Manager Comment May 2018 – Listed Private Equity Fund

The Listed Private Equity Fund recorded a significant NAV-increase in May. Particularly US-based business development companies (BDC’s) and alternative asset managers developed favorably. For example, the alternative asset manager KKR contributed positively to the fund’s performance. The company convinced its investors with the published quarterly figures. In addition, KKR announced to convert its legal form from a limited partnership to a so-called c-corporation as of 1 July 2018. This allows a broader investor base, for example index funds, to invest in KKR’s shares. Furthermore, KKR is driving forward the expansion of its business segments and is operating in cooperation with FS Investments currently the largest BDC platform in the US. The shares of the French private equity company Altamir achieved the largest value gain in May. The CEO of Altamir has made an offer, with his personal corporation Amboise SAS, to the public shareholders of Altamir at a premium of 24.5% over the share price as of 30 April 2018. Amboise intends to acquire a majority stake in the private equity firm with the aim of achieving the critical size of EUR 1.0 billion in the near term and further increase its assets under management in the long term. Another highlight was the development of the BDC Oaktree Speciality Lending Corp. The company released its quarterly report and convinced with the progress of the repositioning of the portfolio. The investment vehicle also reported a NAV-growth and increased its dividend by 12% over the reporting period.