Pacific Equity Partners has slashed its holding value in British professional and investor services firm Equiniti Group, citing an uncertain regulatory backdrop created by the UK government’s Digitisation Taskforce.
In its September update to limited partners, obtained by Street Talk, Australia’s largest private equity firm said that while Equiniti Group’s EBITDA had more than doubled over the past three years, the report’s release in July meant it expected to recover $157 million, or a 0.22-times multiple on invested capital (MOIC), on its original investment from Fund IV.
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