Disposal of Private Equity Fu

RNS Number : 5745L

Standard Life Euro Pri Eqty Tst PLC

14 January 2009

 



Standard Life European Private Equity Trust PLC

Disposal of private equity fund interests

The Company announces that it has concluded the disposal of two of its private equity fund interests as part of the Company's strategy of managing the diversification of its portfolio and the quantum of its outstanding commitments. The Company has sold its interests in BC European VIII and Towerbrook Investors III to significant institutional investors in the private equity asset class for an aggregate £7.5 million, as compared to the 30 September 2008 valuations of these fund interests, adjusted for subsequent cashflows, of £11.0 million. These two fund interests had aggregate outstanding commitments at the date of disposal of £46.7 million, from which the Company has now been released. 

In addition, the Company decided to elect to cap its exposure to Permira IV as part of the recently announced restructuring of that fund. The Company made a £30.3 million commitment to Permira IV in 2006 and as at the date of the election the outstanding commitment was £19.4 million. As part of the restructuring the Company has been released from £16.0 million of this outstanding commitment.

Taking account of the above disposals and election, drawdowns to date and the 12.4% and 16.7% depreciation of sterling compared to the euro and the US dollar respectively from 1 October 2008, the Company's total outstanding commitments were £362.8 million as at 12 January 2009 (30 September 2008 - total outstanding commitments £389.0 million). As at 12 January 2009 the Company's net indebtedness was £44.4 million; this is before the receipt of any proceeds from the disposal of the interest in Towerbrook Investors III.

The Company is in discussions regarding the selective disposal of a limited number of its other private equity fund interests.

14 January 2009

For further information please contact:-

Peter McKellar/David Currie 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 842 of the Income and Corporation Taxes Act 1988. The Board of Standard Life European Private Equity Trust PLC is independent of Standard Life plc.

 

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