Conversus Capital, L.P. (Euronext Amsterdam: CCAP) ("Conversus") today reported its estimated net asset value ("NAV") as of 30 November 2011.
As of 30 November, Conversus had an estimated NAV per unit of $27.39 reflecting a decrease of 0.8% from the 31 October NAV per unit of $27.61. NAV per unit as of 30 November reflects distributions to unit holders of $2.50 per unit over Conversus´ life. Investment NAV was $1,717.0 million while unfunded commitments were $427.3 million as of 30 November. By comparison, as of 31 October, investment NAV was $1,741.2 million and unfunded commitments were $460.2 million.
Portfolio cash flows for November included $24.3 million in distributions and $12.0 million in capital calls.
Unit Related Activity
On 9 December, Conversus cancelled 6.9 million units previously held in treasury, bringing the total amount of units held in treasury to 2.0 million. Conversus has 64.6 million units outstanding.
Pursuant to the terms of a Liquidity Enhancement Agreement (the "Agreement") with The Royal Bank of Scotland, Conversus has elected to extend the Agreement for an additional twelve months. Despite the extension, repurchases under the Agreement remain suspended.
Monthly Report
The November monthly report and investor presentation can be accessed on Conversus´ website at www.conversus.com in the Investor Relations section under the heading "Monthly Updates," or by following this link: http://www.conversus.com/investor+relations/monthly+updates.
About Conversus Capital
Conversus is a publicly traded portfolio of third party private equity funds with approximately $2.2 billion in assets under management. Conversus provides immediate exposure to a diversified portfolio of private equity assets managed by best-in-class general partners. Conversus´ objective is to maximize long-term unit holder value by harvesting its existing portfolio and returning capital to unit holders. Conversus Asset Management, LLC, an independent asset manager, implements Conversus´ investment policies and carries out the day to day operations of Conversus pursuant to a services agreement.
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. Conversus is an authorised closed-ended investment scheme for Guernsey regulatory purposes. 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.
