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CD PRIVATE EQUITY FUND III — Net Asset Value 2023
Oct 12, 2023
64628_rns_2023-10-12_c9c4cc19-1caa-40f6-974a-bb94402e8c21.pdf
Net Asset Value
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13 October 2023
CD Private Equity Fund III (Fund) (ASX: CD3)
Net Tangible Asset Update – 30 September 2023
| NTA per unit | Gross assets (million) |
Distributions Last 12 months |
Distributions Since inception |
Fund Inception | 5 year NTA return1, 2 |
|---|---|---|---|---|---|
| $2.01 | $152.8 | $0.51 per unit | $1.659 per unit | July 2016 | 22.0% p.a. |
The estimated unaudited net tangible asset value (NTA) after tax as at 30 September 2023 was $2.01[1,3] per unit (31 August 2023 was $2.01[1,3] per unit). While the monthly NTA movement was insignificant overall, during the month the Australian dollar weakened against the US dollar by 0.8% and the LP also received the final 30 June 2023 valuation from the underlying manager.
Performance summary
| 1 | month | 6 | months | 1 year | 3 years p.a. | 5 years p.a. | Since inception p.a. | ||
|---|---|---|---|---|---|---|---|---|---|
| NTA Return1, | 2 | 0.0% | 2.8% | 1.7% | 29.3% | 22.0% | 15.4% |
On an NTA/Internal Rate of Return (IRR) basis, CD3 has achieved a return of 14.1% per annum since inception.
Monthly investment activity
During the month, the LP received three capital calls (approx. US$0.4m) to fund follow-on investments and management fees. The LP also received two distributions for a net amount of approximately US$1.9m, with the larger of the two related to the sale of an underlying portfolio company, Foundation Source Philanthropic Services, Inc (“Foundation Source”) to a larger private equity firm[4] .
For more than two decades, Foundation Source has been empowering people and companies to create a better world through philanthropy. The Company works with individuals, families, boards, and professional advisors to bring philanthropic visions to life and make giving easier. In 2023, Foundation Source supported more than 2,000 unique foundations representing over $20 billion in charitable assets, experiencing exceptional growth over the last two decades. Incline Equity Partners, who partnered with the company in January 2020, commented that they are proud their partnership with Foundation Source facilitated its rapid growth and transition to a fully tech-enabled organization.
Additionally, on 10 October 2023, the RE and Investment Manager released a Fund Series Update. Unitholders can find this presentation here.
Unitholders are welcome to reach out to the Investor Relations team via email at [email protected] or by calling +61 3 9691 6110.
Authorised for release by K2 Asset Management Ltd (ACN 085 445 094, AFSL 244 393), the responsible entity of CD Private Equity Fund III (Fund or CD3).
Notes: AUD:USD spot rate of 0.6435 as at 30 September 2023. Numbers may not sum due to rounding.
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Source: E&P Investments Limited (for data before 24 June 2023) and K2 Asset Management Ltd (for data post 24 June 2023). The historical performance is not a guarantee of the future performance of the Fund;
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Total returns are inclusive of distributions and based on post tax NTA;
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Estimated unaudited net tangible asset value before tax at 30 September 2023 of $2.12 per unit (31 August 2023 was $2.12).
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Foundation Source realisation here.
Level 32, 101 Collins Street Melbourne VIC 3000 T 61 3 9691 6110 F 61 3 9691 6170 E [email protected]
cdfunds.com.au ARSN 612 132 813
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