Standard Life European Private Equity Trust was hit by markets that were subdued in the third quarter due to macro-economic concerns.
Its Net Asset Value (NAV) fell by 1.3% to 232.1p for the three months to the end of June.
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Looking longer-term, the investment company's NAV total return was up 2% for the first nine months of the current financial year starting October 2011.
The Trust's total unrealised loss for the quarter was £10.3m, of which £1.6m was an unrealised loss on a constant exchange rate basis and £8.7m was driven by the Euro losing value against Sterling.
"New transactional activity remained subdued in the European private equity market in the second quarter of 2012, due to the impact of the difficult macro-economic and political environment in Europe and constraints on debt availability for leveraged transactions," its statement said.
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