Kepler Trust Intelligence Research

RNS Number : 1281H
Standard Life Private Eqty Trst PLC
08 March 2018
 

Standard Life Private Equity Trust plc: New research         

08/03/2018

Standard Life Private Equity Trust is a 'pure' private equity play (with no co-investments) and the only one of its kind without a performance fee...

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Highlights:

·      A "pure" fund of funds (with no co-investments) representing SL Capital's highest conviction private equity manager selections in Europe and increasingly in North America, and is the only such trust with no performance fee

·     Standard Life Private Equity Trust plc (SLPE) has a more concentrated portfolio relative to Pantheon or HarbourVest's very diversified funds, although in our view, slightly less concentrated when compared to a fund of funds (FoF) such as ICG Enterprise and F&C Private Equity

·     The company expects the exposure to North America to gradually increase, and will continue to target secondary investments to take advantage of attractive investment opportunities and help reduce cash drag. SLPE currently has c.15% of NAV in cash, and on a commitment-cover basis registers at 0.6x, (according to JPMorgan Cazenove) which is very much in-line with the FoF peers

·     strong performance over recent years and the "enhanced" dividend, (paid from a combination of income and capital) which currently yields 3.6%, has helped narrow the discount to 11%, slightly narrower than the peer group

 

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Important information - non-independent research

Standard Life Investments a client of Kepler Trust Intelligence. This research should be considered a marketing communication, and is not independent research.

This report has been approved under section 21 of the Financial Services and Markets Act 2000 by Kepler Partners LLP for communication to retail clients and private persons as defined by the Financial Services Authority. This is a marketing document, and should be considered non-independent research as defined in COBS 12.3.2R. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Kepler Partners LLP (including its partners, employees and representatives) or a connected person may have positions in or options on the securities detailed in this report, and may buy, sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed by internal rules. This is not an official confirmation of terms and is not a recommendation, offer or solicitation to buy or sell. Any prices or quotations contained herein are indicative only. The information in this report is believed to be correct, but its accuracy or completeness cannot be guaranteed. No representation or warranty, express or implied, is given by any person as to the accuracy or completeness of the information and no responsibility or liability is accepted for the accuracy or sufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise. Please remember that past performance is not necessarily a guide to the future. The value of investments can fall as well as rise and you may get back less than you invested when you decide to sell your investments. Independent financial advice should be taken before entering into any financial transaction. Kepler Partners LLP is a limited liability partnership registered in England and Wales at 9/10 Savile Row, London W1S 3PF with registered number OC334771. Kepler Partners LLP is authorised and regulated by the Financial Conduct Authority.

 

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This information is provided by RNS
The company news service from the London Stock Exchange
 
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