Standard Life European Private Equity has announced results for the year ended 30 September 2015. The net asset value total return for the year was 11.9 but the closing share price was 214.0p, a decrease of 7.0% over the year and a discount of 24.0% to NAV. The dividend was increased from 5p to 5.25p.
The report says the increase in NAV during the period included 9.8% of net realised gains and income from the portfolio of 46 private equity fund interests, 7.1% of unrealised gains on a constant exchange rate basis and 4.1% of negative exchange rate movements on the portfolio.
SEP made four new fund commitments during the year with commitments of €35m to PAI Europe VI, £28m to Exponent Private Equity Partners III, €35m to Bridgepoint Europe V and €30m to Equistone Partners Europe V. Draw downs totalled £63.1m and they had £106.7m back in distributions. In addition, they bought five private equity fund interests for £33.4m in the secondary market and sold one fund interest for £21.7m. This left them with outstanding commitments of £245.8m at the end of the year but the manager thinks up to £50m of this is unlikely to be drawn. Against this they had £69.4m of cash and index tracker funds at the year end and an £80m undrawn facility that runs until December 2020.
SEP : Standard Life European Private Equity hit by widening discount