(Reuters) – Private equity firm SVG Capital Plc (SVI.L) said on Friday its net assets rose 4.6 percent in value through the first half as portfolio companies continued to improve revenue and profit.
The firm, which is the largest investor in buyout firm Permira [PERM.UL], said net asset value rose to 233.2 pence a share in the six months to end June. Compared with a year before, asset values were 36.4 percent higher.
SVG said it was beginning to see significant rebounds in the valuations of a number of private equity funds. But having been promised a wall of cash a year ago from portfolio company sales in 2010, money has been sparse.
Permira and investment partner Goldman Sachs’s (GS.N) 3.1 billion euro ($4 billion) sale of Cognis [COGNS.UL] in June was a high point, returning 36.7 million pounds ($57.2 million) to SVG, a gain of 18.5 million pounds on the December 2009 valuation. [ID:nLDE65M043]
But a widely-expected $1 billion London stock market listing of fashion chain New Look failed to materialise amid market turbulence earlier this year. [ID:nLDE61B0DG]
SVG made a profit before tax of 4.7 million pounds.
(Reporting by Simon Meads; Editing by David Holmes) ($1=.7851 Euro) ($1=.6419 Pound)