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Listed fund of funds Conversus Capital reports asset value rise

25 Jul 2011

Listed fund of funds Conversus Capital has seen its net asset value increase according to its latest financial results.

As of 30 June 2011, Conversus had an estimated NAV per unit of $30.08 representing an increase of 8.6 per cent from the 31 December 2010 NAV per unit of $27.71 and an increase of 4.3 per cent from the 31 March 2011 NAV per unit of $28.84. Investment NAV was $1.812bn while unfunded commitments were $502.9m as of 30 June.

Net portfolio cash flow was $231.2m, comprising $327.6m in distributions , $91.4m in capital calls and $5m co-investment).

Distributions during the period came from buyout funds (64 per cent), special situation funds (17 per cent), venture funds (12 per cent), and GP sales of directly held public equity securities (seven per cent). The ten largest portfolio company distributions for the six months totaled $80.8m and included Hughes Communications, Rockwood Holdings, MetroPCS, Republic Services, Netflix, Nusil Technology, Legrand, Aprimo, Manor Care and H&E Equipment.

“Strong NAV per unit growth continues to distinguish Conversus and, over our four year life, NAV per unit has grown 23 per cent, including distributions to unit holders, outperforming the S&P Total Return index by over 600 basis points, compounded annually,” said Bob Long, president and CEO. “Demonstrating our commitment to deliver that value to investors, we have returned $125m to investors during the first half of 2011, launched an additional $50m tender offer which will close in August and implemented a quarterly distribution policy.”

As of 30 June, 70 per cent of investment NAV was comprised of private holdings valued based on general partner estimates as of 31 March, three per cent was comprised of direct co-investments valued based on Conversus’ estimates as of 30 June and one per cent was comprised of private holdings valued based on general partner estimates as of 31 December 2010.

A further 25 per cent of investment NAV was comprised of public equity securities marked to market as of 30 June as further described below in Valuation and Reporting Policies. The remaining one per cent of investment NAV represented cash and other net assets held by the funds in which Conversus is invested.

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