Standard Life Private Equity Trust PLC

("SLPET" or "The Company")

SLPET is a 'fund of funds' product in the form of an investment trust. Through this structure, we add value with our specialist expertise and relationships with Europe's leading private equity managers. We continuously screen managers across Europe to find those that we believe have robust strategies and the depth of experience required to produce consistently strong performance.

An investment in SLPET can be made under a regular savings scheme and the Company is also available under an ISA wrapper.

 
 

General company information

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52 Week high325.50p
52 Week low215.00p

Total trust size: 153,746,294 ordinary shares

Investment management charge: 0.95% pa

Directors: All of the Directors are independent of Standard Life and are non-executive, with management of the company delegated to the Investment Manager.

Investment objective: The investment objective is to achieve long-term total returns through holding a diversified portfolio of private equity funds, a majority of which will have a European focus.

Investment policy: The principal focus of the Company is to invest in leading private equity funds and to manage exposure through the primary and secondary funds markets. The Company’s policy is to maintain a broadly diversified portfolio by country, industry sector, maturity and number of underlying investments. In terms of geographic exposure, a majority of the Company’s portfolio will have a European focus. The objective is for the portfolio to comprise around 35 to 40 ‘‘active’’ private equity fund investments; this excludes funds that have recently been raised, but have not yet started investing, and funds that are close to or being wound up.

The Company invests only in private equity funds, but occasionally may hold direct private equity investments or quoted securities as a result of distributions in specie from its portfolio of fund investments. The Company’s policy is normally to dispose of such assets where they are held on an unrestricted basis.

To maximise the proportion of invested assets it is the Company’s policy to follow an over-commitment strategy by making fund commitments which exceed its uninvested capital. In making such commitments, the Manager, together with the Board, will take into account the uninvested capital, the quantum and timing of expected and projected cashflows to and from the portfolio of fund investments and, from time to time, may use borrowings to meet draw downs.

The Company’s non-sterling currency exposure is principally to the euro and US dollar. The Company does not seek to hedge this exposure into sterling, although any borrowings in euros and other currencies in which the Company is invested would have such a hedging effect.

Cash held pending investment in private equity funds is invested in short dated government bonds, money market instruments, bank deposits or other similar investments. Cash held pending investment in private equity funds may also be invested in funds whose principal investment focus is listed equities or in listed direct private equity investment companies or trusts. These investments may be in sterling or such other currencies to which the Company has exposure.

The Company will not invest more than 15% of its total assets in other listed investment companies or trusts.

Investment outlook: The management team are confident that the medium term outlook for the European Economy and the prospects for growth in the private equity market will provide attractive opportunities for making and realising new and existing investments.

Investment manager: SL Capital Partners LLP. For more information on the management team, click here.