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Better Capital reports results as restructuring of 2012 cell continues

PEY

Better Capital reports results as restructuring of 2012 cell continues – The distressed investing focused private equity company, Better Capital (BCAP), has announced annual results to 31 March 2019 for its 2009 (fund 1) and 2012 cells (fund 2) respectively.

BCAP invests in businesses which have significant operating issues and may have associated financial distress, with a primary focus on investments in businesses which have significant activities with the United Kingdom or Ireland.

2009 cell performance highlights

  • NAV at 31 March 2019: £27.8m, NAV at 30 September 2018: £28.3m, NAV at 31 March 2018: £40.4m;
  • £210m total capital raised;
  • £203.8m net proceeds invested in fund I (2009 cell);
  • £288.8 m /137.5 per cent. cumulative distributions to date;
  • 4 per cent. return from NAV growth and distributions since inception;
  • 5 per cent. annualised NAV total return including distributions,

2012 cell continues underperformance

  • NAV at 31 March 2019: £55.6m, NAV at 30 September 2018: £58.0m, NAV at 31 March 2017: £138.1m;
  • £355.5m total capital raised;
  • £347.4m net proceeds invested into Fund II (2012 cell);
  • £96.7m /27.2 per cent. cumulative distributions to 31 March 2019;
  • 8 per cent. value decline combined NAV and distributions since inception.

BCAP’s 2012 cell has underperformed with over 50 percent of NAV value loss since its inception – we touched on this cell in more detail in an article last year (click here to read more).

BCAP: Better Capital reports results as restructuring of 2012 cell continues

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