PEH writes-down SFr 118m US participation

Private Equity Holding AG (PEH), the Swiss-based fund-of-funds, has made an extraordinary write-down on the venture fund participation US Ventures LP of SFr 118m to be recorded on the income statement for the financial year ending March 31, 2002. The fund investment, the largest participation of the Private Equity Holding Group, was made in March 2000. The fund has fully drawn down the capital commitments and made investments in the software, telecommunications and e-commerce sectors. The reduction in the fair value from this write-down will be limited to approximately SFr 18 per share. Although it seems that the greater part of revaluations has already taken place, Swiss Life Private Equity Partners, which manages PEH, continues to believe that additional adjustments on the value of the portfolio will be necessary. It expects the fair value of PEH to close the financial year with a net loss in the order of SFr 250m.

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