Castle Private Equity, a Swiss-domiciled fund of private equity funds managed by LGT Private Equity Advisers and listed on SWX Swiss Exchange, is seeking to obtain a secondary listing of i
Castle Private Equity, a Swiss-domiciled fund of private equity funds managed by LGT Private Equity Advisers and listed on SWX Swiss Exchange, is seeking to obtain a secondary listing of its shares on the London Stock Exchange in the course of this year.
The board of the company believes that a listing in London will help the fund of funds gradually to reduce the discount of its share price to net asset value.
Over the next months, Castle Private Equity will intensify discussions on the steps and potential structural changes required to enable the additional listing. It is anticipated that shareholders will vote on any necessary structural changes, including the introduction of standard mechanisms to combat discounts, at an extraordinary general meeting in September. It would then apply for a listing in the fourth quarter.
This step is supported by the recent acquisition of fund of funds specialist KGR Capital by LGT Capital Partners, an affiliate of Castle’s investment manager. KGR has longstanding experience in the London-listed fund of funds market through its KGR Absolute Return PCC fund.
Castle Private Equity, which has a market capitalization of some USD475m, has invested in around 167 private equity partnerships worldwide. Its investment manager, LGT Private Equity Advisers, is a joint venture between Vaduz-based LGT, formerly Liechtenstein Global Trust, and Partners Group, based in Baar-Zug in Switzerland.