CT PRIVATE EQUITY TRUST PLC

Quarterly Report • Mar 26, 2018

National Storage Mechanism | Additional information

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RNS Number : 7942I

Standard Life Private Eqty Trst PLC

26 March 2018

Standard Life Private Equity Trust PLC

1.         Investment update for the quarter ended 31 December 2017

·          The Company's net asset value ("NAV") per ordinary share  increased by 3.1% to 401.5 pence for the quarter ended 31 December 2017

·          Realised gains and income during the quarter ended 31 December 2017 were £26.0 million (4.3% of NAV). The unrealised losses on the portfolio on a constant exchange rate basis were £8.5 million (1.4% of NAV); in addition, there were unrealised foreign exchange gains of £2.8 million (0.5% of NAV)

·          91.4% by value of the portfolio was valued by the respective underlying managers at 31 December 2017

·          Outstanding commitments were £332.9 million at 31 December 2017

·          Liquid resources were £107.2 million at 31 December 2017

For the quarter ended 31 December 2017, the Company's NAV increased by 3.1% to 401.5 pence per share, from 389.6 pence per share at 30 September 2017. At 31 December 2017, the Company's net assets were £617.3 million (30 September 2017 - £599.0 million). NAV total return was 3.1% for the three months from 1 October 2017 to 31 December 2017.

The closing value of the Company's portfolio, which, included 53 private equity fund interests, was £511.0 million at 31 December 2017 (30 September 2017 - £505.1 million and 51 private equity fund interests). The total unrealised losses on the portfolio for the quarter ended 31 December 2017 were £5.7 million, comprising £8.5 million of unrealised losses on a constant exchange rate basis and £2.8 million of unrealised foreign exchange gains. The MSCI Europe Index (in sterling) and the FTSE All Share Index (in sterling) rose by 1.1% and 4.2% respectively during the quarter. The unrealised foreign exchange gains were driven by the euro appreciating by 0.7% relative to sterling over the quarter, offset by the US dollar depreciating 0.8% relative to sterling.

During the quarter ended 31 December 2017, the Company received £50.6 million of distributions (quarter ended 30 September 2017 - £25.1 million) and funded £25.3 million of drawdowns (quarter ended 30 September 2017 - £34.7 million). The distributions received during the quarter generated £26.0 million of net realised gains and income, which was equivalent to a return of 2.1 times the acquisition cost of the realised investments.

The Company made one new fund commitment of €30.0 million to PAI Europe VII. In addition, the Company acquired through secondary purchase, an original commitment of $20.0 million to Onex Partners IV. The Company had total outstanding commitments to its 53 private equity fund interests of £332.9 million at 31 December 2017 (30 September 2017 - £325.6 million and 51 private equity fund interests). The Manager continues to believe that around £60 million of the Company's existing outstanding commitments are unlikely to be drawn.

At 31 December 2017, the Company had liquid resources of £107.2 million (30 September 2017 - liquid resources of £93.6 million). The Company continues to have an undrawn £80 million syndicated revolving credit facility provided by Citibank and Societe Generale that expires in December 2020.

2.         Activity since 31 December 2017

On 31 January 2018, the Company paid the final dividend for the year ended 30 September 2017 of 6.0 pence per ordinary share. The cost of the final dividend was £9.2 million.

During the period from 1 January 2018 to 9 March 2018, the Company funded £19.7 million of drawdowns and received £14.6 million of distributions.

On 17 January 2018, the Company acquired through secondary purchase, an original commitment of €15.2 million to Nordic Capital Fund VIII.

At 9 March 2018, the Company had liquid resources of £79.1 million. The Company also had total outstanding commitments of £317.2 million.

The Company's estimated NAV at 28 February 2017 is also being announced today. It is anticipated that the Company will release its results for the six months ending 31 March 2018 on or around 18 June 2018.

For further information please contact:-

Roger Pim at SL Capital Partners LLP (0131 245 0055)

Note:-

Standard Life Private Equity Trust PLC is an investment company managed by SL Capital Partners LLP, the ordinary shares of which are admitted to listing by the UK Listing Authority and to trading on the Stock Exchange and which seeks to conduct its affairs so as to qualify as an investment trust under sections 1158-1165 of the Corporation Tax Act 2010. The Board of Standard Life Private Equity Trust PLC is independent of Standard Life Aberdeen plc.

This information is provided by RNS

The company news service from the London Stock Exchange

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