Private Equity Holding AG significantly reduced outstanding commitments through the sale of its participation in a US venture partnership in a secondary market transaction.
As of March 31, 2003, the investment represented a total original commitment of CHF 54.3 million (USD 40 million) of which CHF 15.4 million were paid in. The transaction reduced the total unfunded commitments of Private Equity Holding AG by CHF 41.2 million (USD 30.4 million) or approx. 10% with a minimal loss on fair value. The parties agreed not to disclose any details of the sale.
Given the financial situation of Private Equity Holding AG, this reduction of capital commitments represents an alleviation of the liquidity situation. With regard to restructuring the long-term financing of the company, the negotiations between Private Equity Holding AG, Swiss Life and other third parties are continuing.
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Private Equity Holding AG (SWX: PEHN), managed by Swiss Life Private Equity Partners, offers investors the opportunity to invest, within a simple legal and tax optimized structure, in a broadly diversified and professionally managed private equity portfolio. As of March 31, 2003, the company held fund investments in 86 funds and direct investments in 23 companies. For further information: www.peh.ch or Eva Kalias, Investor Relations and Communications (phone +41 41 726 79 80).