Standard Life Private Eqty Trst PLC Estimated NAV at 30 June 2021 (0674F)

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RNS Number : 0674F

Standard Life Private Eqty Trst PLC

14 July 2021

Standard Life Private Equity Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

14 July 2021

S tandard Life Private Equity Trust plc ("SLPET" or "the Company") announces its estimated net asset value ("NAV") at 30 June 2021

-- Estimated NAV at 30 June 2021 was 566.6 pence per share (estimated NAV at 31 May 2021 was 567.0 pence per share)

-- SLPET received GBP16.8 million of distributions and paid GBP11.4 million of drawdowns during the month of June

   --      Outstanding commitments of GBP516.5 million at 30 June 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 June 2021, excluding new investments, 99.6% by value of the portfolio valuations were dated 31 March 2021.

Estimated NAV

At 30 June 2021, SLPET's estimated NAV was 566.6 pence per share (estimated net assets GBP871.2 million), representing a 0.1% per share decrease from the estimated NAV at 31 May 2021 of 567.0 pence per share (estimated net assets GBP871.8 million). The 0.4 pence decrease in NAV per share reflected losses arising primarily from a 0.2% depreciation in the euro versus sterling during June.

Drawdowns and distributions

SLPET received GBP16.8 million of distributions and paid GBP11.4 million of drawdowns during the month of June. The distributions received generated realised gains and income of GBP11.5 million.

Secondary activity

In June, 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.

Commitments

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.

The Company had GBP516.5 million of outstanding commitments at 30 June 2021. The Manager believes that around GBP52.2 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 GBP70.2 million at 30 June 2021 . In addition, the Company has an undrawn GBP200 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 July 2021 on 13 August 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 (previously known as Standard Life Aberdeen 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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July 14, 2021 02:00 ET (06:00 GMT)