REG - CT Private Eq Trust - Interim Results and Dividend Announcement
28/08/2025 07:00
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RNS Number : 9314W CT Private Equity Trust PLC 28 August 2025
To: Stock Exchange For immediate release:
28 August 2025
CT Private Equity Trust PLC
LEI: 2138009FW98WZFCGRN66
Unaudited results for the half year ended 30 June 2025
Financial Highlights
· NAV of 674.16p per Ordinary Share as at 30 June 2025, a total return
for the six-month period of -2.5%.
· Share price total return for the six-month period of +0.1%.
· Dividend yield of 5.9% based on the period end share price (1).
· Total quarterly dividends of 14.02p per Ordinary Share year to date.
· Quarterly dividend of 7.01p paid on 31 July 2025
· Quarterly dividend of 7.01p to be paid on 31 October 2025
(1) Calculated as dividends of 7.01p paid on 31 January 2025, 7.01p
paid on 30 April 2025, 7.01p paid on 31 July 2025 and 7.01p payable on 31
October 2025, divided by the Company's share price of 474.00p as at 30 June
2025.
Chairman's Statement
Introduction
This report is for the six-month period ended 30 June 2025. At the period end,
the Net Asset Value ("NAV") of CT Private Equity Trust PLC ("the Company") was
£482.0m giving a NAV per share of 674.16p. Taking account of dividends paid,
the NAV total return for the six-month period was -2.5%. The share price total
return for the period was 0.1%.
During the period the Company made new investments, either through funds or as
co-investments, totalling £31.2m. Realisations and associated income totalled
£27.1m. Outstanding undrawn commitments at the year-end were £177.9m of
which £26.4m was to funds where the investment period had expired. At 30 June
the Company had net debt of £100.2m.
For the six-month period ended 30 June 2025, the Company has recorded a small
negative NAV total return. This was largely attributed to negative foreign
exchange movements (-1.1%) and finance cost and expenses (-1.3%), with the
value of the portfolio broadly flat over the period. It is worth remembering
that only approximately 10% of valuations are fully up to date 30 June 2025
valuations, with the remainder based on 31 March adjusted for cashflows, this
is typical due to the time lag of valuations.
The economic and political backdrop remain uncertain and complex.
Tariff-related uncertainty has reduced deal activity as managers prioritise
assessing and mitigating the impact of actual and potential tariffs on their
existing portfolios, resulting in deals being delayed, cancelled or
renegotiated. Despite this backdrop there is evidence of a continued mild
recovery in market activity from the lows of early 2023. Realisations are
usually at a significant premium to recent carrying value and so have the
benefit of enhancing NAV as well as strengthening the balance sheet and
creating more shareholder value.
Capital Allocation
Since its foundation, the Company has been both innovative and proactive with
regard to its capital strategy. The Board regularly reviews the Company's
capital allocation, weighing the relative merits of using capital for share
buybacks versus new investment whilst protecting and growing the dividend.
The Company's innovative dividend policy was introduced in 2012 and remains
the cornerstone of the Company's capital allocation policy. A dividend of
7.01p was paid on 31 July 2025 and in accordance with the Company's dividend
policy, the Board declares a further quarterly dividend of 7.01p per ordinary
share, payable on 31 October 2025 to Shareholders on the register on 3 October
2025 with an ex-dividend date of 2 October 2025. Together with the last three
dividends paid, this represents a dividend yield of 5.9% based on the period
end share price.
Financing
The Company's borrowing facility is composed of a €60m term loan with RBSI
and a £95 million revolving credit line with RBSI and State Street. The term
of the facility is due to expire in February 2027.
The Company had net debt at 30 June 2025 of £100.2m (31 December 2024:
£76.5m). This represents gearing of 17.2% (31 December 2024: 13.2%). The
Company retains approximately £34m of headroom in its borrowing facility. The
current debt level is eminently manageable and is expected to reduce as exit
activity recovers.
Outlook
Your Company has demonstrated resilience through the first half of the year,
and there are good grounds for confidence that meaningful gains can be
achieved in the second half, particularly if greater market stability supports
a sustained recovery in deal activity. Public equity markets have already
recorded substantial gains this year, further widening the illiquidity
discount in private equity valuations. Should public equities maintain their
upward trajectory and private market exit activity improve, we anticipate a
narrowing of this discount and a significant rebound in private equity
valuations.
Despite the current uncertainty, your Company is well positioned. The
portfolio is diversified, modestly valued, and predominantly composed of
profitable, high-growth businesses in attractive sectors. These companies
are led by experienced management teams, supported by our investment partners,
and remain agile in adapting to evolving market conditions.
Richard Gray
Chairman
Manager's Review
Introduction
The first half of the year witnessed continued geopolitical uncertainty. The
threat of tariffs has undermined consumers, businesses and investor
confidence. The full impact of tariffs that have been imposed are still to be
seen, but they are likely to create a headwind for most businesses either
directly or through second order impacts such as lower GDP growth, higher
inflation and interest rates remaining higher for longer.
Against this complex backdrop global private equity markets have remained
resilient, with an increase in deal value, albeit deal volume has declined.
Activity is increasingly concentrated in areas less exposed to tariffs such as
healthcare, infrastructure and technology-enabled services. Investors continue
to pay premium prices for 'must have' companies demonstrating strong growth in
recurring revenues, high margins and strong cash generation. Exit markets more
generally remain challenging.
New Investments
Two new fund commitments and one new co-investment were made during the
period. €10m was committed to Castle Mount Impact Partners LP ("CMIP"), a
global mid-market co-investment fund with an impact mandate. The fund, which
is managed by Columbia Threadneedle Investments Private Equity, will invest in
companies that make a measurable impact within three themes: Environmental
Sustainability, Health & Wellbeing and Equality & Inclusion. A fully
commercial investment return is targeted alongside demonstrable real world
positive impact aligned with the UN Sustainable Development Goals, which will
be measured and reported to investors. This innovative new fund brings
together the Manager's longstanding expertise in co-investment and responsible
investment. As this fund is managed by the same team as CT Private Equity
Trust PLC there will be no fee chargeable to the Company on the value of this
investment and no carried interest deducted from the Company's participation
in the fund.
In May €5m was committed to Queka Real Partners II, a Spanish lower
mid-market buyout fund. This emerging manager was founded in 2018 by a
combination of Spanish private equity veterans and well-known serial
entrepreneurs. Our commitment was made at the final close of the fund, which
has now completed three investments, which are off to a strong start.
£1.7m was invested in Finnish IT services company Frendy. This is a
co-investment alongside Procuritas, the long-established Nordic mid-market
specialist. Frendy was formed by Procuritas in 2021 through the amalgamation
of 10 companies with the aim of consolidating the fragmented IT services
market in Finland. Procuritas' investment thesis has taken longer than
expected but growth is now coming through driven by the transition to the
cloud and strong demand for cyber-security. More companies have been added to
the group and a growing proportion of revenues are on a recurring subscription
basis. Your Company had the opportunity to invest at an attractive valuation
with the expectation of a relatively short holding period.
There were a number of drawdowns for new investments and follow-ons by the
funds in our portfolio. The total drawn in the six months was £31.2m, which
is 13% below the £35.9m drawn in the first half of 2024.
The recent trend for private equity to focus on technology, mainly software
and life-sciences oriented companies, continues unabated. These sectors are
becoming increasingly prominent in the global economy and the secular growth
offered by these companies' products and services is proving a strong
attraction.
Software experts Axiom have called £1.8m for BlackRainbow, a UK-based
investigation management and intelligence platform whose cloud-based software
is used by governments, police and investigation teams within corporates. SEP
VI called £1.4m for two companies: Springtime, an Austrian accounts payable
software company and Restrata a UK-based critical event and business
resilience software provider. Continuing the software theme, Volpi III called
£1.2m for two companies; Bluestar, a Danish product life cycle software
company and Telematrix, an Austrian provider of software for public transport.
Kester Capital Fund III called £1.0m for Re-flow, a provider of field service
management and software largely used for applications related to critical
infrastructure. Inflexion Partnership Capital Fund III called £1.2m for Easy
Fairs (an international events company headquartered in Brussels) and Global
Data (a UK healthcare data and analytics company). August Equity VI called
£1.5m for two UK investments, Impact Futures (training in healthcare and
education sectors) and Fargo (intermodal transport management software used by
shipping and logistics companies). CMIP drew £1.1m for Kee Safety (fall from
height safety equipment and protection systems), the first investment in the
fund, which is led by Inflexion. Magnesium I called £0.7m for ABEC Group (a
UK headquartered energy efficiency and building management services provider
for data centres).
Verdane Edda invested £0.5m in Eversports, a DACH focused software and
bookings platform for sports facilities which facilitates the management of
courts, activities and bookings. In the consumer sector, Piper Private Equity
have called £0.6m for Yard Sale Pizza, a chain of 14 shops in London that
also delivers by e-bike and partners with 160 pubs and bars across the city.
The plan is to roll out the brand across London and other cities. An
additional investment of £0.7m was made in 1Med the Apposite-led
co-investment to fund the add-on acquisition of Italian clinical research
organisation LB Research which specialises in pharmaceuticals and medical
devices. In Finland Vaaka IV called £0.7m for Axitare (medical dispensing
robots) and Lemon Tree (accounting services and software for small
businesses). In Norway Procuritas VII called £1.0m for Energima (HVAC and
energy efficiency services).
In North America, MidOcean VI called £0.5m mainly for Arnott's (suspension
systems for light passenger vehicles). Pan-Atlantic investor Corsair also
called £0.7m for follow-ons in two financial services companies; MJM (Polish
insurance broker and MGA) and Composition Wealth (US wealth management). Level
5 Fund II and Purpose Brands called £0.8m for medical spa company Heyday. The
company has 39 shops providing services such as dermaplaning and laser
facials. TorQuest VI called £1.0m for its first two investments Mevotech and
Athos. Mevotech is involved in the engineering, design and distribution of
driveline, steering and suspension parts for the auto aftermarket. Athos is a
funerary services company based in Quebec which is aiming to consolidate the
fragmented Canadian market.
Realisations
The total of realisations and associated income in the six months was £27.1m.
This compares with £52.3m at this point last year and £108.6m for the whole
of 2024.
The major realisations in the quarter were diverse in nature. Inflexion
through its Supplemental Fund V and Buyout Fund V returned £4.8m. This mainly
came from air conditioning pumps and ancillaries provider Aspen Pumps (3.3x
cost and 26% IRR) and liquid prescription medicine company Rosemont
Pharmaceuticals (7.3x cost and 50% IRR).
Blue Point III returned £1.2m (6.9x cost and 32% IRR) with the sale of
industrial services contractor Sylvan, which provides design, installation and
maintenance of industrial projects for clients across a range of sectors in
North America. This company was held for seven years and built profits through
derisking the supply chain by strategic acquisitions. Interestingly it was
bought and sold for around 4.0x EBITDA, with the valuation uplift driven by
earnings growth.
Primary IV returned £1.1m (3.6x cost and 21% IRR) with the sale of speciality
signage company Metamark. MVM VI returned £1.1m (4.0x cost and 216% IRR) from
Gynesonics the developer of a minimally invasive medical device, Sonata, which
is used for the treatment of uterine fibroids. Following a short holding
period of just 15 months, the company was sold to Nasdaq listed Hologic. Vaaka
III returned £0.9m through a recapitalisation of Framery, the Finland-based
provider of soundproof office pods and workspaces.
FPE sold Zest an employee benefits software company returning £0.9m (2.8x
cost and 29% IRR). MVM V exited Paragon 28, a medical device company
specialising in applications related to surgical applications for the ankle
and foot, returning £0.8m (2.2x cost and 20% IRR). A very long-standing
holding dating back to 2008, Axitea (Italian security services) was sold by
Stirling Square returning £1.3m (1.3x cost and 2% IRR).
In France, Chequers Capital XVII sold ESTYA, a company involved in fire
security, smoke extraction and video surveillance returning £0.8m (3.0x cost
and 40% IRR). In Finland, Vaaka III exited Foreship, a marine engineering and
consultancy business serving the cruise industry, returning £0.7m (1.9x cost
and 12% IRR).
The portfolio also benefited from partial realisations with returns of capital
from three of our co-investments; £3.1m from Sigma (electrical components)
which was recapitalised with a partial return to investors, £1.4m from CARDO
Group (social housing refurbishments) also following a recapitalisation and
£0.9m of loan note interest from Weird Fish (casual clothing).
Valuation Changes
There were many changes in valuation over the period, though most were fairly
small. It is worth noting that only 10.3% of valuations were as at 30 June
2025, with the remainder based on 31 March valuations adjusted for cashflows
due to the typical time lag in reporting.
In our co-investment portfolio there were uplifts for CARDO Group +£1.8m,
Accounts IQ (accountancy software) +£1.2m, Weird Fish +0.7m and Utimaco
(cybersecurity and compliance solutions) +£0.6m. All were driven by strong
trading. Dotmatics (software for R&D scientists) was also written up
+£0.6m reflecting estimated proceeds from its sale to Siemens, which
completed on 1 July 2025.
In the funds portfolio there were notable uplifts from Kester II (+£1.0m),
SEP V (+£1.3m), Piper VII (+£0.9m), Vaaka III (+£0.8m), Axiom I (+£0.8m)
and Graycliff IV (+£0.7). These were driven by a combination of strong
trading and realisations across the portfolios.
There were some downgrades amongst the co-investments. Some of these related
to realisations at lower values than expected. Alessa (AML software) was down
£2.0m as the sale ultimately proved valueless for equity holders. Alessa's
small amount of proceeds were used to repay debtholders only. Amethyst
Radiotherapy was down £1.1m, reflecting a lower-than-expected exit price.
Agilico (managed print services) was also down by £1.7m reflecting reduced
return expectations. Others were due to weaker trading. Accuvein (medical
device for vein visualisation) was down £2.5m, due to underperformance
compared to its budget and reduction in the valuation multiple by lead manager
MVM Partners. TWMA (drill waste management) was down £1.4m, due to reduced
activity in the UK offshore, Norway and UAE. Prollenium (medical aesthetics)
was down £0.7m reflecting slower trading and the challenging consumer market.
There were also some downgrades in the funds, reflecting more challenging
trading or company specific setbacks in the portfolio. Aliante 3 (-£1.4m),
Kurma Biofund (-£0.6m), and Progressio II (-£0.6m) were the more notable.
Financing
Net debt at £100.2m equates to gearing of 17.2%. During the quarter
realisations and drawdowns were closely matched although for the first half
drawdowns (£31.2m) slightly exceeded realisations (£27.1m).
Several exits, which have occurred after the quarter end or are imminent, will
noticeably improve the debt level. These include co-investments Amethyst
Radiotherapy (£8.2m received in August) and Dotmatics (sale completed to
Siemens on 1 July 2025, £4.7m holding value). There have also been strong
exits in a number of funds: Inflexion has announced the sale of online
discount market place Blue Light Card (3.6x cost and 42% IRR) and premium skin
care brand Medik8 (4.5x cost and 38% IRR), August Equity agreed the sale of
accountancy firm AAB (5.9x cost and >50% IRR) and SEP sold FundApps
returning £2.1m (2.9x cost and 29% IRR).
Outlook
The private equity market has not been immune to wider economic events such as
tariff fluctuations. The principal effect of this so far has been to heighten
uncertainty, which manifests itself in deals being delayed, cancelled or
renegotiated. This explains the lower-than-expected volumes of both exits and
new deals so far this year. We continue to believe that many of the
ingredients for a recovery are in place; however, greater stability and
certainty are required for momentum to build.
The generally adverse economic effects of reduced free trade globally will
take time to manifest, but combined with lower forecast economic growth, they
will create a challenging environment. However, the underlying growth in the
markets our companies address, and the competence of management teams to
capture this growth profitably, means that value creation in the portfolio
will continue over the long term. The Company's track record over nearly three
decades covering many different economic phases attests to this. As we move
into the second half of 2025 there are good prospects of increases in
shareholder value.
Hamish Mair
Investment Manager
Columbia Threadneedle Investment Business Limited
Portfolio Summary
Portfolio Distribution at 30 June 2025 % of Total % of Total
30 June 2025 31 December 2024
Buyout Funds - Pan European* 12.6 11.6
Buyout Funds - UK 19.7 19.2
Buyout Funds - Continental Europe† 15.9 15.5
Secondary Funds - -
Private Equity Funds - USA 4.3 4.4
Private Equity Funds - Global 2.8 2.7
Venture Capital Funds 4.5 4.5
Direct Investments/Co-investments 40.2 42.1
100.0 100.0
* Europe including the UK.
† Europe excluding the UK.
Ten Largest Holdings Total Valuation £'000 % of Total Portfolio
As at 30 June 2025
Inflexion Strategic Partners 18,503 3.2
Weird Fish 14,593 2.5
August Equity Partners V 12,271 2.1
Sigma 12,066 2.1
Utimaco 11,706 2.0
San Siro 10,789 1.8
TWMA 10,752 1.8
SEP V 10,144 1.7
Apposite Healthcare III 9,421 1.6
Aurora Payment Solutions 9,142 1.6
119,387 20.4
Portfolio Holdings
Geographic Total % of
Investment Focus Valuation Total
£'000 Portfolio
Buyout Funds - Pan European
Apposite Healthcare III Europe 9,421 1.6
Stirling Square Capital II Europe 8,959 1.5
Apposite Healthcare II Europe 8,615 1.5
F&C European Capital Partners Europe 8,447 1.4
Verdane XI Northern Europe 4,101 0.7
Volpi III Northern Europe 3,499 0.6
Summa III Northern Europe 3,443 0.6
MED II Western Europe 3,424 0.6
Magnesium Capital 1 Europe 3,157 0.5
Wisequity VI Italy 3,053 0.5
Agilitas 2015 Fund Northern Europe 2,719 0.5
MED Platform II Global 2,484 0.4
Astorg VI Western Europe 2,384 0.4
Verdane Edda III Northern Europe 2,103 0.4
KKA II DACH 1,947 0.3
Inflexion Partnership III Europe 1,793 0.3
Agilitas 2020 Fund Europe 1,398 0.2
ARCHIMED MED III Global 1,311 0.2
CMIP Global 1,071 0.2
TDR Capital II Western Europe 814 0.1
TDR II Annex Fund Western Europe 722 0.1
Agilitas 2024 HIF Europe 180 -
Total Buyout Funds - Pan European 75,045 12.6
Buyout Funds - UK
Inflexion Strategic Partners United Kingdom 18,503 3.2
August Equity Partners V United Kingdom 12,271 2.1
Inflexion Supplemental V United Kingdom 7,764 1.3
Axiom 1 United Kingdom 7,676 1.3
Apiary Capital Partners I United Kingdom 6,676 1.1
Inflexion Buyout Fund VI United Kingdom 6,166 1.1
Kester Capital II United Kingdom 5,522 0.9
FPE Fund III United Kingdom 5,098 0.9
Piper Private Equity VII United Kingdom 4,813 0.8
FPE Fund II United Kingdom 4,499 0.8
Inflexion Buyout Fund V United Kingdom 4,487 0.8
Kester Capital III United Kingdom 4,284 0.7
August Equity Partners IV United Kingdom 4,283 0.7
Inflexion Partnership Capital II United Kingdom 4,183 0.7
Corran Environmental II United Kingdom 4,178 0.7
Piper Private Equity VI United Kingdom 3,736 0.6
Inflexion Enterprise Fund V United Kingdom 2,547 0.4
Inflexion Buyout Fund IV United Kingdom 2,205 0.4
August Equity Partners VI United Kingdom 1,512 0.3
Inflexion Supplemental IV United Kingdom 1,454 0.2
Inflexion Partnership Capital I United Kingdom 1,284 0.2
Inflexion Enterprise Fund IV United Kingdom 1,150 0.2
RJD Private Equity Fund III United Kingdom 441 0.2
Horizon Capital 2013 United Kingdom 368 0.1
Primary Capital IV United Kingdom 240 -
Piper Private Equity V United Kingdom 54 -
Dunedin Buyout Fund II United Kingdom 4 -
Total Buyout Funds - UK 115,398 19.7
Buyout Funds - Continental Europe
Aliante Equity 3 Italy 7,226 1.2
Avallon MBO Fund III Poland 6,607 1.1
DBAG VII DACH 6,437 1.1
Bencis V Benelux 6,003 1.0
Procuritas VII Nordic 5,378 0.9
Vaaka III Finland 5,223 0.9
Capvis III CV DACH 4,833 0.8
Montefiore V France 4,553 0.8
DBAG VIII DACH 4,449 0.8
Corpfin V Spain 4,409 0.8
Verdane Edda Nordic 4,232 0.7
Procuritas VI Nordic 3,831 0.7
Vaaka IV Finland 3,263 0.6
Chequers Capital XVII France 3,165 0.5
Procuritas Capital IV Nordic 2,979 0.5
ARX CEE IV Eastern Europe 2,651 0.5
Italian Portfolio Italy 1,953 0.3
Aurica IV Spain 1,943 0.3
Capvis IV DACH 1,859 0.3
Montefiore IV France 1,725 0.3
Summa II Nordic 1,400 0.2
Summa I Nordic 1,347 0.2
DBAG VIIB DACH 1,113 0.2
Portobello Fund III Spain 1,097 0.2
Corpfin Capital Fund IV Spain 1,089 0.2
DBAG Fund VI DACH 1,003 0.2
DBAG VIIIB DACH 901 0.2
Chequers Capital XVI France 572 0.1
Vaaka II Finland 413 0.1
Ciclad 5 France 374 0.1
Montefiore Expansion France 321 0.1
PineBridge New Europe II Eastern Europe 214 -
Procuritas Capital V Nordic 73 -
Capvis III DACH 51 -
Gilde Buyout Fund III Benelux 24 -
DBAG Fund V DACH 5 -
Total Buyout Funds - Continental Europe 92,716 15.9
Private Equity Funds - USA
Blue Point Capital IV North America 6,954 1.2
Purpose Brands (Level 5) United States 3,241 0.6
Level 5 Fund II United States 3,179 0.5
Camden Partners IV United States 2,946 0.5
MidOcean VI United States 2,533 0.4
Graycliff IV North America 2,162 0.4
Stellex Capital Partners North America 1,257 0.2
Blue Point Capital III North America 1,084 0.2
Graycliff III United States 975 0.2
TorQuest VI North America 868 0.1
Blue Point Capital II North America 148 -
Total Private Equity Funds - USA 25,347 4.3
Private Equity Funds - Global
Corsair VI Global 8,766 1.5
Hg Saturn 3 Global 4,718 0.8
Hg Mercury 4 Global 1,624 0.3
PineBridge GEM II Global 696 0.1
F&C Climate Opportunity Partners Global 331 0.1
AIF Capital Asia III Asia 84 -
PineBridge Latin America II South America 55 -
Warburg Pincus IX Global 8 -
Total Private Equity Funds - Global 16,282 2.8
Venture Capital Funds
SEP V United Kingdom 10,144 1.7
SEP VI Europe 4,805 0.8
MVM V Global 3,367 0.6
Kurma Biofund II Europe 2,255 0.4
MVM VI Global 2,165 0.4
Northern Gritstone United Kingdom 1,663 0.3
SEP IV United Kingdom 988 0.2
Pentech Fund II United Kingdom 369 0.1
SEP III United Kingdom 59 -
Environmental Technologies Fund Europe 57 -
SEP II United Kingdom 4 -
Total Venture Capital Funds 25,876 4.5
Secondary Funds
The Aurora Fund Europe 177 -
Total Secondary Funds 177 -
Direct Investments/Co-investments
Weird Fish United Kingdom 14,593 2.5
Sigma United States 12,066 2.1
Utimaco DACH 11,706 2.0
San Siro Italy 10,789 1.8
TWMA United Kingdom 10,752 1.8
Aurora Payment Solutions United States 9,142 1.6
Cyclomedia Netherlands 8,146 1.4
Amethyst Radiotherapy Europe 8,002 1.4
Breeze Group (CAS) United Kingdom 7,791 1.3
CARDO Group United Kingdom 7,563 1.3
Swanton United Kingdom 7,065 1.2
Velos IoT (JT IoT) United Kingdom 6,743 1.2
Asbury Carbons North America 6,710 1.2
Orbis United Kingdom 6,657 1.1
Cyberhawk United Kingdom 6,243 1.1
Prollenium North America 6,156 1.1
Family First United Kingdom 6,151 1.1
Habitus Denmark 6,095 1.1
Polaris Software (StarTraq) United Kingdom 5,999 1.0
MedSpa Partners Canada 5,200 0.9
Rosa Mexicano United States 5,195 0.9
Cybit (Perfect Image) United Kingdom 4,874 0.8
Dotmatics United Kingdom 4,745 0.8
1Med Switzerland 4,739 0.8
123Dentist Canada 4,699 0.8
Braincube France 4,398 0.8
LeadVenture United States 4,072 0.7
Walkers Transport United Kingdom 4,056 0.7
AccountsIQ Ireland 3,713 0.6
Collingwood Insurance Group United Kingdom 3,435 0.6
Vero Biotech United States 3,414 0.6
Educa Edtech Spain 3,144 0.5
PathFactory Canada 3,094 0.5
GT Medical United States 2,981 0.5
Neurolens United States 2,112 0.4
OneTouch United Kingdom 2,070 0.4
Frendy Finland 1,757 0.3
Omlet United Kingdom 1,690 0.3
Bomaki Italy 1,416 0.2
AccuVein United States 1,413 0.2
Rephine United Kingdom 1,372 0.2
Avalon United Kingdom 1,234 0.2
Leader96 Bulgaria 529 0.1
Ambio Holdings United States 315 0.1
TDR Algeco/Scotsman Europe 189 -
Total Direct Investments/Co-investments 234,225 40.2
Total Portfolio 585,066 100.0
CT Private Equity Trust PLC
Statement of Comprehensive Income for the
half year ended 30 June 2025
Unaudited
Revenue Capital Total
£'000 £'000 £'000
Income
Losses on investments held at fair value - (5,004) (5,004)
Exchange losses - (3,443) (3,443)
Investment income 1,949 - 1,949
Other income 201 - 201
Total income 2,150 (8,447) (6,297)
Expenditure
Investment management fee - basic fee (242) (2,178) (2,420)
Investment management fee - performance fee - - -
Other expenses (587) - (587)
Total expenditure (829) (2,178) (3,007)
Profit/(loss) before finance costs and taxation 1,321 (10,625) (9,304)
Finance costs (346) (3,112) (3,458)
Profit/(loss) before taxation 975 (13,737) (12,762)
Taxation - - -
Profit/(loss) for period/total comprehensive income 975 (13,737) (12,762)
Return per Ordinary Share 1.36p (19.21)p (17.85)p
The total column is the profit and loss account of the Company.
All revenue and capital items in the above statement derive from continuing
operations.
CT Private Equity Trust PLC
Statement of Comprehensive Income for the
half year ended 30 June 2024
Unaudited
Revenue Capital Total
£'000 £'000 £'000
Income
Gains on investments held at fair value - 4,240 4,240
Exchange gains - 2,480 2,480
Investment income 1,665 - 1,665
Other income 468 - 468
Total income 2,133 6,720 8,853
Expenditure
Investment management fee - basic fee (245) (2,202) (2,447)
Investment management fee - performance fee - - -
Other expenses (593) - (593)
Total expenditure (838) (2,202) (3,040)
Profit before finance costs and taxation 1,295 4,518 5,813
Finance costs (456) (4,108) (4,564)
Profit before taxation 839 410 1,249
Taxation - - -
Profit for period/total comprehensive income 839 410 1,249
Return per Ordinary Share 1.16p 0.57p 1.73p
The total column is the profit and loss account of the Company.
All revenue and capital items in the above statement derive from continuing
operations.
CT Private Equity Trust PLC
Statement of Comprehensive Income for the
year ended 31 December 2024
Audited
Revenue Capital Total
£'000 £'000 £'000
Income
Gains on investments held at fair value - 25,144 25,144
Exchange gains - 5,055 5,055
Investment income 3,270 - 3,270
Other income 961 - 961
Total income 4,231 30,199 34,430
Expenditure
Investment management fee - basic fee (489) (4,404) (4,893)
Investment management fee - performance fee - - -
Other expenses (1,226) - (1,226)
Total expenditure (1,715) (4,404) (6,119)
Profit before finance costs and taxation 2,516 25,795 28,311
Finance costs (864) (7,778) (8,642)
Profit before taxation 1,652 18,017 19,669
Taxation - - -
Profit for year/total comprehensive income 1,652 18,017 19,669
Return per Ordinary Share 2.30p 25.08p 27.38p
The total column is the profit and loss account of the Company.
All revenue and capital items in the above statement derive from continuing
operations.
CT Private Equity Trust PLC
Amounts Recognised as Dividends
Six months ended 30 June 2025 (unaudited) Six months ended 30 June 2024 (unaudited)
£'000 £'000 Year ended 31 December 2024
(audited)
£'000
Quarterly Ordinary Share dividend of 7.01p per share for the quarter ended 30 - 5,100 5,100
September 2023
Quarterly Ordinary Share dividend of 7.01p per share for the quarter ended 31 - 5,030 5,030
December 2023
Quarterly Ordinary Share dividend of 7.01p per share for the quarter ended 31 - - 5,012
March 2024
Quarterly Ordinary Share dividend of 7.01p per share for the quarter ended 30 - - 5,012
June 2024
Quarterly Ordinary Share dividend of 7.01p per share for the quarter ended 30 5,012 - -
September 2024
Quarterly Ordinary Share dividend of 7.01p per share for the quarter ended 31 5,012 - -
December 2024
10,024 10,130 20,154
CT Private Equity Trust PLC
Balance Sheet
As at 30 June 2025 As at 30 June 2024 As at 31 December 2024
(unaudited) (unaudited)
(audited)
£'000 £'000 £'000
Non-current assets
Investments at fair value through profit or loss 585,066 595,105 584,097
Current assets
Other receivables 2,528 1,044 1,110
Cash and cash equivalents 11,810 22,086 16,000
14,338 23,130 17,110
Current liabilities
Other payables (5,359) (8,420) (3,859)
Interest-bearing bank loan - (63,801) -
(5,359) (72,221) (3,859)
Net current assets/(liabilities) 8,979 (49,091) 13,251
Non-current liabilities
Interest-bearing bank loan (112,002) (49,581) (92,519)
Net assets 482,043 496,433 504,829
Equity
Called-up ordinary share capital 739 739 739
Share premium account 2,527 2,527 2,527
Special distributable capital reserve 3,818 3,818 3,818
Special distributable revenue reserve 31,403 31,403 31,403
Capital redemption reserve 1,335 1,335 1,335
Capital reserve 442,221 456,611 465,007
Shareholders' funds 482,043 496,433 504,829
Net asset value per Ordinary Share 674.16p 694.28p 706.03p
CT Private Equity Trust PLC
Statement of Changes in Equity
Special Distributable Capital Reserve Special Distributable Revenue Reserve
Share Premium Account Capital Redemption Reserve
Share Capital Capital Reserve Revenue Reserve
Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
For the six months ended 30 June 2025 (unaudited)
Net assets at 1 January 2024 739 2,527 3,818 31,403 1,335 465,007 - 504,829
Buyback of ordinary shares - - - - - - - -
Profit for the period/total comprehensive income
- - - -
975
- (13,737) (12,762)
Dividends paid - - - - - (9,049) (975) (10,024)
Net assets at 30 June 2025 739 2,527 3,818 31,403 1,335 442,221 - 482,043
For the six months ended 30 June 2024 (unaudited)
Net assets at 1 January 2024 739 2,527 9,597 31,403 1,335 465,492 - 511,093
Buyback of ordinary shares - - (5,779) - - - - (5,779)
Profit for the period/total comprehensive income
- - - -
839
- 410 1,249
Dividends paid - - - - - (9,291) (839) (10,130)
Net assets at 30 June 2024 739 2,527 3,818 31,403 1,335 456,611 - 496,433
For the year ended 31 December 2024 (audited)
Net assets at 1 January 2024 739 2,527 9,597 31,403 1,335 465,492 - 511,093
Buyback of ordinary shares - - (5,779) - - - - (5,779)
Profit for the period/total comprehensive income
- - - -
-
18,017 1,652
19,669
Dividends paid - - - - - (18,502) (1,652) (20,154)
Net assets at 31 December 2024 739 2,527 3,818 31,403 1,335 465,007 - 504,829
CT Private Equity Trust PLC
Cash Flow Statement
Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Operating activities
(Loss)/profit before taxation (12,762) 1,249 19,669
Adjustments for:
Gain on disposals of investments (4,936) (25,940) (58,769)
Loss on amount of fair value movement 9,940 21,700 33,625
Exchange differences 3,443 (2,480) (5,055)
Interest Income (201) (468) (961)
Income received 233 429 937
Finance costs 3,458 4,564 8,642
Decrease/(increase) in other receivables (1,478) (19) (266)
Increase/(decrease) in other payables 1,547 (100) (4,082)
Net cash outflow from operating activities (756) (1,065) (6,260)
Investing activities
Purchases of investments (31,161) (35,913) (58,712)
Sales of investments 25,188 50,651 105,362
Net cash (outflow)/inflow from investing activities (5,973) 14,738 46,650
Financing activities
Drawdown of bank loans, net of costs 15,813 19,986 2,182
Arrangement cost of loan facility - (1,468) (1,468)
Interest paid (3,255) (3,975) (8,209)
Buyback of ordinary shares - (5,779) (5,779)
Equity dividends paid (10,024) (10,130) (20,154)
2,534 (1,366)
Net cash inflow/(outflow) from financing activities (33,428)
Net (decrease)/increase in cash and cash equivalents (4,195) 12,307 6,962
Currency gains/(losses) 5 (100) (841)
Net (decrease)/increase in cash and cash equivalents (4,190) 12,207 6,121
Opening cash and cash equivalents 16,000 9,879 9,879
Closing cash and cash equivalents 11,810 22,086 16,000
Directors' Statement of Principal Risks and Uncertainties
The principal risks identified in the Annual Report and Accounts for the year
ended 31 December 2024 were:
• Economic, macro and political;
• Liquidity and capital structure;
• Regulatory;
• Personnel issues;
• Fraud and cyber;
• Market;
• ESG; and
• Operational.
These risks are described in more detail under the heading "Principal Risks"
within the Strategic Report in the Company's Annual Report and Accounts for
the year ended 31 December 2024.
At present the global economy continues to suffer considerable disruption due
to the war in Ukraine, events in the Middle East, and the threat of US trade
tariffs. The Directors continue to review the key risk matrix for the Company
which identifies the risks that the Company is exposed to, the controls in
place and the actions being taken to mitigate them.
It is also noted that:
· An analysis of the performance of the Company since 1 January 2025 is
included within the Chairman's Statement and the Manager's Review.
· The Company's borrowing facility is composed of a €60 million term
loan and a £95 million multi-currency revolving credit facility. As at 30
June 2025 borrowings were £112.0 million. The interest rate payable is
variable.
· Note 9 details the Board's consideration for the continued
applicability of the principle of Going Concern when preparing this report.
On behalf of the Board
Richard Gray
Chairman
Statement of Directors' Responsibilities in Respect of the Interim Report
We confirm that to the best of our knowledge:
• the condensed set of financial statements have been prepared in accordance
with applicable UK-adopted International Accounting Standards on a going
concern basis and give a true and fair view of the assets, liabilities,
financial position and return of the Company;
• the Chairman's Statement, Manager's Review and the Directors' Statement of
Principal Risks and Uncertainties (together constituting the Interim
Management Report) include a fair review of the information required by the
Disclosure Guidance and Transparency Rule ('DTR') 4.2.7R, being an indication
of important events that have occurred during the first six months of the
financial year and their impact on the financial statements;
• the Directors' Statement of Principal Risks and Uncertainties is a fair
review of the principal risks and uncertainties for the remainder of the
financial year; and
• the half-yearly report includes a fair review of the information required
by DTR 4.2.8R, being related party transactions that have taken place in the
first six months of the current financial year and that have materially
affected the financial position or performance of the Company during the
period, and any changes in the related party transactions described in the
last Annual Report that could do so.
On behalf of the Board
Richard Gray
Chairman
Notes (unaudited)
1. The condensed company financial statements have been prepared on a
going concern basis in accordance with International Financial Reporting
Standard ('IFRS') IAS 34 'Interim Financial Reporting' and the accounting
policies set out in the statutory accounts for the year ended 31 December
2024. The condensed financial statements do not include all of the information
and disclosures required for a complete set of IFRS financial statements and
should be read in conjunction with the financial statements for the year ended
31 December 2024, which were prepared in accordance with the Companies Act
2006 and UK adopted international accounting standards.
2. Earnings for the six months to 30 June 2025 should not be taken as a
guide to the results for the year to 31 December 2025.
3. Investment management fee:
Six months to Six months to Year ended
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Investment management fee - basic fee 242 2,178 2,420 245 2,202 2,447 489 4,404 4,893
Investment management fee - performance fee - - - - - - - - -
242 2,178 2,420 245 2,202 2,447 489 4,404 4,893
4. Finance costs:
Six months to Six months to Year ended
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Interest payable on bank loans 346 3,112 3,458 456 4,108 4,564 864 7,778 8,642
5. The return per Ordinary Share is based on a net loss on ordinary
activities after taxation of £12,762,000 (30 June 2024 - profit £1,249,000;
31 December 2024 - profit £19,669,000) and on 71,502,938 (30 June
2024-72,193,155; 31 December 2024 -71,845,834) shares, being the weighted
average number of Ordinary Shares in issue during the period.
6. The net asset value per Ordinary Share is based on net assets at the
period end of £482,043,000 (30 June 2024 - £496,433,000; 31 December 2024 -
£504,829,000) and on 71,502,938 (30 June 2024 - 71,502,938; 31 December 2024
- 71,502,938 shares, being the number of Ordinary Shares in issue at the
period end.
7. The fair value measurements for financial assets are categorised into
different levels in the fair value hierarchy based on inputs to valuation
techniques used. The different levels are defined as follows:
Level 1 reflects financial instruments quoted in an active market.
Level 2 reflects financial instruments whose fair value is evidenced by
comparison with other observable current market transactions in the same
instrument or based on a valuation technique whose variables includes only
data from observable markets.
Level 3 reflects financial instruments whose fair value is determined in whole
or in part using a valuation technique based on assumptions that are not
supported by prices from observable market transactions in the same instrument
and not based on available observable market data.
Level 1 Level 2 Level 3 Total
£'000 £'000 £'000 £'000
30 June 2025
Financial assets
Investments - - 585,066 585,066
30 June 2024
Financial assets
Investments - - 595,105 595,105
31 December 2024
Financial assets
Investments - - 584,097 584,097
There were no transfers between levels in the fair value hierarchy in the
period ended 30 June 2025. Transfers between levels of the fair value
hierarchy are deemed to have occurred at the date of the event that caused the
transfer.
Valuation techniques
Quoted fixed asset investments held are valued at bid prices which equate to
their fair values. When fair values of publicly traded equities are based on
quoted market prices in an active market without any adjustments, the
investments are included within Level 1 of the hierarchy. The Company
invests primarily in private equity funds and co-investments via limited
partnerships or similar fund structures. Such vehicles are mostly unquoted
and in turn invest in unquoted securities. The fair value of a holding is
based on the Company's share of the total net asset value of the fund or share
of the valuation of the co-investment calculated by the lead private equity
manager on a quarterly basis. The lead private equity manager derives the net
asset value of a fund from the fair value of underlying investments. The fair
value of these underlying investments and the Company's co-investments is
calculated using methodology which is consistent with the International
Private Equity and Venture Capital Valuation Guidelines ('IPEG'). In
accordance with IPEG these investments are generally valued using an
appropriate multiple of maintainable earnings, which has been derived from
comparable multiples of quoted companies or recent transactions. The Columbia
Threadneedle private equity team has access to the underlying valuations used
by the lead private equity managers including multiples and any adjustments.
The Columbia Threadneedle private equity team generally values the Company's
holdings in line with the lead managers but may make adjustments where they do
not believe the underlying managers' valuations represent fair value. On a
quarterly basis, the Columbia Threadneedle private equity team present the
valuations to the Board. This includes a discussion of the major assumptions
used in the valuations, which focuses on significant investments and
significant changes in the fair value of investments. If considered
appropriate, the Board will approve the valuations.
The fair values of all of the Company's other financial assets and liabilities
are not materially different from their carrying values in the balance sheet.
Significant unobservable inputs for Level 3 valuations
The Company's unlisted investments are all classified as Level 3 investments.
The fair values of the unlisted investments have been determined principally
by reference to earnings multiples, with adjustments made as appropriate to
reflect matters such as the sizes of the holdings and liquidity. The weighted
average earnings multiple for the portfolio as at 30 June 2025 was 10.9 times
EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) (30 June
2024: 11.0 times EBITDA; 31 December 2024: 11.3 times EBITDA).
The significant unobservable input used in the fair value measurement
categorised within Level 3 of the fair value hierarchy together with a
quantitative sensitivity analysis are shown below:
Period ended Input Sensitivity used* Effect on fair value £'000
30 June 2025 Weighted average earnings multiple 1x 70,765
30 June 2024 Weighted average earnings multiple 1x 73,732
31 December 2024 Weighted average earnings multiple 1x 73,084
* The sensitivity analysis refers to an amount added or deducted from the
input and the effect this has on the fair value.
The fair value of the Company's unlisted investments is sensitive to changes
in the assumed earnings multiples. The managers of the underlying funds assume
an earnings multiple for each holding. An increase in the weighted average
earnings multiple would lead to an increase in the fair value of the
investment portfolio and a decrease in the multiple would lead to a decrease
in the fair value.
The following table shows a reconciliation of all movements in the fair value
of financial instruments categorised within Level 3 between the beginning and
the end of the period:
30 June 2025 30 June 2024 31 December 2024
£'000 £'000 £'000
Balance at beginning of period 584,097 605,603 605,603
Purchases 31,161 35,913 58,712
Sales (25,188) (50,651) (105,362)
Gains on disposal 4,936 25,940 58,769
Holding losses (9,940) (21,700) (33,625)
Balance at end of period (585,066) 595,105 584,097
8. Share Capital:
Total Issued Held in Treasury Total issued excluding shares held in treasury
£'000 Number £'000 Number £'000 Number
Balance at 1 January 2025 739 73,941,429 24 2,438,491 715 71,502,938
Ordinary shares brought back and held in treasury - - - - - -
Balance at 30 June 2025 739 73,941,429 24 2,438,491 715 71,502,938
9. In assessing the going concern basis of accounting the Directors have
had regard to the guidance issued by the Financial Reporting Council. They
have considered the current cash position of the Company, the availability of
the Company's loan facility and compliance with its banking covenants. They
have also considered period end cash balances and forecast cashflows, the
operational resilience of the Company and its service providers and the annual
dividend.
As at 30 June 2025, the Company had outstanding undrawn commitments of £177.9
million. Of this amount, approximately £26.4 million is to funds where the
investment period has expired and the Manager would expect very little of this
to be drawn. Of the outstanding undrawn commitments remaining within their
investment periods, the Manager would expect that a significant amount will
not be drawn before these periods expire. The Company has a committed
borrowing facility comprising a term loan of €60 million and a revolving
credit facility of £95 million. This facility is due to expire in February
2027.
At 30 June 2025 the Company had fully drawn the term loan of €60 million and
had drawn £61.4 million of the revolving credit facility, leaving £33.6
million of the revolving credit facility available. This available proportion
of the facility can be used to fund any shortfall between the proceeds
received from realisations and drawdowns made from funds in the Company's
portfolio or funds required for co-investments. Under normal circumstances
this amount of 'headroom' in the facility would be more than adequate to meet
any such shortfall.
At present the global economy continues to suffer disruption due to the war in
Ukraine, events in the Middle East, and the threat of US trade tariffs and
the Directors have given serious consideration to the consequences of these
for the private equity market in general and for the cashflows and asset
values of the Company specifically over the next twelve months. The Company
has a number of loan covenants and at present the Company's financial
situation does not suggest that any of these covenants are close to being
breached.
Furthermore, the Directors have considered in detail a number of remedial
measures that are open to the Company which it may take if such a covenant
breach appears possible. These include reducing commitments and raising cash
through engaging with the private equity secondaries market. The Managers have
considerable experience in the private equity secondaries market through the
activities of the Company and through the management of other private equity
funds. The Directors have considered other actions which the Company may take
in the event that a covenant breach was imminent including taking measures to
increase the Company's asset base through an issuance of equity either for
cash or pursuant to the acquisition of other private equity assets.
The Directors have also considered the likelihood of the Company making
alternative banking arrangements with its current lenders or another lender.
Having considered the likelihood of the events which could cause a covenant
breach and the remedies available to the Company, the Directors are of the
view that the Company is well placed to manage such an eventuality
satisfactorily.
Based on this information the Directors believe that the Company has the
ability to meet its financial obligations as they fall due for a period of at
least twelve months from the date of approval of these financial statements.
Accordingly, these financial statements have been prepared on a going concern
basis.
10. These are not statutory accounts in terms of Section 434 of the
Companies Act 2006 and have not been audited or reviewed by the Company's
auditors. The information for the year ended 31 December 2024 has been
extracted from the latest published financial statements which received an
unqualified audit report and have been filed with the Registrar of Companies.
No statutory accounts in respect of any period after 31 December 2024 have
been reported on by the Company's auditors or delivered to the Registrar of
Companies. The Half-Year Report will be available shortly at the Company's
website address, www.ctprivateequitytrust.com.
For more information, please contact:
Hamish Mair (Fund Manager) 0131 718 1184
hamish.mair@columbiathreadneedle.com
(mailto:hamish.mair@columbiathreadneedle.com)
Scott McEllen (Company Secretary) 0131 718 1137
scott.mcellen@columbiathreadneedle.com
(mailto:scott.mcellen@columbiathreadneedle.com)
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