UK - SVG posts 19.6% increase in NAV

Guy
08 March 2006

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SVG Capital has unveiled its unaudited preliminary results for the year ended 31 December 2005. The portolio has posted strong results driven by significant distributions and write-ups including a 19.6% increase in fully diluted net assets per share to 667.8p (£902.4m) over the year.

A focus on cashflow generation and debt repayment has had a positive impact on portfolio company valuations. Material write-ups include New Look, Intelsat and debitel. The portfolio has been very cash-generative; distributions from the private equity portfolio double the level of 2004, reaching £285.8m.

Rising equity markets have had a significant, positive impact on the valuation of the quoted portfolio. SVG Capital has reported a compound growth in net assets per share of 8.7% p.a. over the last five years and 13.8% p.a. since listing in 1996, a respective out-performance of 9.7% p.a. and 9.4% p.a. of the FTSE All-Share (capital only).

SVG Advisers third-party funds under management and commitments now total EUR 2.4bn. New fund launches in 2005 included: Schroder Private Equity Fund of Funds III (received commitments of EUR 368m to date); SVG Diamond II, a Collateralised Fund Obligation of private equity funds (post year-end raised EUR 500m) and Strategic Equity Capital Plc, a £70.4m LSE-listed investment trust.