TIDMSLPE
RNS Number : 2479N
Standard Life Private Eqty Trst PLC
29 September 2021
Standard Life Private Equity Trust plc
Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13
1. Investment update for the quarter ended 30 June 2021
-- The net asset value ("NAV") per ordinary share of Standard
Life Private Equity Trust plc ("the Company") increased by 10.9% to
630.6 pence for the quarter ended 30 June 2021
-- Realised gains and income from portfolio distributions during
the quarter ended 30 June 2021 totalled GBP31.3 million (3.6% of
NAV). The unrealised gain on a constant exchange rate basis from
ongoing operations was GBP66.7 million (7.6% of NAV). In addition,
there were unrealised foreign exchange gains of GBP5.5 million
(0.6% of NAV)
-- The first interim dividend for the financial year ending 30
September 2021 of 3.4 pence per share was paid on 23 April 2021
-- 100.0% by value of the portfolio was valued by the respective
underlying managers at 30 June 2021
-- NAV total return was 11.7% for the three months from 1 April 2021 to 30 June 2021
-- Outstanding commitments were GBP517.1 million at 30 June 2021
-- Cash and cash equivalents were GBP70.1 million at 30 June 2021
For the quarter ended 30 June 2021, the Company's NAV increased
by 10.9% to 630.6 pence per share from 568.4 pence per share at 31
March 2021. At 30 June 2021, the Company's net assets were GBP969.5
million (31 March 2021 - GBP873.9 million). NAV total return was
11.7% for the three months from 1 April 2021 to 30 June 2021. On 23
April 2021, the Company paid the first interim dividend for the
year ending 30 September 2021 of 3.4 pence per ordinary share. The
cost of the dividend was GBP5.2 million.
The closing value of the Company's portfolio, which included 76
private equity interests, was GBP899.2 million at 30 June 2021 (31
March 2021 - GBP804.9 million and 72 private equity interests).
100.0% by value of the portfolio valuations were dated 30 June
2021.
The total unrealised gain on the portfolio for the quarter ended
30 June 2021 was GBP72.2 million (8.2%), comprising GBP66.7 million
(7.6%) of unrealised gain on a constant exchange rate basis and
GBP5.5 million (0.6%) of unrealised foreign exchange gains. The
capital movement of the FTSE All-Share Index (in sterling) was an
increase of 5.5% during the quarter. The unrealised foreign
exchange gains were driven by an appreciation of the Euro by 0.8%,
partially offset by the US Dollar depreciating by 0.1% relative to
sterling over the quarter.
During the quarter ended 30 June 2021, the portfolio generated
GBP45.4 million of distributions (quarter ended 31 March 2021 -
GBP47.5 million). The Company funded GBP30.2 million of drawdowns
(quarter ended 31 March 2021 - GBP18.5 million) and paid GBP7.2
million for secondary purchases (quarter ended 31 March 2021 -
GBPnil) into the portfolio. The portfolio distributions received
during the quarter generated GBP31.3 million (3.6%) of net realised
gains and income. This was equivalent to a return of 3.2 times the
acquisition cost of the realised investments. Separately to the
above, the Company received in July GBP1.1 million of proceeds
following the disposal of investment interests through secondary
sale during the quarter.
In April 2021, the Company acquired through secondary purchase,
original commitments of EUR3.0 million and EUR8.0 million to
Capiton IV and Capiton V respectively. The Company assumed
outstanding commitments of EUR0.2 million and EUR1.2 million on
acquisition.
In June 2021, new primary commitments were made to Permira
Growth Opportunities II ($35.0 million), Excellere Capital Fund IV
($35.0 million) and Nordic Capital Evolution Fund (EUR30.0 million)
in June. The Company also made a EUR4.9 million co-investment into
KD Pharma, a specialised manufacturer of highly purified Omega-3
fatty acids used as ingredients in the pharmaceuticals and
nutraceuticals industries. The co-investment was made alongside
sponsor capiton AG.
In that same month, the Company sold interests in Equistone
Partners Europe Fund III and Terra Firma Capital Partners III for a
combined consideration of EUR1.3 million. The sales price is
equivalent to a 7.0% discount of the 30 September 2020 reference
date valuation, adjusted for subsequent cash flows. These fund
interests had outstanding commitments of EUR1.6 million and EUR0.1
million respectively prior to the date of sale.
The Company had GBP517.1 million of outstanding commitments at
30 June 2021. The Manager believes that around GBP49.1 million of
the Company's existing outstanding commitments at that date were
unlikely to be drawn.
The Company had cash and cash equivalents of GBP70.1 million at
30 June 2021 (31 March 2021 - GBP62.5 million). 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.
2. Activity since 30 June 2021
On 30 July 2021, the Company paid the second interim dividend
for the year ending 30 September 2021 of 3.4 pence per ordinary
share. The cost of the dividend was GBP5.2 million. In addition,
the Company declared the third interim dividend for the year ending
30 September 2021 of 3.4 pence per ordinary share, to be paid on 29
October 2021, to shareholders on the Company's share register as at
24 September 2021.
During the period from 1 July 2021 to 15 September 2021 the
Company received GBP44.1 million of distributions and funded
GBP38.0 million of drawdowns and co-investment funding.
New primary commitments were made to Advent Global Technology II
($31.5 million) and ArchiMed MED III (EUR15.0 million) during the
month of July. The Company also at that time made commitments to
three co-investments, being Wundex (EUR10.0 million), Questel
(EUR10.0 million) and a currently undisclosed consumer health
business (EUR10.0 million). Wundex is a leading German wound care
management business which was made alongside sponsor capiton AG.
Questel is a leading global player in the IP software and services
market which was made alongside sponsor IK Investment Partners.
Finally, the consumer health business was made alongside sponsor
ArchiMed SaS.
In August, the Company made a EUR10.5 million commitment to
Eurazeo Payment Luxembourg Fund SCSp, a single asset vehicle that
will invest into Planet, a global integrated payments provider. A
$10.0 million co-investment has also made into Insightsoftware, a
leading "office of the CFO" software provider. The co-investment
was made alongside sponsor Hg.
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. A EUR7.9
million co-investment has also made into Riskalyze, a US sector
leader in risk tolerance software for financial advisors. The
co-investment was made alongside sponsor Hg.
The Company had cash and cash equivalents of GBP65.8 million at
15 September 2021. In addition, the Company had an undrawn GBP200.0
million syndicated revolving credit facility, provided by Citi,
Societe Generale and State Street Bank International, that expires
in December 2024. The Company also had total outstanding
commitments of GBP603.2 million. The Manager believes that around
GBP50.2 million of the Company's outstanding commitments are
unlikely to be drawn.
3. 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.
4. Future Announcements
The Company's estimated NAV at 31 August 2021 is also being
announced today. The Company's estimated NAV at 30 September 2021
is due to be announced on or around 14 October 2021.
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.
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END
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