Estimated NAV at 31 January 2022

RNS Number : 4846B

Standard Life Private Eqty Trst PLC

14 February 2022

 

Standard Life Private Equity Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

14 February 2022

Standard Life Private Equity Trust plc ("SLPET" or "the Company") announces its estimated net asset value ("NAV") at 31 January 2022

· Estimated NAV at 31 January 2022 was 651.4 pence per share (estimated NAV at 31 December 2021 was 655.5 pence per share)

· Fourth interim dividend of 3.4 pence per share paid on 28 January 2022

· SLPET received £27.1 million of distributions and paid £17.6 million of drawdowns during the month of January

· Two new primary commitments completed during the month of January

· Outstanding commitments of £548.4 million at 31 January 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 31 January 2022, excluding new investments, 99.7% by value of the portfolio valuations were dated 30 September 2021. The value of the portfolio is therefore calculated as the 30 September 2021 valuation, adjusted for subsequent cashflows over the period to 31 January 2021.

Estimated NAV

At 31 January 2022, SLPET's estimated NAV was 651.4 pence per share (estimated net assets £1,001.6 million), representing a 0.6% per share decrease from the estimated NAV at 31 December 2021 of 655.5 pence per share (estimated net assets £1,007.8 million). The 4.1 pence decrease in NAV per share reflected losses arising primarily from a 0.5% depreciation in the euro versus sterling during January, in addition to the fourth interim dividend payment of 3.4 pence per share, which was paid on 28 January 2022. The cash cost of the fourth interim dividend was £5.2 million.

Drawdowns and distributions

SLPET received £27.1 million of distributions and paid £17.6 million of drawdowns during the month of January. The distributions received generated realised gains and income of £21.6 million.

Investment activity

During the month of January, a new primary commitment of €30.0 million was made to PAI Europe VIII, a Pan-European upper mid-market fund focused on Food & Consumer, Business Services, General Industrials and Healthcare.

A new primary commitment of €25.0 million was also made to IK Partnership Fund II, a Pan-European mid-market fund focused on co-control and minority opportunities in Food & Consumer, Business Services, Healthcare and Financial Services.

Commitments

The Company had £548.4 million of outstanding commitments at 31 January 2022. The Manager believes that around £43.9 million of the Company's existing outstanding commitments are unlikely to be drawn.

Balance sheet and credit facility

The Company had cash balances of £43.7 million at 31 January 2022 .

The Company drew a total of £24.2 million from its syndicated revolving credit facility during the month of January. The remaining undrawn balance of the facility at 31 January 2022 was £159.1 million. The facility is provided by Citi, Societe Generale and State Street Bank International, and it 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 28 February 2022 on or around 14 March 2022.  

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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