Unlocking new exposure

研报英文原文证据摘录

Unlocking new exposure

Equity Research - 13 May 2026 06:37 CEST

Reason: Initiating coverageCoeli Private Equity

Unlocking new exposure Commissioned research

• Diversified Nordic buyout platform with multi-vintage exposure Not rated

• Documented realisation discipline and resilient NAV progression Investment Companies

• Trading above historical NAV discount, driven by private risk premium

CPEI-SS/CPEI SS

Diversified Nordic buyout platform Share price (SEK) 11/5/2026 126.00

Coeli Private Equity provides listed exposure to ~40 Nordic small- Fair value range 113.0-140.0

and mid-cap buyout funds, representing over 220 underlying portfolio

companies. The multi-vintage structure reduces single-cycle risk and

supports continuous capital deployment across market environments. The MCap (SEKm) 929

evergreen format enables reinvestment, distributions or share buybacks MCap (EURm) 86

as realised proceeds are generated, preserving capital allocation flexibility No. of shares (m) 8.3

over time. Free float (%) 96.7

Documented value creation and NAV resilience

Next event H2 report 31 August 2026

Historical exit data (including the platform track record prior to listing)

indicates average realised multiples of ~2.7x and IRR of ~20% across Performancemore than 170 exits. Realised values have on average exceeded prior

carrying values, indicating conservative fund-level valuations. NAV has 140.00

remained resilient across cycles, with 12-month rolling NAV growth 130.00

of ~6.5% (including the March 2026 distribution) despite a softer exit 120.00

environment post-2022. The performance reflects diversified exposure and 110.00

disciplined manager selection rather than single outlier transactions.

100.00

Valuation reflects elevated private market risk premium 90.00