SVG Capital, a listed investor in private equity firm Permira, has announced a fall in the value of its private equity portfolio of 12.3% per share in the six months to June. The figures offer an insight into the performance of the Permira portfolio in the first half of the year.
In a statement, SVG said the largest element of the fall was a write-down of 80% of the value of its equity investment in ProSiebenSat.1 Media, to just £21.6m.
According to SVG, the wipe-out in value reflects falls in comparable public company earnings multiples to historic lows and a reduced earnings outlook. On June 30 2008, SVG Capital’s holding in ProSiebenSat.1 Media was valued at £21.6m, representing a £79.8m (53.6p per share) write-down to the December 2007 valuation.
Despite realising returns exiting investments in debitel and Jet Aviation, the total numbers were lowered further by write-downs over the same period of 57% on gaming business Gala Coral and 19% in luxury goods group Valentino.