Quarterly Results and Dividend Announcement

CT Private Equity Trust PLC

28 November 2024

 

To: Stock Exchange	For immediate release:
	28 November 2024

CT Private Equity Trust PLC

Quarterly results for the three months ended 30 September 2024 (unaudited)

 

·    Net asset value of 680.03p per Ordinary Share reflecting a total return for the three months of -1.0 per cent for the Ordinary Shares

·    Share price total return for the three-month period of 6.6%.

·    Total quarterly dividends of 21.03p per Ordinary Share year to date representing an increase of 3.3 per cent from the same period last year.

o  Quarterly dividend of 7.01p paid on 31 July 2024

o  Quarterly dividend of 7.01p paid on 31 October 2024

o  Quarterly dividend of 7.01p to be paid on 31 January 2025

·    Dividend yield of 6.2 per cent based on the period end share price (1).

·    As at 30 September 2024 net debt was £70.3 million equivalent to a gearing level of 12.6%.

·    Realisations year to date of £94.5 million.  This represents an increase of 75.3% in comparison to the same period last year.

(1)      Calculated as dividends of 7.01p paid on 30 April 2024, 7.01p paid on 31 July 2024, 7.01p paid on 31 October 2024 and 7.01p payable on 31 January 2025, divided by the Company's share price of 455.00p as at 30 September 2024.

Manager's Review

Introduction

As at 30 September 2024 the net assets of the Company were £486.2 million giving a NAV per share of 680.03p, which taking into account the dividend of 7.01p per share paid on 31 July 2024, gives a total return for the third quarter of -1.0%. The total return for the year to date is -0.2%. In the third quarter, there was an adverse influence from currency of around 1.5% as both the dollar and euro were weak against sterling. Underlying valuations are slightly ahead for the year to date. It is worth bearing in mind that the September valuation is largely based on June marks with only around 8% of September valuations included.

The Company had net debt of £70.3 million at 30 September 2024. Outstanding undrawn commitments were £192.0 million of which £21.5 million were to funds where the investment period has expired.

The dividend for the quarter will be unchanged at 7.01p per share, payable on 31 January 2025 to shareholders on the register on 3 January 2025 with an ex-dividend date of 2 January 2025.

New Investments

There was only one new investment in the quarter with £5 million committed to Inflexion Enterprise Fund VI, the latest in a series of Inflexion funds focusing on lower mid-market buyouts in the UK and Western Europe.

There were some small follow-on investments in our co-investment portfolio which occurred just after the quarter end. £0.9 million was added to the digital payments merchant acquirer Aurora Payment Solutions and £0.5 million was added to police and local offence processing software provider Polaris Software (formerly StarTraq).

The funds in the portfolio made a few notable new investments this quarter.

HG Saturn 3 called £1.7 million for three investments in Visma (£0.8 million, European and LatAm mission-critical cloud software), Iris (£0.7 million, tax and accounting software) and GGW (£0.1 million, German insurance brokerage and MGA platform).

Med Platform II invested £0.8 million in two companies; Jeisys, a South Korean based producer of energy based medical devices and Irrimax Corporation, a US based wound irrigation and anti-microbial solutions provider. Volpi invested £0.8 million in Yaveon (ERP software and consulting provider) and Xalient (software and cybersecurity services provider) and Summa III called £0.5 million for Axion (bioelectronic array and live-cell imaging instruments). Inflexion called £0.5 million for a carve-out of the healthcare division from AIM-listed GlobalData and £0.7 million for DwF, the global legal and professional services firm.

In total the third quarter was fairly quiet for new investments with drawdowns totalling just £9.3 million. Total new investment so far this year amounts to £45.2 million which is down on last year by more than 50%.

Realisations

There were several good exits in the quarter, a number of which have already been reported.

The largest exit was the sale of the Kester led co-investment in ATEC. The combined proceeds from both the co-investment, the proportion held in the GCP Europe II fund and the proportion held through The Aurora Fund position was £18.5 million. This represented an excellent  return over the seven-year hold. ATEC is an insurance broker and managing general agent covering caravans, small boats and beach huts. It has grown profits by almost fourfold over the holding period.

The Buckthorn-led energy services company Coretrax was fully realised during the quarter with the shares with which its acquirer, Expro, bought the company being sold down successfully realising £10.3 million bringing the total consideration to £13.7 million which at 1.7x cost and 11% IRR is a fair result given the volatile conditions in its sector since the investment was made nearly six years ago.

From the funds portfolio there were some excellent further exits.

Summa II sold Olink to Thermo Fisher raising £3.6 million. Olink has developed a technology for analysing proteins which is used in human protein biomarker research. The investment achieved a highly creditable 10x cost and an IRR of 67%.

Italian fund Nem Imprese made its final exit with the sale of business processing and outsourcing company Kauri yielding £2.1 million.

UK fund RJD Fund III exited veterinary education company Improve International returning £1.4 million which represents 3.3x cost and an IRR of 49%.

Inflexion Enterprise Fund IV sold pet supplements company Lintbells yielding £1.0 million (5.5x and an IRR of 34%).

Astorg VI has made the exits of two companies returning a combined £0.9 million. Acturis, a provider of software for the insurance sector (2.6x, 21% IRR) and Audiotonix the designer and manufacturer of premium professional audio equipment and software (2.6x, 25% IRR). In the case of Acturis, Astorg remains invested in the company through its later funds.

In Finland Vaaka II has achieved a remarkable exit of Cloudpermit, a software company serving building permit and land management functions mainly for municipalities. This has been driven by a shift away from predominantly paper-based process to a digital one, increasing the efficiency of the permitting process. £0.7 million was returned which represents 8.7x cost and 53% IRR.

As can be noted from the above there remains a strong technology theme in the companies achieving strong exits across the portfolio.

Total realisations in the quarter were £42.2 million which brings the year-to-date total to £94.5 million, which compares with £61.8 million for the whole of 2023.

Valuation movements

The overall valuation movement this quarter is slightly negative. Before taking account of currency movements the underlying portfolio is up by 1.2%. The weakness of both the euro (-1.9%) and the dollar (-5.8%) has resulted in a FX movement in the portfolio of -£10.7 million over the quarter, which has more than offset the gains.

The most notable movements in the quarter are as follows. ATEC (+£1.8 million) reflecting its sale at above the latest valuation, Weird Fish (+£1.8 million) due to improved trading, Educa Edtech (+£1.6 million) also trading well and Ambio (+£1.0 million) based on an improved sales multiple. Several of the funds are also up, led by GCP Europe II which holds ATEC (+£0.7 million). Avallon III is up by £0.6 million due to pet food company MPPK trading well. RJD III (+£0.6 million) is up reflecting the sale of Improve International above the holding value as noted above.

On the negative side there were a few actual downgrades of note. Breeze Group (formerly Contained Air Solutions) was down by £1.0 million and Bulgarian bike assembler Leader96 was down by £1.5 million. Breeze is in reasonable shape having just completed some useful new additions, with the UK add-on Amercare trading very well in the year to date. Leader96 faces a challenging market which is destocking; however, an agreement with the banks has been reached,  part of the old factory has been sold and reinforcement of management  is under way. Most of the fund positions were slightly up or slightly down, cancelling out one another.

Financing

The Company had net debt at the end of September of £70.3 million which is well down from £91.3 million at June. This represents gearing of 12.6%. Approximately half of the Company's borrowing facilities are unused with plenty of headroom.

Outlook

The private equity market internationally has been going through a period of adjustment for most of the last two years. Much higher interest rates and external pressures such as inflation and world events have impacted the dealmaking environment in 2023 and the first half of 2024. The latest trend is more clearly upwards and growth in deal volume and value over 2023 is expected for 2024 as a whole. The clear upswing in realisations across our portfolio confirms this trend. As always business and consumer confidence is an important factor. In many markets, including the US and the UK, 2024 has been an election year and with each of these behind us there is clear scope for a better trend to take root.

Private equity is the most interventionist of asset classes where managers can make adjustments as the world around them changes and there is a very strong record of making good returns over the long term irrespective of the background conditions. As we approach the end of 2024, the mood of our investment partners is considerably better than it was earlier in the year and both statistical and anecdotal evidence suggests good grounds for optimism as we finish 2024 and enter 2025. We remain confident that we will continue to build value for Shareholders over the short and longer term.

Hamish Mair

Investment Manager

Columbia Threadneedle Investment Business Limited

Portfolio Summary

Portfolio Distribution at 30 September 2024	% of Total 30 September 2024	% of Total 31 December 2023
Buyout Funds - Pan European*	11.2	10.5
Buyout Funds - UK	18.7	16.2
Buyout Funds - Continental Europe†	16.7	18.2
Secondary Funds	0.1	0.1
Private Equity Funds - USA	4.4	5.0
Private Equity Funds - Global	2.3	1.7
Venture Capital Funds	4.6	3.7
Direct Investments/Co-investments	42.0	44.6
	100.0	100.0
* Europe including the UK. † Europe excluding the UK.

Ten Largest Holdings As at 30 September 2024	Total Valuation £'000	% of Total Portfolio
Inflexion Strategic Partners	16,342	2.9
Sigma	14,972	2.7
August Equity Partners V	11,363	2.0
Weird Fish	11,313	2.0
Aliante Equity 3	11,262	2.0
TWMA	10,847	1.9
San Siro	10,127	1.8
Axiom 1	9,942	1.8
Stirling Square Capital II	9,363	1.7
SEP V	9,110	1.6
114,641		20.4

Portfolio Holdings

	Investment		Geographic Focus		Total Valuation £'000			% of Total Portfolio
	Buyout Funds - Pan European
	Stirling Square Capital II		Europe		9,363			1.7
	Apposite Healthcare III		Europe		9,076			1.6
	Apposite Healthcare II		Europe		8,880			1.6
	F&C European Capital Partners		Europe		8,784			1.6
	MED II		Western Europe		3,286			0.6
	Agilitas 2015 Fund		Northern Europe		2,719			0.5
	Magnesium Capital 1		Europe		2,392			0.4
	Astorg VI		Western Europe		2,231			0.4
	Volpi III		Northern Europe		2,080			0.4
	Verdane XI		Northern Europe		2,041			0.4
	MED Platform II		Global		1,700			0.3
	Wisequity VI		Italy		1,644			0.3
	Summa III		Northern Europe		1,611			0.3
	Agilitas 2020 Fund		Europe		1,261			0.2
	TDR Capital II		Western Europe		1,065			0.2
	ARCHIMED MED III		Global		1,061			0.2
	Verdane Edda III		Northern Europe		943			0.2
	TDR II Annex Fund		Western Europe		921			0.1
	KKA II		Europe		908			0.1
	Inflexion Partnership III		Europe		540			0.1
	Agilitas 2024 HIF		Europe		98			-
	Volpi Capital		Northern Europe		38			-
	Total Buyout Funds - Pan European				62,642			11.2
	Buyout Funds - UK
	Inflexion Strategic Partners		United Kingdom		16,342			2.9
	August Equity Partners V		United Kingdom		11,363			2.0
	Axiom 1		United Kingdom		9,942			1.8
	Inflexion Supplemental V		United Kingdom		8,543			1.5
	Inflexion Buyout Fund V		United Kingdom		6,093			1.1
	Apiary Capital Partners I		United Kingdom		5,116			0.9
	Inflexion Buyout Fund VI		United Kingdom		4,811			0.9
	August Equity Partners IV		United Kingdom		4,551			0.8
	Kester Capital II		United Kingdom		3,854			0.7
	FPE Fund II		United Kingdom		3,846			0.7
	Piper Private Equity VI		United Kingdom		3,803			0.7
	FPE Fund III		United Kingdom		3,725			0.7
	Inflexion Partnership Capital II		United Kingdom		3,610			0.6
	Inflexion Enterprise Fund V		United Kingdom		3,206			0.6
	Corran Environmental II		United Kingdom		2,747			0.5
	Inflexion Buyout Fund IV		United Kingdom		2,481			0.4
	Piper Private Equity VII		United Kingdom		2,446			0.4
	Inflexion Supplemental IV		United Kingdom		1,457			0.3
	Inflexion Enterprise Fund IV		United Kingdom		1,439			0.3
	Inflexion Partnership Capital I		United Kingdom		1,078			0.2
	Primary Capital IV		United Kingdom		1,067			0.2
	Horizon Capital 2013		United Kingdom		1,067			0.2
	Kester Capital III		United Kingdom		906			0.2
	RJD Private Equity Fund III		United Kingdom		404			0.1
	Piper Private Equity V		United Kingdom		227			-
	GCP Europe II		United Kingdom		127			-
	August Equity Partners VI		United Kingdom		46			-
	Dunedin Buyout Fund II		United Kingdom		17			-
	Total Buyout Funds - UK				104,314			18.7
	Investment		Geographic Focus		Total Valuation £'000			% of Total Portfolio
	Buyout Funds - Continental Europe
	Aliante Equity 3		Italy		11,262			2.0
	Bencis V		Benelux		6,693			1.2
	Avallon MBO Fund III		Poland		6,246			1.1
	DBAG VIII		DACH		5,814			1.0
	DBAG VII		DACH		5,603			1.0
	Vaaka III		Finland		5,234			0.9
	Chequers Capital XVII		France		4,932			0.9
	Capvis III CV		DACH		4,931			0.9
	Verdane Edda		Nordic		4,163			0.8
	Montefiore V		France		4,118			0.7
	Procuritas VI		Nordic		3,799			0.7
	ARX CEE IV		Eastern Europe		3,030			0.5
	Corpfin V		Spain		3,015			0.5
	Procuritas VII		Nordic		2,720			0.5
	Procuritas Capital IV		Nordic		2,472			0.4
	Italian Portfolio		Italy		2,399			0.4
	Capvis IV		DACH		2,092			0.4
	Vaaka IV		Finland		2,073			0.4
	Montefiore IV		France		1,840			0.3
	Aurica IV		Spain		1,514			0.3
	Summa I		Nordic		1,367			0.3
	Summa II		Nordic		1,329			0.2
	Portobello Fund III		Spain		1,204			0.2
	Corpfin Capital Fund IV		Spain		1,065			0.2
	DBAG VIIB		DACH		1,038			0.2
	DBAG VIIIB		DACH		885			0.2
	Chequers Capital XVI		France		675			0.1
	DBAG Fund VI		DACH		583			0.1
	PineBridge New Europe II		Eastern Europe		308			0.1
	Ciclad 5		France		297			0.1
	Procuritas Capital V		Nordic		261			0.1
	Vaaka II		Finland		121			-
	Montefiore Expansion		France		106			-
	Gilde Buyout Fund III		Benelux		89			-
	N+1 Private Equity Fund II		Iberia		87			-
	Capvis III		DACH		50			-
	DBAG Fund V		DACH		5			-
	Herkules Private Equity III		Nordic		4			-
	Total Buyout Funds - Continental Europe				93,424			16.7
		Secondary Funds
		The Aurora Fund		Europe		330	0.1
		Total Secondary Funds				330	0.1
Investment				Geographic Focus		Total Valuation £'000	% of Total Portfolio

Total Private Equity Funds - USA

Blue Point Capital IV	North America	7,329	1.3
Camden Partners IV	United States	3,006	0.5
Level 5 Fund II	United States	2,734	0.5
Purpose Brands (Level 5)	United States	2,642	0.5
Graycliff IV	North America	2,594	0.5
Blue Point Capital III	North America	1,946	0.3
Stellex Capital Partners	North America	1,701	0.3
MidOcean VI	United States	1,563	0.3
Graycliff III	United States	980	0.2
Blue Point Capital II	North America	150	-
Total Private Equity Funds - USA		24,645	4.4
Private Equity Funds - Global
Corsair VI	Global	6,528	1.2
Hg Saturn 3	Global	4,363	0.8
PineBridge GEM II	Global	610	0.1
Hg Mercury 4	Global	508	0.1
F&C Climate Opportunity Partners	Global	459	0.1
AIF Capital Asia III	Asia	108	-
PineBridge Latin America II	South America	55	-
Warburg Pincus IX	Global	9	-
Total Private Equity Funds - Global		12,640	2.3
Venture Capital Funds
SEP V	United Kingdom	9,110	1.6
MVM V	Global	3,790	0.7
SEP VI	Europe	3,161	0.6
Kurma Biofund II	Europe	2,786	0.5
MVM VI	Global	2,653	0.5
Northern Gritstone	United Kingdom	2,000	0.4
SEP IV	United Kingdom	1,113	0.2
Pentech Fund II	United Kingdom	385	0.1
SEP II	United Kingdom	260	-
Life Sciences Partners III	Western Europe	248	-
SEP III	United Kingdom	60	-
Environmental Technologies Fund	Europe	56	-
Total Venture Capital Funds		25,622	4.6
Investment	Geographic Focus	Total Valuation £'000	% of Total Portfolio
Direct Investments/Co-investments
Sigma	United States	14,972	2.7
Weird Fish	United Kingdom	11,313	2.0
TWMA	United Kingdom	10,847	1.9
San Siro	Italy	10,127	1.8
Aurora Payment Solutions	United States	9,005	1.6
Utimaco	DACH	8,852	1.6
Cyclomedia	Netherlands	8,751	1.6
Cyberhawk	United Kingdom	8,530	1.5
Breeze Group (CAS)	United Kingdom	8,270	1.5
Amethyst Radiotherapy	Europe	8,118	1.5
Asbury Carbons	North America	6,831	1.2
Velos IoT (JT IoT)	United Kingdom	6,741	1.2
Habitus	Denmark	6,739	1.2
Prollenium	North America	6,227	1.1
CARDO Group	United Kingdom	6,204	1.1
Swanton	United Kingdom	6,199	1.1
Family First	United Kingdom	5,968	1.1
Orbis	United Kingdom	5,799	1.0
Cybit (Perfect Image)	United Kingdom	5,176	0.9
Rosa Mexicano	United States	5,103	0.9
Polaris Software (StarTraq)	United Kingdom	4,840	0.9
AccuVein	United States	4,634	0.8
Educa Edtech	Spain	4,583	0.8
123Dentist	Canada	4,533	0.8
Braincube	France	4,477	0.8
MedSpa Partners	Canada	4,201	0.8
Dotmatics	United Kingdom	4,043	0.7
1Med	Switzerland	3,933	0.7
LeadVenture	United States	3,913	0.7
Walkers Transport	United Kingdom	3,729	0.7
Vero Biotech	United States	2,956	0.5
PathFactory	Canada	2,934	0.5
Omlet	United Kingdom	2,832	0.5
Collingwood Insurance Group	United Kingdom	2,671	0.5
AccountsIQ	Ireland	2,530	0.5
Agilico (DMC Canotec)	United Kingdom	2,516	0.5
GT Medical	United States	2,236	0.4
Neurolens	United States	2,215	0.4
Ambio Holdings	United States	2,041	0.4
Alessa (Tier1 CRM)	Canada	1,947	0.4
OneTouch	United Kingdom	1,861	0.3
Bomaki	Italy	1,466	0.3
Rephine	United Kingdom	1,360	0.2
Avalon	United Kingdom	1,234	0.2
Leader96	Bulgaria	704	0.1
Jollyes	United Kingdom	397	0.1
TDR Algeco/Scotsman	Europe	226	-
Coretrax	United Kingdom	94	-
Total Direct Investments/Co-investments		234,878	42.0
Total Portfolio		558,495	100.0

CT PRIVATE EQUITY TRUST PLC

Statement of Comprehensive Income for the

nine months ended 30 September 2024 (unaudited)

	Revenue £'000	Capital £'000	Total £'000
Income
Gains on investments held at fair value	-	83	83
Exchange gains	-	4,443	4,443
Investment income	2,110	-	2,110
Other income	794	-	794
Total income	2,904	4,526	7,430
Expenditure
Investment management fee - basic fee	(365)	(3,284)	(3,649)
Investment management fee - performance fee	-	-	-
Other expenses	(916)	-	(916)
Total expenditure	(1,281)	(3,284)	(4,565)
Profit before finance costs and taxation	1,623	1,242	2,865
Finance costs	(679)	(6,115)	(6,794)
Profit/(loss) before taxation	944	(4,873)	(3,929)
Taxation	-	-	-
Profit/(loss) for period/total comprehensive income	944	(4,873)	(3,929)
Return per Ordinary Share	1.31p	(6.77)p	(5.46)p

CT PRIVATE EQUITY TRUST PLC

Statement of Comprehensive Income for the

nine months ended 30 September 2023 (unaudited)

	Revenue £'000	Capital £'000	Total £'000
Income
Gains on investments held at fair value	-	14,181	14,181
Exchange gains	-	759	759
Investment income	1,618	-	1,618
Other income	552	-	552
Total income	2,170	14,940	17,110
Expenditure
Investment management fee - basic fee	(354)	(3,187)	(3,541)
Investment management fee - performance fee	-	(5,017)	(5,017)
Other expenses	(816)	-	(816)
Total expenditure	(1,170)	(8,204)	(9,374)
Profit before finance costs and taxation	1,000	6,736	7,736
Finance costs	(336)	(3,026)	(3,362)
Profit before taxation	664	3,710	4,374
Taxation	-	-	-
Profit for period/total comprehensive income	664	3,710	4,374
Return per Ordinary Share	0.91p	5.09p	6.00p

CT PRIVATE EQUITY TRUST PLC

Statement of Comprehensive Income for the

year ended 31 December 2023 (audited)

	Revenue £'000	Capital £'000	Total £'000
Income
Gains on investments held at fair value	-	25,226	25,226
Exchange gains	-	863	863
Investment income	2,703	-	2,703
Other income	689	-	689
Total income	3,392	26,089	29,481
Expenditure
Investment management fee - basic fee	(474)	(4,263)	(4,737)
Investment management fee - performance fee	-	(4,767)	(4,767)
Other expenses	(1,064)	-	(1,064)
Total expenditure	(1,538)	(9,030)	(10,568)
Profit before finance costs and taxation	1,854	17,059	18,913
Finance costs	(513)	(4,616)	(5,129)
Profit before taxation	1,341	12,443	13,784
Taxation	-	-	-
Profit for year/total comprehensive income	1,341	12,443	13,784
Return per Ordinary Share	1.84p	17.08p	18.92p

CT PRIVATE EQUITY TRUST PLC

Balance Sheet

	As at 30 September 2024	As at 30 September 2023	As at 31 December 2023
	(unaudited)	(unaudited)	(audited)
	£'000	£'000	£'000
Non-current assets
Investments at fair value through profit or loss	558,495	589,185	605,603
Current assets
Other receivables	3,196	1,551	841
Cash and cash equivalents	22,678	3,995	9,879
	25,874	5,546	10,720
Current liabilities
Other payables	(5,144)	(9,036)	(8,121)
Interest-bearing bank loan	(44,222)	(78,477)	(97,109)
	(49,366)	(87,513)	(105,230)
Net current liabilities	(23,492)	(81,967)	(94,510)
Interest-bearing bank loan	(48,760)	-	-
Net assets	486,243	507,218	511,093
Equity
Called-up ordinary share capital	739	739	739
Share premium account	2,527	2,527	2,527
Special distributable capital reserve	3,818	10,026	9,597
Special distributable revenue reserve	31,403	31,403	31,403
Capital redemption reserve	1,335	1,335	1,335
Capital reserve	446,421	461,188	465,492
Shareholders' funds	486,243	507,218	511,093
Net asset value per Ordinary Share	680.03p	696.30p	702.50p

CT PRIVATE EQUITY TRUST PLC

Reconciliation of Movements in Shareholders' Funds

 

	Nine months ended 30 September 2024	Nine months ended 30 September 2023	Year ended 31 December 2023
	(unaudited)	(unaudited)	(audited)
	£'000	£'000	£'000
Opening shareholders' funds	511,093	517,675	517,675
Buyback of ordinary shares	(5,779)	-	(429)
(Loss)/profit for the period/total comprehensive income	(3,929)	4,374	13,784
Dividends paid	(15,142)	(14,831)	(19,937)
Closing shareholders' funds	486,243	507,218	511,093

 

 

Notes (unaudited)

1.     The unaudited quarterly results have been prepared on the basis of the accounting policies set out in the statutory accounts of the Company for the year ended 31 December 2023.  Earnings for the nine months to 30 September 2024 should not be taken as a guide to the results for the year to 31 December 2024.

2.     Investment management fee:

	Nine months ended 30 September 2024                               (unaudited)			Nine months ended 30 September 2023                              (unaudited)			Year ended 31 December 2023                                  (audited)
	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000
Investment management       fee - basic fee	365	3,284	3,649	354	3,187	3,541	474	4,263	4,737
Investment management       fee - performance fee	-	-	-	-	5,017	5,017	-	4,767	4,767
	365	3,284	3,649	354	8,204	8,558	474	9,030	9,504

3.     Finance costs:

	Nine months ended 30 September 2024                              (unaudited)			Nine months ended  30 September 2023                              (unaudited)			Year ended 31 December 2023 (audited)
	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000
Interest payable on bank loans	679	6,115	6,794	336	3,026	3,362	513	4,616	5,129

4.     Returns and net asset values

	Nine months ended 30 September 2024                         (unaudited)	Nine months ended  30 September 2023                   (unaudited)	Year ended 31 December 2023                       (audited)
The returns and net asset values per share are based on the following figures:
Revenue Return	£944,000	£664,000	£1,341,000
Capital Return	£(4,873,000)	£3,710,000	£12,443,000
Net assets attributable to shareholders	£486,243,000	£507,218,000	£511,093,000
Number of shares in issue at end of period (excluding shares held in treasury)	71,502,938	72,844,938	72,752,938
Weighted average number of shares in issue during the period (excluding shares held in treasury)	71,960,967	72,844,938	72,838,637

5.     The financial information for the nine months ended 30 September 2024, which has not been audited or reviewed by the Company's auditor, comprises non-statutory accounts within the meaning of Section 434 of the Companies Act 2006.  Statutory accounts for the year ended 31 December 2023, on which the auditor issued an unqualified report, have been lodged with the Registrar of Companies.  The quarterly report is available on the Company's website www.ctprivateequitytrust.com

Legal Entity Identifier: 2138009FW98WZFCGRN66

For more information, please contact:

Hamish Mair (Investment Manager)	0131 573 8314
Scott McEllen (Company Secretary)	0131 573 8372
[e-mail]  / [e-mail]

 

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