Standard Life European Private Equity Trust’s undiluted net asset value per ordinary share (NAV) rose by 7.2 per cent to 243.9p during the six months to 31 March 2013 (diluted NAV – 240.9p).
Including the dividend paid in February 2013, the NAV total return for the period was 8.0 per cent.
The 16.3p rise in NAV during the period included 3.6p of net realised gains and income from the company’s portfolio of 40 private equity fund interests, 3.8p of unrealised gains on a constant exchange rate basis and 12.9p of positive exchange rate movements on the portfolio.
The closing mid-market price of the company’s ordinary shares on 31 March 2013 was 185.3p, an increase of 14.1 per cent over the period and a discount of 23.1 per cent to the diluted NAV.
At 31 March 2013 the company’s net assets were GBP394.5m. In preparing the portfolio valuation, 99.4 per cent by value of the portfolio was valued at 31 March 2013.
In line with activity levels in the European private equity market, the company funded GBP21.1m of draw downs and received GBP28.5m of distributions during the period, generating a net cash inflow from investment activities of GBP7.4m. At 31 March 2013 the company had a cash balance of GBP21.5m.
On 31 December 2012 the company entered into a new GBP80m revolving credit facility, replacing the existing facility. The new debt facility expires on 31 December 2016.
The company made three new fund commitments during the period with commitments of EUR20.0m to Advent Global Private Equity VII, EUR30.0m to IK VII and USD35.0m to TowerBrook Investors IV. In addition, by way of secondary transactions the company acquired an original commitment of EUR7.0m to Charterhouse Capital Partners IX and sold an original commitment of EUR30.0m to Charterhouse Capital Partners VIII.
At 31 March 2013 the company had GBP177.3m of outstanding commitments.
During the period from 31 March 2013 to 27 May 2013 the company funded GBP1.9m of draw downs and received GBP4.4m of distributions. At 27 May 2013 the company’s net cash balance was GBP20.8m and its total outstanding commitments were GBP177.4m.
