Introduction
The investment portfolio consists of buyouts and co-investments,
secondaries, debt and funds.
Buyouts and Co-investments
Buyouts and Co-investments form the major part of Electra’s portfolio and consist of direct equity investments in 9 private companies with an aggregate value of £264 million at 30 September 2018. The 4 largest investments account for 95% of the Buyouts and Co-investments portfolio.
| Investment Portfolio | 2018 £m |
2017 £m |
2016 £m |
2015 £m |
2014 £m |
2013 £m |
|
| Buyouts and Co-investments | 264 | 321 | 1,461 | 1,418 | 1,052 | 620 | |
| Secondaries1 | 1 | 2 | 82 | 92 | 105 | 126 | |
| Debt2 | 1 | - | 51 | 17 | 7 | 97 | |
| Fund investments3 | 1 | 35 | 102 | 103 | 108 | 125 | |
| Investment Portfolio | 267 | 358 | 1,696 | 1,630 | 1,272 | 968 |
1. 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.
2. Debt - Debt investments consisted of loans to UK or international borrowers acquired in either the primary or the secondary market as either individual or portfolios of assets.
3. Fund investments - Fund investments consist of limited partnership interests in third party private equity funds, where Electra made a primary commitment to that fund. No new primary commitments have been made since 2011.
Key investments
