GUERNSEY, Channel Islands (BUSINESS WIRE), March 31, 2010 - Conversus Capital, L.P. (Euronext Amsterdam: CCAP) (“Conversus” or the “Company”) today reported its financial results for the fiscal year ended December 31, 2009.
As of December 31, 2009, Conversus had an estimated net asset value (“NAV”) per unit of $23.50. This represents an increase of 12.7% since December 31, 2008. Investment NAV was $1,907.6 million while unfunded commitments were $731.7 million as of December 31, 2009. By comparison, as of December 31, 2008 investment NAV was $1,727.0 million while unfunded commitments were $831.5 million.
Conversus’ estimated NAV as of December 31, 2009 was initially reported as $23.10 per unit in Conversus’ monthly report on January 19, 2010, based upon the information available at that time. The final NAV estimate reported today, and in Conversus’ Annual Financial Report, reflects the financial information provided by the general partners for the period ended December 31, 2009, to the extent available, as well as other information deemed reliable and relevant to the valuations.
“NAV growth of 13% and net organic cash flow of $49 million represents a strong year for Conversus in the face of a challenging environment,” commented Bob Long, President and CEO of Conversus Asset Management, LLC. “The momentum in our portfolio which began in the second half of 2009 has continued in 2010 with substantial cash flow and a robust pipeline of IPOs and other announced exits that we believe will further enhance our strong liquidity position.”
As of December 31, 2009, 72% of the investment NAV was comprised of private holdings valued based on general partner estimates as of December 31, 4% was comprised of private holdings valued as of December 31 based upon Conversus’ estimates and 3% was comprised of direct co-investments valued as of December 31 based on Conversus’ estimates. A further 18% of the investment NAV was comprised of public equity securities and a swap marked to market as of December 31 as further described below in Valuation and Reporting Policies. The remaining 3% of the investment NAV represented cash and other net assets held by the funds in which Conversus is invested.
Net Asset Value Estimates as of December 31, 2009
| (in millions except per unit data) | Dec 31, 2009
Audited | Dec 31, 2008
Audited | YTD % Change | ||||||||||||||||||||||
| Estimated NAV of Investments | $1,907.6 | $1,727.0 | 10.5 | % | |||||||||||||||||||||
| Cash and Cash Equivalents | 32.3 | 49.9 | (35.3 | )% | |||||||||||||||||||||
| Other Net Assets (Liabilities) | (239.3 | ) | (260.5 | ) | 8.1 | % | |||||||||||||||||||
| Estimated NAV | $1,700.6 | $1,516.4 | 12.1 | % | |||||||||||||||||||||
| Common Units Outstanding | 72.4 | 72.7 | (0.4 | )% | |||||||||||||||||||||
| Estimated NAV per Unit | $23.50 | $20.85 | 12.7 | % | |||||||||||||||||||||
Financial Results
Financial highlights for Conversus for the fiscal year ended December 31, 2009 were as follows:
- Net unrealized gains on investments of $234.6 million
- Net realized gains on investments of $4.2 million
- Net unrealized currency gains of $5.1 million
- Investment income of $10.7 million
- Expenses of $67.2 million
- Net increase in net assets from operations of $187.4 million
- Share repurchases of $3.2 million
- Net increase in net assets of $184.2 million
Liquidity and Capital Resources
As of December 31, 2009, Conversus had a cash balance of $32.3 million. For the fiscal year ended December 31, 2009, Conversus received $167.8 million in distributions, funded $118.8 million in capital calls and funded $10.3 million in secondary purchases. In addition to using cash flows from the existing portfolio to meet liquidity needs, Conversus has a $650.0 million credit facility available, subject to covenants, which is committed until July 2012. As of December 31, 2009, principal and interest borrowings of $229.0 million were outstanding under the credit facility.
Portfolio Activity
During 2009, $167.8 million in distributions were driven by our funds’ sales of portfolio companies to strategic buyers, along with sales of public equities and realizations related to debt investments. Buyout funds comprised 68.4% of the distributions, venture funds comprised 15.0% and special situation funds comprised 8.8% with the remaining 7.8% coming from sales of directly held public equities. The four largest distributions totaled $28.1 million and related to portfolio companies BuscaPe.com, Gemalto, United Rentals, Inc. and Wyle Holdings, Inc.
Capital calls of $118.8 million in 2009 included $82.7 million for buyout funds, $18.6 million for venture funds and $17.5 million for special situation funds. Capital called by our fund investments came largely from more recent vintage year funds, with 65.2% of the calls coming from fund vintage years 2008 (26.2%), 2007 (20.1%) and 2006 (18.9%).
During 2009, thirteen Conversus portfolio companies completed IPOs. The thirteen companies had a combined investment NAV of $46.4 million as of December 31 and included AGA Medical, Avago, Ancestry.com, Bridgepoint Education, Crimson Exploration, Dollar General, Education Management Corp., Fortinet, Kraton Performance Polymers, Rosetta Stone, Select Medical, Team Health Holdings and Vitamin Shoppe.
Investment Manager’s Comments
Looking back, 2009 was a year of exceptional volatility and rapid market movements. After a dismal first quarter, both equity and debt markets experienced a recovery that was remarkable in both its speed and breadth. New private equity investment activity was slow during the year with a slight upward trend toward the end of the year. The market was characterized by a high proportion of smaller deals and growth investments requiring more equity and less debt. Buyout funds actively purchased debt at significant discounts to par in the early stages of the year, and then moved away from this strategy as pricing of both bonds and leveraged loans recovered. Conditions improved steadily during the year for buyout investments as the high yield markets became quite accommodating, setting a record for annual volume, and bank lending began to firm.
With limited new investing activity, general partners concentrated on protecting and creating value in their existing portfolio companies through revenue growth and expense reductions. Given the resiliency shown in Conversus’ portfolio, it appears that many of the top-tier general partners were quick to take decisive and effective action, consistent with the alignment of interest that characterizes private equity.
In 2009, general partners were particularly focused on the balance sheets of portfolio companies facing near term debt maturities and high overall leverage levels. The credit market strengthening, led by a robust high yield market, allowed numerous portfolio companies to address these challenges through refinancings, amendments and extensions. Entering 2010, stronger portfolio companies began to position themselves to exploit the operating leverage created in the downturn and to benefit from potential growth opportunities in the next phase of the cycle.
Consistent with the broad equity rally that began in the first quarter of 2009, the IPO window in the US opened for stronger companies. While IPOs, if completed, typically generate only modest immediate cash distributions, Conversus believes that a period of firm equity markets could lead to meaningful cash distributions from its public equities over the medium term.
The fundraising environment for new funds remains quite challenging with only $250 billion raised in 2009, a 60% decrease from the 2006-2008 pace. Established general partners need significantly longer to raise a fund than historically required and several high profile firms have struggled to reach their target fund size. A significant portion of the limited partner community remains capital constrained. Facing that landscape, general partners will be motivated to generate liquidity for their limited partners and to demonstrate success over the next several quarters.
In the secondary market, pricing began to firm in mid-2009 and appears to have followed a rapid upward trend through the end of the year. In Conversus’ view, high quality, mature funds now command prices of at least 80% of NAV, while the same funds would have priced at half that level in early 2009. Younger funds, with a higher proportion of unfunded to invested capital, were difficult to move at any price in early 2009, and today Conversus believes the better funds can be sold for at least 70% of NAV.
History strongly suggests that the best opportunities in private equity occur during the bottom of the GDP growth cycle and continue for several years. Conversus’ general partners know this pattern well, and they will be active investors with Conversus’ $732 million of unfunded commitments. New deal activity is clearly ramping up in the private equity world, and it appears the credit markets continue to thaw.
Realization Strategy
During the second quarter of 2009, Conversus implemented a realization strategy designed to deliver the value of its portfolio to investors. The realization strategy is designed to increase the confidence of investors that the value of Conversus’ current portfolio will be delivered to its unit holders over time. Conversus has discontinued substantially all investments and new commitments and is focused on realizing the value of the existing portfolio by applying cash flow to fund capital calls and expenses, repay debt and, eventually, return capital to unit holders through unit repurchases and cash distributions. Conversus will continue to manage actively its current portfolio of funded investments and unfunded commitments as well as its liquidity and capital resources to maximize unit holder value.
Conversus will consider a return to a growth strategy if it believes three criteria are met: (i) the market price for its units fairly reflects the value of the portfolio, (ii) the trading volume in its units provides sufficient liquidity for investors and (iii) the reflection of fair value in the unit price and the level of trading volume are sustainable. Conversus will continue to review its strategy in response to market conditions and will make strategic decisions consistent with the goal of maximizing unit holder value.
Liquidity Enhancement Activity
During 2009, a total of 361,141 Conversus units were repurchased pursuant to a Liquidity Enhancement Agreement (the “Agreement”) with Royal Bank of Scotland (“RBS”) at a total purchase price of $3.2 million, or an average price per unit of $8.92. Over the life of the Agreement, through December 31, 2009 a total of 1.2 million units have been repurchased at a total purchase price of approximately $19.9 million, or an average price per unit of $16.50. The repurchased units are held on Conversus’ balance sheet as Treasury units. Conversus suspended unit repurchase activity under the Agreement during the second quarter of 2009.
Annual Financial Report
Conversus has filed its Annual Financial Report with the Netherlands Authority for the Financial Markets (“AFM”) for the fiscal year ended December 31, 2009. Conversus has also filed its Annual Information Update containing a list of its public disclosures with the AFM. Both documents can be accessed in the Investor Relations portion of the Conversus website at www.conversus.com under the heading of “Reports and Financial Statements.”
Earnings Call and Webcast
Conversus will discuss its financial results for the fiscal year ended December 31, 2009 on a teleconference today, Wednesday, March 31, 2010, at 6:00 pm CEST (Amsterdam) / 5:00 pm BST (Guernsey/London) / 12:00 pm EDT (New York City). The call can be accessed by dialing 20.794.8484 (within the Netherlands) and +31.20.794.8484 (outside the Netherlands). Please call approximately 15 minutes prior to the teleconference time.
A webcast (listen only) of the teleconference can also be accessed via the Investor Relations portion of Conversus’ website under the heading “Events & Webcasts,” where it will also be archived for two weeks. An investor presentation will be available in advance of the call and can be accessed via the Investor Relations portion of Conversus’ website under the heading “Presentations.”
Update for Quarter Ending March 31, 2010
For the quarter ending March 31, 2010, Conversus will report its financial results and file a Quarterly Financial Report following the close of trading on Euronext Amsterdam on Thursday, April 29, 2010. To access Conversus’ Financial Reports, please visit the Investor Relations portion of the Company’s website under the heading “Reports and Financial Statements.” Due to the timing of the filing of the Quarterly Financial Report, Conversus will not issue a monthly NAV update in April.
For the first quarter of 2010, Conversus is projecting net positive organic cash flows of $57 million on approximately $90 million of distributions and approximately $33 million of capital calls. Conversus made a debt repayment of $35 million during the quarter and is projecting net debt, the difference between debt outstanding and cash on hand, of $149 million as of March 31, a decrease from net debt of $197 million as of December 31, 2009. All amounts reported for the first quarter of 2010 represent estimates and will be updated in the Quarterly Financial Report to be filed on April 29.
Valuation and Reporting Policies
Conversus carries investments on its books at fair value in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Conversus uses the best information it has available to estimate fair value. Fair value for private equity interests begins with the most recent financial information provided by the general partners, 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 equity security known to be owned by the funds based on the most recent information reported to us by the general partners has been marked to market as of December 31, 2009, and a discount has been applied to such securities based on an estimate of the discount applied by the general partners in calculating NAV.
Conversus will issue Quarterly Financial Reports as of March 31, June 30 and September 30 as well as an Annual Financial Report as of December 31 of each year. These reports will include financial statements prepared in accordance with U.S. GAAP. Conversus is required to consider, and will consider, all known material information in preparing such financial statements, including information that may become known subsequent to the issuance of each monthly report. Accordingly, amounts included in the quarterly and annual financial statements may differ from amounts included in the monthly NAV reports.
About Conversus Capital
Conversus Capital, L.P. (Euronext Amsterdam: CCAP) (“Conversus”) is a permanent capital vehicle and the largest publicly-traded portfolio of third party private equity funds. Conversus’ objective is to provide unit holders with immediate exposure to a diversified portfolio of private equity assets, access to best-in-class general partners and consistent NAV returns that outperform the public markets. Conversus Asset Management, LLC (“CAM”), an independent asset manager, implements Conversus’ investment policies and carries out the day to day operations of Conversus pursuant to a services agreement. CAM leverages the platforms of Bank of America and Oak Hill, its primary owners.
Legal Disclaimer
These materials are not an offer to sell, or a solicitation of an offer to buy, securities in the United States or elsewhere. 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. Conversus 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 Conversus securities in the United States or to U.S. persons other than to qualified purchasers as defined in the Investment Company Act is prohibited. Conversus does not intend to register any offering in the United States or to conduct a public offering of its securities in the United States.
The common units and related restricted depositary units of Conversus are subject to a number of ownership and transfer restrictions. Information concerning these ownership and transfer restrictions is included in the Investor Relations section of Conversus’ website at www.conversus.com.
Forward-Looking Statements
These materials contain certain forward-looking statements. In some cases, forward-looking statements can be identified by terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "should," "will," and "would," or the negative of those terms or other comparable terminology. Forward-looking statements speak only as of the date of these materials and include statements relating to expectations, beliefs, projections (which may include statements regarding future economic performance, and the financial condition, results of operations, liquidity, investments, business, net asset value and prospects of Conversus), future plans and strategies and anticipated results thereof, anticipated events or trends and similar matters that are not historical facts. By their nature, forward-looking statements involve risk and uncertainty, because they relate to events and depend on circumstances that will occur in the future, and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements including, but not limited to, the following: our ability to implement successful investment strategies; our limited operating history and the limited track record of CAM; risks associated with private equity investments generally, the performance and financial condition of the funds in our portfolio and their portfolio companies, and the actual realized value of investments; the size, volume and timing of capital calls, distributions and other transactions involving our investments; changes in our relationship with CAM and its relationships; potential conflicts of interest; changes in our financial condition, liquidity (including availability and cost of capital), cash flows and ability to meet our funding needs and satisfy our contractual obligations; general economic and political conditions and conditions in the equity, debt, credit, currency, foreign exchange and private equity markets; the trading price, liquidity and volatility, of our common units; competitive conditions; regulatory and legislative developments; and the risks, uncertainties and other factors discussed elsewhere in these materials or in our public filings and documents on our website (www.conversus.com). Conversus does not undertake to update any of these forward-looking statements. Past performance is not necessarily indicative of future results.
EXCERPTS FROM CONVERSUS’ AUDITED COMBINED FINANCIAL STATEMENTS FOLLOW
| Combined Statements of Net Assets As of December 31, 2009 and December 31, 2008 (US$ in thousands except for per unit amounts) (Audited) | ||||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2009 | 2008 | |||||||||||||||
| Assets | ||||||||||||||||
| Investments, at fair value (cost $1,996,580 as of December 31, 2009; $2,055,716 as of December 31, 2008) | $ | 1,912,192 | $ | 1,726,979 | ||||||||||||
| Cash and cash equivalents | 32,313 | 49,912 | ||||||||||||||
| Receivables and prepaid expenses | 3,087 | 1,840 | ||||||||||||||
| Total Assets | 1,947,592 | 1,778,731 | ||||||||||||||
| Liabilities | ||||||||||||||||
| Management fees payable | 4,553 | 18,121 | ||||||||||||||
| Derivative instrument | 4,620 | - | ||||||||||||||
| Notes and interest payable | 229,004 | 238,230 | ||||||||||||||
| Other | 8,855 | 6,007 | ||||||||||||||
| Total Liabilities | 247,032 | 262,358 | ||||||||||||||
| NET ASSETS | $ | 1,700,560 | $ | 1,516,373 | ||||||||||||
| Net Assets | ||||||||||||||||
| General Partners' capital | $ | - | $ | - | ||||||||||||
| Limited Partners' capital (73,530 units issued and 72,367 units outstanding as of December 31, 2009; 73,530 units issued and 72,728 units outstanding as of December 31, 2008)
| 1,719,437 | 1,532,029 | ||||||||||||||
| Treasury units
(1,163 units as of December 31, 2009; 802 units as of December 31, 2008) | (18,877 | ) | (15,656 | ) | ||||||||||||
| NET ASSETS | $ | 1,700,560 | $ | 1,516,373 | ||||||||||||
| NET ASSET VALUE PER UNIT OUTSTANDING | $ | 23.50 | $ | 20.85 | ||||||||||||
| Combined Statement of Operations For the year ended December 31, 2009 (US$ in thousands except for per unit amount) (Audited) | |||||||||||||||||
| Investment Income | |||||||||||||||||
| Dividends | $ | 4,871 | |||||||||||||||
| Interest and other income | 5,791 | ||||||||||||||||
| Total Investment Income | 10,662 | ||||||||||||||||
| Expenses | |||||||||||||||||
| Fund fees and expenses | 22,357 | ||||||||||||||||
| Management fees | 21,652 | ||||||||||||||||
| Interest | 6,544 | ||||||||||||||||
| Professional service fees | 5,667 | ||||||||||||||||
| Personnel | 4,761 | ||||||||||||||||
| Public company costs | 2,719 | ||||||||||||||||
| Other general and administrative | 5,680 | ||||||||||||||||
| Total Expenses | 69,380 | ||||||||||||||||
| Management fees waived | (2,227 | ) | |||||||||||||||
| Total Expenses, Net of Fees Waived | 67,153 | ||||||||||||||||
| Net Investment Loss | (56,491 | ) | |||||||||||||||
| Net Realized Gains and Net Change in Unrealized
Depreciation on Investments | |||||||||||||||||
| Net realized gains on investments | 4,170 | ||||||||||||||||
| Net change in unrealized depreciation on investments | 239,729 | ||||||||||||||||
| Net Realized Gains and Net Change in Unrealized
Depreciation on Investments | 243,899 | ||||||||||||||||
| NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS | $ | 187,408 | |||||||||||||||
| GAIN PER UNIT OUTSTANDING | $ | 2.59 | |||||||||||||||
| Combined Condensed Schedule of Investments As of December 31, 2009 (US$ in thousands) (Audited) | |||||||||||||||||||||||||||||||||
| Cost | Fair Value | % of Net | Unfunded | ||||||||||||||||||||||||||||||
| FUND INVESTMENTS |
| ||||||||||||||||||||||||||||||||
| North America | |||||||||||||||||||||||||||||||||
| Buyout | $ | 1,320,170 | $ | 1,226,620 | 72.1 | % | $ | 531,716 | |||||||||||||||||||||||||
| Venture Capital | 313,779 | 299,649 | 17.6 | 100,842 | |||||||||||||||||||||||||||||
| Special Situation | 141,174 | 170,019 | 10.0 | 11,172 | |||||||||||||||||||||||||||||
| Total North America | 1,775,123 | 1,696,288 | 99.7 | 643,730 | |||||||||||||||||||||||||||||
| Europe, Asia and RoW | |||||||||||||||||||||||||||||||||
| Buyout | 142,957 | 152,865 | 8.9 | 85,951 | |||||||||||||||||||||||||||||
| Venture Capital | 1,059 | 881 | 0.1 | 2,046 | |||||||||||||||||||||||||||||
| Total Europe, Asia and RoW | 144,016 | 153,746 | 9.0 | 87,997 | |||||||||||||||||||||||||||||
| Total Fund Investments | 1,919,139 | 1,850,034 | 108.7 | 731,727 | |||||||||||||||||||||||||||||
| DIRECT INVESTMENTS (1) | |||||||||||||||||||||||||||||||||
| Direct Co-Investments | |||||||||||||||||||||||||||||||||
| Industrials | 35,371 | 31,863 | 1.9 | - | |||||||||||||||||||||||||||||
| Telecommunication Services | 25,000 | 16,250 | 0.9 | - | |||||||||||||||||||||||||||||
| Total Direct Co-Investments | 60,371 | 48,113 | 2.8 | - | |||||||||||||||||||||||||||||
| Publicly Traded Equity Securities (2) | |||||||||||||||||||||||||||||||||
| Consumer Discretionary | - | - | 0.0 | - | |||||||||||||||||||||||||||||
| Consumer Staples | - | - | 0.0 | - | |||||||||||||||||||||||||||||
| Energy | 573 | 315 | 0.0 | - | |||||||||||||||||||||||||||||
| Financials | 6,213 | 5,608 | 0.3 | - | |||||||||||||||||||||||||||||
| Health Care | 315 | 245 | 0.0 | - | |||||||||||||||||||||||||||||
| Industrials | 8,742 | 6,894 | 0.6 | - | |||||||||||||||||||||||||||||
| Information Technology | 681 | 563 | 0.0 | - | |||||||||||||||||||||||||||||
| Materials | 546 | 420 | 0.0 | - | |||||||||||||||||||||||||||||
| Total Publicly Traded Equity Securities | 17,070 | 14,045 | 0.9 | - | |||||||||||||||||||||||||||||
| Derivative Instrument | - | (4,620 | ) | (0.2 | ) | - | |||||||||||||||||||||||||||
| Total Direct Investments | 77,441 | 57,538 | 3.5 | - | |||||||||||||||||||||||||||||
| TOTAL | $ | 1,996,580 | $ | 1,907,572 | 112.2 | % | $ | 731,727 | |||||||||||||||||||||||||
| (1) Industry classifications are determined at the individual portfolio company level and are based on the North American Industry Classification System ("NAICS"). | |||||||||||||||||||||||||||||||||
| (2) Publicly traded equity securities represent equity security distributions from fund investments and direct public equity investments. | |||||||||||||||||||||||||||||||||
| Combined Condensed Schedule of Investments As of December 31, 2008 (US$ in thousands) (Audited) | |||||||||||||||||||||||||||||||||
| Cost | Fair Value | % of Net | Unfunded | ||||||||||||||||||||||||||||||
| FUND INVESTMENTS | |||||||||||||||||||||||||||||||||
| North America | |||||||||||||||||||||||||||||||||
| Buyout | $ | 1,367,262 | $ | 1,115,856 | 73.6 | % | $ | 586,691 | |||||||||||||||||||||||||
| Venture Capital | 327,286 | 302,161 | 19.9 | 118,429 | |||||||||||||||||||||||||||||
| Special Situation | 131,689 | 112,162 | 7.4 | 23,290 | |||||||||||||||||||||||||||||
| Total North America | 1,826,237 | 1,530,179 | 100.9 | 728,410 | |||||||||||||||||||||||||||||
| Europe, Asia and RoW | |||||||||||||||||||||||||||||||||
| Buyout | 151,389 | 111,932 | 7.4 | 100,659 | |||||||||||||||||||||||||||||
| Venture Capital | 686 | 673 | 0.0 | 2,426 | |||||||||||||||||||||||||||||
| Total Europe, Asia and RoW | 152,075 | 112,605 | 7.4 | 103,085 | |||||||||||||||||||||||||||||
| Total Fund Investments | 1,978,312 | 1,642,784 | 108.3 | 831,495 | |||||||||||||||||||||||||||||
| DIRECT INVESTMENTS (1) | |||||||||||||||||||||||||||||||||
| Direct Co-Investments | |||||||||||||||||||||||||||||||||
| Industrials | 35,000 | 34,151 | 2.2 | - | |||||||||||||||||||||||||||||
| Telecommunication Services | 25,000 | 17,500 | 1.2 | - | |||||||||||||||||||||||||||||
| Total Direct Co-Investments | 60,000 | 51,651 | 3.4 | - | |||||||||||||||||||||||||||||
| Publicly Traded Equity Securities (2) | |||||||||||||||||||||||||||||||||
| Consumer Discretionary | 196 | 199 | 0.0 | - | |||||||||||||||||||||||||||||
| Consumer Staples | 351 | 285 | 0.0 | - | |||||||||||||||||||||||||||||
| Energy | 573 | 214 | 0.0 | - | |||||||||||||||||||||||||||||
| Financials | 4,860 | 1,766 | 0.1 | - | |||||||||||||||||||||||||||||
| Health Care | 934 | 761 | 0.1 | - | |||||||||||||||||||||||||||||
| Industrials | 5,603 | 3,309 | 0.2 | - | |||||||||||||||||||||||||||||
| Information Technology | 2,114 | 1,341 | 0.1 | - | |||||||||||||||||||||||||||||
| Materials | 685 | 309 | 0.1 | - | |||||||||||||||||||||||||||||
| Other | 264 | 212 | 0.0 | - | |||||||||||||||||||||||||||||
| Telecommunication Services | 1,824 | 1,450 | 0.1 | - | |||||||||||||||||||||||||||||
| Total Publicly Traded Equity Securities | 17,404 | 9,846 | 0.7 | - | |||||||||||||||||||||||||||||
| Derivative Instrument | - | 22,698 | 1.5 | - | |||||||||||||||||||||||||||||
| Total Direct Investments | 77,404 | 84,195 | 5.6 | - | |||||||||||||||||||||||||||||
| TOTAL | $ | 2,055,716 | $ | 1,726,979 | 113.9 | % | $ | 831,495 | |||||||||||||||||||||||||
| (1) Industry classifications are determined at the individual portfolio company level and are based on the NAICS. | |||||||||||||||||||||||||||||||||
| (2) Publicly traded equity securities represent equity security distributions from fund investments and direct public equity investments.
| |||||||||||||||||||||||||||||||||
| Combined Condensed Schedule of Investments As of December 31, 2009 and December 31, 2008 (US$ in thousands) (Audited) | |||||||||||||||||||||||||||||||||||||
| December 31, 2009 | December 31, 2008 | ||||||||||||||||||||||||||||||||||||
| Industry (1) | Fair Value | % of Total | Fair Value | % of Total | |||||||||||||||||||||||||||||||||
| Industrials | $ | 419,586 | 24.7 | % | $ | 370,991 | 24.5 | % | |||||||||||||||||||||||||||||
| Consumer Discretionary | 229,018 | 13.5 | 213,728 | 14.1 | |||||||||||||||||||||||||||||||||
| Health Care | 218,629 | 12.9 | 183,733 | 12.1 | |||||||||||||||||||||||||||||||||
| Information Technology | 201,589 | 11.8 | 195,784 | 12.9 | |||||||||||||||||||||||||||||||||
| Financials | 181,062 | 10.6 | 145,265 | 9.6 | |||||||||||||||||||||||||||||||||
| Media | 130,306 | 7.7 | 128,174 | 8.5 | |||||||||||||||||||||||||||||||||
| Telecommunication Services | 98,404 | 5.8 | 125,763 | 8.3 | |||||||||||||||||||||||||||||||||
| Other Industries | 92,087 | 5.4 | 79,322 | 5.2 | |||||||||||||||||||||||||||||||||
| Materials | 90,182 | 5.3 | 72,254 | 4.8 | |||||||||||||||||||||||||||||||||
| Consumer Staples | 74,200 | 4.4 | 74,976 | 4.9 | |||||||||||||||||||||||||||||||||
| Other (Net other assets) | 172,509 | 10.1 | 136,989 | 9.0 | |||||||||||||||||||||||||||||||||
| TOTAL | $ | 1,907,572 | 112.2 | % | $ | 1,726,979 | 113.9 | % | |||||||||||||||||||||||||||||
| (1) Industry classifications are determined on a look-through basis at the individual portfolio company level and are based on the NAICS. | |||||||||||||||||||||||||||||||||||||