6 Dec 2021 07:00
London, UK, 6 December 2021
Edison issues review on Standard Life Private Equity Trust (SLPE)
Standard Life Private Equity Trust (SLPET) recorded a NAV total return of 11.7% in the quarter ended 30 June 2021 (last date of portfolio valuations). SLPET benefited from improving public market multiples, driving unrealised portfolio gains to £72.2m (representing c 8.2% return), as well as strong realisations. The average uplift on exits in the quarter reached 29.3%, translating into an average multiple on invested capital of 3.2x. Based on the last reported NAV estimate as at end-October 2021, reflecting end-June 2021 portfolio valuations adjusted for subsequent FX movements and dividend payments, SLPET reported a one-year NAV TR of 36.7%, above the 35.4% return posted by the FTSE All-Share index and 25.6% by the LPX Europe NAV index, used as a broad PE market reference.
SLPET's investment activity has picked up in the recent months, with a notable volume of co-investments of £53m in the second half of the financial year 2021 (ended 30 September 2021), or c 25% of new commitments/investments in the period. As a result, its overcommitment ratio reached 33% at end-October 2021 (versus 25% and 28% at end-March 2021 and end-June 2021, respectively), which is already in line with management target of 30-75% (although closer to the lower bound). At end-October 2021, SLPET held liquid resources amounting to £37.6m. Together with the fully undrawn £200m syndicated credit facility, it represents a robust coverage ratio of outstanding commitments of 44%. On 29 October 2021, SLPET made its third interim dividend payment for FY21, amounting to 3.4p per share, which constitutes an annualised yield of 2.6%, assuming a dividend for the year of 13.6p.
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