Estimated NAV at 31 December 2021

RNS Number : 7628Z

Standard Life Private Eqty Trst PLC

27 January 2022

 

Standard Life Private Equity Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

27 January 2022

Standard Life Private Equity Trust plc ("SLPET" or "the Company") announces its estimated net asset value ("NAV") at 31 December 2021

· Estimated NAV at 31 December 2021 was 655.5 pence per share (actual NAV at 30 September 2021 was 673.8 pence per share)

· SLPET paid £39.8 million of drawdowns and received £16.5 million of distributions during the month of December

· One new primary commitment and one secondary sale completed during the month of December

· Utilisation of the syndicated revolving credit facility for the first time

· Outstanding commitments of £518.0 million at 31 December 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 31 December 2021, excluding new investments, 96.8% 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 December 2021.

Estimated NAV

At 31 December 2021, SLPET's estimated NAV was 655.5 pence per share (estimated net assets £1,007.8 million), representing a 2.7% per share decrease from the actual NAV at 30 September 2021 of 673.8 pence per share (actual net assets £1,036.0 million). The 18.3 pence decrease in NAV per share reflected losses arising primarily from a 2.4% depreciation in the euro versus sterling over October to December, in addition to the third interim dividend payment of 3.4 pence per share, which was paid on 29 October 2021. The cash cost of the third interim dividend was £5.2 million.  

Drawdowns and distributions

SLPET paid £39.8 million of drawdowns and received £16.5 million of distributions during the month of December. The distributions received generated realised gains and income of £6.0 million. Including secondary sales, total net outflows from investment activity during December amounted to £23.1 million.

Investment activity

A new primary commitment of $20.0 million was made to WindRose Health Investors VI in December. WindRose Health Investors are a private equity firm based in the United States, who have a focus on the healthcare sector.

The Company has also sold its interest in IK Small Cap III for a consideration of €0.2 million. This fund interest had outstanding commitments of €24.8 million prior to the date of sale. The intention is to re-commit the capital released from this sale to another investment opportunity with IK.

Commitments

The Company had £518.0 million of outstanding commitments at 31 December 2021. The Manager believes that around £45.8 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 £17.6 million at 31 December 2021 .

The Company has for the first time utilised its syndicated revolving credit facility during the month of December, drawing €20.0 million. The remaining undrawn balance of the facility at 31 December 2021 was therefore £183.2 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 31 January 2022 on or around 14 February 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 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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