Conversus Capital Releases September 30, 2007 Estimated Net Asset Value
Guernsey, England (ots/PRNewswire)
Conversus Capital, L.P. (Euronext Amsterdam: CCAP), a permanent capital vehicle designed to offer its unitholders long-term capital appreciation through a high-quality, seasoned portfolio of private equity interests, today reported its estimated net asset value (NAV) of US$2,043.6 million, or US$27.84 per unit, as of September 30, 2007. This represents an increase of approximately 11.4% since CCAP's initial offering in July 2007 and approximately 4.7% since August 31, 2007.
"During the past month we continued to execute on our stated strategy of making investments in best of breed private equity managers," commented Bob Long, President and CEO of Conversus Asset Management, LLC. "These new investments since our last monthly NAV report reflect a continued focus on strategic diversification in Europe, the special situations arena as well as venture capital. We look forward to updating our investors on our continued progress in the months ahead."
Net Asset Value Estimate as of September 30, 2007
(Amounts are unaudited and subject to change)
(in millions except per unit data)
Sept. 30 Aug. 31 % Change
Estimated Net Asset Value
of Investments US$2,052.1 US$1,943.0 5.6
Cash and Cash Equivalents 22.8 40.5 (43.7)
Net Other Assets (Liabilities) (31.3) (32.0) 2.2
Estimated Net Asset Value US$2,043.6 US$1,951.5 4.7
Common Units Outstanding 73.4 73.4 --
Estimated Net Asset Value per Unit US$27.84 US$26.59 4.7CCAP carries its investments on its books at fair value in accordance with generally accepted accounting principles in the United States. CCAP uses the best information it has available to estimate fair value. Fair value for private equity interests is based on the most recent financial information provided by the fund managers, adjusted for subsequent transactions; such as calls or distributions, as well as other information judged to be reliable that indicates valuation changes, including realizations and other portfolio company events. The value of any public security known to be owned by the funds based on the most recent information reported to us by the fund managers has been marked to market as of September 30, 2007 and a liquidity discount has been applied to such securities based on an estimate of the liquidity discount applied by the fund managers in calculating net asset values.
Note: Performance fees due to the asset manager are accrued in the third month of each quarter to the extent they are earned.
Investment Activity Update
During the month of September 2007, CCAP closed six transactions totaling US$141 million, including a US$25 million direct co-investment. The new fund commitments that closed in September totaled US$116 million and included:
Bay City Capital Fund V, L.P.
Carlyle Partners V, L.P.
OCM Opportunities VII
OCM Opportunities VII-B
PAI Partners V, L.P.CCAP has also made commitments to several funds and a direct co-investment that have not closed. The details of these investments will be disclosed when closed, to the extent permitted by the general partner or the lead investor. There can be no assurance as to whether these commitments will close or the actual amounts of the commitments that will be accepted, if any.
For a detailed breakdown of CCAP's Private Equity Portfolio as of September 30, 2007, please visit the Investor Relations portion of the Company's website at www.conversus.com to view Reports and Filings and Investment Information.
CCAP expects to report its October 31, 2007 NAV results on or about November 9, 2007 and will hold a quarterly conference call to discuss its September 30, 2007 quarterly results on November 15, 2007.
About Conversus Capital
Conversus Capital, L.P. (Euronext: CCAP) is a permanent capital vehicle designed to offer its unitholders long-term capital appreciation through a portfolio of high-quality, seasoned private equity interests. CCAP provides immediate access to a diversified portfolio of private equity funds. CCAP will reinvest distributions from its current investments in primary fund commitments, secondary fund purchases and direct co-investments. Conversus Asset Management, LLC (CAM), an independent asset manager, implements CCAP's investment policies and carries out the day to day operations of CCAP pursuant to a services agreement. CAM leverages the platforms of Bank of America and Oak Hill, its primary owners, in sourcing investments for the benefit of CCAP.
Legal Disclaimer
These materials are not an offer for sale of securities in the United States. Securities may not be sold in the United States absent registration with the U.S. Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended. CCAP is not a registered investment company under the U.S. Investment Company Act of 1940, as amended (the "Investment Company Act"), and the resale of CCAP securities in the United States or to U.S. persons that are not qualified purchasers as defined in the Investment Company Act is prohibited. CCAP does not intend to register any offering in the United States or to conduct a public offering of its securities in the United States.
Investors
Timothy A. Smith
Chief Financial Officer
Conversus GP, Limited
+44-1481-745-175
Andrew Greenebaum or Anne Rakunas
Integrated Corporate Relations
anne.rakunas@icrinc.comWeb Site: http://www.conversus.com
Contact:
Investors, Timothy A. Smith, Chief Financial Officer, Conversus GP,
Limited, +44-1481-745-175; or Andrew Greenebaum or Anne Rakunas of
Integrated
Corporate Relations, anne.rakunas@icrinc.com