Kensington Private Equity Fund Update

A Message from Kevin Hegedus, Portfolio Manager – PWM Private Wealth
Counsel, iA Private Wealth

I wanted to inform you of the latest gains in our portfolios in the month of March. You
have heard us talk about the advantages of holding private equity in your portfolio and
this is a further reaffirmation of that.

The Kensington Private Equity fund posted returns of 11.89% in March, bringing the YTD
returns to 12.54%. The following are some of the highlights and a link to one of the
companies you own.

  • There was $95 million of net gains in the portfolio in March
  • We had about 20 mark up in value and 7 write downs
  • Below are the top drivers of returns:
    • New rounds of financing at higher valuations (Hopper raised $170 million, led by Capital One)
      • Hopper: https://techcrunch.com/2021/03/24/hopper-raises-170mand-partners-with-capital-one-on-a-new-cardholder-travel-bookingportal/
      • https://www.hopper.com/
    • Another company raised additional round of financing – we cannot disclose until the deal is publicly announced – this is a tech company
    • Growth in the business – e.g., EBITDA and/or Revenue growth (Ace Hill)
      • Sale of a direct investment (Ace Valley got sold to Canopy Growth)

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