APEO’s investment objective is to achieve long-term total returns through holding a diversified portfolio of private equity funds and direct investments into private companies alongside private equity managers (‘co-investments’), a majority of which will have a European focus.
Standard Life Private Equity Trust (SLPET) delivered a strong NAV total return (TR) of 37.9% in FY21 to end-September 2021, ahead of the FTSE All-Share index at 27.9%. It benefitted from particularly high deal activity in private markets, benign public equity markets and strong interest in quality private assets in 2021. SLPET continued to pursue its broadened investment mandate, with co-investments making up 11% of NAV at end-FY21 (c 16% accounting for deals post reporting date) and its exposure to secondary investments standing at 12% of NAV at end-FY21. With an overcommitment ratio of 34.5% (at the lower end of its targeted 30–75% range), it is likely to sustain a high level of investment activity into FY22.