11 Aug 2011 07:00
Standard Life European Private Equity Trust PLC
Interim management statement for the quarter ended 30 June 2011
Standard Life European Private Equity Trust PLC ("the Company") presents its interim management statement for the period from 1 April 2011 to 30 June 2011. This announcement constitutes the Company's second interim management statement for the financial year ending 30 September 2011 in accordance with rule 4.3 of the UK Listing Authority's Disclosure and Transparency Rules. This interim statement summarises information at 30 June 2011 and any material developments up to 10 August 2011.
Investment objective
To achieve long-term capital gains through holding a diversified portfolio of private equity funds investing predominantly in Europe.
Benchmark
The Company has no defined benchmark.
Performance
The Company's net asset value per ordinary share ("NAV") was 222.9p at 31 March 2011 (diluted - 220.3p). The Company's NAV at 30 June 2011 will be announced on or around 21 September 2011. The share price of the Company's ordinary shares was 161.4p at 30 June 2011, compared to 156.0p at 31 March 2011, an increase of 3.5% over the quarter.
Over the same quarter the MSCI Europe Index (in euros) fell by 1.4% and the FTSE All Share Index (in sterling) increased by 0.9%.
Financial position
The European private equity market grew in Q2 2011, with the enterprise value of all transactions reported during the quarter rising to €27.3 billion, up from €13.8 billion in Q1 2011 and €14.3 billion in the equivalent Q2 in 2010. Activity was most pronounced in the mid and large market segments of the European buy-out market. During the quarter the Company funded £8.8 million of draw downs (six months ended 31 March 2011 - £29.0 million) and received £17.6 million of distributions (six months ended 31 March 2011 - £36.9 million).
The Company had total outstanding commitments to its 38 private equity fund interests of £143.0 million at 30 June 2011 (31 March 2011 - £123.0 million). During the quarter the Company made one new private equity fund commitment, committing €30 million to Montagu IV.
At 30 June 2011 the Company had net indebtedness of £45.1 million (31 March 2011 - net indebtedness of £51.4 million).
Events and transactions in the period to 10 August 2011
There have been no material events or transactions during the period to 10 August 2011.
During the period from 30 June 2011 to 10 August 2011 the Company funded £7.3 million of draw downs and received £8.0 million of distributions. At 10 August 2011 the Company's total outstanding commitments and net indebtedness were £132.1 million and £43.6 million respectively.
For further information on the statement please contact:-
Peter McKellar of SL Capital Partners LLP (0131 245 0055)
Note:-
Standard Life European 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 Section 1158-1165 of the Income and Corporation Taxes Act 2010. The Board of Standard Life European Private Equity Trust PLC is independent of Standard Life plc.
10 August 2011