Listed Private Equity recorded a significant NAV-gain in July and further increased its outperformance against the broader equity market since the beginning of the year. Among others, the alternative asset managers developed favorably during the reporting period. For example, Blackstone reported a growth of assets under management to USD 439 billion in the second quarter, an increase of 18% over the prior year. The management confirmed the target to increase its assets under management to USD 500 billion by middle of 2019. In addition, performance-related fees rose significantly due to the positive performance of many investments. As a result, the quarterly profit improved by 56% compared to the previous year. Furthermore, the direct investment company Investor AB benefited from the positive development of the portfolio
companies. The Swedish company increased its intrinsic value by 5% in the second quarter, whereby Mölnlycke, the largest unlisted portfolio company, showed an organic sales growth of 3% and an EBITA increase of 10%. In the second quarter, direct investment company Investor acquired Piab, a Swedish provider of manufacturing automation solutions, and Sarnova, a US distributor of healthcare products. Both companies achieved in the second quarter sales growth of 10% and 8%, respectively. Also a highlight was the development of the British 3i Group. The private equity firm achieved a NAV-increase of 5% for the quarter. The company benefited from the performance of the portfolio companies and took advantage of the favorable exit environment. For example, 3i Group announced the sale of Et