October 2015 NAXS Nordic Access Buyout Fund AB - Amazon Web ...
NAXS Nordic Access Buyout Fund AB October 2015
www.naxs.se. Grev Turegatan 10, 1tr, SE-114 46 Stockholm, Sweden. Phone: +46 (0) 8 611 33 25
NAXS Nordic Access Buyout Fund AB Permanent capital focusing on the Nordic buyout market
Fund
Commitment
Fund Size
• NAXS is an investment company listed on NASDAQ Stockholm and focusing on investments in Nordic buyout funds
Apax Europe VII
EUR 15m
EUR 11bn
FSN Capital III
EUR 10m
EUR 375m
• Listed in 2007, the company offers an attractive degree of diversification:
Herkules Private Equity Fund III
NOK 40m
NOK 6bn
• 6 managers, 8 funds
Intera Fund I
EUR 7m
EUR 125m
• 108 underlying portfolio companies
Intera Fund II
EUR 7,25m
EUR 200m
• 3 vintage years (2007, 2008, 2011)
Nordic Capital Fund VII
EUR 20m
EUR 4.3bn
• exposure to large, mid and small cap segments, with strong weighting towards small and mid cap managers
Valedo Fund I
SEK 60m
SEK 1bn
Valedo Fund II
SEK 65m
SEK 2bn
• As per Q3 2015, 33 full exits and more than 15 recapitalisations. The 33 exits have generated an average gross IRR of 23% • Distribution policy aiming at returning to shareholders, in the long-term, 50% to 75% of distributable realized annual earning. For FY 2014, NAXS paid a dividend of SEK 2.30/share (a 15% increase over the SEK 2.00/ share dividend for FY 2013).
Fee structure Management fee
Carried interest
1% p.a. up to NAV of SEK 1 billion
5% over a preferred return of 5% to investors
0.5% p.a. on NAV over SEK 1 billion
PLEASE REFER TO THE FULL Q1 2015 REPORT (AVAILABLE ON WWW.NAXS.SE) FOR COMPLETE INFORMATION
–
2
NAXS in a snapshot A diversified exposure to the Nordic buyout market IPO in May 2007 – As per Q3 2015, 8 funds, 6 managers, over 75 portfolio companies, 33 exits and more than 15 recapitalisations NAXS AB
Summary Financial Information (Q3 2015) Equity/share:
SEK 54.16
Private equity fund investments:
61% of equity
Total equity MSEK 805 SEK 54.16 per share
Naccess Partners
NAXS A/S
Small cap Fund size less than MEUR 300
Valedo I & II Sweden
Intera I & II Finland
Mid cap Fund size MEUR 300–2,000
FSN III Norway/Nordic
Herkules III Norway/Nordic
Large cap Fund size above MEUR 2,000
Nordic Capital VII Nordic/Europe
Apax VII Europe/Global
3
NAXS Steady rise in NAV NAV per share development (incl. dividend):
Share price development 9 months 2015: 9.3%
• over the first 9 months 2015: +12% SEK/share
• over 12 months: +15.6%
SEK/share
59.36
60
September 30, 2015
65
2.3 60
2.3 55
2 2
0.5 0.4
0.5 0.4
49.4 45
38.8
52.06 35
48.85
4
9/30/15
8/31/15
7/31/15
6/30/15
5/31/15
4/30/15
3/31/15
1/31/15 2/28/15
12/31/14
11/30/14
9/30/14
10/31/14
8/31/14
7/31/14
6/30/14
5/31/14
4/30/14
3/31/14
1/31/14 2/28/14
12/31/13
9/30/13
8/31/13
7/31/13
11/30/13
Dividend paid 2013
10/31/13
Dividend paid 2012 Dividend paid 2015
6/30/13
Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015
5/31/13
25
40
4/30/13
30
44.86
NAV Dividend paid 2014
+31.5%
3/31/13
43.92
50.53
51.94
40
2/28/13
46.09
54.16
+28.6%
1/28/13
0.5 0.4
54
Dec 31, 2013
0.5 0.4
2 0.5 0.4
55
50
0.5 0.4
0.5 0.4 45
2
0.5 0.4
12/28/12
50
2
Dec 31, 2014
2
NAXS 33 exits 108 portfolio companies have been acquired since inception in 2007, 33 of which have been fully exited (Q3 2015)
No of companies acquired per year
20
(exited companies in grey)
18 16
5
14
4
12
9
10 8
5
7
13
6 4 2
The 31 exits have generated an average gross IRR of 23%
3
5
7
12
12 9
7
7 3
0 2007
2008
2009
2010
2011
2012
2013
2014
2015
“The exit proceeds received in 2014 have further strengthened NAXS’ balance sheet and the company continues to be well positioned to take advantage of future opportunities.” Excerpt from the 2014 Year-end Report – Comments by the CEO 5
NAXS Examples of exits in the press Q3 2014 – Q3 2015
Herkules in NOK 2.2bn Espresso House exit
NAXS Examples of investor relations activities
NAXS On a street near you!
NAXS Summary • 6 managers • 8 funds • 75 underlying portfolio companies
High degree of diversification with attractive Nordic-based companies
No of companies acquired per year (exited companies in grey)
108 companies acquired over a 8-year period 33 exits and more than 15 refinancings as of Q3 2015
20 18 16 14 12 10 8 6 4 2 0
5
4
3
12
12
Average holding period of current portfolio companies is approx. 4 years
9 5
7
13 5
7
7
9
7 3
2007 2008 2009 2010 2011 2012 2013 2014 2015
For FY 2014, NAXS paid a dividend of SEK 2.30/share (a 15% increase over the SEK 2.00/share dividend for FY 2013)
Value transfer to shareholders 9
NAXS Nordic access buyout fund AB Appendix
NAXS Selected data Portfolio – 8 underlying funds (Q3 2015) # of current portfolio companies
# of exited portfolio companies
Website
NAXS original Commitment
www.valedopartners.se
MSEK 60
Fund
Fund size
Segment
Vintage
Geographic focus
Valedo Partners Fund I AB
MSEK 1,000
Small cap
2007
Sweden
4
5
Intera Fund I KY
MEUR 125
Small cap
2007
Finland
5
2
Apax Europe VII LP
MEUR 11,000
Large cap
2008
Europe/Global
21
14
FSN Capital III LP
MEUR 375
mid cap
2008
6
4
Herkules Private Equity Fund III LP
MNOK 6,000
mid cap
2008
Norway/Nordic
7
4
Nordic Capital Fund VII LP
MEUR 4,300
Large/mid cap
2008
Primarily Nordic
16
2
Intera Fund II KY
MEUR 200
Small cap
2011
Finland
10
1
Valedo Partners Fund II AB
MSEK 2,000
Small cap
2011
Sweden
6
1
Norway/Nordic
wwww.interapartners.fi
www.apax.com www.fsncapital.no www.herkulescapital.no
MEUR 7
MEUR 15 MEUR 10 MNOK 40
MEUR 20 wwww.interapartners.fi
www.valedopartners.
MEUR 7.25
MSEK 65
11
NAXS AB Board of Directors & Executives NAXS Nordic Access Buyout Fund AB (publ) – Board of Directors John Chapman (1956) Chairman
Ramanan Raghavendran (1968) Board Member
Tony Gardner-Hillman (1956) Board Member
• Lawyer and Chartered Financial Analyst (CFA) specializing in representing shareholder interests in connection with the operation and management of investment funds • Example of board positions: ACP Capital Limited, Central Asia Regional Growth Fund, Black Sea Property Fund, Trinity Capital Plc
• Lawyer with over 30 years of extensive experience in investment funds, corporate and trust company law, regulation and practice. • Example of board positions: Bellzone Mining Plc, The Ottoman Fund Limited, Black See Property Fund Limited, ACP Capital Limited
• Managing Partner, Kubera Partners, the manager of the Kubera Cross-Border Fund, a closed-end private equity fund listed on the London Stock Exchange (AIM) • Formerly at McKinsey & Company, General Atlantic Partners, Insight Venture Partners and TH Lee Putnam Ventures
NAXS Nordic Access Buyout Fund AB (publ) – Executives Lennart Svantesson (1953) CEO
• Former CEO of Bure Equity AB, Scribona AB, Arthur D. Little Scandinavia • Example of board positions: Vehco AB, Icomera AB, Chalmers Innovation AB
Gösta Lundgren (1955) CFO
• Former CFO of Varyag Resources and auditor at Osborne Johnson Revisionsbyrås AB
Andrew Wignall (1964) Board Member
• Fellow of the Institute of Chartered Accountants in England and Wales • Independent non-executive director of a number of private equity, real estate and other alternative fund structures • Example of board positions: Alden Global Capital, DN Capital, Capvis Equity Partners Priveq Investments
NAXS A/S Board of Directors NAXS Nordic Access Buyout A/S is the holding company for NAXS’ fund investments
Grace Reksten Skaugen (1953) Chairperson
Robin Ahlström (1946) Board Member
• Former Director Corporate Finance, Orkla Enskilda Securities
• Former CEO of Alfred Berg and former Head of Nordic Region, Goldman Sachs
• Example of board positions: Investor AB, StatoilHydro ASA, Orkla ASA
• Example of current board positions: Stronghold AB, Niam AB, Ahlström Oy • Other positions: industrial advisor to Altor Equity Partners
Lennart Svantesson
John Chapman
(1953) Board Member
(1956) Board Member
• Lawyer and Chartered Financial Analyst (CFA) specializing in representing shareholder interests in connection with the operation and management of investment funds • Example of board positions: ACP Capital Limited, Central Asia Regional Growth Fund, Black Sea Property Fund, Trinity Capital Plc
• CEO of NAXS AB • Former CEO of Bure Equity AB, Scribona AB, Arthur D. Little Scandinavia • Example of board positions: Vehco AB, Icomera AB, Chalmers Innovation AB
Naccess Partners AB Investment advisor Naccess Partners AB
Thomas Åkerman (1955) Managing Partner
Amaury de Poret (1971) Managing Partner
• Co-founder of the NAXS Group
• Co-founder of the NAXS Group
• Over 15 years of experience in investment banking and private equity
• Over 10 years of private equity experience
• Former head of Corporate Finance for Sweden at Alfred Berg ABN Amro
• Associate in private equity and merger & acquisition practices of leading international law firms (lastly at the Stockholm office of White & Case)
• Former head of Merger & Acquisition for Sweden at Enskilda Securities • Former president of Novestra, a venture capital fund listed on the Stockholm exchange • B.Sc. (Economics and Mathematics) from the Stockholm and Lund Universities.
• Part of the management team of a private equity fund managed out of São Paulo, Brazil and Washington DC
Per Rinder (1949) Chairman
• Former head of private equity fund investments at the Sixth Swedish National Pension Fund, one of the largest institutional private equity investors in the Nordic Region • Reporting Clerk to the Court of Appeal and LL.B. from Stockholm University • Member of the board of Accent Equity Partners AB
• Swiss-qualified attorney and LL.B. from the University of Fribourg, Switzerland.
14
NAXS Investment characteristics and Company Facts* Geographic focus
Type of Funds
Number and sizes
Funds, which have the Nordic region (Denmark, Finland, Norway and Sweden) or at least one of the Nordic countries as their investment focus, or have an advisory team dedicated to the Nordic region
Private equity buyout funds managed by established managers and selected emerging managers • Commitments to 6–10 different fund managers, with funds of different vintages • Max. 125% of NAV committed to and/or invested in underlying funds
Legal form
A public limited liability company incorporated under Swedish law
Target investments
Private equity buyout funds with a focus on the Nordic region
Investable assets
Up to SEK 950 million
Number of shares
15 000 000 shares (excl. share repurchase)/ single share class
Advisory service fee
1% of reported NAV up to SEK 1.0bn, and 0.5% over SEK 1.0bn
Carried interest
Investors 95.0% and the Manager 5.0%, after a 5.0% preferred return for the benefit of investors
Listing
NASDAQ OMX Stockholm
Ticker
• NAXS SS in Bloomberg
• Max 40% of NAV with same Manager • Max. 20% of NAV may be allocated to co-investments
Dividend policy
• 50–75% of distributable realized annual returns over the long-term • Dividend magnitude dependent on up-coming investment opportunities
Financing & management of net cash
• NAXS.ST in Reuters
• Fund investments are financed through equity • Liquid assets/net cash invested in interest-bearing instruments only
Auditor
Ernst & Young
Reporting
Aggregate NAV reported on a quarterly basis
* Please refer to www.naxs.se and the OMX listing prospectus for exhaustive information
15
NAXS Various Selected definitions*
Contact information
Commitment The maximum amount that a limited partner agrees to invest in a fund
NAXS Nordic Access Buyout Fund AB
Current commitments Acquisition cost for private equity fund investments, plus remaining commitments to private equity funds Gross IRR The internal rate of return generated annually at the underlying private equity funds’ level, before the deduction of the management fees and carried interest Net asset value The fair value of total assets, less net debt (corresponds to equity) Net debt/Net cash Cash and cash equivalents, short-term investments and interestbearing current and long-term receivables, less interest-bearing current and long-term liabilities Private equity fund investments Fair value of investments in private equity funds Total exposure to private equity fund investments Private equity funds investments and remaining commitments to private equity funds * For a full set of definitions please refer to the last page of the Company’s financial reports or www.naxs.se
Lennart Svantesson, CEO Grev Turegatan 10 114 46 Stockholm Email: [email protected] Tel: +46 733 110 011
Naccess Partners AB Thomas Åkerman Email: [email protected] Amaury de Poret Email: [email protected]
Pareto Securities AB (share and trading information) Joakim Appeltofft Email: [email protected] Tel: +46 40 75022
16
www.naxs.se. Grev Turegatan 10, 1tr, SE-114 46 Stockholm, Sweden. Phone: +46 (0) 8 611 33 25
NAXS Nordic Access Buyout Fund AB Permanent capital focusing on the Nordic buyout market
Fund
Commitment
Fund Size
• NAXS is an investment company listed on NASDAQ Stockholm and focusing on investments in Nordic buyout funds
Apax Europe VII
EUR 15m
EUR 11bn
FSN Capital III
EUR 10m
EUR 375m
• Listed in 2007, the company offers an attractive degree of diversification:
Herkules Private Equity Fund III
NOK 40m
NOK 6bn
• 6 managers, 8 funds
Intera Fund I
EUR 7m
EUR 125m
• 108 underlying portfolio companies
Intera Fund II
EUR 7,25m
EUR 200m
• 3 vintage years (2007, 2008, 2011)
Nordic Capital Fund VII
EUR 20m
EUR 4.3bn
• exposure to large, mid and small cap segments, with strong weighting towards small and mid cap managers
Valedo Fund I
SEK 60m
SEK 1bn
Valedo Fund II
SEK 65m
SEK 2bn
• As per Q3 2015, 33 full exits and more than 15 recapitalisations. The 33 exits have generated an average gross IRR of 23% • Distribution policy aiming at returning to shareholders, in the long-term, 50% to 75% of distributable realized annual earning. For FY 2014, NAXS paid a dividend of SEK 2.30/share (a 15% increase over the SEK 2.00/ share dividend for FY 2013).
Fee structure Management fee
Carried interest
1% p.a. up to NAV of SEK 1 billion
5% over a preferred return of 5% to investors
0.5% p.a. on NAV over SEK 1 billion
PLEASE REFER TO THE FULL Q1 2015 REPORT (AVAILABLE ON WWW.NAXS.SE) FOR COMPLETE INFORMATION
–
2
NAXS in a snapshot A diversified exposure to the Nordic buyout market IPO in May 2007 – As per Q3 2015, 8 funds, 6 managers, over 75 portfolio companies, 33 exits and more than 15 recapitalisations NAXS AB
Summary Financial Information (Q3 2015) Equity/share:
SEK 54.16
Private equity fund investments:
61% of equity
Total equity MSEK 805 SEK 54.16 per share
Naccess Partners
NAXS A/S
Small cap Fund size less than MEUR 300
Valedo I & II Sweden
Intera I & II Finland
Mid cap Fund size MEUR 300–2,000
FSN III Norway/Nordic
Herkules III Norway/Nordic
Large cap Fund size above MEUR 2,000
Nordic Capital VII Nordic/Europe
Apax VII Europe/Global
3
NAXS Steady rise in NAV NAV per share development (incl. dividend):
Share price development 9 months 2015: 9.3%
• over the first 9 months 2015: +12% SEK/share
• over 12 months: +15.6%
SEK/share
59.36
60
September 30, 2015
65
2.3 60
2.3 55
2 2
0.5 0.4
0.5 0.4
49.4 45
38.8
52.06 35
48.85
4
9/30/15
8/31/15
7/31/15
6/30/15
5/31/15
4/30/15
3/31/15
1/31/15 2/28/15
12/31/14
11/30/14
9/30/14
10/31/14
8/31/14
7/31/14
6/30/14
5/31/14
4/30/14
3/31/14
1/31/14 2/28/14
12/31/13
9/30/13
8/31/13
7/31/13
11/30/13
Dividend paid 2013
10/31/13
Dividend paid 2012 Dividend paid 2015
6/30/13
Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015
5/31/13
25
40
4/30/13
30
44.86
NAV Dividend paid 2014
+31.5%
3/31/13
43.92
50.53
51.94
40
2/28/13
46.09
54.16
+28.6%
1/28/13
0.5 0.4
54
Dec 31, 2013
0.5 0.4
2 0.5 0.4
55
50
0.5 0.4
0.5 0.4 45
2
0.5 0.4
12/28/12
50
2
Dec 31, 2014
2
NAXS 33 exits 108 portfolio companies have been acquired since inception in 2007, 33 of which have been fully exited (Q3 2015)
No of companies acquired per year
20
(exited companies in grey)
18 16
5
14
4
12
9
10 8
5
7
13
6 4 2
The 31 exits have generated an average gross IRR of 23%
3
5
7
12
12 9
7
7 3
0 2007
2008
2009
2010
2011
2012
2013
2014
2015
“The exit proceeds received in 2014 have further strengthened NAXS’ balance sheet and the company continues to be well positioned to take advantage of future opportunities.” Excerpt from the 2014 Year-end Report – Comments by the CEO 5
NAXS Examples of exits in the press Q3 2014 – Q3 2015
Herkules in NOK 2.2bn Espresso House exit
NAXS Examples of investor relations activities
NAXS On a street near you!
NAXS Summary • 6 managers • 8 funds • 75 underlying portfolio companies
High degree of diversification with attractive Nordic-based companies
No of companies acquired per year (exited companies in grey)
108 companies acquired over a 8-year period 33 exits and more than 15 refinancings as of Q3 2015
20 18 16 14 12 10 8 6 4 2 0
5
4
3
12
12
Average holding period of current portfolio companies is approx. 4 years
9 5
7
13 5
7
7
9
7 3
2007 2008 2009 2010 2011 2012 2013 2014 2015
For FY 2014, NAXS paid a dividend of SEK 2.30/share (a 15% increase over the SEK 2.00/share dividend for FY 2013)
Value transfer to shareholders 9
NAXS Nordic access buyout fund AB Appendix
NAXS Selected data Portfolio – 8 underlying funds (Q3 2015) # of current portfolio companies
# of exited portfolio companies
Website
NAXS original Commitment
www.valedopartners.se
MSEK 60
Fund
Fund size
Segment
Vintage
Geographic focus
Valedo Partners Fund I AB
MSEK 1,000
Small cap
2007
Sweden
4
5
Intera Fund I KY
MEUR 125
Small cap
2007
Finland
5
2
Apax Europe VII LP
MEUR 11,000
Large cap
2008
Europe/Global
21
14
FSN Capital III LP
MEUR 375
mid cap
2008
6
4
Herkules Private Equity Fund III LP
MNOK 6,000
mid cap
2008
Norway/Nordic
7
4
Nordic Capital Fund VII LP
MEUR 4,300
Large/mid cap
2008
Primarily Nordic
16
2
Intera Fund II KY
MEUR 200
Small cap
2011
Finland
10
1
Valedo Partners Fund II AB
MSEK 2,000
Small cap
2011
Sweden
6
1
Norway/Nordic
wwww.interapartners.fi
www.apax.com www.fsncapital.no www.herkulescapital.no
MEUR 7
MEUR 15 MEUR 10 MNOK 40
MEUR 20 wwww.interapartners.fi
www.valedopartners.
MEUR 7.25
MSEK 65
11
NAXS AB Board of Directors & Executives NAXS Nordic Access Buyout Fund AB (publ) – Board of Directors John Chapman (1956) Chairman
Ramanan Raghavendran (1968) Board Member
Tony Gardner-Hillman (1956) Board Member
• Lawyer and Chartered Financial Analyst (CFA) specializing in representing shareholder interests in connection with the operation and management of investment funds • Example of board positions: ACP Capital Limited, Central Asia Regional Growth Fund, Black Sea Property Fund, Trinity Capital Plc
• Lawyer with over 30 years of extensive experience in investment funds, corporate and trust company law, regulation and practice. • Example of board positions: Bellzone Mining Plc, The Ottoman Fund Limited, Black See Property Fund Limited, ACP Capital Limited
• Managing Partner, Kubera Partners, the manager of the Kubera Cross-Border Fund, a closed-end private equity fund listed on the London Stock Exchange (AIM) • Formerly at McKinsey & Company, General Atlantic Partners, Insight Venture Partners and TH Lee Putnam Ventures
NAXS Nordic Access Buyout Fund AB (publ) – Executives Lennart Svantesson (1953) CEO
• Former CEO of Bure Equity AB, Scribona AB, Arthur D. Little Scandinavia • Example of board positions: Vehco AB, Icomera AB, Chalmers Innovation AB
Gösta Lundgren (1955) CFO
• Former CFO of Varyag Resources and auditor at Osborne Johnson Revisionsbyrås AB
Andrew Wignall (1964) Board Member
• Fellow of the Institute of Chartered Accountants in England and Wales • Independent non-executive director of a number of private equity, real estate and other alternative fund structures • Example of board positions: Alden Global Capital, DN Capital, Capvis Equity Partners Priveq Investments
NAXS A/S Board of Directors NAXS Nordic Access Buyout A/S is the holding company for NAXS’ fund investments
Grace Reksten Skaugen (1953) Chairperson
Robin Ahlström (1946) Board Member
• Former Director Corporate Finance, Orkla Enskilda Securities
• Former CEO of Alfred Berg and former Head of Nordic Region, Goldman Sachs
• Example of board positions: Investor AB, StatoilHydro ASA, Orkla ASA
• Example of current board positions: Stronghold AB, Niam AB, Ahlström Oy • Other positions: industrial advisor to Altor Equity Partners
Lennart Svantesson
John Chapman
(1953) Board Member
(1956) Board Member
• Lawyer and Chartered Financial Analyst (CFA) specializing in representing shareholder interests in connection with the operation and management of investment funds • Example of board positions: ACP Capital Limited, Central Asia Regional Growth Fund, Black Sea Property Fund, Trinity Capital Plc
• CEO of NAXS AB • Former CEO of Bure Equity AB, Scribona AB, Arthur D. Little Scandinavia • Example of board positions: Vehco AB, Icomera AB, Chalmers Innovation AB
Naccess Partners AB Investment advisor Naccess Partners AB
Thomas Åkerman (1955) Managing Partner
Amaury de Poret (1971) Managing Partner
• Co-founder of the NAXS Group
• Co-founder of the NAXS Group
• Over 15 years of experience in investment banking and private equity
• Over 10 years of private equity experience
• Former head of Corporate Finance for Sweden at Alfred Berg ABN Amro
• Associate in private equity and merger & acquisition practices of leading international law firms (lastly at the Stockholm office of White & Case)
• Former head of Merger & Acquisition for Sweden at Enskilda Securities • Former president of Novestra, a venture capital fund listed on the Stockholm exchange • B.Sc. (Economics and Mathematics) from the Stockholm and Lund Universities.
• Part of the management team of a private equity fund managed out of São Paulo, Brazil and Washington DC
Per Rinder (1949) Chairman
• Former head of private equity fund investments at the Sixth Swedish National Pension Fund, one of the largest institutional private equity investors in the Nordic Region • Reporting Clerk to the Court of Appeal and LL.B. from Stockholm University • Member of the board of Accent Equity Partners AB
• Swiss-qualified attorney and LL.B. from the University of Fribourg, Switzerland.
14
NAXS Investment characteristics and Company Facts* Geographic focus
Type of Funds
Number and sizes
Funds, which have the Nordic region (Denmark, Finland, Norway and Sweden) or at least one of the Nordic countries as their investment focus, or have an advisory team dedicated to the Nordic region
Private equity buyout funds managed by established managers and selected emerging managers • Commitments to 6–10 different fund managers, with funds of different vintages • Max. 125% of NAV committed to and/or invested in underlying funds
Legal form
A public limited liability company incorporated under Swedish law
Target investments
Private equity buyout funds with a focus on the Nordic region
Investable assets
Up to SEK 950 million
Number of shares
15 000 000 shares (excl. share repurchase)/ single share class
Advisory service fee
1% of reported NAV up to SEK 1.0bn, and 0.5% over SEK 1.0bn
Carried interest
Investors 95.0% and the Manager 5.0%, after a 5.0% preferred return for the benefit of investors
Listing
NASDAQ OMX Stockholm
Ticker
• NAXS SS in Bloomberg
• Max 40% of NAV with same Manager • Max. 20% of NAV may be allocated to co-investments
Dividend policy
• 50–75% of distributable realized annual returns over the long-term • Dividend magnitude dependent on up-coming investment opportunities
Financing & management of net cash
• NAXS.ST in Reuters
• Fund investments are financed through equity • Liquid assets/net cash invested in interest-bearing instruments only
Auditor
Ernst & Young
Reporting
Aggregate NAV reported on a quarterly basis
* Please refer to www.naxs.se and the OMX listing prospectus for exhaustive information
15
NAXS Various Selected definitions*
Contact information
Commitment The maximum amount that a limited partner agrees to invest in a fund
NAXS Nordic Access Buyout Fund AB
Current commitments Acquisition cost for private equity fund investments, plus remaining commitments to private equity funds Gross IRR The internal rate of return generated annually at the underlying private equity funds’ level, before the deduction of the management fees and carried interest Net asset value The fair value of total assets, less net debt (corresponds to equity) Net debt/Net cash Cash and cash equivalents, short-term investments and interestbearing current and long-term receivables, less interest-bearing current and long-term liabilities Private equity fund investments Fair value of investments in private equity funds Total exposure to private equity fund investments Private equity funds investments and remaining commitments to private equity funds * For a full set of definitions please refer to the last page of the Company’s financial reports or www.naxs.se
Lennart Svantesson, CEO Grev Turegatan 10 114 46 Stockholm Email: [email protected] Tel: +46 733 110 011
Naccess Partners AB Thomas Åkerman Email: [email protected] Amaury de Poret Email: [email protected]
Pareto Securities AB (share and trading information) Joakim Appeltofft Email: [email protected] Tel: +46 40 75022
16
