Standard Life Private Equity Trust outlines 2019 secondaries activity

The investment activity saw the fund complete three secondary investments – a single-fund LP interest in 3i Eurofund V, participation in the Vitruvian Investment Partnership continuation vehicle, and the acquisition of a portfolio of fund LP interests across IK VII, VIII, Gilde IV and Stedfast III.

The manager said that this was the first time that SLPET had acquired a portfolio of fund interests managed by different buyout firms. Furthermore, the Vitruvian Continuation Vehicle transaction was the first fund restructuring in which the company took part.

For 3i and Vitruvian, SLPET saw attractive underlying portfolio companies with strong growth potential as the rationale for investing. The portfolio stake acquisition was highlighted as having attractive characteristics in terms of fund-vintage diversity and being complementary to existing holdings.

SLPET also launched a sale process of 17 fund LP stakes in 2019, ultimately selling the interests in two tranches at a 5% discount and realising proceeds of £29.9m.

Alongside the three secondary investments completed in 2019, SLPET also committed to eight new primary investments and its first co-investment.

The trust was established in 2001, and operates on a fund-of-funds model, holding 51 fund interests at 30 September 2019. Since inception, it has seen its share price grow from 110 pence per share to 382 pence at the time of writing.

 

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• Topics
• Secondaries
• LPs
• Secondaries
• Aberdeen Standard Investments