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Date: Friday 29 Aug 2008

LONDON (ShareCast) - Seven years of net asset value increases came to an end at SVG Capital as the private equity investor and fund manager fell victim to the fall-out from the credit crunch.

Net assets per share fell 12.3% to 847.8p in the six months to end-June. The fall was largely attributed to a write-down of £79.8m (53.6p per share) in the value of the company’s holding in ProSiebenSat.1 Media, plus the general decline in share prices in global stock markets.

In the short term, the company does not expect any significant improvement in the economic outlook.

SVG Advisers, the fund management arm, increased recurring external revenue by 38% to £13.4m, but a shortfall in performance fees from its public equity funds saw total external income from investment advisory services dip to £13.7m from £15.7m.

“We remain very pleased with the contribution of our fund management business,” said Nicholas Ferguson, chairman of SVG Capital.

Looking to the future, the company said there is still limited activity at the higher end of the private equity buy-out market, while there are likely to be limited opportunities to realise profitable exit prices on current investments while the turmoil in financial markets continues.

“That said, trade buyers are still active and there continues to be a market for acquisitions of strategically attractive assets, such as the acquisition of debitel by Freenet AG and Jet Aviation by General Dynamics,” the company said.

• News Channel