Qtr to 31/12/04

Standard Life Euro Pri Eqty Tst PLC
18 March 2005


                'Standard Life European Private Equity Trust PLC


  Investment update for the period from 30 September 2004 to 31 December 2004



In the first quarter of the Company's new financial year very good progress has
been made, with the Company enjoying a healthy level of realised and unrealised
gains from its private equity investments. This has resulted in the Company's
unaudited net asset value per share ('NAV') increasing by 11.9%, from 105.9p at
30 September 2004 to 118.5p at 31 December 2004. The Company's net assets were
£188.6 million at 31 December 2004 (30 September 2004 - £168.6 million).



During the quarter ended 31 December 2004 a total of £13.9 million was received
by way of distributions (quarter ended 30 September 2004 - £9.7 million) from
the Company's portfolio of 32 private equity fund interests. This comprised
total realised gains and income of £7.2 million (quarter ended 30 September 2004
- £3.4 million). The aggregate distributions received in the quarter were the
second highest since the Company's listing in 2001. Moreover, the average return
on the Company's acquisition cost of the realised investments rose to 2.1X
(quarter ended 30 September 2004 - 1.5X), the highest quarterly multiple
generated since listing. All of this demonstrates the continuing strength of the
market for realisations and re-capitalisations.



The closing value of the Company's portfolio of fund interests was £171.9
million at 31 December 2004 (30 September 2004 - £150.3 million). The total
unrealised gains for the quarter ended 31 December 2004 were £12.9 million
(quarter ended 30 September 2004 - £2.8 million). Again, this was the highest
quarterly uplift since the Company's listing and indicates healthy trading and
cashflow at many underlying investee companies.



As for new investment activity, during the quarter the Company's portfolio of
private equity fund interests drew down a total of £15.3 million (quarter ended
30 September 2004 - £13.8 million). The rate of new investment activity remained
relatively strong, reflecting the general trend seen in European private equity
in the second half of 2004.



As mentioned in the Company's report and accounts for the financial year ended
30 September 2004, two new fund commitments were made in the quarter ended 31
December 2004. These were commitments of £10.6 million to Apax Europe VI and
£10.6 million to Industri Kapital 2004. Since 31 December 2004 the Company has
continued to make new private equity fund commitments, in line with its
over-commitment strategy. At 31 December 2004 the Company's aggregate
outstanding commitments to its existing private equity fund interests were £98.2
million (30 September 2004 - £92.1 million). These 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 at 31
December 2004 were broadly unchanged at £19.4 million (30 September 2004 - £20.9
million).



It is anticipated that the Company will release its interim announcement for the
six months ending 31 March 2005 on or around 1 June 2005.



For further information please contact:-



Peter McKellar/Jonny Maxwell 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
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