Private Equity Share Discussion Threads

[kunama] 30/11/2008 21:31

Another year another tender offer. Seems like a no-brianer to take the money; or am I missing something?

[2winrow9] 01/12/2007 14:35

What does the board think of this tender offer then ?

"Should I stay or should I go now ". Me being a completer amatuer in this game I fell foul internet boom back in the late 90's and have held these share at a loss since then, just looking for opinions.


Regards

[fishman] 16/11/2006 11:22

PEQ seems to have made a breakout just now....looks very good for a nice rise.

[mattybuoy] 08/2/2006 23:10

Well it's finally happening, but seems like a bit of a damp squib.

"Vonage to raise $250m via IPO"

[mattybuoy] 29/1/2006 20:08

That response is about what I would have expected. Private equity is always opaque, and you basically have to just trust the VC funds to keep pulling rabbits out of the hat.

I'm not too worried about that in this case. My main concern is the dollar, which could conceivably render all the rabbits' worthless ...

[flackwell-raineri] 27/1/2006 19:42

Finally got a response from PEQ (the Chairman) as to whether there was a public source to determine what underlying investments were in the funds.

Reads.......

Unfortunately, it is very difficult for us to provide our investors with more detailed information on PEI's underlying investments without getting into privacy issues with our General Partners and because of strict confidentiality agreements it is now even harder for us to be helpful. We do include as much information as we are able to in our annual/interim reports and any press announcements we release which are also available on our website at www.peiplc.com.

I do apologize for not being able to provide you with more in-depth information.

Luckily I have been too busy to sell, which was my initial reaction on being ignored. However, the response makes this investment nigh on impossible to call, other than to watch the NAV/Press releases.

Its a sit back and watch for me, with a bail out on the first sign of a falling NAV.

[arf dysg] 27/1/2006 17:02

asmodeus, you mentioned Candover's performance. Excuse my ignorance, but is this an element of PEQ's portfolio or is it an entirely separate company? Thanks in advance. I'm thinking of buying some PEQ, but not immediately. I have to wait a few months to get some cash together.

[royaloak] 25/1/2006 14:19

mtglass

Only just seen your request for website, now done.

[mattybuoy] 24/1/2006 20:12

Hello fishman. I generally agree with your analysis, though I doubt a premium is on the cards any time soon, what with the declining dollar, US economic woes (e.g. Ford), rising oil price etc.

I had noted Force10 as potential winner (very similar to Juniper Networks IMHO), but due to the uncertainty as to whether any particular VC outfit's "portfolio" companies are held in the actual funds that PEQ has, did not comment on it.

[mattybuoy] 18/1/2006 18:20

Most of the investment was made over the period of the "tech bear market" i.e. 2000-2003. That is why it is showing a loss.

That is essentially irrelevant to the future prospects though. Which are instead dependent on the number and quality of exits from the now maturing under-lying portfolio.

Look at how much the NAV was increased by the exits of Baidu and Skype for examples. If you think there will be more like that then it makes sense to hold.

There are 400+ under-lying companies in the portfolio. I have investigated a few of the more promising ones, as you can see by looking back through this thread.

[asmodeus] 18/1/2006 12:39

I have held PEQ for some time, and am showing a good (percentage) profit. However - I am concerned about their overall ability to make money on any but a few of their purchases - unless I am mis-reading the figures in ther recent interim report. This seems to me to indicate that their portfolio that cost $145,973 was valued (in September) at $114,895. Only three out of 18 purchases were showing a profit. This performance seems disturbing, to say the least, when compared, for example, to Candover's. But, as I say, I may be missing something. Could someone more knowledgeable than me please comment before I sell? Perhaps 3 out of 18 successes is all one should need as long as the overall results are judged OK ?

[m.t.glass] 16/1/2006 09:31

Added a few to my existing holding.

Incidentally, PEQ is among a bunch of investment trusts featured on the Favourite Investment Trusts thread

PS: royaloak - when you have time can you paste the website link into the header please? Always useful.

[mattybuoy] 13/1/2006 16:42

Sorry to hear about the lack of response to the email. Par for the course these days almost ...

Someone has been buying these last two days though. To the extent that the discount is now gone.

I've been away from PC so unable to check the news. Maybe some IPO/takeover information has come out in the US business press or something.

[flackwell-raineri] 11/1/2006 19:54

I'm surprised by the NAV on several counts.

1. Very little change since December.

2. Sept NAV's still being used for the core holdings.

Have yet to receive the courtesy of a response from PEQ to my e-mailed query. I have had this on two occassions in the past where both companies involved subsequently prooved to be basket cases.

If I don't get a response soon, I'm out of here no matter what the apparent growth story is. Crude I know, but if the company has no interest in maintaining investor relations (ironic given this companies business) then its not for me !

[flackwell-raineri] 10/1/2006 07:37

Hopefully - I suspect that the valuations will be Dec qtr end based and perhaps with the holidays etc they need one or two more days than normal.

[mattybuoy] 09/1/2006 20:24

Once again, thanks for your persistence. I had not noticed the email addresses in the report and accounts.

P.S. No sign of the NAV, maybe tomorrow?

[flackwell-raineri] 09/1/2006 19:44

Have just e-mailed PEQ to see if they can respond in any way,shape or form. A contact address is available for the manager in the report and accounts. I'm not sure if its etiquette to leave it here, but the accounts are downloadable on their site, and the address is with the other Advisors towards the rear of the R&A.

[flackwell-raineri] 09/1/2006 19:27

Matty - Looks like you may well be right. I've had one response to date which reads ;

Thank you for the inquiry regarding Crescendo IV. Information regarding the portfolio is not publicly available and it is our practice to not share fund information beyond what the partnership agreement requires us to provide to our Limited Partners, which in this case would be Private Equity Investor. If you would like to get a general sense for the companies in which we have invested, you could take a look at our website www.crescendoventures.com. I am sorry I could not be of more assistance. Please do not hesitate to contact me if you have any questions or concerns

Guess they'll all say the same

[mattybuoy] 09/1/2006 13:17

Thanks F-R.

Since they are private limited partnerships I would imagine they will just refer you back to PEQ, who as far as I can see don't have an email address.

[flackwell-raineri] 09/1/2006 07:36

Matty - Have e-mailed 2 fund groups to see if this info is publically available, and obviously where this can be obtained from. Shall keep you posted.

[mattybuoy] 08/1/2006 17:34

Another thing to be aware of is that the "portfolio companies" shown by the funds are not generally the complete set. They only show the good 'uns.

The NAV should be out tomorrow, perhaps that will shed a little light on things.

P.S. Despite largely groping in the dark I still think this is a good investment. Vonage, DivX and LiquidNet are enough ...

[mattybuoy] 08/1/2006 17:30

That's exactly what I meant. It's the same with all the funds ...

APV is I think the most mature of the funds in the portfolio, that's why most of the companies have been "exited".

The only two funds that are not numbered are DFJ ePlanet Ventures and DFJ Gotham Ventures.

[flackwell-raineri] 08/1/2006 09:45

Matty - Hitting barriers already which relate to yesterdays discussion, on the first fund I've tried to analyse.

Whilst I know what APV Technologies lists as "Portfolio Companies", I can't seem to isolate what is in Fund III. Why this should be so hidden is beyond me !!!

All I can generally deduce form APV is that the vast majority of their investments have since been acquired by the likes of Cisco and Cirrus. However, given sods law maybe Fund III has retained the less sucessful !

I'll try on a few of the others as maybe they are less secretive.