Standard Life Private Equity Trust reported in its interim results for the six months ended 31 March 2019 that NAV per ordinary share fell 0.8% over the six months to 426.7p. Net assets were £656.1m, while discount to NAV was 17.3% at 31 March 2019. The total outstanding commitments were £419.6m and the portfolio of 59 private equity fund and co-investment interests were valued at £571.2m.
The company invested £36.4m into new and existing private companies. It also received £49.5m of distributions from the company’s fund and co-investment interests through the exit of private companies and other partial realisations (2.5x cost on realised investments). The company also joined the Aberdeen Standard Investment Trust Share Plan on 1 January 2019 and believes it will provide improved access to the company’s shares.
In line with the company’s policy of quarterly dividend payments, the board has proposed a second quarter dividend of 3.2p/share for the year ended 30 September 2019. This together with the first quarter dividend (3.2p/share) totals 6.4p/share. The company’s underlying portfolio has broad geographic diversification with UK-based companies making up 14% of the total portfolio.
The board remains committed to maintain a capital discipline. The company intends to invest cash inflows in a mix of new fund commitments, co-investments, secondary fund purchases and, when appropriate, share buybacks.