Link: https://links.sgx.com/1.0.0/corporate-announcements/P4FFPN0NERA3PF48/e3e0fa3b9f1120f49b73cddf6a0f266811f308bd7dd308dc3ac783b9279baa83

Summary:

• Private equity portfolio generated $112 million in distributions during the semi-annual period ending November 13, 2025, while deploying just $10 million through capital calls, resulting in $102 million net cash flow applied to priority payments

• Portfolio NAV declined to $1,282 million from $1,328 million despite posting $56 million in unrealized fair value gains, with cumulative appreciation of 9.0% ($171 million) since November 2021 inception reaching total portfolio value of $2,076 million

• Bondholders received $19 million in total interest payments, with Class A-1 bonds (S$526M outstanding) earning 4.125% annually, Class A-2 bonds ($175M) at 5.35%, and Class B bonds ($200M) at 6.0%, all maintaining investment-grade ratings

• Issuer added $57 million to Class A reserves as scheduled, bringing total reserves to $416 million ahead of May 2027 scheduled call date, while distributing $23 million to equity investors after meeting all senior payment obligations

• Conservative loan-to-value ratio of 27.3% remains well below 50% maximum threshold, with zero credit facility borrowings and $137 million in undrawn capital commitments providing cushion for future fund investments

• Portfolio composition heavily weighted toward mature U.S. buyout strategies at 59.4% geographic allocation and 77.2% buyout versus growth equity mix, with 7.9-year weighted average fund age ensuring cash-generative positions across 38 fund investments

• Top three general partner exposures led by Warburg Pincus (9.7% of NAV), KKR (8.1%), and Vista Equity Partners (6.7%), with largest individual fund investment being Warburg Pincus Global Growth at 4.8% of portfolio value

• Manager fees totaled $2.6 million for the period, with operating expenses and taxes adding $722,000, while $169 million credit facility remains undrawn and available for capital call shortfalls if needed