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Portfolio and COVID-19 update from Standard Life Private Equity

Standard Life Private Equity (SLPE) has released an investment update covering the quarter to 30 June 2020. The NAV increased by 11.1% over the period (11.9% on a total return basis), taking into account valuations by all of SLPE’s external managers on the entire portfolio.

£660.9m portfolio spread across 63 fund investments

At the period-end, SLPE’s portfolio was valued at £660.9m, spread across 63 private equity interests. The total unrealised gain on the portfolio for the quarter ended 30 June 2020 was £61.1m, comprising £46.3m of unrealised gain on a constant exchange rate basis and £14.8m of unrealised foreign exchange gains.

We also note that the portfolio generated £30.0m of distributions over the period and that SLPE funded £31.2m of drawdowns.

SLPE made a new primary commitment of €25.0m to Vitruvian IV. SLPE had total outstanding commitments of £465.5m, as at 30 June.

Post period co-investment into Visma

During the period from 1 July 2020 to 14 September 2020, SLPE received £16.4m of distributions and funded £18.4m of drawdowns and co-investment funding.

In August 2020, SLPE made a $7.0m co-investment into Visma, a company it describes as being a leading provider of mission-critical enterprise resource planning software in the Nordics and the Netherlands. The co-investment was made alongside Hg, Visma’s lead investor.

We also note that In September 2020, SLPE’s syndicated revolving credit facility was expanded to £200m from £100m.

COVID-19 update from the manager

SLPE also provided the following commentary: “The manager continues to be mindful of the impact of COVID-19 and maintains regular communication with the private equity managers of the company’s investments. Whilst the company’s NAV has recovered strongly this quarter following a decline of 8.2% in company NAV in March, the manager remains cautious in respect of the valuation of the company’s portfolio in the coming quarters.”

SLPE: Portfolio and COVID-19 update from Standard Life Private Equity

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