Standard Life Private Equity Trust


Rated Fund 2018-19. 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 therefore offers something different to US-dominated trusts, such as Pantheon International, a long-standing Rated Fund in this space.

Standard Life Private Equity recently made changes to its dividend policy that boost its attractiveness to income seekers. In 2017, it started paying an annual dividend equivalent to a 3.5% yield and in 2018 moved from paying dividends half yearly to quarterly to appeal to those looking for a regular income stream from their investments.

Roger Pim, deputy head of SL Capital Partners, manages the trust and runs a diversified portfolio of around 50 private equity funds with relatively low company-specific risk. The 10 largest underlying investments accounted for less than 16% of assets at the end of 2018. The fund has a bias towards primary buyout funds, which account for 82% of assets.

Analysts at Winterflood Securities regard the trust as one of the leading listed private equity funds, offering shareholders concentrated exposure to a fund of funds strategy at a competitive cost. ‘The investment team’s experience and expertise in manager selection and ongoing monitoring is attractive in an asset class that sees considerable dispersion of returns, particularly given the fund’s flat management fee of 0.95% of net assets,’ says head of research Simon Elliott.

Given its strong long-term track record and attractive yield, he believes that the current discount offers a value opportunity for long-term investors, especially given the quality of its underlying portfolio.

Narrative and ratings content all as of 01 January 2019.

See all Money Observer rated funds
Standard Life Private Equity Trust
Aberdeen Standard Investments
Closed Ended Investment Company
Private Equity
1.14 %
Risk Rating
3 Year Sharpe
3 Year Alpha
2.9 %
Fund Size
£ 561.94 million
Discount Premium
The investment objective is to achieve long-term total returns through holding a diversified portfolio of private equity funds and direct investments into private companies alongside private equity managers, a majority of which will have a European focus. The principal focus is to invest in leading private equity funds and to manage exposure through the primary and secondary funds markets. 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 portfolio of the company will have a European focus. The objective is for the portfolio to comprise around 50 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. Company may also invest up to 20% of its TA in co-investments.
Holding %
3i Eurofund V 6.15 %
Advent International Gpe Viii 5.54 %
Nordic Capital Fund Viii 5.51 %
Ik Vii 5.05 %
Exponent Private Equity Partners Ii 4.82 %
Permira V 4.74 %
Bridgepoint Europe V 4.53 %
Altor Fund Iv 4.52 %
Pai Europe Vi 4.10 %
Cvc Capital Partners Vi 4.08 %
Region %
United Kingdom 50.35 %
Eurozone 37.10 %
Canada 10.64 %
Aberdeen Standard Investments
EC4M 9HH, London, 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

Data provided by Morningstar.

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