Estimated NAV at 28 February 2022

RNS Number : 5548E

Standard Life Private Eqty Trst PLC

14 March 2022

 

Standard Life Private Equity Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

14 March 2022

Standard Life Private Equity Trust plc ("SLPET" or "the Company") announces its estimated net asset value ("NAV") at 28 February 2022

· Estimated NAV at 28 February 2022 was 685.0 pence per share (estimated NAV at 31 January 2022 was 651.4 pence per share)

· SLPET received £8.0 million of distributions and paid £7.9 million of drawdowns during the month of February

· One new primary commitment and one new co-investment were completed during the month of February

· Outstanding commitments of £572.3 million at 28 February 2022

SLPET's valuation policy for private equity funds and co-investments is based on the latest valuations reported by the managers of the funds and co-investments in which the Company has interests. In the case of SLPET's valuation at 28 February 2022, excluding new investments, 67.5% by value of the portfolio valuations were dated 31 December 2021. The value of these investments is therefore calculated as the 31 December 2021 valuation, adjusted for subsequent cashflows over the period to 28 February 2022.

The remaining 32.5% by value of the portfolio valuations, excluding new investments, were dated 30 September 2021. The value of these investments is calculated as the 30 September 2021 valuation, adjusted for subsequent cashflows over the period to 28 February 2022.  This is an update from the estimated NAV at 31 January 2022, where the full portfolio, excluding new investments, was based on valuations dated 30 September 2021, adjusted for subsequent cashflows over the period to 31 January 2022.

Estimated NAV

At 28 February 2022, SLPET's estimated NAV was 685.0 pence per share (estimated net assets £1,053.1 million), representing a 5.2% per share increase from the estimated NAV at 31 January 2022 of 651.4 pence per share (estimated net assets £1,001.6 million). The 33.6 pence increase in NAV per share reflected gains arising from a 5.2% uplift in the valuation of investments as at 31 December 2021, in addition to a 0.2% appreciation in the euro versus sterling during February.  

Drawdowns and distributions

SLPET received £8.0 million of distributions and paid £7.9 million of drawdowns during the month of February. The distributions received generated realised gains and income of £3.7 million.

Investment activity

During the month of February, a new primary commitment of $35.0 million was made to Hg Saturn 3, a European buyout fund focused on software and services.

A €6.1 million co-investment has also been made into a currently undisclosed business which is a leading digital marketplace for refurbished electronic devices. The co-investment was made alongside sponsor Aglae Ventures.

Commitments

The Company had £572.3 million of outstanding commitments at 28 February 2022. The Manager believes that around £44.0 million of the Company's existing outstanding commitments are unlikely to be drawn.

Balance sheet and credit facility

The Company had cash balances of £27.1 million at 28 February 2022.

The Company repaid a total of £16.7 million of its syndicated revolving credit facility during the month of February, reducing the total drawn balance to £24.2 million at 28 February 2022. The remaining undrawn balance of the facility at 28 February 2022 was therefore £175.8 million. The facility is provided by Citi, Societe Generale and State Street Bank International, and it expires in December 2024.

Update from the Manager

On 24 February 2022, Russia launched a military offensive against Ukraine resulting in widespread sanctions on Russia and heightened security and cyber threats. The Company has no Russian or Ukrainian headquartered businesses in its portfolio. In addition, following discussion with the private equity managers of the Company's portfolio, we estimate that these countries also relate to less than 1% of underlying portfolio company revenues.

The Manager therefore believes that there is currently minimal direct risk to the Company. The Manager will however continue to monitor developments as they arise, including the wider indirect impacts expected from this conflict. At this time, the expected impact on the Company's NAV cannot be determined.

The latest update from the Manager is available within the Latest News section of the Company website; www.slpet.co.uk.

Future announcements

The Company is expecting to announce its actual NAV at 31 December 2021 on or around 21 April 2022, and will announce its estimated NAV at 31 March 2022 at the same time.

Additional detail about SLPET's NAV and investment diversification can be found on SLPET's website. Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website is incorporated into, or forms part of, this announcement.

For further information please contact Alan Gauld at abrdn Capital Partners LLP (0131 528 4424)

Note:-

Standard Life Private Equity Trust plc is an investment company managed by abrdn 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 sections 1158-1165 of the Corporation Tax Act 2010. The Board of Standard Life Private Equity Trust plc is independent of abrdn plc and Phoenix Group Holdings.

Valuation Methodology

Unquoted investments are stated at the directors' estimate of fair value and follow the recommendations of EVCA and BVCA. The estimate of fair value is normally the latest valuation placed on an investment by its manager at the balance sheet date. The valuation policies used by the manager in undertaking that valuation will generally be in line with the joint publication from EVCA and BVCA, 'International Private Equity and Venture Capital Valuation guidelines'. Where formal valuations are not completed at the balance sheet date, the last available valuation from the manager is adjusted for any subsequent cashflows occurring between the valuation date and the balance sheet date. The Company's Manager may further adjust such valuations to reflect any changes in circumstances from the last manager's formal valuation date to arrive at the estimate of fair value.

The Company intends to release regular estimated NAV updates around ten business days after each month end, while continuing to issue quarterly updates. A breakdown of SLPET's portfolio can be obtained in the latest monthly factsheet, which is published on SLPET's website at:

www.slpet.co.uk

 

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