Electra Partners is pleased to announce that, on behalf of Electra Private Equity PLC ("Electra"), it has invested £7 million to acquire two secondary private equity fund positions, which will sit within the EP1 Secondary Portfolio ("EP1"). The funds were acquired at a discount to net asset value and, as is the case with the other funds in the EP1 portfolio, are cash generative and comprise attractive, mature underlying assets.
There are now nine fund positions in the EP1 Secondary Portfolio. To date the EP1 portfolio is showing a total return of 1.6x and has distributed over 80% of cost to Electra in cash.
Chris Hanna, Partner at Electra Partners, said:
"These latest secondary fund purchases show how we are continuing to make use of our flexible investment strategy to deploy Electra's capital in attractive new assets."
Chris Hanna and Tom Stenhouse are responsible for the investments in EP1 Secondary Portfolio.
This continues a busy start to Electra's financial year, which since October has included the investment of £14 million in a new CLO fund issued by GSO Capital Partners; and the agreements to invest £89 million in the acquisition of Photobox Group and £45 million in the carve-out of Grainger Retirement Solutions.
Electra Partners refers to Electra Partners LLP acting on behalf of its client Electra Private Equity PLC.
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For further information please contact:
Andrew Honnor and Matthieu Roussellier, Greenbrook Communications
+44 (0)20 7952 2000
Nicholas Board and Andrew Kenny, Electra Partners
+44 (0)20 7306 3902
Note to Editors:
About Electra Partners LLP
Electra Partners is an independent private equity fund manager with over 25 years' experience in the mid-market. During the last 25 years it has invested in excess of £4.5 billion in over 200 deals. As at 30 September 2015, the firm had funds under management of over £1.8 billion including capital available for investment of nearly £350 million.
Electra Partners' flexible investment strategy allows it to invest broadly across the private equity market with a particular focus on Buyouts and Co-investments, Secondaries and Debt. In addition to this, its long-term capital base means it is not constrained by expiring investment periods or exit pressure driven by fund raising cycles and is therefore able to realise investments only when returns are maximised for its investors.
The firm's major client is Electra Private Equity PLC ("Electra"), a private equity investment trust which has been listed on the London Stock Exchange since 1976. Electra's long-term investment performance has been consistently superior to private equity and other benchmarks. Over the ten years to 30 September 2015, Electra has seen diluted NAV per share growth of 244%. This is seven times the NAV per share return of the Morningstar Private Equity Index (ex. Electra). It is also equivalent to a ten-year annualised return of 13%, at the upper end of Electra's target range of 10-15% over the long-term.
For further information please visit www.electrapartners.com.
Electra Partners LLP is authorised and regulated by the Financial Conduct Authority.