SLPE.L Regulatory News (SLPE)

STANDARD LIFE PRIVATE EQUITY TRUST PLC

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

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

HIGHLIGHTS

* 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.

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.

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

CONDENSED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

CONDENSED STATEMENT OF FINANCIAL POSITION (UNAUDITED)

CONDENSED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED)

NOTES TO THE FINANCIAL STATEMENTS

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.

Dividend yield

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

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.

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").

+ 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 dividedby net assets.

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.

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