The business has ceased all new investment commitments, other than funding capital calls from existing funds and follow-on investments in current direct investments. It is likely that the remaining holdings will be sold on the secondary market.
APEN was originally set up in 1999 by AIG Private Bank Ltd. (a subsidiary of AIG Inc. at the time) to invest in and manage a diversified portfolio of private equity funds and privately held operating companies. The business listed on the SIX Swiss Exchange in October 1999. Total assets under management currently amount to approximately CHF533.6 million ($529.3 million) in 60 private equity funds and 18 direct investments.
Over the last nine months, APEN has reduced its outstanding unfunded commitments from approximately $670 million to $350 million through the complete or partial sale of a number of its international portfolio funds. The business intends to further reduce these unfunded commitments over the next 12 months through further sales.
In July, APEN signed contracts with various buyers for the sale of holdings in some of its international funds including
Among some of the more prominent international third party fund holdings that remain in APEN’s current portfolio are
“We had liquidity issues because of an over-commitment strategy and lack of distributions,” said Conradin Schneider, vice president investor relations of APEN, explaining what has led to the ultimate winding down of the business. “Our whole strategy is now driven by value creation.”
As part of a further restructuring of its business, APEN on Oct. 27 secured total financing of $225 million from Fortress Credit Corp., an affiliate of
APEN’s Swiss competitor