CT Private Equity trust discount to NAV widens to 33.2%
The trust posted NAV of 693.3 pence per ordinary share, reflecting a 3.3% return for the quarter and 0.9% for the first nine months of the year.
In its Q3 results today (24 November), the trust reported NAV of 693.3 pence per ordinary share, reflecting a 3.3% return for the quarter and 0.9% return for the first nine months of the year.
Share price total return for the three-month period stood at 0.4%.
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CTPE noted the pound has been weaker against most major currencies in Q3, which had increased its NAV by around 1.3%. However, it noted there has been minimal impact of currency in the year to date.
The trust also revealed that a 7.01p dividend will be paid to shareholders on 31 January 2024, following the dividend payments of 7.01p on 31 October and 6.95p on 31 July 2023.
Net debt stood at £74.5m as of 30 September, with outstanding undrawn commitments of £215m, of which £27m was to funds where the investment period was expired.
Over Q3, CTPE made three new investment commitments to funds and two co-investments, it noted.
These included CAD$10m (£5.8m) committed to Canadian mid-market buyout funds Torquest VI; £10m to Inflexion Partnership Capital III; and $5m to US consumer franchise co-investment fund Purpose Brands.
On the co-investment front, the trust invested €5.2m in an unnamed industrial internet-of-things software company and €6m in German cybersecurity and data intelligence solutions provider Utimaco.
The three months to 30 September 2023 also saw several realisations, despite a «slowdown in exits», it said.
CTPE completed the sell down of energy services firm Ashtead Technology — which is now listed — realising £5.5m, bringing total net proceeds to
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