Overview
Standard Life Private Equity (formerly Standard Life European Private Equity : SEP) aims to achieve long-term total returns (total returns are adjusted to include the reinvestment of dividends) through a diversified portfolio of private equity funds, the majority of which will have a European focus. Historically, SLPE has occupied a unique position within the UK-listed private equity sector as the only fund of funds focused solely on Europe and, while it has refined its strategy, it says it will continue to be the most European focused fund in its peer group. Its portfolio is also more concentrated than most of its peers; the top 10 private equity fund managers comprise 65% of the net asset value and the top 30 underlying companies represent 30%.
We have written a number of notes on the fund that explain how it works,
- “Now with co-investments”, published in May 2019, looks at SLPE’s first co investment with IK investment partners, a recent change to the investment policy
- “Putting capital to work”, published in July 2018, notes how SLPE’s compelling returns from the previous year has laid the ground work for further investment in the fund’s future
- “A good year; more to come?”, published in December 2017, talks about how SLPE posted decent returns, on top of multiple factors improving sentiment towards the private equity sector
- “Loading the portfolio”, published in July 2017, highlights an improving outlook on Europe with fear of market disruption over the next few years which could lead to increased volatility
- “Dividend doubled to 4%”, published in February 2017, looks at SLPE’s newly refined plan that includes measures like increasing the dividend and loosening restrictions
- “Reinvestment phase underway”, published in September 2016, notes how markets are becoming volatile, SLEP’s management looks to shift from a realisation phase to an investment phase
- “Sitting in a sweet spot”, published in May 2016, looks at SLPE’s discount margin and its position within the global private equity market which could benefit their share price
You can access the company’s website here
Fundamentals
Price
Research History
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12 Feb 2021 1 min read
Interview with Alan Gauld from Standard Life Private Equity Trust
In this week’s show, James Carthew talked to Alan Gauld from Standard Life Private Equity Trust. Watch it again here. If you were looking for QuotedData’s roundup of the week’s news, this is now in the news section – just click here. If there is a guest speaker you’d particularly like to hear from, please email us – research@quoteddata.com. […]
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16 Oct 2020 15 min read
QuotedData’s Investment Companies Quarterly Review – Third Quarter 2020
Investment Companies Quarterly Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents In this issue Performance data Positive movers Negative movers Discounts and premiums Getting more expensive Getting cheaper Money in and out Money in Money out Major news stories Upcoming Events New research Guide The legal bit Stubborn resistance The end […]
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15 Jul 2020 20 min read
Standard Life Private Equity Trust – Share price out of sync?
Share price out of sync? Private equity fund of funds, like Standard Life Private Equity (SLPE), have been on the periphery of the recovery in risk assets. Investors have attempted to anticipate the COVID-19 impact on NAV), given the lag in valuing unlisted companies, but have failed to reflect the rebound in markets. With its […]
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20 min read
Standard Life Private Equity Trust – Share price out of sync?
Share price out of sync? Private equity fund of funds, like Standard Life Private Equity (SLPE), have been on the periphery of the recovery in global stocks. Investors have attempted to anticipate the COVID-19 impact on net asset value (NAV), given the lag in valuing private companies, but have failed to reflect the rebound in […]
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10 Jul 2020 2 min read
QuotedData’s weekly roundup 10 July 2020
James Carthew’s weekly news roundup show for Friday, 10 July, covers Atlantis Japan’s wide discount, the failings of SQN Asset Finance Income, the success of Primary Healthcare Properties, and an interview with Alan Gauld, manager of Standard Life Private Equity. Listen back here If there is a guest speaker you’d particularly like to hear from, […]
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07 Jul 2020 11 min read
QuotedData’s Economic Roundup – July 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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10 Mar 2020 10 min read
QuotedData’s Investment Companies Roundup – March 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide New research Here is a list of research we published over February: An initiation note on Montanaro UK Smaller Companies Trust (MTU) […]
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07 Feb 2020 9 min read
QuotedData’s Economic Roundup – February 2020
Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]
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9 min read
QuotedData’s Investment Companies Roundup – February 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford Table of contents New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide New research Here is a list of research we published over January: An annual overview note on Shires Income (SHRS) “Shires Income (SHRS) will […]
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06 Dec 2019 8 min read
QuotedData’s investment companies roundup – December 2019
Investment Companies Roundup Kindly sponsored by Baillie Gifford Table of contents New research In this issue Performance data Discounts and premiums Money in and out Income Events New research Here is a list of research we published over November: An initiation note on Henderson High Income “We have initiated coverage on Henderson High Income (HHI). Since […]
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12 Jul 2019 9 min read
Quarterly investment companies roundup – Second quarter 2019
Quarterly investment companies roundup – Second quarter 2019 QuotedData news Global equities re-found momentum in June after a cautious April and May. How much longer this ten-year bull market can sustain itself continues to be the subject of much debate. The prospect of interest rate cuts in the US has re-invigorated sentiment for the time […]
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05 Jul 2019 8 min read
QuotedData’s economic roundup – July 2019
Economic & Political Roundup A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the […]
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29 May 2019 25 min read
Standard Life Private Equity Trust – Now with co-investments
Standard Life Private Equity Trust (SLPE), has made its first co-investment – a stake in Mademoiselle Desserts, made alongside IK Investment Partners – with more set to follow (up to 20% of NAV over time). Shareholders approved a change to SLPE’s investment policy in January to permit it to make co-investments. These are direct investments […]
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25 min read
Standard Life Private Equity Trust – Now with co-investments
Standard Life Private Equity Trust (SLPE), has made its first co-investment in Mademoiselle Desserts, alongside IK Investment Partners – see page 9, with more set to follow (up to 20% of NAV over time). Shareholders approved a change to the investment policy in January to permit co-investments (an area in which the manager has a […]
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25 Jan 2019 2 min read
QuotedData review of 2018 – Annual report investment companies
QuotedData review of 2018 – Annual report investment companies 2018 – the return of volatility A trade war, Brexit, US interest rate rises, slowing Chinese growth, a US government shutdown, a dispute over Italy’s budget, the Skripal poisonings, numerous elections – there was plenty to worry about in 2018. A last-minute dive left the US […]
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18 Jan 2019 2 min read
QuotedData’s economic roundup – January 2019
QuotedData’s economic roundup – January 2019 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of […]
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16 Oct 2018 2 min read
Quarterly Investment Companies Roundup – Third Quarter 2018
Quarterly Investment Companies Roundup – Third Quarter 2018 Global equities delivered positive returns over the third quarter of 2018. This was principally because of strength in the US market. Political uncertainty and concerns about global trade held back other regions. Generally, government bond yields rose over the quarter. The UK equity market fell as the Bank of […]
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17 Jul 2018 2 min read
Standard Life Private Equity Trust – Putting capital to work
Standard Life Private Equity Trust – Putting capital to work – Following on from last year’s compelling returns (an NAV total return of 14.9% and share price total return of 31.9%), Standard Life Private Equity’s (SLPE’s) recent results show a modest NAV total return of 1.5%, over the six months to 31 March 2018. This is […]
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2 min read
Standard Life Private Equity Trust – Putting capital to work
Standard Life Private Equity Trust – Putting capital to work – Following on from last year’s compelling returns (an NAV total return of 14.9% and share price total return of 31.9%), Standard Life Private Equity’s (SLPE’s) recent results show a modest NAV total return of 1.5%, over the six months to 31 March 2018. This is […]
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18 Jan 2018 2 min read
QuotedData – 2017 review of the year
QuotedData – 2017 review of the year – Many commentators, including us, were wary going into 2017. In the event, economic growth and markets surprised on the upside: US markets hit new highs despite three interest rate rises. Perceived low/no growth areas such as Europe and Japan burst into life. Asia’s technology stocks surged. India’s […]
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08 Dec 2017 2 min read
Standard Life Private Equity – A good year; more to come?
Standard Life Private Equity – A good year; more to come? Marten & Co is publishing a new update note on a company in the private equity sector. With its recent results announcement, Standard Life Private Equity (SLPE) has posted decent returns (an NAV total return of 14.9% and share price total return of 31.9%). SLPE has benefitted […]
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2 min read
Standard Life Private Equity – A good year; more to come?
QuotedData is publishing a new update note on a company in the private equity sector. Standard Life Private Equity – A good year; more to come? With its recent results announcement, Standard Life Private Equity (SLPE) has posted decent returns (an NAV total return of 14.9% and share price total return of 31.9%). SLPE has […]
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19 Oct 2017 2 min read
Quarterly investment companies roundup – Third quarter 2017
Quarterly investment companies roundup – Third quarter 2017 – Markets moved up a little over the course of the three months ended 30 September 2017. Regionally, emerging markets did well. The pound strengthened a bit relative to the US dollar but was flat against the euro. The oil price rose by more than 20%. In […]
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30 Aug 2017 2 min read
Strategic Equity Capital – Quality small cap focus
Strategic Equity Capital – Quality small cap focus – Strategic Equity Capital (SEC’s) managers believe the current portfolio consists of very high quality smaller companies. The high cash balances that built up in 2016, on the back of events such as the e2v technologies takeover, have, largely, been redeployed. Cash drag and the fund’s focus […]
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03 Aug 2017 2 min read
QuotedData investment companies roundup – August 2017
QuotedData investment companies roundup – August 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of July 2017. Kindly sponsored by Baillie Gifford. August Investment Companies Roundup Monthly NAV/Price moves: A couple of themes stand out […]
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12 Jul 2017 3 min read
QuotedData’s economic round up – July 2017
QuotedData’s economic round up – July 2017 – is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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03 Jul 2017 2 min read
Standard Life Private Equity – Loading the portfolio
Standard Life Private Equity – Loading the portfolio – Marten & Co has publish an update note on a company in the Private Equity sector Standard Life Private Equity – Loading the portfolio SL Capital Partners, the manager of Standard Life Private Equity Trust (SLPE), sees the outlook for Europe improving. However, it thinks that some form of […]
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2 min read
Standard Life Private Equity – Loading the portfolio
QuotedData is publishing a new update note on a company in the Private Equity sector: Standard Life Private Equity – Loading the portfolio SL Capital Partners, the manager of Standard Life Private Equity Trust (SLPE), sees the outlook for Europe improving. However, it thinks that some form of market disruption could occur during the next one […]
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22 Mar 2017 1 min read
Strategic Equity Capital – “Business as usual”
Strategic Equity Capital – “Business as usual” is a note that Marten & Co wrote for QuotedData that explains the impact of Stuart Widdowson’s resignation as manager of Strategic Equity Capital. Strategic Equity Capital (SEC) announced Stuart Widdowson’s departure from GVQ Investment Management on 7 February 2017. GVQ stress that it is “business as usual” […]
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21 Feb 2017 2 min read
Standard Life Private Equity – Dividend doubled to 4.0%
Standard Life Private Equity – Dividend doubled to 4.0%; Marten& Co published a note on Standard Life Private Equity, a company in the private equity sector Standard Life Private Equity Trust (SLPE), formerly Standard Life European Private Equity, is implementing a package of measures to refine its strategy that includes a significantly higher dividend, the removal of size […]
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2 min read
Standard Life Private Equity – Dividend doubled to 4.0%
QuotedData has published a new note on a company in the private equity sector: Standard Life Private Equity – Dividend doubled to 4.0% Standard Life Private Equity Trust (SLPE), formerly Standard Life European Private Equity, is implementing a package of measures to refine its strategy that includes a significantly higher dividend, the removal of size […]
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31 Jan 2017 1 min read
QuotedData – 2016 review of the year
Our review of 2016 includes performance data, significant moves in discounts and premiums, money raised and money handed back, major news stories and links to the research we have published including our guide to investment companies. 2016 Annual roundup
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13 Oct 2016 1 min read
QuotedData investment companies roundup – October 2016
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of September 2016. october-investment-companies-roundup
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14 Sep 2016 2 min read
Standard Life European Private Equity – Reinvestment phase underway
Standard Life European Private Equity – Reinvestment phase underway Standard Life European Private Equity is now called Standard Life Private Equity Trust (SLPE) SLPE invests solely in private equity limited partnerships (LPs or funds). It has a strong bias to (western) Europe and an increasing focus on North America. In this update note published by Marten & […]
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1 min read
Standard Life European Private Equity – Reinvestment phase underway
Over the past few years, Standard Life European Private Equity Trust (SEP) has been benefitting from a high level of distributions. Now, as equity markets become more volatile, SEP’s managers think that we could be shifting from a realisation phase into an investment phase. They think the underlying managers should be deploying cash at attractive […]
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10 May 2016 2 min read
Standard Life European Private Equity – Sitting in a sweet spot
Standard Life European Private Equity – Sitting in a sweet spot Marten and Co publishes its initiation of coverage note on Standard Life European Private Equity Trust In recent years Standard Life European Private Equity Trust has been one of the best performing private equity funds of funds listed in London. SL Capital, managers of the […]
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1 min read
Strategic Equity Capital – Cashing up!
Strategic Equity Capital (SEC)’s managers believe that we are now in a late-mid-stage bull market. Reflecting this, they are maintaining a preference for companies exposed to structural growth, are aiming to operate with higher levels of cash in the portfolio (10-15% up from 5-10%) and the focus is on “reasonably priced growth” and “self-help” opportunities. […]
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1 min read
Standard Life European Private Equity – Sitting in a sweet spot
In recent years Standard Life European Private Equity Trust has been one of the best performing private equity funds of funds listed in London. SL Capital, managers of the fund, believe it its discount of 26.9% is too wide for the quality of its NAV and that, as a European (mid-market) specialist, it sits in […]
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15 Jul 2015 1 min read
Strategic Equity Capital – Measured expansion on strong performance
Strategic Equity Capital – Measured expansion on strong performance. Please see our latest research on Strategic Equity Capital Strategic Equity Capital’s strong performance compared to both its rivals and comparable UK indices has increased in recent months. This good performance and inclusion in UK indices are fuelling demand for the trust, pushing up the premium. […]
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26 Jan 2015 1 min read
Strategic Equity Capital – Different in a good way
Strategic Equity Capital – Different in a good way. Please click on the link above to access our latest research note on Strategic Equity Capital. The trouble with choosing between UK equity funds is the similarity of their investment styles. Strategic Equity Capital’s approach, looking at companies the same way that a private equity investor […]
News
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12 Feb 2021 4 min read
QD view – From infectious enthusiasm to IPO fever?
Back in December, we published a note on BlackRock Throgmorton, which we called “Infectious enthusiasm”. In it, we tried to bring out the excitement that its manager, Dan Whitestone, had about the future of the companies in his portfolio, and by implication the future of the trust. Over the two months since, the trust’s share […]
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26 Jan 2021 2 min read
Another impressive set of results from Standard Life Private Equity
Another impressive set of results from Standard Life Private Equity – Standard Life Private Equity (SLPE) has announced results for the year ended 30 September 2020. Over the period the trust produced an NAV total return of 11.7%. This compares to a return of -16.6% from the All-Share Index. The total shareholder return was -4.6%. [Here is […]
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30 Sep 2020 2 min read
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, […]
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24 Sep 2020 1 min read
QuotedData’s morning briefing 24 September 2020
In QuotedData’s morning briefing 24 September 2020 Good progress with the construction of Gore Street Energy Storage’s Irish assets has helped deliver a 1.6p increase in the fund’s NAV over the second quarter of 2020 to 96.2p. An interim dividend of 2p has been declared, making 7p in total for the year ending 31 March 2020. […]
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14 Jul 2020 1 min read
QuotedData’s morning briefing 14 July 2020
In QuotedData’s morning briefing 14 July 2020: Pollen Street Secured Lending shareholders remain in limbo as the deadline for Waterfall making an offer for the company is extended again. This time until 5pm on 11 August. Standard Life Private Equity’s estimated NAV edged higher in May to 431.2p from 427.7p. 99% of the valuations of […]
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18 Jun 2020 3 min read
Modest hit to Standard Life Private Equity NAV in March
Modest hit to Standard Life Private Equity NAV in March – At its half-year mark on 31 March 2020, the NAV total return was -6.3%, which compares to a return on the All-Share Index of -22.0%. A widening discount left shareholders with a return of -25.9%.The dividend was 6.6p, 3.1% up on 2019. As the chair […]
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15 Jan 2020 1 min read
QuotedData’s other news 15 January 2020
In QuotedData’s other news 15 January 2020 Standard Life Private Equity said that Peter McKellar, global head of private markets at Aberdeen Standard Investments, the investment manager, bought £500,000 worth of shares in the company – a massive vote of confidence we think, and taking advantage of the discount that the shares trade on. Chenavari Toro […]
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09 Jan 2020 2 min read
Standard Life Private Equity gets new lead manager
Standard Life Private Equity gets new lead manager – the board of directors has agreed with the manager to some changes in the investment team looking after this trust. Alan Gauld will become the lead manager with immediate effect. Alan has been part of the team responsible for the company since 2017. He has been a […]
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15 Nov 2019 2 min read
QuotedData’s other news 15 November 2019
In QuotedData’s other news 15 November 2019 Princess Private equity has highlighted a press release from Partners Group – Partners Group has agreed to sell its minority equity stake in Action, Europe’s leading non-food discount retailer, on behalf of its clients. The stake will be acquired by Hellman & Friedman, a leading private equity investment firm. Partners […]
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12 Dec 2018 3 min read
Standard Life Private Equity looks to direct investment
Standard Life Private Equity Trust (SLPE) has announced its final results for the year ended 30 September 2018. During the year, the trust provided Nav and share price total returns of 13.8% and 5.8% respectively. The superior Nav performance reflects a widening of the trust’s discount during the period. In comparison, SLPE says that the […]
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30 Oct 2018 2 min read
Tritax EuroBox buys Action Logistics warehouse near Hannover
Tritax EuroBox buys Action Logistics warehouse near Hannover – Tritax EuroBox has bought a prime, modern logistics warehouse at Peine, near Hannover, Germany (which they describe as a key logistics location). The property is let to Action Logistics Germany GmbH, a subsidiary of Action BV, the fastest growing non-food discount retailer in Europe, headquartered in the Netherlands […]
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15 Dec 2017 6 min read
Henderson Alternative Strategies benefits from marked discount narrowing
Henderson Alternative Strategies Trust (HAST) has announced its annual results for the year ended 30 September 2017. During the period, HAST provided an NAV total return of 10.8% and, reflecting a marked narrowing of the discount, a share price total return of 19.8%. The share price performance is superior to that of the company’s benchmark, […]
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04 Dec 2017 1 min read
Standard Life Private Equity benefits from narrowing discount
Standard Life Private Equity benefits from narrowing discount – over the year to the end of September 2017, Standard Life Private Equity Trust’s net asset value produced a total return of 14.9% and its share price delivered a total return of 31.9%. The MSCI Europe Index returned 19.1% over the same period. As at the […]
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05 Dec 2016 3 min read
New fee structure, new investment policy and new name for Standard Life European Private Equity
Standard Life European Private Equity delivered a total return for the year ended 30 September 2016 of 24.8%. By contrast, the MSCI Europe Index delivered a total return of 20.2% over the same period. The closing mid-market price of the Company’s ordinary shares on 30 September 2016 was 267.3p, an increase of 24.9% over the year […]
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28 Jul 2016 8 min read
F&C Managed Portfolio beats benchmark despite widening discounts
F&C Managed Portfolio reports that, for the company’s financial year to 31 May 2016, the NAV total return (i.e. adding dividends paid to capital performance) was -4.8% for the Income shares and -4.5% for the Growth shares which represented outperformance against the -6.3% total return for the FTSE All-Share Index, the benchmark index for both […]
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27 May 2016 3 min read
Standard Life European Private Equity benefits from strong exit environment
Standard Life European Private Equity Trust has announced its interim results for the six-months ended 31 March 2016. During the period, the trust has provided an NAV total return of 11.3%, whilst the NAV per ordinary share rose 10.2% to 310.2p (30 September 2015 – 281.6p). The company says that the increase in NAV included […]
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07 Dec 2015 1 min read
Standard Life European Private Equity hit by widening discount
Standard Life European Private Equity has announced results for the year ended 30 September 2015. The net asset value total return for the year was 11.9 but the closing share price was 214.0p, a decrease of 7.0% over the year and a discount of 24.0% to NAV. The dividend was increased from 5p to 5.25p. […]
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08 Dec 2014 1 min read
Standard Life European Private Equity results
Standard Life European Private Equity Trust has published its results for the year that ended 30 September 2014. the total return on its net asset value for the year was 7.7%. They are paying a dividend of 5p per share and the Board have said they intend to try to at least maintain that level […]
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30 May 2014 1 min read
Standard Life European Private Equity : SEP – interims
Standard Life European Private Equity, chaired by Ed Warner OBE (pictured), has published figures for the six months ended 31 March 2014. Over that period the company’s net asset value rose by 3.6% to 252.2p which, taking into account income earned in the period, translates into a net asset value total return of 5.5%. The share […]
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In The Press
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18 Jan 2021 2 min read
Investment trust bargains at the start of 2021
Investment trust bargains at the start of 2021 by Kyle Caldwell from interactive investor | 12th January 2021 09:35 Investing in shares or sectors of the market that are ‘cheap’ and undervalued is an approach that entails many risks, but potentially offers great rewards… Trading on a discount does not make a trust an instant bargain. Some trusts will justifiably […]
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16 Nov 2020 2 min read
Engines of growth: on a bargain hunt
Engines of growth: on a bargain hunt By Leonora Walters, Investors Chronicle, 12th October 2020 A key driver of the price of any listed security is sentiment so, not surprisingly, some of the investment trust sectors which have experienced the most extreme discount and premium movements this year are those about which there has been particular […]
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03 Nov 2020 2 min read
Investment trust insider on private equity
Investment trust insider on private equity – James Carthew: private equity trusts are just way too cheap I have been saying for a while that discounts on private equity trusts are too wide. When I last wrote about this in May, confidence in the sector had been hit by the pandemic. Listed share prices were already […]
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06 May 2020 2 min read
Investment trust insider on private equity
Investment trust insider on private equity – James Carthew: ‘stale’ private equity trusts are just too cheap I spoke to the managers of ICG Enterprise (ICGT) last week after the publication of annual results showing the private equity trust made an 11.2% return on net assets in the year to 31 January, beating the FTSE All […]
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16 Apr 2020 2 min read
Why investors should not ignore unlisted companies
Why investors should not ignore unlisted companies April 14, 2020 by Tom Bailey, Money Observer Stock markets connect the monetary savings of a society with companies in need of capital to invest and grow. At its best, this allows businesses to expand, powering economic growth and prosperity while providing savers with a return on their money. Historically, […]
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31 Mar 2020 2 min read
10 investment trusts for your Isa 2020
10 investment trusts for your Isa 2020 By Dave Baxter, Investors Chronicle, 3/6/2020 Features such as the use of gearing – debt – and the ability to pay income from capital reserves give trusts advantages that could give your Isa an edge. They are also, arguably, better suited to investing in illiquid assets such as […]
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30 Oct 2018 1 min read
Investment Trust Insider on Merian Chrysalis
Investment Trust Insider on Merian Chrysalis – James Carthew: Merian should leave private equity to experts The proposed launch of Merian Chrysalis raises a question over how far fund managers can transfer stock-picking skills from the public to private markets. I recently promised to return to the subject of managers of listed equities buying unquoted companies […]