abrdn Private Equity Opportunities Trust plc

Quarterly Report • Jun 29, 2021

National Storage Mechanism | Additional information

RNS Number : 3773D

Standard Life Private Eqty Trst PLC

29 June 2021

STANDARD LIFE PRIVATE EQUITY TRUST PLC

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

HALF YEARLY FINANCIAL REPORT FOR THE SIX MONTHS ENDED 31 MARCH 2021

HIGHLIGHTS

	Six months ended 31 March 2021	Year ended 30 September 2020
Net Asset Value ("NAV") Total Return*+	14.9%	11.7%
Share Price Total Return*+	38.8%	-4.6%
FTSE All-Share Index	18.5%	-16.6%

	As at 31 March 2021	As at 30 September 2020
Net Assets	£873.9m	£770.3m
Share Price	437.0p	320.0p
Discount*+	23.1%	36.1%

* Considered to be an Alternative Performance Measure. 

• A Key Performance Indicator by which the performance of the Manager is measured by the Board.

PERFORMANCE & FINANCIAL HIGHLIGHTS TO 31 MARCH 2021

·      Continued NAV growth during a volatile year for capital markets - The Company's NAV total return*+ ("NAV TR") was 14.9% (30 September 2020: 11.7%) versus 18.5% (30 September 2020: -16.6%) for the FTSE All-Share Index ("FTSE All Share TR").  The share price total return ("TSR")*+ of 38.8% (30 September 2020: -4.6%) strongly outperformed the comparator index, as the discount narrowed from 36.1% at 30 September 2020 to 23.1%.  The Company has delivered returns in excess of the wider UK market over all time frames.

·      Valuation of existing portfolio continues to increase despite Covid-19 - The valuation of the underlying portfolio increased by 22.9% during the six months to 31 March 2021 (in constant currency).  Net assets were £873.9m, up from £770.3m at 30 September 2020 as the Company's strategic exposure to resilient sectors (notably Technology, Healthcare and Consumer Staples) helped to underpin portfolio growth despite the global pandemic.

·      Over-commitment ratio is below the long-term target range - Total outstanding commitments of £462.9m (30 September 2020: £471.4m). The value of outstanding commitments in excess of liquid resources as a percentage of net assets was 22.9% (30 September 2020: 28.9%).  This is below the long term target range of 30% to 75% over the long-term and is largely due to the strong levels of realisations during the six months under review.  This is expected to be short term with new investment activity likely to drive an increase in the second half of the year.

·      Disciplined investment activity focused on non-cyclical strategies - The Company continued to selectively deploy capital into new investments during the global pandemic. During the six months to 31 March 2021, the Company committed £88.4m (six months to 31 March 2020: £83.9m) to three primary fund commitments and three co-investments.

·      Portfolio continued to generate strong realisations - The portfolio continued to generate strong realisations during the six month period, with distributions of £92.7m. The strong exit activity is continuing the trend seen in the prior financial year, when the £140.7m of distributions received in the year to 30 September 2020 was the second highest annual total for SLPET since its inception in 2001.

* Considered to be an Alternative Performance Measure. 

• A Key Performance Indicator by which the performance of the Manager is measured by the Board.

CHAIR'S STATEMENT

Performance

For the six months to 31 March 2021, the Company's NAV Total Return was 14.9% and the total shareholder return was 38.8%, as the discount at which shares were trading to NAV narrowed to 23.1% compared with 36.1% on 30 Sept 2020. For comparison, the return on the FTSE All Share was 18.5% over the same period. Whilst the NAV return reflects significant widening of the discount at the outset of the Covid 19 pandemic, over the last 12 months, the Company's NAV and the FTSE All-Share Index have generated total returns of 26.1% and 26.7% respectively.

A review of the Company's performance, market background and investment activity during the period under review, as well as the Manager's investment outlook, are provided in the Manager's Review below.

Investments & realisation activity

During the period, the Company made commitments totalling £88.4m (2020: £83.9m). Funds were committed to three new primary investments and three co-investments, taking the number of co-investments to six and increasing the proportion of co-investments in the portfolio to 6.7%, up from 5.3% at 30 September 2020. The Company received net realisations of £92.7m (2020: £93.8m). The realised return from divestments in the Company's core portfolio equated to 2.6 times cost (2020: 3.5 times). Outstanding commitments at 31 March 2021 were £462.9m (2020: £471.4m).

Dividends

The Company paid the first interim dividend for the current year in April 2021 of 3.4 pence per share. The Board has declared a second interim dividend of 3.4 pence per share which will be paid on 30 July 2020 to shareholders on the Company's share register at 25 June 2020. These two payments will make a total for the period of 6.8 pence per share (2020: 6.6 pence per share).

The Board also expects that, in the absence of any adverse market event, further interim dividend payments of 3.4p will be made in October 2021 and January 2022. As in previous years, the dividends will be funded from the capital and income distributions received by the Company in the year.

Gearing and liquidity

The Company has £200m of bank facilities. These are currently undrawn (2020: £nil). In addition, at the end of March, the Company had cash and cash equivalents of £62.5m (2020: £33.1m).

Board changes

Jonathon Bond stepped down from the Board of the Company following the conclusion of the AGM in March 2021 to take up a prominent executive role. On behalf of the Board, I would like to thank him for his considerable contribution to the Company and wish him well in his future endeavours. 

The Board regularly considers succession planning and has appointed an external recruitment consultant to support the Board in its search for up to two additional non-executive Directors to join the Board in line with its existing succession plans.  An announcement will be made at the conclusion of this search process. 

Manager rebrand

The Board notes that Standard Life Aberdeen plc intends to rebrand to abrdn plc.  The Board is working with the Manager on the implications of this and will be actively considering a change of name for the Company. The Board will engage with its shareholders on plans for rebranding at an appropriate time.

Outlook

Since I wrote my outlook in the Annual Statement for 2020, the private equity sector has generally weathered the impacts of the Covid-19 pandemic well and the Company's performance has been strong. The NAV per share at the end of March 2021 was 33% higher than 12 months earlier.

Notwithstanding this strong performance, the Board continues to monitor closely the economic indicators and the private equity market for signs of overheating. In particular, the Board reinforces the need for the manager to maintain discipline and focus when making investment decisions.

Overall, the Board continues to be positive about the prospects for private equity as an asset class to deliver strong capital growth and shareholder returns and we have confidence in the Manager's ability to seek out best in class private equity managers regardless of the market backdrop.

Christina McComb OBE, Chair,

28 June 2021

INTERIM BOARD REPORT

Directors' Responsibility Statement

The Directors are responsible for preparing the Half Yearly Report, in accordance with applicable laws and regulations. The Directors confirm that, to the best of their knowledge:

-     The condensed set of financial statements has been prepared in accordance with Financial Reporting Standard 104 (Interim Financial Reporting) and gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Company;

-     The Interim Board Report (constituting the interim management report) includes a fair review of the information required by DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first months of the financial year and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the year; and

-     The financial statements include a fair review of the information required by DTR 4.28R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the financial year and that have materially affected the financial position or performance of the Company during that period, and any changes in the related party transactions described in the last Annual Report that could do so.

Principal Risk and Uncertainties

The Board has an ongoing process for identifying, evaluating and managing the principal risks, emerging risks and uncertainties of the Company. The principal risks faced by the Company relate to the Company's investment activities and are set out in the Strategic Report contained within the Annual Report for the year ended 30 September 2020.  They comprise the following risk categories:

·      market risk

·      liquidity risk

·      over-commitment risk

·      credit risk

·      investment selection

·      operational risk

The Board notes that the principal risks may be impacted by the continued economic uncertainty stemming from the Covid-19 pandemic.  This includes risks surrounding the performance of the companies in the portfolio such as employee absence, reduced demand, supply chain breakdowns and suspension of distributions.  The Board has been proactive in engaging with the Manager to ensure that the Company continues to be managed in accordance with the investment objective and policy, and in the best interest of shareholders.  Operationally, Covid-19 continues to affect the suppliers of services to the Company including the Manager and other key third party suppliers.  To date, these services have continued to be supplied without interruption and the Board will continue to monitor arrangements in the form of regular updates from the Manager.

In all other respects, the Company's principal risks, emerging risks and uncertainties have not changed materially since the date of that Annual Report.

Going Concern

In accordance with the FRC's Guidance on Risk Management, Internal Control and Related Financial and Business Reporting, the Directors have undertaken a rigorous review of the Company's ability to continue as a going concern as a basis for preparing the financial statements.

The Board has taken into account; the £200 million committed, syndicated revolving credit facility which matures in December 2024; the level of liquid resources, including cash and cash equivalents; the future cash flow projection; and the Company's cash flows during the period.

The Directors are mindful of the principal risk and uncertainties disclosed above, including the impact of Covid-19.  Having reviewed these matters, the Directors believe that the Company has adequate financial resources to continue its operational existence for the foreseeable future and for at least 12 months from the date of this Half Yearly Report.  Accordingly, they continue to adopt the going concern basis in preparing the Half Yearly Report.

On behalf of the Board,

Christina McComb OBE, Chair

28 June 2021

INVESTMENT STRATEGY

Investment Objective

The Company's investment objective is to achieve long-term total returns through holding a diversified portfolio of private equity funds and direct investments into private companies alongside private equity managers ("co-investments"), a majority of which will have a European focus.

Investment Strategy

Investment Policy

The Company: (i) commits to private equity funds on a primary basis; (ii) acquires private equity fund interests in the secondary market; and (iii) makes direct investments into private companies via co-investments. Its policy is to maintain a broadly diversified portfolio by country, industry sector, maturity and number of underlying investments.

The objective is for the portfolio to comprise around 50 ''active'' private equity fund investments; this excludes funds that have recently been raised, but have not yet started investing, and funds that are close to or being wound up. The Company may also invest up to 20% of its assets in co-investments.

The Company may also hold direct private equity investments or quoted securities as a result of distributions in specie from its portfolio of fund investments. The Company's policy is normally to dispose of such assets where they are held on an unrestricted basis.

To maximise the proportion of invested assets, the Company follows an over-commitment strategy by making commitments which exceed its uninvested capital. In making such commitments, the Manager, together with the Board, will take into account the uninvested capital, the value and timing of expected and projected cashflows to and from the portfolio and, from time to time, may use borrowings to meet drawdowns. The Board has agreed that the over-commitment ratio should sit within the range of 30% to 75% over the long-term.

The Company's maximum borrowing capacity, defined in its articles of association, is an amount equal to the aggregate of the amount paid up on the issued share capital of the Company and the amount standing to the credit of the reserves of the Company. However, it is expected that borrowings would not normally exceed 30% of the Company's net assets at the time of drawdown.

The Company's non-sterling currency exposure is principally to the euro and US dollar. The Company does not seek to hedge this exposure into sterling, although any borrowings in euros and other currencies in which the Company is invested would have such a hedging effect.

Cash held pending investment is invested in short-dated government bonds, money-market instruments, bank deposits or other similar investments. Cash held pending investment may also be invested in other listed investment companies or trusts. The Company will not invest more than 15% of its total assets in such listed equities.

The investment limits described above are all measured at the time of investment.

Portfolio Construction Approach

Through its primary and secondary fund investments and co-investments, the Company is directly and indirectly invested in a diverse range of underlying companies. At 31 March 2021, the portfolio had exposure to 486 separate private companies.

Investments made by the Company are typically with or alongside private equity firms with whom the Manager has an established relationship of more than 10 years. 

The Company predominantly invests in European mid-market companies. Over 80% of portfolio by value is invested in European domiciled operating companies and the Board expects this to remain the case over the longer term, with a weighting towards North-western Europe. This has been the geographic focus of the Company since its inception in 2001 and where it has a strong, long-term track record. However, the Company also selectively seeks exposure to North American mid-market companies, as a means to access emerging growth or investment trends that cannot be fully captured by investing in Europe alone.

The Company has a well-balanced portfolio in terms of non-cyclical and cyclical exposure. Currently no single sector represents more than 20% of the portfolio by value and it is expected that no single sector will be more than 30% of the portfolio over the longer term. Over time, the Manager anticipates a continuation of the recent shift toward sectors that are experiencing long-term growth (such as Technology and Healthcare) at the expense of more cyclical sectors, such as Industrial and Consumer Discretionary.

Environmental, Social and Governance ("ESG") is a strategic priority for the Board and the Manager. The Company aims to be an active, long-term responsible investor and ESG is a fundamental component of the Company's investment philosophy and process.

INVESTMENTS MANAGER'S REVIEW

Headlines

·      Performance - The NAV total return ("NAV TR") for the six months to 31 March 2021 was 14.9% versus 18.5% for the FTSE All-Share Index. The valuation of the underlying portfolio increased by 22.9% during the period (in constant currency).

·      Investment activity - In total, three primary fund commitments and three co-investments were completed in the first six months of the year.

·      Realisations - The portfolio continued to generate strong realisations during the period, with distributions of £92.7m (30 September 2020: £140.7m).

·      Outstanding commitments - Total outstanding commitments of £462.9m (30 September 2020: £471.4m). The value of outstanding commitments in excess of liquid resources as a percentage of net assets is 22.9% (30 September 2020: 28.9%). This is below our long-term target range of 30%-75%.

·      Balance sheet - The Company had cash and cash equivalents of £62.5m at 31 March 2021 (30 September 2020: £33.1m). Furthermore, the Company has an undrawn syndicated revolving credit facility of £200m.

Summary

The first six months of the year have seen the Company continue its strong performance is the wake of Covid-19. The Company's strategic exposure to more resilient sectors, namely Technology, Healthcare and Consumer Staples, positioned the Company well going into the global pandemic. This has been reflected in robust trading in the underlying portfolio and strong realisation activity, despite the economic backdrop, helping to underpin strong overall valuations in the portfolio.

The underlying portfolio continues to see several success stories, both within resilient sectors such as Technology and Healthcare and more cyclical sectors such as Industrials and Consumer Discretionary. Therefore, when we look at the Company's largest 100 companies in the portfolio by value, we estimate that only 2 (0.8% of NAV) have been materially disrupted by the global pandemic, with the remaining underlying companies still expected to reach their respective investment cases, albeit with timing delays in some cases. The portfolio is well positioned as we hopefully move out of this period of country-wide lockdowns.

Furthermore, a number of full exits and IPOs have also helped to drive meaningful uplifts in valuation during the six months to 31 March 2021. Notable exits include Colisee (Nordic-based care services), Questel (provider of IP information and management software) and Calypso (capital market software), whereas IPOs in the portfolio include Moonpig (UK-based online gifting business), Dr Martens (leading consumer footwear brand) and Inpost (self-service lockers for ecommerce consumers). Portfolio company realisations during the first six months of the year were at a 63.1% premium to the valuation two quarters prior. This type of uplift upon exit is not a recent phenomenon, with the portfolio displaying an average exit valuation premium of >20% since 2010.

On the new investment side, we have seen a number of interesting new underlying companies in the portfolio, mostly in more resilient, high growth sectors. The Company completed three new co-investments, in NAMSA (Contract Research Organisation focused on medical devices), Funecap (European funeral services) and a technology business sponsored by Nordic Capital which, due to confidentiality reasons we are unable to name at this time. The Company also committed to three new primary funds during the period, all alongside managers with whom Aberdeen Standard Investments has an established relationship of more than ten years (Triton, IK, and PAI).  Further detail on the new investments is provided later in the report.

In terms of cashflows, the aforementioned exit and IPO activity has helped drive strong distributions in the period. Distributions received for the six months to 31 March 2021 were £92.7m. This strong exit activity is continuing the trend seen in the prior financial year, when the £140.7m of distributions received in the year to 30 September 2020 was the second highest annual total for SLPET since its inception in 2001. As a result, the balance sheet is in a robust position with £62.5m of cash and cash equivalents and an undrawn £200m revolving credit facility.  This provides the Company with ample firepower for new investments in the months and years ahead.

Performance

The NAV TR for the six months under review was 14.9% versus 18.5% for the FTSE All-Share Index. The valuation of the portfolio at 31 March 2021 increased 22.9% during the six months to 31 March 2021 on a constant currency basis.

The increase in value of the Company on a per share basis was 67.4p. This was principally made up of unrealised and realised gains and income from the portfolio of a combined 107.7p, partially offset by FX losses related to the unrealised portfolio of 28.2p.

The unrealised gains in the year are attributable to the strong performance of the underlying portfolio during the global pandemic. At 31 March 2021 the underlying portfolio exhibited average last 12 months ("LTM") revenue and EBITDA growth of 2.1% and 6.6%.  In the context of the global pandemic, the growth figures illustrate the resilience of the portfolio, which is diversified across a number of sectors.  Realised gains were derived from full or partial sales of companies during the period.

Drawdowns

£53.7m was invested during the period, primarily into new underlying companies. The majority of these businesses are headquartered in Europe, with notable new investments in:

·      NAMSA (co-investment) - Medical device-focused Contract Research Organisation ('CRO');

·      Funecap (co-investment) - A leading French funeral services and crematoria business;

·      Syntegon (CVC VII) - Machinery and equipment used in the packaging sector;

·      Zahneins (PAI VII) - The largest dental chain in Germany with over 30 sites; and

·      SpaMedica (Nordic Capital IX) - Leading provider of cataract surgery in the UK.

We estimate that the Company had around £66.2m held on underlying fund credit facilities at 31 March 2021 (30 September 2020: £46.9m), and we expect that this will all be drawn over the next 12 months.

Distributions

£92.7m of distributions were received during the period. Exit activity from the private equity funds was driven by the strong market appetite for high quality private companies in resilient sectors following the onset of the global pandemic. All typical exit routes were open during the period i.e. sales to trade / strategic buyers, financial buyers and the public markets (IPO). The headline realised return from the ongoing investment operations of the Company's core portfolio equated to 2.6 times cost (30 September 2020: 3.5 times cost).

Portfolio company realisations during the first six months of the year were at an average 63.1% premium to the valuation two quarters prior. The average uplift upon exit has persisted over the long-term, with the SLPET portfolio displaying an average exit valuation premium of >20% since 2010.

Commitments

During the first six months of the year, the Company completed three primary fund commitments and three co-investments. In total, new commitments were £88.4m, of which initial co-investment funding was £13.2m.

The total outstanding commitments at 31 March 2021 were £462.9m (30 September 2020: £471.4m).  The value of outstanding commitments in excess of liquid resources as a percentage of net assets decreased to 22.9% in the six months to 31 March 2021 (30 September 2020: 28.9%). This is largely due to the strong levels of realisations we have seen since the start of the financial year. This figure is below our long-term target range of 30% to 75%, although we expect this to be short-term in nature with new investment activity likely to drive an increase in the second half of the year. We estimate that £46.6m of the reported outstanding commitments are unlikely to be drawn down.

Investment Activity

Primary funds

£64.4m was committed to new primary funds which invest in Europe. The new commitments were with three core private equity relationships (Triton, PAI and IK), with whom Aberdeen Standard Investments has an established relationship of more than 10 years.

Investment	£m	Description
Triton Smaller Mid Cap II	21.3	£735m fund focused on lower mid-market companies based in German speaking and Nordic countries.
PAI Mid-Market I	21.8	€900m fund focused primarily on lower mid-market companies across Western Europe.
IK Small Cap III	21.3	€1.2bn fund investing in Northern Europe based lower mid-market companies.

Secondary investments

After the market dislocation caused by the Covid-19 pandemic, overall activity levels in the secondary market recovered from September 2020 through to March 2021.  This recovery was focused on more concentrated portfolios, or even single-asset deals, involving businesses that have proved resilient or have grown during the Covid-19 period. Sales of more diversified portfolios of private equity fund interests have been slower to recover.  Given the hiatus in deal activity last year and after a period of strong fund-raising by the large secondary players, buyers are keen to catch up on their rate of capital deployment and competition for deals has been strong.

In this environment of a patchy recovery and a competitive market, the Manager's team of nine secondary specialists has remained selective in reviewing secondary opportunities that fit the Company's investment criteria and portfolio profile.  While the Company did not close any new secondary transactions in the first six months of the year, an agreement was signed in relation to a new secondary deal, which was subsequently completed after the end of the period.  

Co-investments

During the period, the Company invested and committed £24.0m into three co-investments.

Investment	£m	Description
NAMSA	9.0	US-based Contract Research Organisation ("CRO"), offering end to end development services for the medical device industry.
Funecap	7.8	Leading French funeral services and crematoria business.
Nordic Capital WH1 Beta1	7.2	Northern European technology business.

1 Due to confidentiality reasons we are unable to name the underlying company at this time

At 31 March 2021 there were six co-investments in the Company's portfolio, equating to 6.7% of portfolio NAV. Aside from the three new investments in the period, the portfolio consists of Action (European non-food discount retail), Visma (Northern European provider of mission critical ERP software to SMEs) and Mademoiselle Desserts (a pan-European manufacturer of premium frozen pastry). All six businesses have thus far managed well through the global pandemic with each of the investment cases remaining intact. Mademoiselle Deserts has been the most impacted since the hotel, restaurant and cafe channel is a core end market. However, we have strong conviction in the company's position as the hospitality sector begins opening up again across Europe.

Portfolio construction

The underlying portfolio consists of over 486 separate private companies, largely within the European mid-market and spread across different countries, sectors and vintages. At 31 March 2021, only 14 companies equated to 1% and above of Portfolio NAV, with the largest single underlying company exposure equating to 4% (Action).

Geographic exposure1

We believe that the portfolio is well diversified which helped mitigate the financial impacts of the global pandemic. At 31 March 2021, 83% of underlying private companies were headquartered in Europe (30 September 2020: 85%). The Company's underlying portfolio remains largely positioned to North Western Europe, with only 5% of the underlying portfolio in Italy and Spain (30 September 2020: 5%). SLPET is well diversified by region across North Western Europe, with the UK and the Nordics the joint highest exposure at 19% (30 September 2020: UK, 18%). North America equates to 15% of the underlying portfolio (30 September 2020: 13%).

Sector exposure1

Over recent years the portfolio's sector exposure has migrated towards high growth areas, such as Technology and Healthcare, which are also likely to be more resilient in the current environment. At 31 March 2021 Technology and Healthcare represent a combined 38% of the underlying portfolio (30 September 2020: 39%). When combined with Consumer Staples, these more stable, non-cyclical sectors equate to 48% of the portfolio (30 September 2020: 51%).

Whilst the remainder of the portfolio is exposed to cyclical sectors, there has been resilient performance and notable success stories during the COVID-19 pandemic. Some examples within our top 20 companies by value include Benvic (PVC compounds), Photobox (online photograph printing), and Dr Martens (footwear brand with a strong online offering).

1 Based on the latest available information from underlying managers.

Maturity analysis

The maturity profile is well balanced and largely unchanged from prior years, with 53% of the portfolio being in vintages of four years and older (30 September 2020: 52%). This should underpin consistent distribution activity moving forward.

Outlook

The Company has performed strongly during the global pandemic and we believe the portfolio is well positioned as economies re-open following covid-related restrictions. The portfolio benefits from an attractive mix of companies in cyclical and non-cyclical sectors (roughly 50:50) and has no reliance on a single country. Based on our engagement with investees, we believe that SLPET has relatively few underlying companies that are currently experiencing financial difficulties as a result of Covid-19. Therefore, we take comfort that the portfolio's diversification should position the Company well as we move forward.

The Company's balance sheet is robust and, with the investment pipeline further building for the second half of the year, we feel that SLPET is well positioned to take advantage of opportunities across the remainder of 2021 and beyond. The Company's focus will continue to be predominately on Europe, with a core focus on mid-market buyouts and preference for non-cyclical sectors. Primary funds remain the bedrock of the portfolio although we expect to see co-investments continue to grow as a proportion of the Company's NAV and in line with our investment strategy.

We continue to have high conviction that the private equity model of active ownership thrives on the opportunities that present themselves during periods of market dislocation and economic headwinds. Whilst the global pandemic has not had the significant negative financial impact we initially expected, we continue to hold a degree of caution as we look ahead. Pricing in attractive sub-sectors such as cloud-based software or medical technology is at record highs and there are a number of broad risks looming in the background that have the potential to have a widespread impact on the portfolio, not least the threat of inflation and rising interest rates. As such, we remain committed to deploy capital with discipline in the months and years ahead.

Alan Gauld,

Lead Portfolio Manager

SL Capital Partners LLP

28 June 2021

INVESTMENT PORTFOLIO

			Outstanding
		Number of	commitments	Cost	Valuation	Net	% of
Vintage	Investment	investments	£'000	£'000	£'0001	multiple2	NAV
2016	Advent International Global Private Equity VIII	31	1,840	35,874	62,585	1.9x	7.2
2014	Altor Fund IV	20	14,485	31,091	47,924	1.6x	5.5
2013	Nordic Capital VIII	13	5,897	22,744	39,446	1.7x	4.5
2016	IK Fund VIII	12	2,087	31,215	36,700	1.4x	4.2
2014	Permira V	15	1,485	16,050	36,522	3.5x	4.2
2015	Exponent Private Equity Partners III, LP.	11	3,482	25,380	36,076	1.6x	4.1
2016	Sixth Cinven Fund	17	2,877	22,388	33,115	1.6x	3.8
2013	TowerBrook Investors IV	13	10,816	16,928	32,128	2.0x	3.7
2014	CVC VI	27	4,111	18,369	31,764	1.8x	3.6
2020	3i Venice SCSp (Action)3	1	-	22,630	31,033	1.4x	3.5
2018	Nordic Capital Fund IX	15	8,007	18,308	30,733	1.7x	3.5
2015	Equistone Partners Europe Fund V	20	2,463	22,014	28,542	1.4x	3.3
2015	Bridgepoint Europe V	13	2,476	19,145	28,531	1.7x	3.3
2014	PAI Europe VI	12	2,721	21,059	27,603	1.7x	3.2
2017	CVC Capital Partners VII	26	10,654	19,342	23,251	1.2x	2.7
2015	Nordic Capital VII	9	1,775	18,822	23,043	1.3x	2.6
2017	HgCapital 8	12	8,866	12,536	22,371	1.6x	2.6
2018	Investindustrial Growth	6	5,930	16,030	20,933	1.3x	2.4
2012	IK Fund VII	8	1,703	13,137	18,651	2.0x	2.1
2016	Astorg VI	8	3,915	12,176	16,912	1.3x	1.9
2019	Advent International Global Private Equity IX	21	12,255	9,036	13,660	1.5x	1.6
2018	Equistone VI	17	13,164	12,974	13,526	1.0x	1.5
2018	PAI Europe VII	7	14,219	11,824	13,359	1.1x	1.5
2012	Advent International Global Private Equity VII	21	1,193	7,573	12,039	2.2x	1.4
2018	Triton Fund V	11	15,249	10,571	11,004	1.0x	1.2
2019	Vitruvian I CF LP	5	8,061	9,748	10,728	1.1x	1.2
2017	Onex Partners IV LP	10	925	11,292	10,488	1.2x	1.2
2018	Bridgepoint Europe VI	11	15,089	10,214	10,062	1.1x	1.2
2012	Equistone Partners Europe Fund IV	9	762	9,869	7,587	2.2x	0.9
2020	MPI-COI-NAMSA SLP (NAMSA)3	1	1,342	7,562	7,416	1.0x	0.8
2019	PAI Strategic Partnerships SCSp	2	262	6,516	7,012	1.1x	0.8
2011	Montagu IV	4	1,005	5,381	6,772	1.9x	0.8
2020	Hg Vardos Co-invest L.P. (Visma)3	1	-	5,390	6,167	1.1x	0.7
2020	Vitruvian III	13	1,439	3,959	6,054	1.5x	0.7
2021	Latour Co-invest Funecap (Funecap)3	1	2,097	5,607	5,566	1.0x	0.6
2019	American Industrial Partners VII	4	9,794	4,927	4,810	1.0x	0.5
2020	Hg Saturn 2	4	8,335	3,283	4,379	1.4x	0.5
2019	Altor Fund V	8	27,517	2,399	3,612	1.5x	0.4
2019	Alphaone International S.à.r.l. (Mademoiselle Desserts)3	1	1,689	3,522	3,338	0.9x	0.4
2018	MSouth Equity Partners IV	5	11,455	4,427	2,885	0.7x	0.3
2019	Gilde Buy-Out Fund IV	4	-	2,262	2,302	1.1x	0.3
2019	Cinven 7	4	18,948	2,449	2,212	0.9x	0.3
2013	Bridgepoint Europe IV	5	704	3,109	1,718	1.5x	0.2
2019	Investindustrial VII	4	19,730	1,641	1,647	1.0x	0.2
2001	CVC III*	1	377	4,283	1,628	2.6x	0.2
2008	CVC V*	4	425	4,750	1,503	2.4x	0.2
2019	Great Hill Partners VII	5	7,105	1,124	1,195	2.1x	0.1
2007	Equistone Partners Europe Fund III	1	1,389	6,909	1,056	1.7x	0.1
2019	IK IX	3	19,774	1,548	945	0.6x	0.1
2006	3i Eurofund V	1	-	11,308	839	2.7x	0.1
2020	Nordic Capital X	3	21,297	-	459	0.0x	0.1
2020	Hg Genesis 9	3	12,685	93	454	4.9x	0.1
2006	HgCapital 5	2	213	6,578	429	1.6x	0.0
2007	Industri Kapital 2007 Fund	0	1,479	5,545	61	1.4x	0.0
2020	Vitruvian IV	3	21,033	278	37	0.1x	0.0
2020	Seidler Equity Partners VII L.P.	1	14,287	218	34	0.2x	0.0
2007	Terra Firma Capital Partners III	6	115	17,559	25	0.6x	0.0
2003	Industri Kapital 2004 Fund	0	-	-	10	2.4x	0.0
2019	Borromin Capital Fund III L.P4	0	206	808	8	1.6x	0.0
2020	Hg Mercury 3	0	10,563	-	-	0.0x	0.0
2021	IK Small Cap Fund III	0	21,297	-	-	0.0x	0.0
2021	Nordic Capital WH1 Beta, L.P. (Undisclosed)3,5	0	7,218	-	-	0.0x	0.0
2020	PAI Mid-Market I	0	21,297	-	-	0.0x	0.0
2020	Triton Smaller Mid-Cap Fund II	1	21,297	-	-	0.0x	0.0
	Total investments6	496	462,881	631,774	804,889		92.1
	Non-portfolio assets less liabilities				69,058		7.9
	Total shareholders' funds				873,947		100.0
	​
1              All funds are valued by the manager of the relevant fund or co-investment as at 31 March 2021, with the exception of those funds suffixed with an * which were valued as at 31 December 2020.
2              The net multiple has been calculated by the Manager in sterling on the basis of the total realised and unrealised return for the interest held in each fund and co-investments. These figures have not been reviewed or approved by the relevant fund or its manager.
3              Co-investment position. The name of the underlying co-investment which is indirectly held by the Company has been included within the bracketed text.
4              Formerly Steadfast Capital III.
5              Due to confidentiality reasons, we are unable to name the underlying company at this time.
6              The 496 underlying investments represent holdings in 486 separate companies.

CONDENSED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

		For the six months			For the six months
		ended 31 March 2021			ended 31 March 2020
	Notes	Revenue	Capital	Total	Revenue	Capital	Total
		£'000	£'000	£'000	£'000	£'000	£'000
Total capital gains / (losses) on investments		-	117,485	117,485	-	(41,624)	(41,624)
Currency (losses) / gains		-	(2,852)	(2,852)	-	254	254
Income	4	4,760	-	4,760	2,131	-	2,131
Investment management fee	5	(407)	(3,665)	(4,072)	(326)	(2,933)	(3,259)
Administrative expenses		(499)	-	(499)	(533)	-	(533)
		_______	_______	_______	_______	_______	_______
Profit / (loss) before finance costs and taxation		3,854	110,968	114,822	1,272	(44,303)	(43,031)
Finance costs		(153)	(783)	(936)	(118)	(477)	(595)
		_______	_______	_______	_______	_______	_______
Profit / (loss) before taxation		3,701	110,185	113,886	1,154	(44,780)	(43,626)
Taxation		(605)	520	(85)	(1,222)	167	(1,055)
		_______	_______	_______	_______	_______	_______
Profit / (loss) after taxation		3,096	110,705	113,801	(68)	(44,613)	(44,681)
		_______	_______	_______	_______	_______	_______
Earnings / (loss) per share - basic and diluted	7	2.01p	72.00p	74.01p	(0.04p)	(29.02)p	(29.06)p
		_______	_______	_______	_______	_______	_______
The Total column of this statement represents the profit and loss account of the Company.
There are no items of other comprehensive income, therefore this statement is the single statement of comprehensive income of the Company.
All revenue and capital items in the above statement are derived from continuing operations.
No operations were acquired or discontinued in the period.

CONDENSED STATEMENT OF FINANCIAL POSITION (UNAUDITED)

		As at		As at
		31 March 2021		30 September 2020
	Notes	£'000	£'000	£'000	£'000
Non-current assets
Investments	8		804,889		721,650
			_______		_______
			804,889		721,650
Current assets
Receivables		8,472		16,839
Cash and cash equivalents		62,456		33,135
		_______		_______
		70,928		49,974
Creditors: amounts falling due within one year
Payables		(1,870)		(1,331)
		_______		_______
Net current assets			69,058		48,643
			_______		_______
Total assets less current liabilities			873,947		770,293
			_______		_______
Capital and reserves
Called-up share capital			307		307
Share premium account			86,485		86,485
Special reserve			51,503		51,503
Capital redemption reserve			94		94
Capital reserves			735,558		631,904
Revenue reserve			-		-
			_______		_______
Total shareholders' funds			873,947		770,293
			_______		_______
Net asset value per equity share	9		568.4p		501.0p

CONDENSED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

For the six months ended 31 March 2021
	Called-up	Share		Capital
	share	premium	Special	redemption	Capital	Revenue
	capital	account	reserve	reserve	reserves	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 1 October 2020	307	86,485	51,503	94	631,904	-	770,293
Profit after taxation	-	-	-	-	110,705	3,096	113,801
Dividends paid	-	-	-	-	(7,051)	(3,096)	(10,147)
	_______	_______	_______	_______	_______	_______	_______
Balance at 31 March 2021	307	86,485	51,503	94	735,558	-	873,947
	_______	_______	_______	_______	_______	_______	_______
For the six months ended 31 March 2020
	Called-up	Share		Capital
	share	premium	Special	redemption	Capital	Revenue
	capital	account	reserve	reserve	reserves	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 1 October 2019	307	86,485	51,503	94	571,694	-	710,083
Loss after taxation	-	-	-	-	(44,613)	(68)	(44,681)
Dividends paid	-	-	-	-	(9,841)	-	(9,841)
	_______	_______	_______	_______	_______	_______	_______
Balance at 31 March 2020	307	86,485	51,503	94	517,240	(68)	655,561
	_______	_______	_______	_______	_______	_______	_______

CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED)

		For the six months ended		For the six months ended
		31 March 2021		31 March 2020
	Note	£'000	£'000	£'000	£'000
Cashflows from operating activities
Profit / (loss) before taxation			113,886		(43,626)
Adjusted for:
Finance costs			936		595
Gains on disposal of investments			(53,272)		(74,076)
Revaluation of investments			(64,325)		115,389
Currency losses / (gains)			2,852		(254)
Decrease / (increase) in debtors			202		(1,812)
Increase in creditors			520		1,290
Tax deducted from non-UK income			(85)		(1,055)
Interest paid and arrangement fees			(734)		(595)
			_______		_______
Net cash outflow from operating activities			(20)		(4,144)
Investing activities
Purchase of investments		(63,248)		(106,533)
Distributions of capital proceeds by funds		88,247		92,810
Disposal of quoted investments		2,193		14,065
Receipt of proceeds from disposal of unquoted investments		15,148		6,673
		_______	_______	_______	_______
Net cash inflow from investing activities			42,340		7,015
Financing activities
Ordinary dividends paid	6	(10,147)		(9,841)
		_______	_______	_______	_______
Net cash outflow from financing activities			(10,147)		(9,841)
			_______		_______
Net increase / (decrease) in cash and cash equivalents			32,173		(6,970)
Cash and cash equivalents at the beginning of the period			33,135		66,315
Currency (losses) / gains on cash and cash equivalents			(2,852)		254
			_______	_______	_______
Cash and cash equivalents at the end of the period			62,456		59,599
			_______		_______
Cash and cash equivalents consist of:
Money-market funds			42,019		38,362
Cash			20,437		21,237
			_______		_______
Cash and cash equivalents			62,456		59,599
			_______		_______

NOTES TO THE FINANCIAL STATEMENTS

1

Financial Information. The financial information for the year ended 30 September 2020 within the report is considered non-statutory as defined in sections 434-436 of the Companies Act 2006. The financial information for the year ended 30 September 2020 has been extracted from the published accounts that have been delivered to the Registrar of Companies and on which the report of the auditor was unqualified under section 498 of the Companies Act 2006.

2	Basis of preparation and going concern. The condensed financial statements for the six months ended 31 March 2021  have been prepared in accordance with Financial Reporting Standard 104 (Interim Financial Reporting) and with the Statement of Recommended Practice for 'Financial Statements of Investment Trust Companies and Venture Capital Trusts'.
	The condensed financial statements for the six months ended 31 March 2021 have been prepared using the same accounting policies as the preceding annual financial statements. This is available at www.slpet.co.uk or on request from the Company Secretary.
	The Directors have made an assessment of the Company's ability to continue as a going concern and whether the Company has the resources to continue in business for a period of at least 12 months from the date of these condensed financial statements. In preparing these condensed financial statements, the Directors have also considered the uncertainty created by Covid-19, taking into account of:
	-	the £200 million committed, syndicated revolving credit facility with a maturity date in December 2024 that is presently undrawn;
	-	the level of liquid resources, including cash and cash equivalents. The Manager regularly monitors the Company's cash position to ensure sufficient cash is held to meet liabilities as they fall due;
	-	the future cash flow projections (including the level of expected realisation proceeds, the expected future profile of investment commitments and the terms of the revolving credit facility); and
	-	the Company's cash flows during the period.
	-	the effectiveness of the Manager's operational resilience processes, including the ability of key outsourcers to continue to provide services; and
	-	the impact of potential downside scenarios on asset valuations and liquidity, including potential management actions.
	Based on a review of the above, the Directors are satisfied that the Company has, and will maintain, sufficient resources to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the condensed financial statements. Accordingly, the condensed financial statements have been prepared on a going concern basis.

3	Exchange rates
	Rates of exchange to sterling were:
		As at	As at
		31 March 2021	30 September 2020
	Canadian dollar	1.7341	1.7269
	Euro	1.1739	1.1025
	US dollar	1.3797	1.2928

4	Income
		Six months ended	Six months ended
		31 March 2021	31 March 2020
		£'000	£'000
	Income from fund investments	4,756	1,963
	Interest from cash balances and money-market funds	4	168
		_______	_______
	Total income	4,760	2,131
		_______	_______

5	Investment management fee
		Six months			Six months
		ended 31 March 2021			ended 31 March 2020
		Revenue	Capital	Total	Revenue	Capital	Total
		£'000	£'000	£'000	£'000	£'000	£'000
	Investment management fee	407	3,665	4,072	326	2,933	3,259
		_______	_______	_______	_______	_______	_______
	The Manager of the Company is SL Capital Partners LLP. In order to comply with the Alternative Investment Fund Managers Directive, the Company appointed SL Capital Partners LLP as its Alternative Investment Fund Manager from 1 July 2014.
	The investment management fee payable to the Manager is 0.95% per annum of the NAV of the Company. The investment management fee is allocated 90% to the realised capital reserve - gains/(losses) on disposal and 10% to the revenue account.  The management agreement between the Company and the Manager is terminable by either party on twelve months written notice.
	Investment management fees due to the Manager as at 31 March 2021 amounted to £1,523,000 (30 September 2020: £1,010,000).

6	Dividend on ordinary shares. In respect of the year ended 30 September 2020, the third quarterly dividend of 3.3p per ordinary share was paid on 30 October 2020  (2019: dividend of 3.2p per ordinary share paid on 25 October 2019). The fourth quarterly dividend of 3.3p per ordinary share was then paid on 29 January 2021 (2019: dividend of 3.2p per ordinary share paid on 24 January 2020).
	For the financial period ending 31 March 2021, the first quarterly dividend of 3.4p per ordinary share was paid on 23 April 2021 (2020: dividend of 3.3p was paid on 24 April 2020). A proposed dividend of 3.4p per share is due to be paid on 30 July 2021 (2020: dividend of 3.3p was paid on 31 July 2020).

7	Earnings / (Loss) per share - basic and diluted
		Six months ended		Six months ended
		31 March 2021		31 March 2020
		p	£'000	p	£'000
	The net return per ordinary share is based on the following figures:
	Revenue net return  / (loss)	2.01	3,096	(0.04)	(68)
	Capital net return / (loss)	72.00	110,705	(29.02)	(44,613)
		_______	_______	_______	_______
	Total net return / (loss)	74.01	113,801	(29.06)	(44,681)
		_______	_______	_______	_______
	Weighted average number of ordinary shares in issue:		153,746,294		153,746,294
	There are no diluting elements to the earnings per share calculation in the six months ended 31 March 2021 (2020: none).

8	Investments
		Six months ended 31 March 2021			Year ended 30 September 2020
		Quoted	Unquoted		Quoted	Unquoted
		Investments	Investments	Total	Investments	Investments	Total
		£'000	£'000	£'000	£'000	£'000	£'000
	Fair value through profit or loss:
	Opening market value	-	721,650	721,650	11,435	627,298	638,733
	Opening investment holding gains	-	(108,790)	(108,790)	(316)	(120,569)	(120,885)
		_______	_______	_______	_______	_______	_______
	Opening book cost	-	612,860	612,860	11,119	506,729	517,848
	Movements in the period / year:
	Additions at cost	2,422	53,660	56,082	-	137,150	137,150
	Secondary purchases	-	-	-	-	8,657	8,657
	Distribution of capital proceeds by funds	-	(88,247)	(88,247)	-	(137,222)	(137,222)
	Disposal of quoted investments	(2,193)	-	(2,193)	(11,257)	-	(11,257)
		_______	_______	_______	_______	_______	_______
		229	578,273	578,502	(138)	515,314	515,176
	Gains on disposal of underlying investments	-	53,501	53,501	-	97,546	97,546
	(Losses) / gains on disposal of quoted investments	(229)	-	(229)	138	-	138
	Losses on liquidation of fund investments	-	-	-	-	-	-
		_______	_______	_______	_______	_______	_______
	Closing book cost	-	631,774	631,774	-	612,860	612,860
	Closing investment holding gains	-	173,115	173,115	-	108,790	108,790
		_______	_______	_______	_______	_______	_______
	Closing market value	-	804,889	804,889	-	721,650	721,650
		_______	_______	_______	_______	_______	_______
	The total capital gain on investments of £117,485,000 (2020: loss of £41,624,000) per the Condensed Statement of Comprehensive Income for the six months ended 31 March 2021 also includes transaction costs of £112,000 (2020: £311,000).

9	Net asset value per equity share
		31 March 2021	30 September 2020
	Basic and diluted:
	Ordinary shareholders' funds	£873,947,275	£770,293,260
	Number of ordinary shares in issue	153,746,294	153,746,294
	Net asset value per ordinary share	568.4p	501.0p
	The net asset value per ordinary share and the ordinary shareholders' funds are calculated in accordance with the Company's articles of association.
	There are no diluting elements to the net asset value per equity share calculation in the six months ended 31 March 2021 (2020: none).

10	Bank loans. At 31 March 2021, the Company had a £200 million (30 September 2020: £200 million) committed, multi-currency syndicated revolving credit facility, for which £nil (30 September 2020: £nil) had been drawn down. The facility is provided by Citi, Société Générale and State Street Bank International. The facility expires on 6 December 2024.

11	Commitments and contingent liabilities
		31 March 2021	30 September 2020
		£'000	£'000
	Outstanding calls on investments	462,881	471,392
		_______	_______
	This represents commitments made to fund and co-investment interests remaining undrawn.

12	Fair Value hierarchy.  FRS 104 requires an entity to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy shall have the following classifications:
	-        Level 1: The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date.
	-        Level 2: Inputs other than quoted prices included within Level 1 that are observable (i.e., developed using market data) for the asset or liability, either directly or indirectly.
	-        Level 3: Inputs are unobservable (i.e., for which market data is unavailable) for the asset or liability.
	The Company's financial assets and liabilities, measured at fair value in the Condensed Statement of Financial Position, are grouped into the following fair value hierarchy at 31 March 2021:
		Level 1	Level 2	Level 3	Total
	Financial assets at fair value through profit or loss	£'000	£'000	£'000	£'000
	Unquoted investments	-	-	804,889	804,889
		_______	_______	_______	_______
	Net fair value	-	-	804,889	804,889
		_______	_______	_______	_______
	As at 30 September 2020
		Level 1	Level 2	Level 3	Total
	Financial assets at fair value through profit or loss	£'000	£'000	£'000	£'000
	Unquoted investments	-	-	721,650	721,650
		_______	_______	_______	_______
	Net fair value	-	-	721,650	721,650
		_______	_______	_______	_______
	Unquoted investments. Unquoted investments are stated at the directors' estimate of fair value and follow the recommendations of the EVCA and the BVCA (European Private Equity & Venture Capital Association and British Private Equity & Venture Capital Association). The estimate of fair value is normally the latest valuation placed on an investment by its manager as at the Condensed Statement of Financial Position date. The valuation policies used by the manager in undertaking that valuation will generally be in line with the joint publication from the EVCA and the BVCA, 'International Private Equity and Venture Capital Valuation guidelines'. Fair value can be calculated by the manager of the investment in a number of ways. In general, the managers with whom the Company invests adopt a valuation approach which applies an appropriate comparable listed company multiple to a private company's earnings or by reference to recent transactions. Where formal valuations are not completed as at the Condensed Statement of Financial Position date, the last available valuation from the manager is adjusted for any subsequent cash flows occurring between the valuation date and the Condensed Statement of Financial Position date. The Company's Manager may further adjust such valuations to reflect any changes in circumstances from the last manager's formal valuation date to arrive at the estimate of fair value, such as sales proceeds.

13	Parent undertaking and related party transactions. The ultimate parent undertaking of the Company is Phoenix Group Holdings. The results for the period from 1 October 2020 to 31 March 2021 are incorporated into the group financial statements of Phoenix Group Holdings, which will be available to download from the website www.thephoenixgroup.com.
	Standard Life Assurance Limited ("SLAL", which is 100% owned by Phoenix Group Holdings), and the Company have entered into a relationship agreement which provides that, for so long as SLAL and its Associates exercise, or control the exercise, of 30% or more of the voting rights of the Company, SLAL and its Associates, will not seek to enter into any transaction or arrangement with the Company which is not conducted at arm's length and on normal commercial terms, take any action that would have the effect of preventing the Company from carrying on an independent business as its main activity or from complying with its obligations under the Listing Rules or purpose or procure the proposal of any shareholder resolution which is intended or appears to be intended to circumvent the proper application of the Listing Rules. During the period ended 31 March 2021, SLAL received dividends from the Company totalling £5,683,000 (31 March 2020: £5,512,000).
	As at 31 March 2021, the Company was invested in the Aberdeen Liquidity Funds, managed by Aberdeen Standard Investments (Lux), ("ASI Lux") who share the same ultimate parent as the Manager. As at 31 March 2021, the Company had invested £42,019,000 in the Aberdeen Liquidity Funds (30 September 2020: £24,678,000) which are included within cash and cash equivalents in the Condensed Statement of Financial Position. During the period, the Company received interest amounting to £4,000 (31 March 2020: £15,000) on sterling denominated positions. There was no interest on euro denominated positions (31 March 2020: £nil). As at 31 March 2021, interest of £1,000 was due to the Company on sterling denominated positions (30 September 2020: £1,000). There was no interest payable on euro denominated positions (30 September 2020: £nil). No additional fees are payable to ASI (Lux) as a result of this investment.
	During the period ended 31 March 2021, the Manager charged management fees totalling £4,072,000 (31 March 2020: £3,259,000) to the Company in the normal course of business. The balance of management fees outstanding at 31 March 2021 was £1,523,000 (30 September 2020: £1,010,000).
	Standard Life Investments Limited, which shares the same ultimate parent as the Manager, charged £120,000 for the provision of promotional activities during the period (31 March 2020: £90,000). The balance of promotional fees outstanding at 31 March 2021 was a payable of £60,000 (30 September 2020: receivable of £60,000).
	The Company Secretarial services for the Company are provided by Aberdeen Asset Management PLC, which shares the same ultimate parent as the Manager. During the period ended 31 March 2021, the Company incurred secretarial fees of £36,000 (31 March 2020: £40,000). The balance of secretarial fees outstanding at 31 March 2021 was £18,000 (30 September 2020: £18,000).
	No other related party transactions were undertaken during the six months ended 31 March 2021.

ALTERNATIVE PERFORMANCE MEASURES

Alternative performance measures ("APMs") are numerical measures of the Company's current, historical or future performance, financial position or cash flows, other than financial measures defined or specified in the applicable financial framework. The Company's applicable financial framework includes FRS 102 and the AIC SORP. The directors assess the Company's performance against a range of criteria which are viewed as particularly relevant for closed-end investment companies.

Discount

The amount by which the market price per share is lower than the net asset value per share of an investment trust. The discount is normally expressed as a percentage of the net asset value per share.

	As at 31 March 2021	As at 30 September 2020
Share price (p)	437.0	320.0
Net Asset Value per share (p)	568.4	501.0
Discount (%)	23.1	36.1

Dividend yield

The annual dividend per ordinary share divided by the share price, expressed as a percentage, calculated at the year end.

	2020	2019
Dividend per share (p)	13.2	12.8
Share price (p)	320.0	352.0
Dividend yield (%)	4.1	3.6

NAV total return

NAV total return shows how the NAV has performed over a period of time in percentage terms, taking into account both capital returns and dividends paid to shareholders. This involves reinvesting the net dividend into the NAV at the end of the quarter in which the shares go ex-dividend. Returns are calculated to each quarter end in the year and then the total return for the year is derived from the product of these individual returns.

	NAV per share (p)	Dividend per share (p)
30 September 2020	501.0
31 December 2020	490.6	3.3
31 March 2020	568.4	3.4
NAV total return	14.9%

Ongoing charges ratio

Management fees and all other recurring operating expenses that are payable by the Company excluding the costs of purchasing and selling investments, incentive fee, finance costs, taxation, non-recurring costs, and costs of share buy-back transactions, expressed as a percentage of the average NAV during the period. Ongoing charges and performance-related fees of the Company's underlying investments are excluded. The ongoing charges ratio has been calculated in accordance with guidance issued by the Association of Investment Companies ("AIC").

	Six months ended 31 March 2021 £'000	Year ended 30 September 2020 £'000
Investment management fee	4,072	6,819
Administrative expenses	499	1,038
Ongoing charges+	9,140	7,857
Average net assets	830,021	715,755
Ongoing charges ratio	1.10%+	1.10%

• As at 31 March 2021.  The 2021 ratio is calculated using actual costs and charges to 31 March 2021 annualised for the full financial year, divided by average net assets.

Over-commitment ratio

Outstanding commitments less resources available for investment and the value of undrawn loan facilities divided

by net assets.

	As at 31 March 2021 £000s	As at 30 September 2020 £000s
Undrawn commitments	462,881	471,392
Less undrawn loan facility	(200,000)	(200,000)
Less resources available for investment	(62,456)	(48,427)
Net outstanding commitments	200,425	222,966
Net assets	873,947	770,293
Over-commitment ratio	22.9%	28.9%

Total shareholder return

The theoretical return derived from reinvesting each dividend in additional shares in the Company on the day that the share price goes ex-dividend.

Date	Share price (p)	Dividend per share (p)
30 September 2020	320.0
24  December 2020	380.0	3.3
18 March 2021	435.0	3.4
31 March 2020	437.0
Total shareholder return	38.8%

The Half Yearly Report will be printed and issued to shareholders and further copies will be available on the Company's website slpet.co.uk.

Neither the Company's website nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.

For Standard Life Private Equity Trust plc

Aberdeen Asset Management PLC, Company Secretary

For further information please contact:

Alan Gauld,

Lead Portfolio Manager, SL Capital Partners LLP

Tel: 0131 528 4424

Evan Bruce-Gardyne

Client Director, Investment Trusts, Aberdeen Standard Investments

Tel: 07720 073216

END

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