SVG Capital convertible – which matures in 2016 and pays a coupon of 8.25% – converts into the ordinary shares of SVG Capital. SVG Capital’s investment objective is to achieve capital appreciation by investing in a portfolio of private equity and private equity related assets. In the medium to long term, SVG Capital intends to evolve into a listed private equity vehicle offering investors a liquid, balanced, single point exposure to private equity and private equity related assets, allocating capital across the asset class dependent on market conditions.