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Since start-up in January 2005, DIF I Equity Trust has invested a total of A$180 million, of which A$157 million has been returned to Unit Holders after asset realisations.
Since start-up in October 2005, DIF II Mezzanine Debt Trust has riased A$310 million and invested A$290 million of which A$140 million has been returned to Unit Holders as income and as capital returns after asset realisations.
Since start-up in September 2007, DIF III Global CoInvestment Fund has invested a total A$90 million.
All realisations have delivered an IRR in excess of the relevant trusts target return
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Table: Completed realisations DIF I Equity Trust
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to end-March 2008
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| Braemar stage one |
Apr 05 |
Aug 05 |
4 |
to secondary market |
| Eircom stage one |
Nov 05 |
Aug 06 |
9 |
leveraged buy out |
| Braemar stage two |
Apr 05 |
Dec 06 |
20 |
initial public offering |
| ARG Rail |
May '06 |
Apr '08 |
23 |
exchange for listed scrip |
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Table: Completed realisations DIF II Mezzanine Debt Trust
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to end-March 2008
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| Braemar |
Nov 05 |
Dec 06 |
13 |
assignment and selldown |
| Boart Longyear |
Dec 06 |
May 07 |
5 |
full exit at IPO |
| US property secs |
Feb 07 |
Jan 08 |
11 |
sold to other DIF trust |
| BB Power |
Nov 05 |
April 07 |
17 |
partial exit by IPO |
| BB Air |
Mar 06 |
Dec 07 |
21 |
partial exit by IPO |
Note BB Power: two thirds of capital returned by way of sell downs in Dec '06 and Apr '07.
Note BB Air: all of capital returned.
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