Standard Life European Private Equity Trust has published its results for the year that ended 30 September 2014. the total return on its net asset value for the year was 7.7%. They are paying a dividend of 5p per share and the Board have said they intend to try to at least maintain that level in real terms (i.e. after inflation) in future years. The discount narrowed from 18.6% to 10.6% and this helped contribute to a 16.2% uplift in the share price over the period.
The company made three new fund commitments during the year; €30m to Nordic Capital VIII, €30m to Permira V and €55m to Altor Fund IV, and since the year end they have made a further €35m commitment to PAI Europe VI. The company had £214.4m of outstanding commitments at 30 September 2014, about £45m of which the manager thinks will not be drawn down. this compares to cash balances at the year end of £21.6m, holdings in index-tracking funds worth £39.2m and £80m of an undrawn borrowing facility – cash flow from the portfolio is expected to make up the shortfall.
There is very little in the statement about what drove performance during in the year except a note that a pick up in M&A activity helped exits and the weakening Euro impacted on valuations.
SEP : Standard Life European Private Equity results