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 a relative sweet spot within the global private equity market. If the managers are right, there could be scope for SEP’s share price to benefit from both continued NAV outperformance and an improvement in its rating.