Over 2013 SVG Capital’s NAV rose by 31.5%, well ahead of the return on the MSCI world Index of 20.3%. They gave £151.1m back to shareholders and plan to return another £217m )including a tender offer of at least £50m planned for May 2014). They repaid £150m of debt and ended the year with net cash of £115m.
Major transactions concluded during the year include the sale of 50% of SVG advisers to Aberdeen Asset Management. They also reported uplifts in the values of Hugo Boss (the largest holding at the year end) and Pro Sieben Sat.1 Media.
They have made a new $140m commitment to Clayton Dubilier Rice IX (in addition to two commitments of €100m to Fifth Cinven Fund and Permira V).
SVI is changing its financial year end to 31 January so the next set of full year results will be announced in March 2015.