Standard Life European Private Equity, chaired by Ed Warner OBE (pictured), has published figures for the six months ended 31 March 2014. Over that period the company’s net asset value rose by 3.6% to 252.2p which, taking into account income earned in the period, translates into a net asset value total return of 5.5%. The share price rose by 3.1% to leave the fund trading on a 19.1% discount.
The net asset value gains were driven largely by gains on disposals. Adverse exchange rate movements tempered this a bit. In total £33m of cash flowed out of the portfolio during the period, boosting Standard Life European Private Equity’s liquidity – cash, liquid assets and undrawn credit lines exceeded £125m at 31 March.