In March, the broad equity market recorded a negative development, which also influenced Listed Private Equity in a negative manner. The alternative asset managers’ shares recorded a negative performance in the reporting month, resulting in a partial loss of their annual gains. The US-based asset manager Ares Management for example, contributed negatively to the Funds’ performance. During the reporting month, Ares issued a secondary transaction, of which 5 million common shares were sold by Ares and another 10 million shares were sold by a strategic investor of Ares at a price below market value. Furthermore Wendel, a French holding company, released its 2017 annual figures and its NAV as of 7 March 2018. Compared to the previous year the NAV in 2017 increased by 14.6% to EUR 176.40 per share and for the twelve month period until the 7 March 2018 by 3.3% to EUR 167.30. In addition, the management has proposed a dividend increase of 12.8% to EUR 2.65 per share. In March Wendel’s shares dropped in value following the NAV-decrease in 2018, which according to the management was caused by the more conservative valuation methodology used under the new CEO. On a positive note, the business development company New Mountain Finance Corporation developed favorably during the reporting period. The US-based company convinced its investors with an increase in net investment income, which falls into the upper range of the communicated bandwidth. The investment manager considers the position of the underlying portfolio with 85% floating debt investments as attractively positioned.