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Portfolio

At 31 March 2017, Electra’s investment portfolio was valued at £879 million. The investment portfolio consists of Buyouts and Co-investments, Secondaries, Debt investments, listed securities and funds. The top 10 and 20 investments account for 78% and 96% respectively of the investment portfolio.

Investment Portfolio

2017
£m
2016
£m
2015
£m
2014
£m
2013
£m
Buyouts and Co-investments 688 1,448 1,283 764 726
Secondaries 54 86 101 112 138
Debt 45 59 4 7 82
Core Investment Portfolio 787 1,593 1,388 883 946
Non-core Investment Portfolio 92 110 103 156 175
Investment Portfolio 879 1,703 1,491 1,039 1,121

Buyouts and Co-investments
Buyouts and Co-investments form the major part of Electra’s portfolio and consist of direct equity investments in 16 private companies with an aggregate value of £688 million. The 10 largest investments account for 97% of the Buyouts and Co-investments portfolio at 31 March 2017.

Secondaries
Secondary investments consist of limited partnership interests in third-party private equity funds purchased from investors exiting their positions prior to the end of the fund’s life. As a result of their relative maturity, secondary investments typically produce faster cash returns than Buyouts and Co-investments. At 31 March 2017, Electra held investments in five secondary portfolios with an aggregate value of £54 million.

Debt
Debt investments consist of loans to UK or international borrowers acquired in either the primary or the secondary market as either individual or portfolios of assets. The Debt portfolio comprises both performing credits held through a structured finance vehicle such as a collateralised loan obligation (“CLO”), where Epiris has been able to secure attractive risk-adjusted returns and where a cash yield supports Electra’s distribution policy and liquidity needs; and stretched credits, which refers to debt in good businesses with bad balance sheets where Epiris can take a role in the restructuring of the capital structure. At 31 March 2017 Electra held four Debt investments with an aggregate value of £45 million.

Core Investment Portfolio
The Core Investment Portfolio includes investments where Epiris has an active role in originating, evaluating, negotiating and/or managing the investment. The core investment portfolio accounts for 89% of the investment portfolio at 31 March 2017 compared to 94% at 30 September 2016 and 93% at 31 March 2016.

Non-core Investment Portfolio
The Non-core Investment Portfolio consists of listed and fund investments. At 31 March 2017, Electra held four listed investments (with the exception of Hollywood Bowl Group and Premier Asset Management, which as core investments are included within Buyouts and Co-investments above) with an aggregate value of £10 million. Fund investments consist of limited partnership interests in third party private equity funds where Electra made a primary commitment to that fund. New primary commitments to funds are no longer part of Electra’s investment strategy and no new primary commitments have been made since 2011. At 31 March 2017, Electra held investments in 10 funds with an aggregate value of £82 million.

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Key investments

 

 

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