Better Capital still trades above NAV

The total NAV of the firm's 2009 and 2012 Cell funds stands at £440.8m, with each vehicle valued at £275.4m and £165.5m respectively. The 2009 vehicle trades at £1.4775 per share for a £1.3313 NAV per share; the 2012 Cell trades at £1.1025 per share for a £0.9745 NAV per share.

The firm's 2009 fund demonstrated a 34.3% net growth in NAV since launch and shareholders are expected to receive a five pence per share pay-out in Q1 2013.

The fund recently committed around £15m to a special purpose vehicle in order to buy some of the debt of coal mining firm ATH Resources. The investment will be the last completed by Fund I and Better Capital has stated its intention to return around £10.4m to the fund for distribution to the vehicle's investors. The balance will support the growth of portfolio companies.

Readers Digest is a notable exception to the positive results of portfolio companies in the 2009 fund. The weakening of the company's core markets continues to outweigh the progress of new business initiatives including a brand loyalty scheme and mobile phone contracts, leading to a substantial reduction in the valuation of the investment. The GP acquired the firm for £13m in 2010, before committing a further £3m the following year.

The 2012 fund, which recently backed clothing retailer Jaeger, reports a 1.7% fall in NAV after deduction of expenses. The board expects the fund, which is 35.3% invested, to report positive results at a later date once potential dealflow has converted.

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• Better Capital LLP