Net Asset Value(s)

Valuation dated 2026-02-11 for LISTD PRIVTE EQTY UCITS (ISIN IE0008ZGI5C1) reports currency USD, total units 10,457,022.0000 and a NAV per unit of $31.9401. This routine NAV publication provides the latest pricing reference for investor valuations, subscriptions and redemptions for the private equity UCITS fund and is unlikely to have material market-moving implications.

Analysis

Market structure: A published NAV for a USD-listed private-equity UCITS signals continued liquidity and price transparency in private markets, benefiting listed alternative-asset managers (BX, KKR, APO) and closed-end/private-equity ETFs (PSP). It likely draws marginal investor flows away from high-volatility public growth into fee-generating alternatives, pressuring small-cap growth multiples by 5-15% over 3–12 months if flows accelerate. Secondary-market buyers/secondaries platforms win; retail and leveraged public small-cap holders lose relative allocation.

Risk assessment: Key tail risks are a liquidity mismatch (gates/redemptions) and stale mark-to-model NAVs that could face 15–30% markdowns if public comps reprice abruptly; regulatory scrutiny of UCITS liquidity terms is another 6–12 month risk. Short-term (days–weeks) effects are flow-driven volatility around quarter-end NAV windows; medium-term (3–12 months) risks center on capital calls and distribution timing; long-term (1–3 years) depends on realized exits and IRR compression from higher rates. Hidden dependency: NAVs depend on GP valuation policy—watch vintage-level exit multiples and unrealized % of NAV (>40% risky).

Trade implications: Favor listed PE/alternative managers: establish selective longs in BX and KKR (3% each) and 2–3% in PSP over next 30 days; hedge with a 1–2% short in ARKK or IWM to express flow rotation. Use options to collar downside: buy 3-month BX or KKR call spreads (buy 0–15% OTM, sell 25–30% OTM) and buy 3-month puts on ARKK (10% OTM) to cap downside. Rotate out of pure growth tech into credit/asset-manager financials over 3–12 months.

Contrarian angles: Consensus underestimates NAV staleness—if public multiples drop 20% the private NAV lag can create forced secondary selling and opportunity to buy managers’ shares at 20–30% discounts. Historical parallel: 2020 private-markets lag produced outsized drawdowns on weekly-marked funds then sharp rebounds on reopenings; a contrarian buy-the-discount trade into high-quality managers during any 15% selloff could be rewarding. Unintended consequence: higher allocations to alternatives can amplify redemption risk in stressed markets—avoid crowded names with >60% AUM in leverage strategies.

Key Decisions for Investors

• Establish a 3% portfolio long in Blackstone (BX) within 30 days; add an incremental 1–2% on any 5–10% pullback. Target +20–30% upside over 12 months; set stop-loss at -12% from entry.
• Establish a 3% long position in KKR (KKR) and a 2% position in the Invesco Global Listed Private Equity ETF (PSP) to capture fee-revenue growth; hold 6–12 months, trim at +25% gains or on 15% sector rerate.
• Implement a relative-value hedge: short 1–2% of ARK Innovation ETF (ARKK) or buy 3-month ARKK 10% OTM puts (size to cap max loss to 1% portfolio) to express rotation away from high-growth into alternatives.
• Use options tactical play: buy 3-month BX (or KKR) call spread (buy ~15% OTM, sell ~30% OTM) sized to 1–2% portfolio risk to leverage potential re-rating while financing cost; execute within next 45 days around quarter-end NAV disclosures.