29th May 2007 12:12
F&C Private Equity Trust PLC29 May 2007 F&C Private Equity Trust plc • NAV total return for the period of 2.7 per cent for the A shares • NAV total return for the period of 4.3 per cent for the B shares • Strong performance of co-investments Net Asset Values and Portfolio Update F&C Private Equity Trust plc, the international private equity fund of fundsannounces NAVs as at 31 March 2007. The net assets of the Company at 31 Marchwere £150.3m. The NAV per A share was 25.11p, representing a total return overthe 3 months to 31 March of 2.7%. The A pool had net assets at 31March of £16.8mincluding £1.2m of net cash. The fully diluted NAV per B share at 31 March was183.65p, a total return over the quarter of 4.3%. The B pool had net assets at31 March of £133.5m including £16.8m of net cash. New Commitments Several new commitments were made during the quarter. These include €7m toAccession Mezzanine II, €7m to Mezzanine Management IV, €7m to AIG New EuropeFund II and a £4m commitment to Close Brothers Growth Capital II B. Since thequarter end the Company has completed the secondary purchase of a holding inScottish-based venture capital fund, Pentech, for £1.58m. There are a number ofnew fund and co-investment possibilities under consideration. Drawdowns Drawdowns over the quarter amounted to £12.6m. These were from a wide range offunds into remarkably diverse companies and sectors. The larger individualdrawdowns included £0.68m by Hutton Collins into Spanish IT consultancy Everis;£0.67m into Delsey, the French headquartered branded travel luggage company, byArgan Capital; £0.56m (combined) by both Chequers funds into Vivarte, theclothes and shoe retailing group; £0.42m by DBAG V into MCE, an Austrianindustrial services provider; £0.39m by Ibersuizas into Maxam,a civil explosivesand sports cartridges company; and, £0.3m into Bottlegreen, a manufacturer ofelderflower cordials and other adult soft drinks. Realisations Realisations amounted to £13.0m. The largest inflow was from Gondola (£6.8m).Other significant amounts came in from LGV4's sale of Tragus (£1.2m), Nmas1'ssale of GAM (£0.7m) and Bodybell (£0.4m), Candover 2001's sale of Vetco Gray(£0.58m) and £0.43m from the redemption of the convertible bond held by Alto inAntichi Pellettieri. Valuation Changes The valuation changes were mainly positive. Amongst the fund positions strongcontributions have been registered from Nmas1 (+£0.52m) and Warburg Pincus VIII(+£0.62m) as these portfolios mature. International Mezzanine Investment NV, ourlongstanding European Mezzanine fund, was uplifted by £0.28m despite asignificant provision for carried interest. The main uplifts were to be found inour portfolio of co-investments. An uplift of £2.5m was recorded for VikingMoorings. This Inflexion-led investment is trading very strongly. The RJD-ledAcademy Music investment has now been fully realised, with a further £1.1m ofvalue accruing this quarter. Another RJD-led holding, Equidebt, is also makinggood progress and an uplift in value of £0.6m is included in this valuation.Over the quarter there was a positive benefit from exchange rate movements of£0.3m. Outlook There continues to be considerable activity within our fund portfolio . Severalrealisations have been achieved or are in the pipeline and all of this isconsistent with a confident private equity market internationally. Many of thefunds in our portfolio are mainly focused on the European mid market wherepersistent inefficiencies allow suitably qualified investors to acquirebusinesses at prices that still offer the prospect of excellent medium termreturns. As can be seen from the very varied portfolio that we have assembled, F&C Private Equity Trust should not be vulnerable to a downturn in any onesector. However, the Company is not immune to a general slowdown and we remainvigilant for any signs of this in the funds and companies. The annual meetingseason is underway and this will give us a more immediate feel for confidencelevels. The co-investments have been performing strongly and we would expectthat developments there, coupled with good progress in our fund portfolio, willmaintain the momentum in our NAV into the second half of the year. Enquiries: Hamish Mair (F&C Asset Management plc) 0131 718 1184 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
BPET.L