SVG returns £101m in H1 2015

Mikkel Stern-Peltz
@msternpeltz
25 September 2015

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Listed British fund-of-funds manager SVG Capital returned £101m to investors in the six months to 31 July 2015, representing a 4% total return on its net investment portfolio.

The GPs backed by SVG distributed a total of £366m back to SVG in the period, marking a record period for distribution in the manager's history.

SVG's half-year report also revealed the fund-of-funds has agreed to commit $100m to a mid-market US vehicle, which it expects to close by the end of 2015.

The LP's commitments now include six GPs and four co-investments, and the firm expects to make further commitments in the coming 12-18 months. SVG's fund investments are CCMP Capital Investors III, Clayton Dubilier & Rice Fund IX, FFL Capital Partners IV, Permira IV, Permira V and The Fifth Cinven Fund.

Uncalled commitments were reduced from £367m to £267m, though including the future $100m commitment – which was agreed after the H1 period end – means SVG's uncalled capital stands at £321m.

The first six months of the year also saw the completion of the sale of SVG's 49.9% holding in Aberdeen SVG Private Equity back to Aberdeen Asset Management, which brought in gross proceeds of £43m for SVG.

Part of the proceeds from SVG's investments also covered the buy-back of convertible bonds worth £62m nominal, reducing the firm's outstanding debt to £39m maturing in June 2016.