1st Quarter to 31/12/01

Standard Life Euro Pri Eqty Tst PLC
27 March 2002



                 Standard Life European Private Equity Trust PLC


Standard Life European Private Equity Trust PLC

Investment update for the period from 1 October 2001 to 31 December 2001


On 3 December 2001, the Company announced its audited results for the period
from the admission of the Company's ordinary shares to trading on the London
Stock Exchange on 29 May 2001 to 30 September 2001.  In the period to 31
December 2001 the Company has continued to make steady progress.

In the period a total of £3.0 million was drawn down by the portfolio of 26
private equity funds in which the Company is invested and a total of £1.9
million was received by way of distributions.  Total realised gains in the
period from the Company's private equity fund interests were £0.7 million,
giving an average return on the cost to the Company of the realised investments
of around 1.5 times.

New commitments were made in the period to 31 December 2001 to one private
equity fund, The Alchemy Investment Plan, the focus of which is complex
management buy-outs and restructurings.  The Alchemy Investment Plan is an
annual investment plan, and the Company has made an annual commitment of £10
million to this vehicle.  On the basis that the Company invests in the Alchemy
Investment Plan for a period of three years, this commitment, together with the
commitments made to six private equity funds in the period to 30 September 2001,
brings the Company's aggregate new commitments made since listing to £132.8
million (£104.4 million as at 30 September 2001).

The Company's aggregate outstanding commitments to the above 26 private equity
funds were £143.4 million as at 31 December 2001 (£117.4 million as at 30
September 2001).  These outstanding commitments can be expected to be drawn down
over the next 3-4 years.

The aggregate closing cash and money market holdings of the Company were £78.8
million as at 31 December 2001 (£81.6 million as at 30 September 2001).  During
the period the Company switched £75.0 million of its money market holdings from
sterling to euro denominated money market funds so as to match more closely the
Company's future funding commitments, which are principally to euro denominated
private equity funds.

It is anticipated that the Company will release its interim announcement for the
period ending 31 March 2002 to the London Stock Exchange on or around 30 May
2002.  That announcement will include a formal net asset value per ordinary
share as at 31 March 2002. The Company's net assets were £151.0 million and its
net asset value per ordinary share was 94.3p as at 30 September 2001.



For further information please contact:-


Peter McKellar/David Currie of Standard Life Investments (Private Equity)
Limited
(0131 245 0055)


Note:-

Standard Life European Private Equity Trust PLC is an investment company managed
by Standard Life Investments (Private Equity) Limited, the ordinary shares of
which are admitted to listing by the UK Listing Authority and to trading on the
London Stock Exchange and which seeks to conduct its affairs so as to qualify as
an investment trust under section 842 of the Income and Corporation Taxes Act
1988.  The Board of Standard Life European Private Equity Trust PLC is
independent of The Standard Life Assurance Company.'


                      This information is provided by RNS
            The company news service from the London Stock Exchange