Standard Life Private Equity Trust


New for 2018. Targets growth and income from European private equity

This investment trust aims to achieve long-term total returns through a diversified portfolio of private equity funds, the majority of which have a European focus. It is for this reason that we have added it for 2018 in place of NB Private Equity Partners. Like Pantheon International, a longstanding Rated Fund in this space, the NB trust has a US focus � so the Standard Life proposition offers something different.

During 2017, the trust also implemented a new dividend policy to pay an annual dividend equivalent to a 3.5 per cent yield. In its current financial year it will move from paying dividends half-yearly to paying quarterly, in a bid to offer greater appeal to those seeking income from their investments. The board hopes the move will help to narrow the trust's discount, which was more than 30 per cent in 2016 and remained in double digits at the end of 2017.Roger Pim, deputy head of SL Capital Partners, manages the trust and runs a diversified portfolio of 50 private equity funds with relatively low company-specific risk. The 10 largest underlying investments accounted for less than 18 per cent of assets at the end of 2017.Analysts at broker Stifel point to the maturity of the portfolio, with 36 per cent of its investments having a vintage of five years and older � suggesting there are 'some good prospects' for realisations in the year ahead. They are less keen on the dividend policy, given that it is uncovered by the income generated by holdings.

Narrative and ratings content all as of 01 January 2018.

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Standard Life Private Equity Trust
Standard Life Investments
Closed Ended Investment Company
Private Equity
1.14 %
Risk Rating
3 Year Sharpe
3 Year Alpha
4.3 %
Fund Size
£ 518.89 million
Discount Premium
The investment objective is to achieve long-term total returns through holding a diversified portfolio of private equity funds, a majority of which will have a European focus. The principal focus of the Company is to invest in leading private equity buyout funds and to manage exposure through the primary and secondary funds markets. The Company’s policy is to maintain a broadly diversified portfolio by country, industry sector, maturity and number of underlying investments. In terms of geographic exposure, a majority of the Company’s portfolio will have a European focus. The objective is for the portfolio to comprise around 35 to 40 active private equity fund investments; this excludes funds that have recently been raised, but have not yet started investing, and funds that are close to or being wound up.
Holding %
Nordic Capital Fund Viii Buy-Out 6.89 %
Ik Vii 5.72 %
3i Eurofund V 5.67 %
Exponent Private Equity Partners Ii 4.78 %
Permira V 4.56 %
Advent International GPE VIII Buy-out 4.44 %
Altor Fund Iv Buy-Out 4.33 %
Equistone Partners Europe Fund V Buy-Out 4.01 %
Bridgepoint Europe V 3.84 %
Pai Europe Vi 3.69 %
Standard Life Investments
EH2 2LL, Edinburgh, United Kingdom
Legal Structure
Closed Ended Investment Company


Merrick McKay
Joined 09/30/2018
Alan Gauld
Joined 09/30/2018
Patrick Knechtli
Joined 09/30/2018

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