CT Private Equity Trust PLC on Friday increased its quarterly dividend as its net asset value per share rose in the third quarter of 2022.
The Edinburgh, Scotland-based investment trust for private equity assets declared a quarterly dividend of 6.62 pence per share. This is up 26% from 5.27p the year before, as CT Private Equity said there was a series of valuation uplifts over the quarter.
This includes a £23.3 million uplift for San Siro, and a £3.9 million uplift for the holding in F&C European Capital Partners LP, which reflects the removal of the discount on purchase earlier in the year.
CT Private Equity’s net asset value increased 21% to 711.75p in the three months to September 30, from 656.75p at the end of June.
CT said this reflects a total return of 9.3% for the ordinary shares.
‘Confidence levels within the private equity sector and most of their underlying companies remains good and this is manifested in strong deal pipelines,’ Investment Manager Hamish Mair said.
‘In the tech-enabled area, which has proved very popular with private equity in recent years, there has been a shift in buying interest towards fast-growing companies which are already profitable in preference to those with revenue growth but without current profitability.’
CT Private Equity shares were up 5.0% to 450.00 pence on Friday morning in London.
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