT INFORMATION AVAILABLE FROM THE COMPANY'S UNDERLYING PRIVATE EQUITY FUND MANAGERS FOR THEIR RESPECTIVE PRIVATE EQUITY PORTFOLIOS. IT IS BASED ON UNAUDITED ESTIMATED VALUATIONS SUPPLIED BY THE ADMINISTRATORS, MANAGERS OR INVESTMENT ADVISERS OF THE COMPANY'S UNDERLYING INVESTMENTS. WHILST THE MANAGER BELIEVES THIS INFORMATION TO BE USEFUL INVESTOR INFORMATION, IT IS SUBJECT TO MATERIAL CHANGE AND CONSEQUENTLY NO RELIANCE SHOULD BE PLACED AS TO ITS ACCURACY.

NEITHER THE COMPANY NOR THE MANAGER ACCEPT ANY LIABILITY WHATSOEVER IN REGARD TO THIS INFORMATION. THE ONLY OFFICIAL VALUATION OF THE COMPANY'S PORTFOLIO IS THE VALUATION PRODUCED AS AT THE LAST BUSINESS DAY OF EACH MONTH AND REPORTED VIA RNS WHEN RELEASED.

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