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Princess Private Equity examines second listing in London

The board of Princess Private Equity has mandated Partners Group, the investment manager of the Guernsey firm, to undertake a review to evaluate the benefit to shareholders of an additiona

The board of Princess Private Equity has mandated Partners Group, the investment manager of the Guernsey firm, to undertake a review to evaluate the benefit to shareholders of an additional listing of the company at the London Stock Exchange. Princess is already traded on the Frankfurt Stock Exchange with a market capitalisation of approximately EUR590m.

The review is being undertaken because the company’s directors believe that given the liquid market for private equity investment companies in London, the large number of market participants and the high coverage by analysts and brokers, an additional listing could provide increased liquidity in its shares.

Partners Group and its advisors will evaluate the benefit of an additional listing either on AIM or the full board, under Chapter 14 or under Chapter 15, of the London Stock Exchange. The listing rules allow companies that already have a stock market listing to obtain a secondary listing in London under Chapter 14’s European core standard rules, which are less onerous than the Chapter 15 rules for investment entities.

Princess is an investment holding company founded in 1999 by Partners Group and Swiss Re, which last year sold its stake in the investment vehicle and the management company, Princess Management, to Partners Group. It invests in private equity and private debt investments, seeking to provide shareholders with long-term capital growth and an attractive dividend yield in the mid- to long term.

The company pursues a relative value strategy systematically to identify and invest in private equity and private debt investments that are particularly attractive at a given point in time based on its global scale, broad market overview, insight and strong deal flow. Investments include both primary and secondary interests in private equity funds, direct investments in unlisted assets and operating companies through equity, debt or other kinds of securities, and listed private equity vehicles.

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