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New Star Private (HPEQ)

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Tuesday 19 May, 2009

New Star Private

Interim Management Statement


New Star Private Equity Investment Trust PLC

Unaudited Interim Management Statement

For the quarter ended 31 March 2009

Financial summary

                           31 March 2009    31 December 2008           % change
                                                                               
Net assets *                      £60.4m              £61.0m              -1.0%
                                                                               
Net asset value per               320.6p              323.7p              -1.0%
share *                                                                        
                                                                               
Share price                        61.0p               84.0p             -27.4%

Source: New Star Asset Management Limited

* The net asset value is based on the latest valuations of unquoted investment
as provided by underlying managers, adjusted for subsequent cash receipts and
draw-downs, and listed securities valued on bid basis.

Performance summary

                                 3 months            6 months         12 months
                                                                               
Net asset value per                 -1.0%              -15.4%            -11.1%
share                                                                          
                                                                               
Share price                        -27.4%              -74.9%            -77.1%

Source: New Star Asset Management Limited

Investment Objective

The Company's investment objective is to produce capital gains through exposure
to a diversified portfolio of private equity investments.

Ten largest investments at 31 March 2009

The Company's 10 largest direct investments at 31 March 2009 were:

                                                           % of net asset value
                                                                               
August Equity Partners I                                                    19%
                                                                               
Rutland Fund I                                                              18%
                                                                               
Parallel Ventures 2006                                                      16%
                                                                               
August Equity Partners II                                                   16%
                                                                               
Astorg IV                                                                    5%
                                                                               
The Logic Group                                                              4%
                                                                               
Fondinvest Capital                                                           3%
                                                                               
Pragma II                                                                    3%
                                                                               
Century Capital Partners Fund IV                                             3%
                                                                               
Rutland Fund II                                                              2%

Source: New Star Asset Management Limited

Portfolio composition at 31 March 2009

                                                           % of net asset value
                                                                               
Limited Partnerships                                                        86%
                                                                               
Listed private equity vehicles                                               9%
                                                                               
Direct unquoted investments                                                  4%
                                                                               
Cash / treasury / cash funds                                                 1%

Source: New Star Asset Management Limited

Portfolio composition by country / region at 31 March 2009

                                                               % of investments
                                                                               
                                                               (excluding cash)
                                                                               
UK                                                                          70%
                                                                               
Europe                                                                      24%
                                                                               
North America                                                                4%
                                                                               
China                                                                        1%
                                                                               
India                                                                        1%

Source: New Star Asset Management Limited

Sector exposure of limited partnerships at 31 March 2009

                                                                   % of limited
                                                                               
                                                        partnership investments
                                                                               
Healthcare                                                                  27%
                                                                               
Technology                                                                  21%
                                                                               
Financial                                                                   14%
                                                                               
Consumer Services                                                           12%
                                                                               
Industrial                                                                  11%
                                                                               
Consumer Goods                                                              10%
                                                                               
Other                                                                        5%

Source: New Star Asset Management Limited

Limited partnership by vintage at 31 March 2009

                                                                   % of limited
                                                                               
                                                        partnership investments
                                                                               
Less than 1 year                                                            20%
                                                                               
1 - 2 years                                                                 20%
                                                                               
2 - 3 years                                                                 43%
                                                                               
3 - 4 years                                                                  4%
                                                                               
More than 4 years                                                           13%

Source: New Star Asset Management Limited

Valuation basis of limited partnerships at 31 March 2009

                                                                   % of limited
                                                                               
                                                        partnership investments
                                                                               
Cost                                                                        30%
                                                                               
Earnings                                                                    70%

Source: New Star Asset Management Limited

Gearing

At 31 March 2009 the net gearing position (borrowing minus cash as a percentage
of net assets) was 0% (31 December 2009: 0%).

Material Events and Transactions

There were no material transactions during the period 1 January 2009 to
31 March 2009.

Manager

New Star Asset Management Group PLC, the parent company of the Manager, was
acquired by Henderson Group PLC ("Henderson Global Investors") with effect from
9 April 2009.

Following this acquisition Nick Brind and Paul Craig have stepped down as
portfolio managers to the Company and the Company's assets are now managed by
Ian Barrass, who is head of Private Equity Fund of Funds at Henderson Global
Investors.

Board of Directors

John Duffield resigned as a Director with effect from 30 April 2009.

Issued Share Capital

Excluding treasury shares, the Company had 18,850,212 ordinary shares in issue
at 31 March 2009 (31 December 2008: 18,850,212)

Company Information

Further Information on the Company, including fact sheets and the annual report
of the Company can be obtained at:

www.itshenderson.co.uk/privateequitytrust

For further information please contact:

Ian Barrass, Portfolio Manager, Henderson Private Equity, 020 7818 2964