SLPET’s objective is to achieve long-term total returns through investing in a diversified portfolio of leading private equity buyout funds and direct co-investments, a majority of which have a European focus, with exposure principally managed through the primary and secondary funds markets. No size or geographic restrictions apply to fund selection. There is currently no available benchmark that the board deems an appropriate measure of SLPET’s investment performance.
Standard Life Private Equity Trust (SLPET) reported a NAV total return of 14.9% in H121, on the back of a 22.9% increase in the underlying portfolio value at constant currency, partially offset by negative FX effects (in particular sterling appreciation vs euro). SLPET’s high realisation activity (including several successful IPOs and private transactions) continued in the period with £92.7m proceeds. These exits generated an average uplift to carrying value two quarters prior (to exit dates) at 63.1% and average multiple on invested capital (MOIC) at 2.6x.