Germany-listed fund joins iPeit

The £530m Princess Private Equity trust has become the first Germany-listed fund to become a member of the Initiative for Private Equity Investment Trusts.

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The investment company is listed in Frankfurt, as well as in London, bringing the industry body iPeit’s membership to 11.

Existing members include trusts run by F&C Investments and New Star Asset Management, as well as Peter McKellar, investment director of the £430.7 Standard Life European Private Equity Trust who welcomed Princess to the group.

Princess is a euro-denominated fund domiciled in Guernsey that invests in private market investments, including primary and secondary fund investments, direct investments and listed private equity.

The portfolio invests across a number of major geographical regions, including North America, Europe and Asia. It also aims to diversify its industries and the vintages of its investments. It provides investors with exposure to roughly 2000 underlying portfolio companies.

Urs Wietlisbach, executive vice chairman of Partners Group and director of Princess, said: "Listed private equity offers attractive relative value at the moment, with a number of vehicles trading at high discounts to NAV.

"This creates opportunities for well-informed investors, and iPeit provides a strong platform for explaining and raising the awareness of this asset class."

Issued in 1999 as a convertible bond, Princess was converted into ordinary shares and listed on the Frankfurt Stock Exchange in December 2006. In November 2007, it also added a dual listing with admission to the London Stock Exchange to increase its awareness among UK investors.

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