J.P. Morgan Private Equity’s net asset value per USD equity share reached USD1.29 at 30 September 2010, representing a 2.4 per cent increase for the month and a 0.8 per cent increase for the quarter.
JPEL’s share price ended the month at a discount of 14.7 per cent to the stated NAV versus an average trading discount of 41.7 per cent within the multi-manager peer group.
The NAV per share for the company’s 2013 and 2015 ZDP shares increased from 59.09p to 60.15p and from 55.33p to 56.50p, respectively, during the quarter, representing gains of 1.8 per cent and 2.1 per cent, respectively, per share.
The share price for the 2013 ZDP shares increased by 3.6 per cent, while the 2015 ZDP shares increased by 6.6 per cent during the quarter.
During the quarter, JPEL resumed its tender facility. The company will buy back up to three per cent of the total shares outstanding at JPEL’s stated NAV as of 31 December 2010.
In the second quarter, JPEL produced approximately USD15m of distributions in excess of capital calls. Through the tender facility, JPEL has returned over USD112m to shareholders.
JPEL received USD7.8m of distributions versus USD7m in capital calls during the third quarter.
