Private Equity Holding AG: Net Asset Value as of April 30, 2025

NEWS RELEASE

Zurich, May 15, 2025

Net Asset Value as of April 30, 2025

As of April 30, 2025, the Net Asset Value (NAV) per share of Private Equity Holding AG (PEH) stood at EUR 158.45 (CHF 147.91), representing a change of -3.0% in EUR (-5.2% in CHF) since March 31, 2025.

During April, a month characterised by high volatility in public markets, PEH’s underlying investments proved resilient in their original currency. However, PEH's April performance, expressed in EUR, was significantly impacted by the sharp depreciation of the USD following President Trump’s tariff announcements on April 2. Recent monthly results and in particular the results for April have shown increased volatility driven by foreign exchange movements. For April, the portfolio would have delivered a flat result had EUR/USD exchange rates remained constant. Positive portfolio adjustments were recorded for example for TA Associates XIV, TA Associates XIII, and Mid Europa Fund IV.

The portfolio was cash-flow negative with total distributions amounting to EUR 2.3m vs. EUR 5.2m paid into the portfolio. The largest distribution was received from Alpha CEE Opportunity IV, comprising proceeds from various transactions, including AAT, Poland’s leading manufacturer of fire alarms.

In the reporting period, PEH made a CAD 8.0m commitment to a Canadian private equity fund targeting mid-market buyouts, growth equity investments, corporate carve-outs and going-private transactions.

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Private Equity Holding AG (SIX: PEHN) is a listed investment company for private equity investments. It offers institutional and private investors the opportunity to participate in a simple and tax-efficient manner in a diversified and professionally managed private equity portfolio with selective fund and direct investments.

Income from the portfolio is partially reinvested, as well as passed on to the shareholders as annual distributions. Private Equity Holding’s portfolio is managed by Amundi Alpha Associates, an independent Private Equity, Private Debt and Infrastructure investment manager based in Zurich.

For further information, please contact: 
Kerstin von Stechow, Investor Relations, Kerstin.Stechow@peh.ch, phone +41-44-515 70 80, http://www.peh.ch

The basis of the Net Asset Value Calculation and Disclaimer

The number of outstanding shares used for calculation of the Net Asset Value per share amounted to 2,446,687 as of April 30, 2025 (March 31, 2025: 2,449,045). The calculations are prepared in accordance with International Financial Reporting Standards (IFRS) and pursuant to the guidelines of Invest Europe (formerly known as the European Venture Capital Association). The valuations of the fund investments are based on the most recent reported net asset values (NAVs) of the funds. In estimating the fair value of unquoted direct investments, Private Equity Holding AG considers the most appropriate market valuation techniques. The fair value of listed direct investments is the market value. The NAV of Private Equity Holding AG is calculated at the end of each month under a going concern assumption. The different reporting cut-off dates of the individual companies and funds in which participations are held can lead to short-term distortions and cause discrepancies between the published NAV and the actual total value of Private Equity Holding AG's net assets.