Heliad Equity Partners KGAA (DE:HPBGn) achieved a NAV total return of 47.3% in 2017, driven by the strong performance of its listed holdings, including its largest investment, FinTech Group. Diversification continued in 2017, with some of Heliad’s listed holdings reduced to fund new investments in Sleepz, Elumeo and Urbanara. In 2018, Heliad has invested in Cyan and merged Cubitabo into Sleepz. The portfolio now comprises seven listed investments and eight private equity investments, all operating within the technology and digital brands market segments. While NAV declined in the first quarter of 2018, Heliad’s listed investments have recovered strongly so far in the second quarter, and the manager expects strong growth in the value of portfolio companies to drive NAV higher over the full year.
Investment strategy: Private equity approach
Heliad takes a private equity approach to making growth equity investments of up to €10m in unlisted and listed innovative and high-growth companies, primarily in Germany, typically generating up to €50m in annual revenues. An essential feature of each transaction is that the investment team has an advantage relative to other potential investors due to its knowledge and the sector expertise that it can leverage via its network. Sufficient liquidity is maintained for new investments, with the aim of completing up to three transactions a year.
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