- Net asset value per share was 606 pence in the quarter
- Company plans a buyback program of up to 50 million pounds
SVG Capital Plc, the private-equity fund backer, said its net asset value per share rose 3 percent in the first nine months of the year as the company’s post-2012 investments grew.
SVG’s net asset value was 1 billion pounds ($1.5 billion) or 606 pence per share in the quarter ended in October, the company said in a statement Friday. That’s unchanged from the figure the company reported for the previous quarter.
SVG, historically the largest backer of Permira Advisers LLP, has moved to widen its private equity relationships in recent years. The company has invested in funds raised by Cinven, CCMP Capital and Clayton, Dubilier & Rice LLC. Its post-2012 investments, which make up more than a third of the company’s portfolio, had a total return of 7 percent in the quarter. Earlier investments lost 8 percent, which SVG attributed to a drop in Freescale Semiconductor Ltd.’s share price during the quarter.
“The macro environment remains challenging, again highlighting the need for discipline and caution,” Chief Executive Officer Lynn Fordham said in the statement. “The company’s strong balance sheet positions us well to cover our liabilities, take advantage of any investment opportunities as they arise, as well to mitigate any short-term volatility.”
SVG also said it plans a tender offer for as much as 50 million pounds in January and will accelerate its buyback program to take advantage of fluctuating markets.
Distributions, the money the money SVG gets when underlying businesses are sold, were 23 million pounds in the quarter. SVG invested a total of 22 million pounds.