APEN, a Swiss-listed investor in emerging markets private equity, today joins LPEQ, the association of listed private equity companies.
APEN, which has more than a decade of trading history, completed a major restructuring and repositioning of the company in 2013, involving the buyout of its largest shareholder AIG by three new strategic shareholders – GP Investments of Brazil, and US-based Newbury Partners and Fortress Investment Group. The restructuring included a refinancing of loan facilities and a capital increase supported by the new strategic shareholders, as well as a management agreement between APEN and GP Advisors, a GP Investments company.
The investment strategy has been refocused towards co-investments and secondary private equity investments in emerging markets, including Latin America, Asia and sub-Saharan Africa. The pre-existing portfolio will be divested over time.
Andrea Lowe, chief executive of LPEQ, said: “We are delighted to welcome APEN as LPEQ’s newest member as it enters a new and exciting stage of its development. The emergence of APEN as a listed private equity company that offers specialist exposure to some of the world’s most compelling emerging markets is a valuable addition to the listed private equity sector’s proposition for public market investors.”
David Salim, CEO of GP Advisors, said: “APEN is committed to raising awareness of the listed private equity sector as a way for stock market investors to gain access to exciting private market opportunities, wherever in the world those opportunities may reside. We therefore look forward to working alongside LPEQ and its members to make the sector transparent and accessible to investors.”