FPEA F&C Priv. Res

RNS Number:3510X
F&C Private Equity Trust PLC
29 May 2007

F&C Private Equity Trust plc

  * NAV total return for the period of  2.7 per cent for the A shares
  * NAV total return for the period of  4.3 per cent for the B shares
  * Strong performance of co-investments


Net Asset Values and Portfolio Update

F&C Private Equity Trust plc, the international private equity fund of funds
announces NAVs as at 31 March 2007. The net assets of the Company at 31 March
were #150.3m. The NAV per A share was 25.11p, representing a total return over
the 3 months to 31 March of 2.7%. The A pool had net assets at 31March of #16.8m
including #1.2m of net cash. The fully diluted NAV per B share at 31 March was
183.65p, a total return over the quarter of 4.3%. The B pool had net assets at
31 March of #133.5m including #16.8m of net cash.

New Commitments

Several new commitments were made during the quarter. These include Euro7m to
Accession Mezzanine II, Euro7m to Mezzanine Management IV, Euro7m to AIG New Europe
Fund II and a #4m commitment to Close Brothers Growth Capital II B. Since the
quarter end the Company has completed the secondary purchase of a holding in
Scottish-based venture capital fund, Pentech, for #1.58m. There are a number of
new fund and co-investment possibilities under consideration.

Drawdowns

Drawdowns over the quarter amounted to #12.6m. These were from a wide range of
funds into remarkably diverse companies and sectors. The larger individual
drawdowns included #0.68m by Hutton Collins into Spanish IT consultancy Everis;
#0.67m into Delsey, the French headquartered branded travel luggage company, by
Argan Capital; #0.56m (combined) by both Chequers funds into Vivarte, the
clothes and shoe retailing group; #0.42m by DBAG V into MCE, an Austrian
industrial services provider; #0.39m by Ibersuizas into Maxam,a civil explosives
and sports cartridges company; and, #0.3m into Bottlegreen, a manufacturer of
elderflower cordials and other adult soft drinks.

Realisations

Realisations amounted to #13.0m. The largest inflow was from Gondola (#6.8m).
Other significant amounts came in from LGV4's sale of Tragus (#1.2m), Nmas1's
sale of GAM (#0.7m) and Bodybell (#0.4m), Candover 2001's sale of Vetco Gray
(#0.58m) and #0.43m from the redemption of the convertible bond held by Alto in
Antichi Pellettieri.

Valuation Changes

The valuation changes were mainly positive. Amongst the fund positions strong
contributions have been registered from Nmas1 (+#0.52m) and Warburg Pincus VIII
(+#0.62m) as these portfolios mature. International Mezzanine Investment NV, our
longstanding European Mezzanine fund, was uplifted by #0.28m despite a
significant provision for carried interest. The main uplifts were to be found in
our portfolio of co-investments.  An uplift of #2.5m was recorded for Viking
Moorings. This Inflexion-led investment  is trading very strongly. The RJD-led
Academy Music investment has now been fully realised, with a further #1.1m of
value accruing this quarter. Another RJD-led holding, Equidebt, is also making
good progress and an uplift in value of #0.6m is included in this valuation.
Over the quarter there was a positive benefit from exchange rate movements of
#0.3m.



Outlook

There continues to be considerable activity within our fund portfolio . Several
realisations have been achieved or are in the pipeline and all of this is
consistent with a confident private equity market internationally.  Many of the
funds in our portfolio are mainly focused on the European mid market where
persistent inefficiencies allow suitably qualified investors to acquire
businesses at prices that still offer the prospect of excellent medium term
returns. As can be seen from the very varied portfolio that we have assembled, F
&C Private Equity Trust should not be vulnerable to a downturn in any one
sector. However, the Company is not immune to a general slowdown and we remain
vigilant for any signs of this in the funds and companies. The annual meeting
season is underway and this will give us a more immediate feel for confidence
levels. The co-investments have been performing strongly and we would expect
that developments there, coupled with good progress in our fund portfolio, will
maintain the momentum in our NAV into the second half of the year.



Enquiries:

Hamish Mair (F&C Asset Management plc)  0131 718 1184




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