Private equity investor SVG Capital said on Friday the value of its assets had risen, driven by resilient sales and growing earnings across much of its portfolio, led by fashion group Hugo Boss.
SVG, seen as a listed feeder fund for European buyouts house Permira, said asset values rose 12.3 percent for the six months to end June to 378.5 pence per share.
Private equity firm Permira suffered as a result the credit crisis, making heavy writedowns to companies that account for nearly 80 percent of SVG's value.
But valuations have recovered thanks to efforts to cut debt and improve profitability, while Permira and SVG have seen a further boost from disposals, including the recent agreement to sell Italian fashion label Valentino to an investments vehicle controlled by the Qatari royal family.
SVG's largest investment, German fashion group Hugo Boss registered the highest rise, its value up more than 20 percent to 314.4 million pounds in the first half of the year.
SVG, which earlier this year fended off a shareholder revolt to wind the company up, said it was also making good progress in its hunt for a new chairman to replace Nicholas Ferguson, who has taken on James Murdoch's role as chairman of BSkyB, and that it expects to appoint a successor in the next few months.
This article is copyrighted by Reuters
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