Estimated NAV at 30 September 2021

RNS Number : 0002P

Standard Life Private Eqty Trst PLC

14 October 2021

 

Standard Life Private Equity Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

14 October 2021

Standard Life Private Equity Trust plc ("SLPET" or "the Company") announces its estimated net asset value ("NAV") at 30 September 2021

· Estimated NAV at 30 September 2021 was 627.1 pence per share (estimated NAV at 31 August 2021 was 626.0 pence per share)

· SLPET paid £31.2 million of drawdowns and received £22.4 million of distributions during the month of September

· One new secondary investment and one new co-investment completed

· Outstanding commitments of £559.5 million at 30 September 2021

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 30 September 2021, excluding new investments, 100.0% by value of the portfolio valuations were dated 30 June 2021.

Estimated NAV

At 30 September 2021, SLPET's estimated NAV was 627.1 pence per share (estimated net assets £964.2 million), representing a 0.2% per share increase from the estimated NAV at 31 August 2021 of 626.0 pence per share (estimated net assets £962.4 million). The 1.1 pence increase in NAV per share reflected gains arising primarily from a 0.2% appreciation in the euro versus sterling during September.

Drawdowns and distributions

SLPET paid £31.2 million of drawdowns and received £22.4 million of distributions during the month of September. The distributions received generated realised gains and income of £13.3 million.   Including secondary purchases, total net outflows from investment activity during September amounted to £36.9 million.

New investment activity

In September, the Company made a $62.5 million commitment to Structured Solutions IV Primary Holdings, a diversified secondary transaction which comprises a balanced portfolio of recent vintage large cap buyout funds in Europe and North America. Initial funding of $38.4 million was paid at the end of the month.

The Company also made a €7.9 million co-investment into Riskalyze, a US sector leader in risk tolerance software for financial advisors. The co-investment was made alongside sponsor Hg.

Commitments

The Company had £559.5 million of outstanding commitments at 30 September 2021. The Manager believes that around £42.6 million of the Company's existing outstanding commitments are unlikely to be drawn.

Balance sheet and credit facility

The Company had cash and cash equivalents of £29.9 million at 30 September 2021 . In addition, the Company has an undrawn £200.0 million syndicated revolving credit facility, provided by Citi, Societe Generale and State Street Bank International, that expires in December 2024.

Update from the Manager

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 estimated NAV at 31 October 2021 on 12 November 2021.

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 SL Capital Partners LLP (0131 528 4424)

Note:-

Standard Life 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 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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