Investor Presentaiton
Private Equity Investments (1) Situation to Date
1. Summary
Financial Results
2. How to Increase
Corporate Value
Asset
Management
3. Appendix
Σ Business
4. Financial Data
Governance
The current book value balance stands at JPY 4.9tn. The portfolio as a whole has maintained unrealized gains of JPY 1.2tn
due to strong corporate earnings and the impact of yen depreciation.
Net Realized Gains*¹ were weaker due to sluggish exits as a result of market conditions including higher interest rates.
*1 The sum of interest/dividends derived from securities (interest income) and capital gains/losses arising from the disposal of securities net of cost (gains (losses) related to stocks).
Return Target/Actual Results
Status of Balance and Net Realized Gains
[Target]
● Net*2 IRR : 8.0%
● Net*2 TVPI: 1.30x
(TVPI: Total Value to paid in)
<Balance>
The fair value reported tends to reflect the PE fund fair
values from approx. three months ago*3.
(For each PE fund, investee companies are evaluated using methods such as
EV/EBITDA multiple method or discounted cash flow (DCF) method based on
their individual circumstance, and valuation fluctuations tend to be milder,
as compared to the stock price fluctuations for listed companies.)
*3 In case of fund of funds such as secondary fund of funds, valuation used
may be based on valuation reports from six months ago.
(trillion yen)
Value Appreciation
has resulted in a sizable
Unrealized Gain amount.
<Net Realized Gains>
The Net Realized Gains recognized in various
financial results are the Net Realized Gains of
PE funds up to approx. six months ago.
Fair Value
JPY 6.2tn
(billion yen)
1.2
1.0
Reflects the current exit environment.
However, unrealized gains remain
at a favorable level.
260
[Actual Results]
(as of Sep. 30, 2023)
• Net*² IRR
11.5%
● Net*2 TVPI
1.32x
*2 After deduction of expenses; Japanese yen basis
The net IRR remains
ahead of original plan.
1.2
Unrealized gain
(before application of tax
effect accounting)
125
4.9
4.5
Approx.
JPY 70bn
Book value balance
3.2
2.2
40
40
1.7
20
1.2
10
0.1
0.4
0
1
End End End End
Mar. Mar. Mar.
17
18 19
End
End
Mar.
Mar.
Mar.
Mar.
End End
Sep.
FY16
FY17 FY18
FY19 FY20
FY21 FY22 FY23
H1
20
21
22
23
23
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