F&C Private Equity Trust plc · Company Overview The Company F&C Private Equity Trust plc (‘the...

F&C Private Equity Trust plc

QUARTERLY REPORT – 31 MARCH 2018

161736 PET QRpt PRINT.indd 1 25/05/2018 16:16

2 | F&C Private Equity Trust plc Quarterly Report 31 March 2018 | 3

F&C PRIVATE EQUITY TRUST PLC

Source: F&C

Impressive performance

Company Overview

The Company

F&C Private Equity Trust plc (‘the Company’) is an investment trust and its Ordinary Shares are traded on the Main Market of the London Stock Exchange.

Objective and Investment Policy

The Company’s objective is to achieve long-term capital growth through investment in private equity assets, whilst providing shareholders with a predictable and above average level of dividend funded from a combination of the Company’s revenue and realised capital profits.

Dividend Policy

The Company aims to pay quarterly dividends with an annual yield equivalent to not less than 4 per cent of the average of the published net asset values per Ordinary Share as at the end of each of its last four financial quarters prior to the announcement of the relevant quarterly dividend or, if higher, equal (in terms of pence per share) to the highest quarterly dividend previously paid. All quarterly dividends will be paid as interim dividends. The interim dividends payable in respect of the quarters ended 31 March, 30 June, 30 September and 31 December are expected to be paid in the following July, October, January and April respectively.

Management

The Board has appointed F&C Investment Business Limited (‘the Manager’), a wholly owned subsidiary of F&C Asset Management plc (‘F&C’), as the Company’s investment manager under a contract terminable by either party giving to the other not less than six months’ notice.

F&C is a wholly owned subsidiary of Bank of Montreal (‘BMO’) and is part of BMO Global Asset Management.

Net Assets as at 31 March 2018

£258.2 million

Capital Structure

73,941,429 Ordinary Shares of 1 pence, each entitled to one vote at a general meeting.



Financial Highlights

6.1%Share price• Share price total return for the three months of 6.1 per

cent for the Ordinary Shares.

3.57pQuarterly dividend• Quarterly dividend of 3.57p per Ordinary Share payable

on 31 July 2018.




Summary of Performance

Three months Year ended ended 31 March 31 December

Total Returns for the Period* 2018 2017 % change

Net asset value (1.2)% +5.6%

Ordinary Share price +6.1% +19.2%

Capital ValuesNet assets (£’000) 258,235 264,144 (2.2)

Net asset value per Ordinary Share 349.24p 357.23p (2.2)

Ordinary Share price 356.00p 339.00p +5.0

Premium/(discount) to net asset value 1.9% (5.1)%

IncomeRevenue return after taxation (£’000) 4 (426)

Revenue return per Ordinary Share 0.01p (0.58)p

Dividends per Ordinary Share 3.55p 14.04p

Gearing† (0.7)% (0.2)%

Future commitments (£’000) 140,595 123,389

* Total return is the combined effect of any dividends paid, together with the rise or fall in the net asset value per Ordinary Share or share price. Any dividends are assumed to have been re-invested in either

the Company’s assets or in additional shares.

† Borrowings less cash ÷ total assets less current liabilities (excluding borrowings and cash).

Sources: F&C Investment Business and Thomson Reuters Eikon

As at 31 March 2018

As at 31 December 2017



Ordinary Share Performance

For the 12 months to 31 March 2018

Manager’s Review

Introduction

As at 31 March 2018, the net assets of the Company were £258.2 million, giving a Net Asset Value (NAV) per share of 349.24p, which taking into account the dividend of 3.55p per share paid on 31 January gives a decrease in total return over the quarter of 1.2%, mostly due to currency movements. At 31 March, the Company had net cash of £1.9 million. Outstanding undrawn commitments were £140.6 million with approximately £17.0 million to funds where the investment period has expired.

In line with the Company’s policy to pay dividends on a quarterly basis, a dividend of 3.57p per share was paid on 30 April 2018 and a further dividend of 3.57p will be paid on 31 July 2018 to shareholders on the register on 6 July 2018.

New Investments

During the first quarter and immediately afterwards there were three new primary fund commitments, one secondary and three new co-investments.

SEK 50 million (£4.3 million) was committed to Verdane Edda, a Nordic based fund focusing on technology and technology enabled companies. £5 million was committed

to Apiary Capital Partners I, a new fund specialising in the lower mid-market buyout sector of the UK. €7.0 million (£6.2 million) was committed to Volpi, a Northern Europe focused technology enabled growth fund which starts life with three investments already in place.

During the quarter the secondary purchase of a portfolio of private equity investments from Banco Populare de Vicenza was completed. This involved the demerger of the bank’s private equity business along with the extraction, via a secondary sale to a new fund, of the portfolio of nine Italian companies. A new independent private equity management company NEM SGR has been set up and the fund is termed NEM Imprese III. The overall transaction was for €33 million and was funded by a number of BMO Global Asset Management managed funds and another private equity specialist firm. The purchase price for the Company was €4.3 million (£3.8 million), which represents a discount to fair market value of over 30%. The Company, along with the other investors, has undertaken to make additional capital available for new and follow-on investments on a deal by deal basis. This amounts to an additional commitment of €2.6 million (£2.3 million). Pending receipt of the first valuation post deal the investment is initially valued at cost.

110

105

100

95

Net Asset Value Total Return for the 12 months ended 31 March 2018

Source: F&C Investment BusinessOrdinary Shares

Mar 17 Jun 17 Sep 17 Dec 17 Mar 18




Manager’s Review

Two new co-investments have been added during the quarter and one new co-investment since the quarter end.

€2.5 million (£2.2 million) has been invested in Croatia based Pet Centar, the market leader in South East Europe in large format pet stores. This deal was led by Central and Eastern Europe specialists The Rohatyn Group. The investment thesis is based on continued expansion of the chain into neighbouring territories such as Slovenia and Romania. There will be a follow-on investment of an additional €2.0 million (£1.8 million) and the Company will have just over 10% of the equity of Pet Centar. $5.0 million (£3.7 million) was also invested in US based Mexican restaurant chain Rosa Mexicana. This investment is led by Trispan, a specialist private equity firm concentrating on the hospitality sector. Very recently we have co-invested alongside Inflexion in the North Wales based builders’ merchant Huws Gray. This is a minority investment in one of the leading regional builders’ merchant chains in the UK. The Company’s investment is £6 million.

The funds in the portfolio have been active in making new investments across many different geographies and sectors. Apposite Healthcare II made a follow-on investment for supported living business Swanton and invested in Ortho D, a company making medical devices for the Orthopaedic sector (£0.9 million). There was an additional follow-on for our co-investment in Swanton of £0.5 million. Also in the healthcare sector Archimed called £0.3 million for Provepharm, a company specialising in the reformulation of existing pharmaceuticals. FPE II called £0.3 million for IWSR, a provider of data to the global beverage industry.

Inflexion Buyout IV has completed its portfolio calling £0.5 million for two investments; Calco, a Dutch based IT recruitment and training company and Chambers, the UK based global publisher of legal rankings and directories.

There has been some notable activity in German speaking Europe. Bencis Buyout V called £0.7 million for Halex Holdings, a Germany based but Pan-European engineering company that makes dies for aluminium extrusion. Capvis IV called £0.5 million for process machinery business ProXES and high temperature insulation for engines business Thermamax. DBAG VII called £0.3 million for duagon, a

Swiss based developer and manufacturer of components for train communication networks.

There was also considerable new deal activity in the Nordic element of the portfolio. Procuritas Capital VI called £0.3 million for two deals; Urkund (anti-plagiarism education software) and Byens Bilpleje (cosmetic car repairs and valeting). Summa I called £0.4 million for another two companies; Ecoline (chemical inventory management) and Milarex (seafood processing). Vaaka Partners Buyout III invested £0.8 million in Famery, the global leader in prefabricated silent working and negotiation spaces (booths) for open offices.

Total drawdowns for the first quarter were £11.9 million.

Realisations

There was a diverse range of exits achieved over the quarter.

The largest realisation of £3.1 million was August Equity Partners II’s sale of healthcare company Active Assistance to a financial buyer achieving an excellent return of 4.7x cost and an IRR of 28%. Argan Capital sold fruit juice company Hortex to Mid Europa yielding £2.1 million (2.0x cost and an IRR of 9%). Procuritas Capital IV exited GRAM (Green Magnum), the ice cream machine manufacturer, returning £2.2 million (6.5xcost, IRR 44%). There was a general partner led secondary exit of almost all of our remaining position in Camden Partners III. This returned £1.8 million which was just below the latest NAV but which brought forward liquidity by more than two years. We had been in this reasonably performing fund since 2005 and this exit locks in a net return of 2.5x and an IRR of 13.5%. Not included in this exit was the sale of Camden Partners III’s holding in Planet Payment, a multi-currency digital payment processing company which was acquired by Fintrax returning £0.4 million (2.9x cost, 11.2% IRR). TDR Capital II and its associated Annex Fund have successfully exited enhanced annuity company Retirement Advantage through its sale to a Canadian trade buyer. This returned a combined £0.8 million (1.6x, 13% IRR) which was creditable given that shortly post investment the government announced surprise changes to the accessibility and taxation of pensions which had a severe impact on all annuity businesses in the UK.



Hutton Collins III has returned £1.0 million through the sale of 50% of its remaining portfolio in a secondary. PM & Partners II has sold Italian bakery Monviso returning £0.2 million (1.7x, IRR 10%). Chequers Capital XV sold SES-Imagotag to BOE Technology returning £0.6 million (2.3x, 10% IRR). In the US Blue Point Capital II exited Linestar Holdings, the pipeline services company, returning £0.4 million (1.3x, 5% IRR). Lastly the Aurora Fund, our own secondaries fund distributed £0.8 million during the quarter.

The total of realisations in the quarter was £16.1 million, including £0.4 million of income

Valuation Changes

There were relatively few substantial changes in the first quarter when there is a relatively short period of time between published valuations. The largest influence on the valuation this quarter was currency movements with sterling having strengthened somewhat against the Euro and more noticeably against the Dollar. The net effect of this is approximately a 1% reduction in NAV. The largest movement of an individual investment was a downgrade of £1.2 million for superfoods business Nutrisure which has been put into administration by the debt provider part way through a sale process. This company has had some traction in its key markets but it has come too late to avoid loss of control by the equity syndicate.

Our co-investment in Sigma, the US based electrical components company, has made good progress with strong growth in revenue and new customer wins and this is uplifted by £0.5 million. Blue Point Capital II is up by £0.6 million and Inflexion 2010 is up by £0.3 million. Both funds have made good progress with their respective portfolios. Chequers Capital XV and XVI are up by a combined £0.4 million.

Financing

At the quarter end the Company is effectively ungeared. With the additional co-investments taking place after the quarter end it is anticipated that the balance sheet will become modestly geared over the next few months. The flow of realisations remains healthy so we would expect only

a gradual increase in gearing. The revolving credit facility is available should it be necessary to fund investments once the existing cash balance is utilised. Discussions with the bank and other lenders will begin later this year with a view to renewing the facility.

Outlook

The private equity market internationally continues to expand both in absolute terms and as a proportion of investable assets. Current levels of fund raising and accumulated capacity to invest, often termed ‘dry powder’, are at or near record levels. The price of new deals across all markets is approaching all-time highs. This is something to be monitored closely and it is possible that there could be some slowdown in new deal activity from recent very active levels. The private equity sector is innately long term in its investment outlook and for mature investors there should be no pressure to invest if prices and prospective returns do not fully justify it. Our investment partners are chosen for their ability to identify and create value across a broad swathe of sectors and geographies. The lower mid-market, particularly, continues to present diligent investors with a myriad of opportunities. We have a broadly diversified portfolio which is the result of each of these investment partners taking a few of these opportunities over a period of years. Our portfolio remains well placed to grow value for shareholders over the long term.

Hamish MairInvestment ManagerF&C Investment Business Limited

24 May 2018



Portfolio Holdings


Total % of Geographic Valuation TotalInvestment Focus £’000 PortfolioBuyout Funds – Pan European Stirling Square Capital Partners II Europe 7,621 2.9TDR Capital II Europe 6,399 2.5Argan Capital Europe 4,607 1.8TDR II Annex Fund Europe 4,113 1.6Apposite Healthcare II Europe 2,400 0.9Agilitas 2015 Private Equity Fund Europe 622 0.2

Total Buyout Funds – Pan European 25,762 9.9

Buyout Funds – UKInflexion 2010 UK 4,664 1.8Lyceum Capital III UK 4,344 1.7Inflexion Buyout IV UK 4,242 1.6August Equity Partners III UK 3,814 1.5Inflexion 2012 Co-Investment Fund UK 3,269 1.3RJD Private Equity III UK 2,426 0.9GCP Capital Partners Europe II UK 2,352 0.9Dunedin Buyout II UK 2,267 0.9August Equity Partners II UK 2,140 0.8Inflexion Partnership Capital I UK 2,000 0.8Primary Capital IV UK 1,977 0.8August Equity Partners IV UK 1,842 0.7Piper Private Equity V UK 1,638 0.6Inflexion Supplemental Fund IV UK 1,484 0.6RJD Private Equity ll UK 1,129 0.4Piper Private Equity VI UK 1,088 0.4Equity Harvest Fund UK 997 0.4Inflexion Enterprise IV UK 975 0.4FPE II UK 839 0.3Primary Capital III UK 703 0.3Primary Capital II UK 192 0.1Penta F&C Co-Investment Fund UK 90 –Enterprise Plus UK 90 –

Total Buyout Funds – UK 44,562 17.2

Buyout Funds – Continental Europe Aliante Equity 3 Italy 5,259 2.0Corpfin Capital Fund IV Spain 4,234 1.6Procuritas Capital V Nordic 4,165 1.6NEM Imprese III Italy 3,898 1.5DBAG VI Germany 3,684 1.4Vaaka Partners Buyout II Nordic 3,368 1.3Avallon MBO II Central & East Europe 3,365 1.3Capvis IV DACH 3,216 1.2ILP III Italy 3,052 1.2N+1 Private Equity II Spain 2,998 1.1Astorg VI France 2,685 1.0Chequers Capital XVI France 2,590 1.0Procuritas Capital IV Nordic 2,543 1.0Capvis III DACH 2,374 0.9PineBridge New Europe II Central & East Europe 2,210 0.8Ciclad 5 France 2,121 0.8Portobello Fund III Spain 1,982 0.8Progressio II Italy 1,942 0.7Summa I Nordic 1,575 0.6Bencis Buyout V Benelux 1,479 0.6Herkules Private Equity III Nordic 1,193 0.5Ciclad 4 France 1,187 0.5Vaaka Partners Buyout III Nordic 1,030 0.4DBAG V Germany 1,004 0.4DBAG VII Germany 914 0.4Procuritas Capital VI Nordic 861 0.3PM & Partners II Italy 469 0.2Chequers Capital XV France 361 0.1Archimed Europe 278 0.1Montefiore IV France 260 0.1Gilde Buyout III Benelux 260 0.1ARX CEE IV Central & East Europe 183 0.1Chequers Capital France 143 0.1DBAG VIIB Germany 140 0.1Chequers Capital XVII France 51 –

Total Buyout Funds – Continental Europe 67,074 25.8



Portfolio Holdings

Total % of Geographic Valuation TotalInvestment Focus £’000 PortfolioPrivate Equity Funds – USA Camden Partners IV USA 3,747 1.5Blue Point Capital III USA 2,966 1.1Blue Point Capital II USA 2,798 1.1Graycliff Private Equity Partners III USA 2,369 0.9HealthpointCapital Partners III USA 2,036 0.8Stellex USA 901 0.3Camden Partners III USA 90 –

Total Private Equity Funds – USA 14,907 5.7

Private Equity Funds – Global AIF Capital Asia III Asia 1,861 0.7PineBridge Global Emerging Markets II Global 878 0.3Warburg Pincus IX Global 773 0.3F&C Climate Opportunity Partners Global 658 0.3Warburg Pincus VIII Global 385 0.1PineBridge Latin America Partners II Brazil 139 0.1

Total Private Equity Funds – Global 4,694 1.8

Venture Capital Funds SEP V Europe 2,167 0.8SEP III Europe 2,122 0.8Pentech Fund II UK 1,638 0.6SEP IV Europe 1,539 0.6Environmental Technologies Fund Europe 1,221 0.5SEP II Europe 1,031 0.4Life Sciences Partners III Europe 706 0.3Alta Berkeley VI UK 649 0.3

Total Venture Capital Funds 11,073 4.3

Mezzanine Funds Hutton Collins III Europe 1,368 0.5Hutton Collins II Europe 1,109 0.4Accession Mezzanine ll Central & East Europe 972 0.4Hutton Collins I Europe 227 0.1

Total Mezzanine Funds 3,676 1.4

Direct – QuotedParques Reunidos Europe 346 0.1Antero USA 302 0.1Candover Investments Europe 156 0.1Laredo Petroleum USA 68 –Other quoted holdings Global 5 –

Total Direct – Quoted 877 0.3

Secondary Funds The Aurora Fund Europe 2,579 1.0

Total Secondary Funds 2,579 1.0

Direct – Investments/Co-investments Ambio Holdings USA 16,005 6.2Avalon UK 9,190 3.5Collingwood Insurance Group UK 5,930 2.3Weird Fish UK 5,503 2.1TWMA UK 5,000 1.9Sigma USA 4,858 1.9Ashtead Global 4,783 1.9Recover Nordic Nordic 4,482 1.7Dotmatics UK 3,989 1.5Calucem Europe 3,091 1.2Ticketscript Europe 2,979 1.1Babington UK 2,907 1.1Walkers UK 2,824 1.1CETA UK 2,594 1.0Tier1 CRM USA 2,170 0.8Swanton UK 1,824 0.7RGI Group Europe 1,797 0.7Safran Nordic 1,172 0.5Meter Provida UK 988 0.4Schaetti Europe 939 0.4Alpitour Italy 907 0.3Harrington Brooks UK 653 0.3Algeco Scotsman Europe 81 –

Total Direct – Investments/Co-investments 84,666 32.6

Total Portfolio 259,870 100.0


10 | F&C Private Equity Trust plc

Statement of Comprehensive Income

Amounts Recognised as Dividends


Three months ended Three months ended Year ended 31 March 2018 31 March 2017 31 December 2017 (unaudited) (unaudited) (audited) Revenue Capital Total Revenue Capital Total Revenue Capital Total £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000

Income(Losses)/gains on investments held at fair value – (2,881) (2,881) – 2,556 2,556 – 21,216 21,216Exchange gains/(losses) – 373 373 – (84) (84) – (1,019) (1,019)Investment income 448 – 448 154 – 154 1,422 – 1,422Other income 24 – 24 11 – 11 51 – 51

Total income 472 (2,508) (2,036) 165 2,472 2,637 1,473 20,197 21,670

Expenditure Investment management fee – basic fee (159) (476) (635) (158) (475) (633) (641) (1,922) (2,563)Investment management fee – performance fee – – – – (1,390) (1,390) – (2,037) (2,037)Other expenses (188) – (188) (191) – (191) (830) – (830)

Total expenditure (347) (476) (823) (349) (1,865) (2,214) (1,471) (3,959) (5,430)

Profit/(loss) before finance costs and taxation 125 (2,984) (2,859) (184) 607 423 2 16,238 16,240

Finance costs (106) (319) (425) (104) (312) (416) (428) (1,283) (1,711)

Profit/(loss) before taxation 19 (3,303) (3,284) (288) 295 7 (426) 14,955 14,529

Taxation (15) 15 – – – – – – –

Profit/(loss) for period/totalcomprehensive income 4 (3,288) (3,284) (288) 295 7 (426) 14,955 14,529

Return per Ordinary Share 0.01p (4.45)p (4.44)p (0.39)p 0.40p 0.01p (0.58)p 20.23p 19.65p

Three months ended Three months ended Year ended 31 March 2018 31 March 2017 31 December 2017 (unaudited) (unaudited) (audited) £’000 £’000 £’000

Final Ordinary Share dividend of 6.48p per share for the year ended 31 December 2016 – – 4,791Interim Ordinary Share dividend of 6.92p per share for the year ended 31 December 2017 – – 5,117Quarterly Ordinary Share dividend of 3.55p per share for the year ended 31 December 2017 2,625 – –

2,625 – 9,908

The above table does not form part of the Statement of Comprehensive Income.

For the period ended 31 March 2018


Quarterly Report 31 March 2018 | 11

Reconciliation of Movements in Shareholders’ Funds Three months ended Three months ended Year ended 31 March 2018 31 March 2017 31 December 2017 (unaudited) (unaudited) (audited) £’000 £’000 £’000

Opening shareholders’ funds 264,144 259,523 259,523(Loss)/profit for the period/total comprehensive income (3,284) 7 14,529Dividends paid (2,625) – (9,908)

Closing shareholders’ funds 258,235 259,530 264,144

As at As at As at 31 March 2018 31 March 2017 31 December 2017 (unaudited) (unaudited) (audited) £’000 £’000 £’000

Non–current assetsInvestments at fair value through profit or loss 259,870 232,551 266,536

Current assetsOther receivables 304 34 232Cash and cash equivalents 27,893 57,213 26,765

28,197 57,247 26,997Current liabilitiesOther payables (3,799) (5,092) (3,081)

Net current assets 24,398 52,155 23,916

Total assets less current liabilities 284,268 284,706 290,452

Non–current liabilitiesInterest-bearing bank loan (26,033) (25,176) (26,308)

Net assets 258,235 259,530 264,144

Equity

Called–up ordinary share capital 739 739 739Share premium account 2,527 2,527 2,527Special distributable capital reserve 15,040 15,040 15,040Special distributable revenue reserve 31,403 31,403 31,403Capital redemption reserve 1,335 1,335 1,335Capital reserve 207,187 203,974 213,100Revenue reserve 4 4,512 –

Shareholders’ funds 258,235 259,530 264,144

Net asset value per Ordinary Share 349.24p 350.99p 357.23p

As at 31 March 2018

Balance Sheet


12 | F&C Private Equity Trust plc


Notes to the Financial Statements

1 The unaudited quarterly results have been prepared on the basis of the accounting policies set out in the statutory accounts of the Company for the year ended 31 December 2017.

2 Investment management fee


Investment management fee – basic fee 159 476 635 158 475 633 641 1,922 2,563

Investment management fee – performance fee – – – – 1,390 1,390 – 2,037 2,037

159 476 635 158 1,865 2,023 641 3,959 4,600

3 Finance costs


Interest payable on bank loans 106 319 425 104 312 416 428 1,283 1,711

4 The return per Ordinary Share is based on a net loss on ordinary activities after taxation of £3,284,000 (31 March 2017 – profit of £7,000; 31 December 2017 – profit of £14,529,000) and on 73,941,429 (31 March 2017 – 73,941,429; 31 December 2017 – 73,941,429) shares, being the weighted average number of Ordinary Shares in issue during the period.

5 The net asset value per Ordinary Share is based on net assets at the period end of £258,235,000 (31 March 2017 – £259,530,000; 31 December 2017 – £264,144,000) and on 73,941,429 (31 March 2017 – 73,941,429; 31 December 2017 – 73,941,429) shares, being the number of Ordinary Shares in issue at the period end.

6 The financial information for the three months ended 31 March 2018, which has not been audited or reviewed by the Company’s auditor, comprises non–statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2017, on which the auditor issued an unqualified report, will be lodged with the Registrar of Companies. The quarterly report is available on the Company’s website www.fcpet.co.uk.


Quarterly Report 31 March 2018 | 13



Corporate Information

Directors

Mark Tennant (Chairman)* Elizabeth Kennedy†Swantje ConradRichard GrayDouglas Kinloch Anderson, OBEDavid Shaw

Company Secretary

F&C Asset Management plcQuartermile 47a Nightingale WayEdinburgh EH3 9EGTel: 0207 628 8000

Alternative Investment Fund Manager (‘AIFM’) and Investment Manager

F&C Investment Business LimitedQuartermile 47a Nightingale WayEdinburgh EH3 9EGTel: 0207 628 8000

Auditor

Ernst & Young LLP25 Churchill PlaceCanary WharfLondon E14 5EY

Broker and Financial AdviserCantor Fitzgerald EuropeOne Churchill PlaceCanary WharfLondon E14 5RB

Solicitors

CMS Cameron McKenna LLPSaltire Court20 Castle TerraceEdinburgh EH1 2EN

Depositary

JPMorgan Europe Limited25 Bank StreetCanary WharfLondon E14 5JP

Bankers

JPMorgan Chase Bank25 Bank StreetCanary WharfLondon E14 5JP

The Royal Bank of Scotland plc24-25 St Andrew SquareEdinburgh EH2 1AF

Company Number

Registered in Scotland No: SC179412

* Chairman of the Management Engagement Committee and the Nomination Committee† Chairman of the Audit Committee


Registered Office

Quartermile 47a Nightingale WayEdinburgh EH3 9EGTel: 0207 628 8000Fax: 0131 718 1280

Registrars

Link Asset ServicesThe Registry 34 Beckenham Road Beckenham Kent BR3 4TU Tel: 0871 664 0300*Website: www.linkassetservices.com

* Calls to this number cost 12p per minute plus network extras. Callers from outside the UK: +44(0) 208 639 3399

F&C Private Equity Trust plc

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QUARTERLY REPORT 31 MARCH 2018


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