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.
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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
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