Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

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New Star Private (HPEQ)

  Print      Mail a friend       Annual reports

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