Now with co-investments
Standard Life Private Equity Trust (SLPE), has made its first co-investment – a stake in Mademoiselle Desserts, made alongside IK Investment Partners – with more set to follow (up to 20% of NAV over time). Shareholders approved a change to SLPE’s investment policy in January to permit it to make co-investments. These are direct investments into private companies made alongside a private equity manager. This is an area in which the manager has a successful track record. The manager feels that this broadening of its opportunity set, combined with a stronger US management team, provides a foundation on which the manager can continue to build on SLPE’s record of outperformance. SLPE’s manager (a top 10 private markets manager globally) aims to ensure that 70% of the portfolio continues to be invested with managers whose funds’ performance is ranked in the top half of all funds. It believes that this approach will allow it to generate strong returns over the longer term.
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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