Standard Life Private Equity Trust plc


Fund objective

The investment objective is to achieve long-term total returns through holding a diversified portfolio of private equity funds and direct investments into private companies alongside private equity managers (“co-investments”), a majority of which will have a European focus.


Morningstar rating:

Daily prices as of {{asOfDate}}

{{item.label}} {{item.value}} {{item.unit}}

Profile

The Standard Life Private Equity Trust (“SLPET” or” the Company”) provides investors with access to a diversified portfolio of leading private companies. The Company currently offers a progressive dividend just under 4% (it increases each year), rewarding shareholders for their patience as the portfolio value grows.

Investment objective
The investment objective is to achieve long-term total returns through holding a diversified portfolio of private equity funds and direct investments into private companies alongside private equity managers (“co-investments”), a majority of which will have a European focus.

SLPET invests in private equity funds run by leading private equity managers who have the expertise to source, grow and sell private companies, delivering attractive investment returns. The funds invest in mature businesses primarily through management buy-out transactions. The portfolio will comprise around 50 active private equity funds, managed by a select group of fund managers. In addition, the Company complements its fund portfolio by investing up to 20% of NAV in co-investments. SLPET has a target of building an underlying portfolio of around 400 private companies.

How SLPET invests in private equity
The Company can invest in three ways:

    i. The manager of a successful private equity fund will seek to raise fresh capital to invest typically every five years and the Company may commit to investing in such a fund. The fund will typically aim to acquire majority equity stakes in private companies commensurate with the fund’s strategy – this is known as primary investment;
    ii. Once a private equity fund has raised the fresh capital it seeks, no additional investors/commitments are permitted to increase the fund size. If an existing investor in that fund wishes to sell its position, the Company can negotiate to acquire that interest - this is known as a secondary transaction; and
    iii. In situations where the manager of a private equity fund seeks additional equity capital in order to make or supplement the acquisition of a portfolio company, certain investors in that fund may be offered the opportunity to invest directly into that private company alongside the fund and manager – this is known as a co-investment

Over time, the combination of these strategies is intended to deliver value to the Company’s shareholders. Irrespective of the type of investment, after a number of years the underlying private companies will generally be sold to industrial buyers, other private equity funds or exit through an IPO on listed markets. The cash proceeds from the sale of the private companies are returned to the Company and the investment cycle starts again.

About Aberdeen Standard Investments
The Trust's manager, SL Capital Partners, is Aberdeen Standard Investments dedicated private equity arm. We have fulfilled this role since the launch of the Trust in 2001 and have deployed a consistent strategy that gives shareholders access to a diversified portfolio of private company investments that generate attractive investment returns. Our team has decades of experience of investing in leading global private equity managers and can be relied upon to select the some of the best opportunities, supported by the broad resources of Aberdeen Standard Investments..

Key people

Merrick Mckay

Merrick McKay

Head of Europe - Private Equity

Merrick joined SL Capital, now part of Aberdeen Standard Investments (“ASI”), in 2014 and is based in the Edinburgh and London offices. ASI’s European Private Equity business, with over €8bn AuM, encompasses primary and secondary fund investments and co-investment activities undertaken by a team of over 30 investment professionals. Merrick is Head of Europe and a member of the ASI Private Equity Investment Committee.
An Australian, Merrick has over 25 years’ experience in the European private equity industry. Prior to joining ASI, Merrick was Head of European Investments and Senior Partner of Macquarie’s Private Markets division. Previous roles include 13 years as a Partner and Investment Committee member of Primary Capital (the London-based, lower mid-market private equity firm) where he was responsible for leading, originating and managing numerous private equity investments in the UK. Merrick holds Bachelor of Commerce and Bachelor of Laws degrees from the University of Queensland.
Merrick is a regular speaker at private equity conferences, and is a member of Invest Europe’s Limited Partner Council.

Alan Gauld

Alan Gauld

Investment director

Alan is an Investment Director in the Aberdeen Standard Investments Private Markets team. He is responsible for sourcing, evaluating and executing private equity investments, including primary fund investments and co-investments. Alan has a strong network and extensive experience with leading private equity funds, particularly pan-European and Iberian GPs. As such, Alan sits on a number of LP advisory committees across Europe. He joined Aberdeen Standard Investments in 2014 as part of the Scottish Widows Investment Partnership (SWIP) transaction. Prior to joining SWIP in 2013, Alan worked for Lloyds Banking Group in its private equity team. Alan holds a BSc (Hons) in Genetics from the University of Edinburgh and is a qualified chartered accountant.

Patricl Knechtli

Patrick Knechtli

Head of Secondaries

Based in Edinburgh, Patrick heads up the secondaries team of Aberdeen Standard Investments and is involved across the private markets activities of the firm. He joined predecessor firm SL Capital in 2009, which then merged with AAM’s private markets business in 2017. Prior to joining SL Capital, Patrick spent eight years at Coller Capital in London, where he worked on numerous secondary portfolio transactions. His early career consisted of seven years in investment banking, first at Baring Brothers and then at ABN Amro Corporate Finance. Patrick has a MA (Hons) in Modern Languages from the University of Exeter and is fluent in French and Spanish.

Simon Tyszko

Simon Tyszko

Investment Manager

Simon is an Investment Manager in the Aberdeen Standard Investments Private Markets team. He is responsible for sourcing, evaluating and executing private equity investments, including primary fund investments and co-investments. Simon has a strong network and extensive experience with leading private equity funds, particularly Benelux and UK GPs. Simon joined Aberdeen Standard Investments in 2014 as part SL Capital, and prior to this he worked at RBS in its Restructuring team. Simon holds a M.Eng in Aeronautical Engineering from the University of Glasgow and is a CFA charterholder.

  • Merrick McKay

    Head of Europe - Private Equity

    Merrick joined SL Capital, now part of Aberdeen Standard Investments (“ASI”), in 2014 and is based in the Edinburgh and London offices. ASI’s European Private Equity business, with over €8bn AuM, encompasses primary and secondary fund investments and co-investment activities undertaken by a team of over 30 investment professionals. Merrick is Head of Europe and a member of the ASI Private Equity Investment Committee.
    An Australian, Merrick has over 25 years’ experience in the European private equity industry. Prior to joining ASI, Merrick was Head of European Investments and Senior Partner of Macquarie’s Private Markets division. Previous roles include 13 years as a Partner and Investment Committee member of Primary Capital (the London-based, lower mid-market private equity firm) where he was responsible for leading, originating and managing numerous private equity investments in the UK. Merrick holds Bachelor of Commerce and Bachelor of Laws degrees from the University of Queensland.
    Merrick is a regular speaker at private equity conferences, and is a member of Invest Europe’s Limited Partner Council.

  • Alan Gauld

    Investment director

    Alan is an Investment Director in the Aberdeen Standard Investments Private Markets team. He is responsible for sourcing, evaluating and executing private equity investments, including primary fund investments and co-investments. Alan has a strong network and extensive experience with leading private equity funds, particularly pan-European and Iberian GPs. As such, Alan sits on a number of LP advisory committees across Europe. He joined Aberdeen Standard Investments in 2014 as part of the Scottish Widows Investment Partnership (SWIP) transaction. Prior to joining SWIP in 2013, Alan worked for Lloyds Banking Group in its private equity team. Alan holds a BSc (Hons) in Genetics from the University of Edinburgh and is a qualified chartered accountant.

  • Patrick Knechtli

    Head of Secondaries

    Based in Edinburgh, Patrick heads up the secondaries team of Aberdeen Standard Investments and is involved across the private markets activities of the firm. He joined predecessor firm SL Capital in 2009, which then merged with AAM’s private markets business in 2017. Prior to joining SL Capital, Patrick spent eight years at Coller Capital in London, where he worked on numerous secondary portfolio transactions. His early career consisted of seven years in investment banking, first at Baring Brothers and then at ABN Amro Corporate Finance. Patrick has a MA (Hons) in Modern Languages from the University of Exeter and is fluent in French and Spanish.

  • Simon Tyszko

    Investment Manager

    Simon is an Investment Manager in the Aberdeen Standard Investments Private Markets team. He is responsible for sourcing, evaluating and executing private equity investments, including primary fund investments and co-investments. Simon has a strong network and extensive experience with leading private equity funds, particularly Benelux and UK GPs. Simon joined Aberdeen Standard Investments in 2014 as part SL Capital, and prior to this he worked at RBS in its Restructuring team. Simon holds a M.Eng in Aeronautical Engineering from the University of Glasgow and is a CFA charterholder.

Christina McComb

Christina McComb

Chair of the Board

Christina McComb was appointed on 29 January 2013, and assumed the role of Chair on 1 January 2019. Christina has over 25 years’ experience of investing in growth companies, having spent much of her career at leading private equity firm 3i Group plc. She is currently Chair of financial mutual OneFamily and is Senior Independent Director of the British Business Bank, the government owned development bank supporting access to finance for UK SMEs. She is also Senior Independent Director of Big Society Capital, the UK’s leading social investment fund, and a Non-executive Director of Nexeon Ltd.

Johathon Bond

Jonathon Bond

Non-Executive Director

Jonathon Bond was appointed on 15 June 2018. Jonathon has over 30 years' experience in the private equity industry with a particular focus on raising standards of governance and performance. He has extensive international and general management experience, having served on the board of several significant businesses. Jonathon is Senior Independent Director and member of the Audit and Risk, Remuneration and Nomination Committees of Jupiter Fund Management PLC, Chairman Designate of Grosvenor Britain & Ireland Limited and is a Non-executive Director of Scottish Widows Limited.

Alan Devine

Alan Devine

Senior Independent Director

Alan Devine was appointed on 28 May 2014, and assumed the role of Senior Independent Director on 1 January 2019. He holds an MBA and is a Fellow of the Institute of Bankers in Scotland. Alan was formerly CEO of the Royal Bank of Scotland Shipping Group and has a wide background of knowledge and over 40 years’ experience in both commercial and investment banking. Alan is a Non-Executive Director of Irish company Capitalflow Holdings DAC where he is Chairman of the Remuneration and Audit Committees. Alan is also Chairman of the private equity owned Irish based cash logistics company known as GSLS.
Diane Seymour

Diane Seymour-Williams

Non-Executive Director

Diane Seymour-Williams was appointed on 7 June 2017. Diane is a Non-executive Director of Brooks Macdonald Group plc and PraxisIFM Group Limited, and is a Director of Acorn Capital Advisers Limited. Diane worked at Deutsche Asset Management Group (previously Morgan Grenfell) for 23 years where she held various senior positions, including CIO and CEO of Asia. More recently, she spent nine years at LGM Investments, a specialist global emerging and frontier markets equities manager, where she was Global Head of Relationship Management.

Calum Thomson

Calum Thomson

Non-Executive Director

Calum Thomson was appointed on 30 November 2017. Calum is a qualified chartered accountant and was an audit partner with Deloitte LLP for over 21 years. Calum is a Non-executive Director and the Audit Committee chair of the Diverse Income Trust plc, the AVI Global Trust plc and Barings Emerging Europe plc. He is also a Non-executive Director and Audit Committee chair of BLME Holdings Plc and the Adam Smith Advisory Group Ltd and Chairman of trustees of La Serenissima.

  • Christina McComb

    Chair of the Board

    Christina McComb was appointed on 29 January 2013, and assumed the role of Chair on 1 January 2019. Christina has over 25 years’ experience of investing in growth companies, having spent much of her career at leading private equity firm 3i Group plc. She is currently Chair of financial mutual OneFamily and is Senior Independent Director of the British Business Bank, the government owned development bank supporting access to finance for UK SMEs. She is also Senior Independent Director of Big Society Capital, the UK’s leading social investment fund, and a Non-executive Director of Nexeon Ltd.

  • Jonathon Bond

    Non-Executive Director

    Jonathon Bond was appointed on 15 June 2018. Jonathon has over 30 years' experience in the private equity industry with a particular focus on raising standards of governance and performance. He has extensive international and general management experience, having served on the board of several significant businesses. Jonathon is Senior Independent Director and member of the Audit and Risk, Remuneration and Nomination Committees of Jupiter Fund Management PLC, Chairman Designate of Grosvenor Britain & Ireland Limited and is a Non-executive Director of Scottish Widows Limited.

  • Alan Devine

    Senior Independent Director

    Alan Devine was appointed on 28 May 2014, and assumed the role of Senior Independent Director on 1 January 2019. He holds an MBA and is a Fellow of the Institute of Bankers in Scotland. Alan was formerly CEO of the Royal Bank of Scotland Shipping Group and has a wide background of knowledge and over 40 years’ experience in both commercial and investment banking. Alan is a Non-Executive Director of Irish company Capitalflow Holdings DAC where he is Chairman of the Remuneration and Audit Committees. Alan is also Chairman of the private equity owned Irish based cash logistics company known as GSLS.
  • Diane Seymour-Williams

    Non-Executive Director

    Diane Seymour-Williams was appointed on 7 June 2017. Diane is a Non-executive Director of Brooks Macdonald Group plc and PraxisIFM Group Limited, and is a Director of Acorn Capital Advisers Limited. Diane worked at Deutsche Asset Management Group (previously Morgan Grenfell) for 23 years where she held various senior positions, including CIO and CEO of Asia. More recently, she spent nine years at LGM Investments, a specialist global emerging and frontier markets equities manager, where she was Global Head of Relationship Management.

  • Calum Thomson

    Non-Executive Director

    Calum Thomson was appointed on 30 November 2017. Calum is a qualified chartered accountant and was an audit partner with Deloitte LLP for over 21 years. Calum is a Non-executive Director and the Audit Committee chair of the Diverse Income Trust plc, the AVI Global Trust plc and Barings Emerging Europe plc. He is also a Non-executive Director and Audit Committee chair of BLME Holdings Plc and the Adam Smith Advisory Group Ltd and Chairman of trustees of La Serenissima.

Financial calendar

Year End September
Accounts published December
Annual General Meeting January
Dividend Paid January, April, July, October

Trust details

Standard Life Private Equity Trust PLC

1 George Street
Edinburgh EH2 2LL
United Kingdom

Registered in Scotland as an Investment Company Number SC216638

Launch Date: 29 May 2001

Investment Manager

SL Capital Partners LLP
1 George Street
Edinburgh EH2 2LL
United Kingdom

Registrars
Equiniti Limited
Aspect House
Spencer Road
Lancing
West Sussex
BN99 6DA

Risk warning
Risk warning
The value of investments and the income from them can go down as well as up and you may get back less than the amount invested. The tax benefits relating to ISA investments may not be maintained. Investors should review the relevant Key Information Document (KID) brochure prior to making an investment decision.
Read the detailed risk warning 
Investor warning: Please be aware of scams that can affect investors. Read the full investor risk warning