State of Play in Private Equity...

[IronPyrites]

Hi Skyship

Many thanks for your review of Private Equity ITs – timely for me as I was looking to add such an IT to my portfolio. I already have PEY (Princess Private Equity Holding).

In the end I have gone with SLPE, which is at a 15% (12 month average 13%) discount and giving a yield of 3.7%.

NBPE is slightly better on these metrics with a discount of 15% (12 month average 19%) and yield of 4.3%.

On going charges however are greater with NBPE:

Stated Management Fee:
1.50% of Net Assets
Ongoing Charge (2017):
2.85%
Management Fee Summary:
Management fee 1.5% payable on NAV of private equity and opportunistic investments. The Special Limited Partner is entitled to a carried interest in an amount that 7.5% of the consolidated net increase in NA resulting from operations for a fiscal year in the event that the Company's internal rate of return for such period, based on NAV, exceeds 7.5%.

As opposed to SLPE:

Stated Management Fee:
0.95% of Net Assets
Ongoing Charge (2017):
1.17%
Management Fee Summary:
The investment management fee payable to the Manager is 0.95% p.a. of the NAV of the Company. No incentive fee is payable.

SLPE also has a 5* rating with Morningstar whereas NBPE is not rated.

(The Morningstar Rating is a measure of a fund's risk-adjusted return, relative to similar funds. Funds are rated from 1 to 5 stars, with the best performers receiving5 stars and the worst performers receiving a single star. ... This concept is the basis for how Morningstar adjusts for risk.)

Regards
Iron

[richfool]

There have been a few threads about Private Equity over the last 6 to 12 months, that maybe of interest, a couple of them did focus on SLPE.

I've had a search back and found these, which maybe of interest (most recent first):

viewtopic.php?f=54&t=8936&p=102789#p102789

viewtopic.php?f=54&t=9669&p=113131#p113131

viewtopic.php?f=54&t=7920&p=99981#p99981

viewtopic.php?f=54&t=6235&p=68015#p68015