UK - SVG announces two-thirds fall in value

The firm, which contributes the majority of its capital to, and is part owned by, Permira, announced that NAV per share has fallen to 348.1p. This is largely due to its sizable exposure to Permira IV, which is itself reported to have been written down by 36%, particularly in the wake of SVG's decision to cap it's commitment to the fund; thereby sacrificing 25% of future profits from the fund.

The listed fund has recently announced the results of its rights issue and private placing, which were simultaneously launched in December in an effort to shore up the capital base of the vehicle and raised a combined £171.3m.

A further £223 million of new funds was raised earlier in 2008 through the sale of a convertible bond and a secondary portfolio of funds.

Also included in the announcement was the news that Andrew Williams is to step down as director of the company and chief executive of SVG Advisers. Nicholas Ferguson, chairman of SVG Capital, will become executive chairman of the company until a successor is appointed.

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