Private Equity Holding (PEH) and and 5E Holding, the listed Swiss private equity multi-managers, are blaming weak currencies and equity markets for further net losses and writedowns in the nine months to December 2002.

The value of PEH's portfolio fell 17% from Sfr1.16bn (€791m) to Sfr968m for the nine-month period, which wiped 28% off the firm's value per share. Permanent writedowns amounted to Sfr96m, and temporary devaluations were worth Sfr136m.