Standard Life European Private Equity – Sitting in a sweet spot
Marten and Co publishes its initiation of coverage note on Standard Life European Private Equity Trust
In recent years Standard Life European Private Equity Trust has been one of the best performing private equity funds of funds listed in London. SL Capital, managers of the fund, believe its discount of 26.9% is too wide for the quality of its NAV and that, as a European (mid-market) specialist, it sits in a relative sweet spot within the global private equity market. If the managers are right, there could be scope for SEP’s share price to benefit from both continued NAV outperformance and an improvement in its rating.
UPDATE July 2018: Name Change – Standard Life Private Equity
Standard Life Private Equity (formerly Standard Life European Private Equity : SEP) aims to achieve long-term total returns (total returns are adjusted to include the reinvestment of dividends) through a diversified portfolio of private equity funds, the majority of which will have a European focus. Historically, SLPE has occupied a unique position within the UK-listed private equity sector as the only fund of funds focused solely on Europe and, while it has refined its strategy, it says it will continue to be the most European focused fund in its peer group. Its portfolio is also more concentrated than most of its peers; the top 10 private equity fund managers comprise 65% of the net asset value and the top 30 underlying companies represent 30%.
You can access the company’s website here
SLPE: Standard Life European Private Equity – Sitting in a sweet spot