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Standard Life European sees slowdown in new investment

By BFN News | 07:42 AM | Wednesday 21 March, 2012

According to Standard Life European Private Equity Trust, the quarter ended 31 December 2011 witnessed a slow down in new investment and realisation activity in the European private equity market. This followed the trend seen since summer 2011, as political uncertainty in Europe and broader macro-economic weakness dominated financial markets. Distributions received during the quarter were £20.5 million (quarter ended 30 September 2011 - £29.6 million), with many of the distributions arising from the sale of companies announced earlier in 2011. The distributions received generated net realised gains and income of £8.5 million. During the quarter the Company funded £6.6 million of draw downs (quarter ended 30 September 2011 - £13.2 million). As previously announced, the Company made a �?¬35.0 million commitment to BC European Capital IX during the quarter. At 31 December 2011 the Company had aggregate outstanding commitments of £144.2 million to 37 private equity fund interests (30 September 2011 - £126.4 million and 36 fund interests). NAV increased 0.4% to 229.7p for the quarter ended 31 December 2011. Accordingly, NAV increased by a total of 6.5% during the calendar year 2011 At 31 December 2011 the Company had net indebtedness of £15.4 million (30 September 2011 - net indebtedness of £28.5 million). In the period from 1 January 2012 to 20 March 2012 the Company received £11.7 million of distributions and funded £7.3 million of draw downs. Taking account of draw downs, distributions, expenses and other movements since 1 January 2012, the Company's total outstanding commitments and net indebtedness were £136.2 million and £12.9 million respectively at 20 March 2012. The Company made no new fund commitments in the period from 1 January 2012 to 20 March 2012. Story provided by