Scandinavian Private Equity
Quoted fund-of-funds investment company investing in scandinavian private equity funds
A 2% position in Scandinavian Private Equity, a company quoted on the danish stock exchange by strong financial insiders in the danish financial establishment to invest in high quality scandinavian private equity funds.
When the financial crisis came in 2008, the valuation of the share relative to the value of the private equity holdings and their company ownerships was less than one third, even when including the crisis performance of the underlying companies and after the managements many fees.
The holding has consequently shown a performance 3-4 times the investment.
The company are now liquidating because the book value and hence liquidation value continued to be significantly higher than the share price.