Conversus Capital, L.P. (Euronext Amsterdam: CCAP) ("Conversus") today reported its estimated net asset value ("NAV") as of 31 July 2011.
As of 31 July, Conversus had an estimated NAV per unit of $29.83 reflecting a decrease of 0.8% from the 30 June NAV per unit of $30.08. Investment NAV was $1,780.5 million while unfunded commitments were $494.3 million as of 31 July. By comparison, as of 30 June, investment NAV was $1,812.1 million and unfunded commitments were $502.9 million. Net positive portfolio cash flows were $21.8 million in July with $34.4 million in distributions and $12.6 million in capital calls.
Unit Repurchase Activity
During the month of July, no units were repurchased pursuant to Conversus´ Liquidity Enhancement Agreement (the "Agreement") with The Royal Bank of Scotland. Repurchases under the Agreement were suspended effective 18 July 2011 in conjunction with the opening of a tender offer for Conversus´ units. The Agreement will be reactivated upon an announcement through the publication of a press release subsequent to the close of the tender offer which is scheduled for 15 August. Over the life of the Agreement, a total of 1.3 million units have been repurchased at an average price per unit of $16.57. Under the Agreement, RBS has authority to repurchase a total of 3.7 million units. Repurchased units are held on Conversus´ balance sheet as treasury units and Conversus held 8.9 million units in treasury as of 31 July.
Monthly Report
The July monthly report and investor presentation can be found on Conversus´ website at www.conversus.com in the Investor Relations section under the heading "Monthly Updates." Please use the following link to directly access the monthly report: http://www.conversus.com/investor+relations/monthly+updates.
About Conversus Capital
Conversus is a permanent capital vehicle and the largest publicly traded portfolio of third party private equity funds. Conversus´ objective is to provide unit holders with immediate exposure to a diversified portfolio of private equity assets, access to best-in-class general partners and consistent NAV growth that outperforms the public markets. Conversus Asset Management, LLC ("CAM"), an independent asset manager, implements Conversus´ investment policies and carries out the day to day operations of Conversus pursuant to a services agreement. CAM leverages the platforms of Bank of America and Oak Hill Investment Management, its primary owners.
Legal Disclaimer
These materials are not an offer to sell, or a solicitation of an offer to buy, securities in the United States or elsewhere. Securities may not be sold in the United States absent registration with the U.S. Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended. Conversus is not a registered investment company under the U.S. Investment Company Act of 1940, as amended (the "Investment Company Act"), and the resale of Conversus securities in the United States or to U.S. persons other than to qualified purchasers as defined in the Investment Company Act is prohibited. Conversus does not intend to register any offering in the United States or to conduct a public offering of its securities in the United States. Past performance is not necessarily indicative of future results.
The common units and related restricted depositary units of Conversus are subject to a number of ownership and transfer restrictions. Information concerning these ownership and transfer restrictions is included in the Investor Relations section of Conversus´ website at www.conversus.com.
