Saga V New EUR-A K/SAktiv

Of the partnership Saga V New EUR-A K/S (Saga V New EUR-A) is a fund-of-funds with a geographical focus on investments in Western Europe. Investments are mainly made in small and mid market buy-out funds.

Performance in the financial year The financial year resulted in a loss of EUR 7.7 million, corresponding to an IRR of -41.6%. Losses on investments in portfolio funds amounted to EUR 8.5 million. Administrative expenses in the form of management fee and fund operating expenses amounted to EUR 0.1 million and carried interest amounted to an income of EUR 0.9 million. In the financial year an amount of EUR 10.8 million was distributed to the limited partners, bringing accumulated distributions to EUR 176.7 million, corresponding to 202.4% of the limited partners’ paid-in capital. An aggregate amount of EUR 12.3 million was distributed from portfolio funds during the financial year, bringing total distributions from portfolio funds to EUR 190.4 million, corresponding to 208.9% of the capital contributed to portfolio funds. Recognition and measurement uncertainties Investments in portfolio funds are measured at fair value. The measurement includes accounting estimates and is, therefore, subject to uncertainty. Reference is made to note 1 for further information on measurement of portfolio funds. Foreign exchange currency risk Saga V New EUR-A’s investments in portfolio funds have been made in DKK, EUR and GBP. As the capital in Saga V New EUR-A is in EUR, Saga V New EUR-A is influenced by currency fluctuations. The currency risk is therefore considered as material. In accordance with Saga V New EUR-A’s investment policy Saga V New EUR-A does not hedge its exposure toward currenc

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