SL Private Equity's commitments ease back

Investment firm Standard Life European Private Equity Trust said transactional activity remained subdued in the European private equity market in the second quarter of 2012.

A total of €13.7bn of transactions by enterprise value was reported during the quarter, which was slightly higher than the first quarter of 2012, but compared unfavourably to a value of €30.6bn in the second quarter of 2011.

Even so, the investment manager - SL Capital Partners - continued to see exit activity across the company's portfolio as private equity managers focused on selling investee companies, particularly to corporate buyers.

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During the quarter the company funded £8.1m of draw downs, on a par with the preceding six month period, when £16.1m was drawn down. Slightly more money was coming in through the door than going out, with the group receiving £11.5m of distributions, versus £33.4m in the six months ended 31st March 2012.

The company had total outstanding commitments to its 37 private equity fund interests of £122.8m at the end of June, down from £133.9m at the end of June.

Net debt at the end of the second quarter had shrunk to £11.8m from £14.4m three months earlier.

The company's net asset value (NAV) per share at the end of March stood at 235.2p. The next calculation of NAV per share will be published on or around September 19th.

JH