FPEA F&C Priv. Res

RNS Number:9736D
F&C Private Equity Trust PLC
02 June 2006

To:      RNS

Date:    2 June 2006



F&C Private Equity Trust plc
Report at 30 April 2006




  * NAV increases of 11.8%, 3.9% and 9.9% for A, B and C shares
  * Strong uplifts and realisations
  * Several new commitments
  * Change of Year End to December




The NAV per A (realisation) share at 30 April was 36.56p.  Taking into account
the special dividend of 7.5p paid on 14 April, this is an increase of 11.8% over
the quarter.  The Net Assets of the A pool were #24.5m.  The NAV per B
(continuation) share at 30 April was 159.77p, an increase over the quarter of
3.9%. The Net Assets of the B pool were #93.8m.  The NAV per C (conversion)
share at 30 April was 109.2p, an increase over the quarter of 9.85%. The Net
Assets of the C pool were #23.0m.



The A pool has shown a substantial increase reflecting continuing realisations
and some uplifts in value in its increasingly mature and concentrated portfolio.
At 30 April the A pool had net cash of #3.8m.  It is anticipated that this
will be distributed once the company's distributable reserves have been
increased through reduction of the share premium account.  Principal
contributors to the uplift have included the Candover 1997 Fund (+#1.2m),
International Mezzanine Investment (+#0.4m) and Hicks, Muse, Tate & Furst Fund
IV (+#0.3m).  These funds have had or will imminently have realisations.
Additionally we have re-valued our direct holding in Dakota Minnesota and
Eastern Railroad by #1.3m, reflecting this company's strong trading.



In the B pool, there has also been a good flow of realisations with #3.5m
returned by funds during the quarter.  Drawdowns from funds totalled #3.6m.  In
addition F&C Private Equity Trust invested #2m in LMS, a legal outsourcing
company.  This deal was a co-investment led by RJD Partners.  Several new
commitments to private equity funds were made during the quarter or shortly
afterwards.  These included Euro7.5m to Chequers Capital XV (France), $10m to Blue
Point Capital Partners II (USA); Euro5m to Ibersuizas II (Spain); #4m to Piper
Private Equity Fund IV; Euro5m to Life Sciences Partners III (European Life
Sciences) and #10m to Inflexion 2006 Buyout Fund.  Additionally we have invested
#2m and committed #1m in HPF, a fund established to hold various Inflexion led
investments.  The total un-drawn commitments of the B-pool amount to #124m.
These may be drawn down over periods of up to 5 years.



The C pool, which contains the former Discovery Trust Assets, is being steadily
sold down to provide funds for investment in private equity.  During this
quarter a further #14m of cash has been raised and this will transfer to the B
pool through the conversion process.  83% of the original C pool has so far been
realised and the final conversion will take place in September 2006, based upon
the respective B and C share NAVs at 31 July.



In order to more closely match the reporting periods of our underlying fund
investments and to make performance comparisons easier your board has decided to
change the company's year end to 31 December, from 31 July.  This will lead
initially to a 17 month accounting period for the current financial year, with
the move to a calendar year accounting commencing in 2007.



For more information please contact:

Hamish Mair                                   0131 465 1184
                                              Hamish.mair@fandc.com

Martin Cassels                                0131 465 1095
                                              Martin.cassels@fandc.com

Alastair Moreton, Arbuthnot Securities Ltd    020 7012 2000
                                              alastairmoreton@arbuthnot.co.uk

Gordon Neilly / Sue Ingles, 
Intelli Corporate Finance                     020 7 653 6300


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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