Schroder Ventures International Investment Trust (SVIIT) has seen its net asset value per share grow...
Schroder Ventures International Investment Trust (SVIIT) has seen its net asset value per share grow by over 38% in the 12 months to the end of June.
The private equity investment trust is run on a fund of funds basis and invests in Schroder Ventures' 25 funds with exposure to around 155 companies. The net asset value per share increased by 38.4% to 450.9 pence in the year to 30 June.
John McLachlan, chairman of SVIIT, said: "This has been a good year for SVIIT, allowing us to report a substantial increase in the net assets of the company. The company continues to enjoy realisations at significant premia to valuations and notable growth in the underlying portfolio.
"Much of the portfolio is now relatively immature with 82% of investments having been held for three years or less, while 43% of the portfolio is valued at cost. This, coupled with the conservative valuations of the portfolio companies, would suggest there is still potential for further continued growth."
Performance during the second half of the year boosted the company's net assets by 43.0% during the year to 30 June 2000 and more than doubled in the two-year period between 1 July 1998 and 30 June 2000, McLachlan said. Growing interest from private investors and smaller institutions has also led the trust to develop an investor relations web site, located at www.sviit.co.uk.
The board has also sought to ensure that the trust's shares can be traded through the Crest settlement system, which would better enable them to be traded electronically.
Recently, SVIIT has invested e750m in the Schroder Ventures European Fund II, the successor to the Schroder Ventures European Fund. SVIIT committed $135.6m to Schroder Ventures Asia Pacific Fund at its final closing in June 2000 and has made a $64.5m commitment to Schroder Ventures US fund at its third closing in May 2000.
SVIIT has also agreed to commit approximately C$50m to the Schroder Canadian Buy-Out Fund III, which is expected to have its first closing later in 2000.
McLachlan added: "In April, SVIIT's entire interest in Across Wireless was sold at a £42.1m premium to the 30 June 1999 gross valuation.
"This was followed by the successful flotation of AU System on the OM Stockholm Exchange in June, where approximately a third of SVIIT's interest was sold."
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