Standard Life Private Eqty Trst PLC Estimated NAV at 30 September 2021 (0002P)
14 Octubre 2021 - 1:00AM
UK Regulatory
TIDMSLPE
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 GBP31.2 million of drawdowns and received GBP22.4
million of distributions during the month of September
-- One new secondary investment and one new co-investment completed
-- Outstanding commitments of GBP559.5 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 GBP964.2 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 GBP962.4 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 GBP31.2 million of drawdowns and received GBP22.4
million of distributions during the month of September. The
distributions received generated realised gains and income of
GBP13.3 million. Including secondary purchases, total net outflows
from investment activity during September amounted to GBP36.9
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 EUR7.9 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 GBP559.5 million of outstanding commitments at
30 September 2021. The Manager believes that around GBP42.6 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 GBP29.9 million at
30 September 2021 . In addition, the Company has an undrawn
GBP200.0 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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