Initiation: Focused European private equity fund of funds
Standard Life European Private Equity Trust (SEP) provides access to a select portfolio of private equity funds investing predominantly in Europe (including the UK). The manager focuses on funds investing in mid-market buyouts that give high levels of operational input to investee companies. SEP is differentiated from European fund-of-fund peers by its focused portfolio with 11 private equity managers representing over 80% of NAV. SEP’s NAV total return has outperformed European peers represented by the LPX Europe index over one, three, five and 10 years. A mature portfolio and the 14% average value uplift on exit achieved in FY15 are encouraging indicators for NAV progression and positive cash flows.Standard Life Private Equity Trust carries on business as an investment trust. The principal focus of Co. is to invest in private equity funds and to manage exposure through the primary and secondary funds markets. Co. invests only in private equity funds, but occasionally may hold direct private equity investments or quoted securities as a result of distributions in specie from its portfolio of fund investments. Co. board has contractually delegated the management of the investment portfolio to the manager, SL Capital Partners LLP.
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