Trading Statement

Standard Life Euro Pri Eqty Tst PLC
22 March 2007

                Standard Life European Private Equity Trust PLC



  Investment update for the period from 30 September 2006 to 31 December 2006



In the first quarter of the new financial year the Company continued to make
good progress, enjoying a healthy level of realised and unrealised gains from
its private equity investments. This resulted in the Company's unaudited net
asset value per share ('NAV') increasing by 9.1% to 198.6p at 31 December 2006,
from 182.1p at 30 September 2006. The Company's net assets were £316.1 million
at 31 December 2006 (30 September 2006 - £289.8 million).



During the quarter ended 31 December 2006 a total of £32.2 million was received
by way of distributions (quarter ended 30 September 2006 - £23.9 million) from
the Company's portfolio of 45 private equity fund interests. Realised gains and
income represented £15.7 million of these distributions (quarter ended 30
September 2006 - £14.1 million). The average return on the Company's acquisition
cost of realised investments was 2.0X (quarter ended 30 September 2006 - 2.5X).
These figures demonstrate the strength of the market for exits and the ability
of managers to achieve attractive returns on investments.



The closing value of the Company's portfolio of private equity fund interests
was £265.4 million at 31 December 2006 (30 September 2006 - £239.3 million). The
total unrealised gains for the quarter ended 31 December 2006 were £11.7 million
(quarter ended 30 September 2006 - (£0.5) million loss). The unrealised uplift
was based on strong trading and cashflow at many underlying investee companies,
coupled to rises in listed company comparable valuations.



As for new investment activity, during the quarter the Company's portfolio of
private equity fund interests drew down a total of £30.6 million (quarter ended
30 September 2006 - £19.0 million). The level of new investment activity was the
highest since the Company's listing, reflecting the record final quarter of 2006
for new private equity transactions in Europe.



Two new fund commitments were made in the quarter ended 31 December 2006, with
the Company committing $40.0 million (£20.4 million) to Coller International
Partners V, a global secondary fund, and €34.0 million (£22.9 million) to Terra
Firma Capital Partners III, a European buy-out fund. Since 31 December 2006 the
Company has continued to make, and to undertake due diligence on, new private
equity fund commitments. At 31 December 2006 the Company's aggregate outstanding
commitments to its private equity fund interests were £318.5 million (30
September 2006 - £307.7 million). These commitments can be expected to be drawn
down over the next 3-4 years.



The aggregate closing cash and money market holdings of the Company at 31
December 2006 were almost unchanged at £52.4 million (30 September 2006 - £52.1
million).



It is anticipated that the Company will release its interim announcement for the
six months ending 31 March 2007 on or around 5 June 2007.



For further information please contact:-



Peter McKellar of Standard Life Investments (Private Equity) Limited
(0131 245 0055)



Note:-

Standard Life European Private Equity Trust PLC is an investment company managed
by Standard Life Investments (Private Equity) Limited, the ordinary shares of
which are admitted to listing by the UK Listing Authority and to trading on the
Stock Exchange and which seeks to conduct its affairs so as to qualify as an
investment trust under section 842 of the Income and Corporation Taxes Act 1988.
The Board of Standard Life European Private Equity Trust PLC is independent of
Standard Life plc.






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