27th Aug 2021 08:36
(Alliance News) - BMO Private Equity Trust PLC on Friday posted a net asset value hike in the first half of 2021.
The private equity investor's net asset value per share at June 30 amounted to 552.46 pence, up 14% from 486.17p on December 31. Its NAV total return was "an impressive" 15%.
Shares in the company were 3.0% higher at 457.50p each in London on Friday morning.
"This has been an exceptionally strong period with the company benefitting from uplifts in valuation driven by improved trading as the recovery from the worst phase of the pandemic takes root. There have also been some improvements in valuation multiples reflecting generally buoyant markets and there have been some significant realisations at above the most recent carrying values," BMO Private explained.
"The private equity market has recovered strongly from the worst effects of the pandemic and there has been a very active market since the final quarter of last year. The appetite of the private equity investors for resilient, often tech enabled businesses, has clearly been sharpened. There is also interest in more prosaic but nonetheless robust businesses which have traded well despite the challenges. Fortunately, our portfolio is represented in both categories as shown by the recent strong realisations."
Its total half-year payout was 9.12 pence per share, up 14% from 7.98p per share a year earlier.
By Eric Cunha; [email protected]
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