Standard Life Private Eqty Trst PLC Edison review on Standard Life Private Equity Trst

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Standard Life Private Eqty Trst PLC

05 November 2020

London, UK, 5 November 2020

Edison issues review on Standard Life Private Equity Trust (SLPE)

Standard Life Private Equity Trust (SLPET) recently reported a rebound in its NAV upon receiving the underlying valuations from its general partners (GPs) as at end-June, which brought its 12-month NAV total return to end-September 2020 to a positive 4.0%. Following the upsizing of its credit facility to GBP200m and the GBP61.9m in distributions received (vs GBP78.6m of capital calls in the period), SLPET's commitments coverage ratio was a solid 49% at end September 2020. This is not adjusted for the GBP15.3m expected deferred consideration and GBP67.1m of commitments it considers unlikely to be called.

Following the recent NAV update (with the portfolio now valued as at end-June 2020), SLPET's discount stands at c 34% and is much wider than its 10-year average of c 23% and the current peer group average (c 27%). The company has so far paid three interim dividends of 3.3p each, translating into an annualised yield of 4.2%.

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November 05, 2020 03:31 ET (08:31 GMT)