30th May 2014 08:59
LONDON (Alliance News) - Standard Life European Private Equity Trust PLC Friday said its net asset value per share rose in the first six months of its financial year, driven by strong distributions amidst a better macro-economic picture in Europe.
In a statement, the trust said its NAV per share increased by 3.6% to 252.2 pence during the six months ended March 31. The increase included 13.9p of net realised gains and income from its portfolio of 42 private equity fund interests, 2.3p of unrealised gains on a constant exchange rate basis and 2.8p of negative exchange rate movements on the portfolio.
Chairman Ed Warner said the trust enjoyed a strong inflow of distributions in the period, driven by the improving European macro-economic environment, while better public markets saw increased exit activity across the private equity portfolio.
According to Warner, the portfolio is well positioned for a further increase in value of the remainder of the year, a sentiment held by both the board and investment manager SL Capital Partners LLP, a subsidiary of Standard Life Investments Ltd.
"An improving macro-economic environment and broadly favourable listed equity markets, coupled to signs of increasing mergers and acquisitions activity in Europe, should result in a continuing flow of realisations from the company's portfolio. This is particularly true for those investments made in 2006-2007, which are mature," Warner said.
"Increasing mergers and acquisitions activity should also result in a rise in deal flow for new investments," Warner added.
Standard Life European Private Equity Trust shares were Friday quoted at 221.00 pence, up 0.1%.
By Samuel Agini; [email protected]; @samuelagini
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