Putting capital to work
Following on from last year’s compelling returns (an NAV total return of 14.9% and share price total return of 31.9%), Standard Life Private Equity’s (SLPE’s) recent results show a modest NAV total return of 1.5%, over the six months to 31 March 2018. This is markedly ahead of the LPX Europe Index’s return of -4.9%. Distributions from underlying companies have remained strong, enabling SLPE to make further new commitments. This has laid the foundation for the trust’s future performance. There appears to be scope for further investment; the aggregate level of commitments remains at the lower level of the manager’s long-term range and the unused debt facility can finance investments if needed. The manager continues to expect that, in the absence of major ‘shocks’, the portfolio should benefit from strong exit activity over the next 12 months. This could bode well for further NAV development.
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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