Standard Life reports record drawdowns

Standard Life Investments’ investment trust, managed by Standard Life European Private Equity, has reported a busy six months of investment activity with £37.6m of drawdowns, the highest six-month figure since its listing in May 2001.

Standard Life European Private Equity Trust, the listed investment trust owned by Standard Life Investments, has reported net assets of £253.1 million (€369 million; $470 million) in its interim results for the six months ended 31 March 2006.
Assets were up from the £228.3 million reported in the trust’s annual results for the year to 30 September 2005. Net asset value per ordinary share rose by 10.8 percent from 143.5p to 159p over the period.
The company currently has interests in 43 private equity funds with a value of £208.8 million, also up from 39 funds totalling £186.6 million last September, and held £45.4 million in cash and other assets.
The trust received distributions over the six months totalling £43.6 million, including £23.2 million of realised gains and income, representing an average multiple of 2.1x original investment, slightly down on the September figure of 2.3x.
Investment activity remained strong, with drawdowns made over the six-month period rising to a record £37.6 million. The trust said that this was the highest amount drawn in any half-year period since listing in May 2001. For the six-month period to September 30 2005, the trust made £36.2 million of drawdowns.
In terms of new fund commitments, the trust invested £126.1 million in four funds over the period: £41.9 million in Charterhouse Capital Partners VIII; £49.5 million in Cinven IV; £20.3 million in HgCapital 5, which closed on £950 million in March; and £14.4 million in TowerBrook Investors II, which held a $1.3 billion (€1 billion) final close, also in March.
In addition, the trust made a further fund commitment of £20.9 million to Candover 2005, which closed on €3.5 billion ($4.45 billion) last November.