January 2018 NAXS AB AWS
NAXS AB January 2018
www.naxs.se. Grev Turegatan 10, 1tr, SE-114 46 Stockholm, Sweden. Phone: +46 (0) 8 611 33 25
NAXS Permanent capital focusing on the Nordic market • NAXS is an investment company listed on NASDAQ Stockholm. NAXS primarily invests in private equity funds with a Nordic focus, but may also make direct investments or co-investments alongside private equity or other alternative assets funds. In addition, NAXS may, to a limited extent, make other types of investments.
Buyout funds
• Listed in 2007, the company currently offers an attractive exposure to the private equity segment:
Commitment
Fund Size
Apax Europe VII
EUR 15m
EUR 11bn
FSN Capital III
EUR 10m
EUR 375m
Herkules Private Equity Fund III
NOK 40m
NOK 6bn
Intera Fund I
EUR 7m
EUR 125m
Intera Fund II
EUR 7,25m
EUR 200m
• 9 private equity funds (8 buyout funds and 1 special situations fund)
Nordic Capital Fund VII
EUR 20m
EUR 4.3bn
• 7 managers
Valedo Fund I
SEK 60m
SEK 1bn
Valedo Fund II
SEK 65m
SEK 2bn
Special situation fund
Commitment
• 59 underlying portfolio companies (remaining after 57 exits) • 4 vintage years (2007, 2008, 2011 and 2017) and exposure to large, mid and small cap segments • In addition, NAXS offers an exposure to 1 listed company, Scout Gaming Group, in the IPO of which NAXS was a cornerstone investor • As per Q4 2017, 57 full exits and more than 20 recapitalisations. The 57 exits have generated an average gross IRR of 23% • NAXS has a distribution policy aiming at returning to shareholders, in the long-term, 50% to 75% of profit after tax. For FY 2017, the board of directors proposes a dividend of maximum SEK 2.75/share, minus the amount that may have been distributed through share repurchases during Q1 2018.
Mimir Invest AB
SEK 50m
Fund Size < SEK 500m
Direct investment
Size of initial investment
Scout Gaming Group
SEK 8m
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
–
2 N.B. This presentation should be read along with all comments and definitions given in the OMX prospectus and the financial reports available at www.naxs.se
NAXS Snapshot IPO in May 2007 – At Q4 2017, 9 private equity funds, 59 portfolio companies, 57 exits and 1 direct investment in a listed company Summary Financial Information (Q4 2017) Equity/share:
SEK 60.17
Private equity fund investments:
44% of equity
NAXS AB Total equity MSEK 821 SEK 60.17 per share
NAXS A/S
Naccess Partners
Direct investments
Small cap buyout Fund size less than MEUR 300 Valedo I & II
Intera I & II
Sweden EX IT ED
IP O EX IT ED
IP O
EX Finland IT ED
Mid cap buyout Fund size MEUR 300–2,000 FSN III Norway/Nordic IP O
EX IT ED
Herkules III Norway/Nordic
EX IT ED EX IT ED
Large cap buyout Fund size above MEUR 2,000 Nordic Capital VII Nordic/Europe
EX IT ED IP O
IP O IP O
Apax VII Europe/Global EX EX IT IT ED ED
Small cap special situations
Mimir Invest AB Primarily Nordic
IP O
3
NAXS NAV evolution The NAV per share increased by 6.2% during 2017
75
70 2,5 65
2,5
2,5 60 2,3
55 2 0,5 0,4
50 0,5 0,4
45
40
43,92
46,09
2,3
2 0,5 0,4
2 0,5 0,4
2,3
2,3
2 0,5 0,4
2 0,5 0,4
2 0,5 0,4
2 0,5 0,4
2,3 2 0,5 0,4
61,73
2 0,5 0,4
0,5 0,4
2,3
2 0,5 0,4
2 0,5 0,4
2 0,5 0,4
2 0,5 0,4
2,5
2,3
2,3
2,5
2,3
48,85
50,53
51,94
52,06
54,16
52,76
54,52
54,19
53,3
56,69
57,68
2,5
2,5
2,3
2,3
2 0,5 0,4
2 0,5 0,4
60,41
60.17
44,86
NAV
Dividend paid 2012
Dividend paid 2013
Dividend paid 2014
Dividend paid 2015
17 20 4
Q
Q
32
01
7
17
Q
2
20
17
Q
1
20
16
Q
4
20
16
Q
3
20
16
Q
2
20
16
Q
1
20
15
Q
4
20
15 3
20
15 Q
Q
2
20
15
Q
1
20
14
Q
4
20
14
Q
3
20
14
Q
2
20
14 20 1
Q
Q
4
20
13
35
Dividend paid 2016
4
NAXS 57 exits (Q4 2017) 116 portfolio companies have been acquired since inception in 2007, 57 of which have been fully exited
20
15
The 57 exits have generated an average gross IRR of 23%
8 5 9 10
13 9
9
5
3 10
10 7
3
3
3
2007
2008
2009
7
6
1 3
3
2015
2016
4
0 2010
2011
Remaining companies
2012
2013
2014
2017
Exited
5
NAXS Examples of recent exits in the press
NAXS On a street near you!
NAXS Summary • 9 private equity funds • 7 managers
High degree of diversification with attractive Nordic-based companies
• 57 underlying portfolio companies • 1 direct investment in a listed company
No of companies acquired per year
116 companies acquired by underlying funds over a 10year period
20 15
8 9
10
57 exits and more than 20 recapitalizations as of Q4 2017
13 9
9
5 0
Average holding period of current portfolio companies is approx. 5.5 years
5 3
10 3
3
7
10
3
6
7
1 3
3
4
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Remaining companies
Exited
For FY 2017, the board of directors intends to propose a dividend of maximum SEK 2.75/share, minus the amount that may have been distributed through share repurchases during Q1 2018.
Value transfer to shareholders via dividends and/or share repurchases 8
NAXS AB Appendix
NAXS Current portfolio 9 private equity funds: 8 buyout funds and 1 special situations fund # of current portfolio companies
# of exited portfolio companies
Website
NAXS original Commitment
www.valedopartners.se
MSEK 60
Buyout Funds
Fund size
Segment
Vintage
Geographic focus
Valedo Partners Fund I AB
MSEK 1,000
Small cap
2007
Sweden
1
8
Intera Fund I KY
MEUR 125
Small cap
2007
Finland
3
4
Apax Europe VII LP
MEUR 11,000
Large cap
2008
Europe/Global
13
22
FSN Capital III LP
MEUR 375
Mid cap
2008
3
7
Herkules Private Equity Fund III LP
MNOK 6,000
Mid cap
2008
Norway/Nordic
4
7
Nordic Capital Fund VII LP
MEUR 4,300
Large/mid cap
2008
Primarily Nordic
13
5
Intera Fund II KY
MEUR 200
Small cap
2011
Finland
9
3
Valedo Partners Fund II AB
MSEK 2,000
Small cap
2011
Sweden
10
1
# of current portfolio companies 3
Norway/Nordic
Special Situations Fund
Fund size
Segment
Vintage
Geographic focus
Mimir Invest AB
< MSEK 500m
Small cap
2017
Primarily 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
MEUR 7.25
www.valedopartners.
MSEK 65
# of exited portfolio companies
Website
NAXS original Commitment
0
www.mimirinvest.com
MSEK 50
10
NAXS AB Board of Directors & Executives NAXS AB (publ) – Board of Directors John Chapman (1956) Chairman
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
NAXS 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
Damhnait Ni Chinneide (1974) Board Member
• 16 year career in global financial markets in both banking and asset management, with various positions at Pioneer Investments, Lee Overlay Partners and JPMorgan • BA in Finance from National University of Ireland and Masters in Financial Services from University College Dublin
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, Orkla ASA, Lundin Petroleum AB
• 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
Thomas Åkerman (1955) Managing Partner
Amaury de Poret (1971) Managing Partner
• Co-founder of the NAXS Group
• Co-founder of the NAXS Group
• Over 20 years of experience in investment banking and private equity
• Over 15 years of private equity and alternative assets 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 • Swiss-qualified attorney and LL.B. from the University of Fribourg, Switzerland.
13
NAXS Investment characteristics and Company Facts* Investment criteria
Investment size and diversification
• Investments in private equity funds, which have one or more of the Nordic countries (Denmark, Finland, Norway and Sweden) as their investment focus
Legal form
A public limited liability company incorporated under Swedish law
• Investment alongside private equity funds and other alternative assets funds in the Nordic countries
Investable assets
Up to SEK 1,000 million
• Up to 25% of NAV may be invested in any securities or assets in any jurisdiction.
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
• NAXS intends to hold a diversified portfolio of investments • However, based on market conditions, up to 40% of NAV may be placed in a single investment
Dividend policy
• 50–75% of profit after tax, excluding unrealized income and costs
• NAXS.ST in Reuters Financing & management of net cash
• Fund investments are financed through equity
Auditor
Ernst & Young
• Liquid assets/net cash invested in secure short interestbearing instruments only
Reporting
Aggregate NAV reported on a quarterly basis
* Please refer to www.naxs.se and the OMX listing prospectus for exhaustive information
14
NAXS Selected definitions / Contact information Selected definitions*
Contact information
Buyout fund A private equity fund, whose strategy is to acquire a controlling interest in the targeted companies
NAXS AB
Commitment The maximum amount that a limited partner agrees to invest in a fund Current commitments Acquisition cost for private equity fund investments, plus remaining commitments to private equity funds
Lennart Svantesson, CEO Grev Turegatan 10 114 46 Stockholm Email: [email protected] Tel: +46 733 110 011
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
Naccess Partners AB
Net asset value The fair value of total assets, less net debt (corresponds to equity)
Amaury de Poret Email: [email protected]
Net debt/Net cash Cash and cash equivalents, short-term investments and interest-bearing current and long-term receivables, less interest-bearing current and longterm liabilities Private equity fund investments Fair value of investments in private equity funds Special situations fund A private equity fund, whose strategy is to acquire companies, where an active ownership is required, such as under-performing companies, and/or imply complex transactions, such as carve-outs from larger conglomerates
Thomas Åkerman Email: [email protected]
Pareto Securities AB (share and trading information) Joakim Appeltofft Email: [email protected] Tel: +46 40 75022
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
15
www.naxs.se. Grev Turegatan 10, 1tr, SE-114 46 Stockholm, Sweden. Phone: +46 (0) 8 611 33 25
NAXS Permanent capital focusing on the Nordic market • NAXS is an investment company listed on NASDAQ Stockholm. NAXS primarily invests in private equity funds with a Nordic focus, but may also make direct investments or co-investments alongside private equity or other alternative assets funds. In addition, NAXS may, to a limited extent, make other types of investments.
Buyout funds
• Listed in 2007, the company currently offers an attractive exposure to the private equity segment:
Commitment
Fund Size
Apax Europe VII
EUR 15m
EUR 11bn
FSN Capital III
EUR 10m
EUR 375m
Herkules Private Equity Fund III
NOK 40m
NOK 6bn
Intera Fund I
EUR 7m
EUR 125m
Intera Fund II
EUR 7,25m
EUR 200m
• 9 private equity funds (8 buyout funds and 1 special situations fund)
Nordic Capital Fund VII
EUR 20m
EUR 4.3bn
• 7 managers
Valedo Fund I
SEK 60m
SEK 1bn
Valedo Fund II
SEK 65m
SEK 2bn
Special situation fund
Commitment
• 59 underlying portfolio companies (remaining after 57 exits) • 4 vintage years (2007, 2008, 2011 and 2017) and exposure to large, mid and small cap segments • In addition, NAXS offers an exposure to 1 listed company, Scout Gaming Group, in the IPO of which NAXS was a cornerstone investor • As per Q4 2017, 57 full exits and more than 20 recapitalisations. The 57 exits have generated an average gross IRR of 23% • NAXS has a distribution policy aiming at returning to shareholders, in the long-term, 50% to 75% of profit after tax. For FY 2017, the board of directors proposes a dividend of maximum SEK 2.75/share, minus the amount that may have been distributed through share repurchases during Q1 2018.
Mimir Invest AB
SEK 50m
Fund Size < SEK 500m
Direct investment
Size of initial investment
Scout Gaming Group
SEK 8m
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
–
2 N.B. This presentation should be read along with all comments and definitions given in the OMX prospectus and the financial reports available at www.naxs.se
NAXS Snapshot IPO in May 2007 – At Q4 2017, 9 private equity funds, 59 portfolio companies, 57 exits and 1 direct investment in a listed company Summary Financial Information (Q4 2017) Equity/share:
SEK 60.17
Private equity fund investments:
44% of equity
NAXS AB Total equity MSEK 821 SEK 60.17 per share
NAXS A/S
Naccess Partners
Direct investments
Small cap buyout Fund size less than MEUR 300 Valedo I & II
Intera I & II
Sweden EX IT ED
IP O EX IT ED
IP O
EX Finland IT ED
Mid cap buyout Fund size MEUR 300–2,000 FSN III Norway/Nordic IP O
EX IT ED
Herkules III Norway/Nordic
EX IT ED EX IT ED
Large cap buyout Fund size above MEUR 2,000 Nordic Capital VII Nordic/Europe
EX IT ED IP O
IP O IP O
Apax VII Europe/Global EX EX IT IT ED ED
Small cap special situations
Mimir Invest AB Primarily Nordic
IP O
3
NAXS NAV evolution The NAV per share increased by 6.2% during 2017
75
70 2,5 65
2,5
2,5 60 2,3
55 2 0,5 0,4
50 0,5 0,4
45
40
43,92
46,09
2,3
2 0,5 0,4
2 0,5 0,4
2,3
2,3
2 0,5 0,4
2 0,5 0,4
2 0,5 0,4
2 0,5 0,4
2,3 2 0,5 0,4
61,73
2 0,5 0,4
0,5 0,4
2,3
2 0,5 0,4
2 0,5 0,4
2 0,5 0,4
2 0,5 0,4
2,5
2,3
2,3
2,5
2,3
48,85
50,53
51,94
52,06
54,16
52,76
54,52
54,19
53,3
56,69
57,68
2,5
2,5
2,3
2,3
2 0,5 0,4
2 0,5 0,4
60,41
60.17
44,86
NAV
Dividend paid 2012
Dividend paid 2013
Dividend paid 2014
Dividend paid 2015
17 20 4
Q
Q
32
01
7
17
Q
2
20
17
Q
1
20
16
Q
4
20
16
Q
3
20
16
Q
2
20
16
Q
1
20
15
Q
4
20
15 3
20
15 Q
Q
2
20
15
Q
1
20
14
Q
4
20
14
Q
3
20
14
Q
2
20
14 20 1
Q
Q
4
20
13
35
Dividend paid 2016
4
NAXS 57 exits (Q4 2017) 116 portfolio companies have been acquired since inception in 2007, 57 of which have been fully exited
20
15
The 57 exits have generated an average gross IRR of 23%
8 5 9 10
13 9
9
5
3 10
10 7
3
3
3
2007
2008
2009
7
6
1 3
3
2015
2016
4
0 2010
2011
Remaining companies
2012
2013
2014
2017
Exited
5
NAXS Examples of recent exits in the press
NAXS On a street near you!
NAXS Summary • 9 private equity funds • 7 managers
High degree of diversification with attractive Nordic-based companies
• 57 underlying portfolio companies • 1 direct investment in a listed company
No of companies acquired per year
116 companies acquired by underlying funds over a 10year period
20 15
8 9
10
57 exits and more than 20 recapitalizations as of Q4 2017
13 9
9
5 0
Average holding period of current portfolio companies is approx. 5.5 years
5 3
10 3
3
7
10
3
6
7
1 3
3
4
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Remaining companies
Exited
For FY 2017, the board of directors intends to propose a dividend of maximum SEK 2.75/share, minus the amount that may have been distributed through share repurchases during Q1 2018.
Value transfer to shareholders via dividends and/or share repurchases 8
NAXS AB Appendix
NAXS Current portfolio 9 private equity funds: 8 buyout funds and 1 special situations fund # of current portfolio companies
# of exited portfolio companies
Website
NAXS original Commitment
www.valedopartners.se
MSEK 60
Buyout Funds
Fund size
Segment
Vintage
Geographic focus
Valedo Partners Fund I AB
MSEK 1,000
Small cap
2007
Sweden
1
8
Intera Fund I KY
MEUR 125
Small cap
2007
Finland
3
4
Apax Europe VII LP
MEUR 11,000
Large cap
2008
Europe/Global
13
22
FSN Capital III LP
MEUR 375
Mid cap
2008
3
7
Herkules Private Equity Fund III LP
MNOK 6,000
Mid cap
2008
Norway/Nordic
4
7
Nordic Capital Fund VII LP
MEUR 4,300
Large/mid cap
2008
Primarily Nordic
13
5
Intera Fund II KY
MEUR 200
Small cap
2011
Finland
9
3
Valedo Partners Fund II AB
MSEK 2,000
Small cap
2011
Sweden
10
1
# of current portfolio companies 3
Norway/Nordic
Special Situations Fund
Fund size
Segment
Vintage
Geographic focus
Mimir Invest AB
< MSEK 500m
Small cap
2017
Primarily 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
MEUR 7.25
www.valedopartners.
MSEK 65
# of exited portfolio companies
Website
NAXS original Commitment
0
www.mimirinvest.com
MSEK 50
10
NAXS AB Board of Directors & Executives NAXS AB (publ) – Board of Directors John Chapman (1956) Chairman
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
NAXS 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
Damhnait Ni Chinneide (1974) Board Member
• 16 year career in global financial markets in both banking and asset management, with various positions at Pioneer Investments, Lee Overlay Partners and JPMorgan • BA in Finance from National University of Ireland and Masters in Financial Services from University College Dublin
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, Orkla ASA, Lundin Petroleum AB
• 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
Thomas Åkerman (1955) Managing Partner
Amaury de Poret (1971) Managing Partner
• Co-founder of the NAXS Group
• Co-founder of the NAXS Group
• Over 20 years of experience in investment banking and private equity
• Over 15 years of private equity and alternative assets 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 • Swiss-qualified attorney and LL.B. from the University of Fribourg, Switzerland.
13
NAXS Investment characteristics and Company Facts* Investment criteria
Investment size and diversification
• Investments in private equity funds, which have one or more of the Nordic countries (Denmark, Finland, Norway and Sweden) as their investment focus
Legal form
A public limited liability company incorporated under Swedish law
• Investment alongside private equity funds and other alternative assets funds in the Nordic countries
Investable assets
Up to SEK 1,000 million
• Up to 25% of NAV may be invested in any securities or assets in any jurisdiction.
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
• NAXS intends to hold a diversified portfolio of investments • However, based on market conditions, up to 40% of NAV may be placed in a single investment
Dividend policy
• 50–75% of profit after tax, excluding unrealized income and costs
• NAXS.ST in Reuters Financing & management of net cash
• Fund investments are financed through equity
Auditor
Ernst & Young
• Liquid assets/net cash invested in secure short interestbearing instruments only
Reporting
Aggregate NAV reported on a quarterly basis
* Please refer to www.naxs.se and the OMX listing prospectus for exhaustive information
14
NAXS Selected definitions / Contact information Selected definitions*
Contact information
Buyout fund A private equity fund, whose strategy is to acquire a controlling interest in the targeted companies
NAXS AB
Commitment The maximum amount that a limited partner agrees to invest in a fund Current commitments Acquisition cost for private equity fund investments, plus remaining commitments to private equity funds
Lennart Svantesson, CEO Grev Turegatan 10 114 46 Stockholm Email: [email protected] Tel: +46 733 110 011
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
Naccess Partners AB
Net asset value The fair value of total assets, less net debt (corresponds to equity)
Amaury de Poret Email: [email protected]
Net debt/Net cash Cash and cash equivalents, short-term investments and interest-bearing current and long-term receivables, less interest-bearing current and longterm liabilities Private equity fund investments Fair value of investments in private equity funds Special situations fund A private equity fund, whose strategy is to acquire companies, where an active ownership is required, such as under-performing companies, and/or imply complex transactions, such as carve-outs from larger conglomerates
Thomas Åkerman Email: [email protected]
Pareto Securities AB (share and trading information) Joakim Appeltofft Email: [email protected] Tel: +46 40 75022
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
15
