Net Asset Value(s)

RNS Number : 7246R

J.P. Morgan Private Equity Ltd

26 August 2010

 



J.P. MORGAN PRIVATE EQUITY LIMITED
ANNOUNCES 30 JUNE 2010 NAV

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GUERNSEY, 26 AUGUST 2010 

J.P. Morgan Private Equity Limited ("JPEL" or the "Company") today announces its second quarter 2010 results.  

Despite the declines in the public equity markets and extreme foreign exchange volatility that marked the second quarter, JPEL's private equity portfolio continued to show positive signs of growth.  These positive signs include receiving approximately $18 million in distributions during the quarter (versus $3.2 million of capital calls) and benefiting from the ongoing market uncertainty by closing several opportunistic transactions in the debt market.  

Although JPEL's net asset value (NAV) per US$ Equity Share remains unchanged at $1.28 per share for the six months ending 30 June, JPEL's underlying private equity portfolio showed signs of strong operational performance and lower debt levels.  JPEL's top 35 buyout holdings, representing 33.1% of private equity holdings,  experienced weighted average latest twelve months (LTM) revenue growth and LTM EBITDA growth of 9.3% and 18.1%, respectively, with an average weighted Net Debt / EBITDA ratio of 1.9x.*

NAV per share for JPEL's 2013 and 2015 ZDP Shares increased from 58.71p to 59.09p and from 54.92p to 55.33p, respectively, during the month of June.

*Represents largest underlying buyout investments within JPEL's largest 50 underlying investments.  Buyout related investments represent 35 of JPEL's largest 50 investments.  Based on the latest available underlying company data at the time of publication.

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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, JPEZ, JPZZ) 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.  On 17 August 2009, JPEL issued warrants free of subscription cost to shareholders on record.  The warrants are publicly traded on the London Stock Exchange under the symbol "JPWW."

As at 30 June 2010, the Ordinary Share Class net asset value does not differ on a basic or fully diluted basis. To date, Qualifying Bonus Issue Shareholders exercised 134,617 Warrants, representing Subscription Rights to subscribe for 134,617 US$ Equity Shares at a Subscription Price of US$1.35 per US$ Equity Share.

This is an estimated valuation of the net assets of the Company as at 28 May 2010. 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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