HPEQ Henderson Pr

 
TIDMHPEQ 
 
HENDERSON GLOBAL INVESTORS 
 
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC 
 
Unaudited Interim Management Statement 
 
For the quarter ended 30 September 2009 
 
Review of the quarter ended 30 September 2009 
 
Henderson Private Equity Investment Trust plc ("the Company") presents its 
interim management statement for the period 1 July 2009 to 30 September 2009 in 
accordance with rule 4.3 of the UK Listing Authority's Disclosure and 
Transparency Rules. 
 
Investment Objective 
 
The objective of the Company is to produce capital gains through exposure to a 
diversified portfolio of private equity investments focused mainly on 
mid-market buy-out funds in the UK and Europe. 
 
Performance 
 
The Company's unaudited net asset value per ordinary share ("NAV") at 30 
September 2009 was 303.0p. This compares with NAV of 306.5p at 30 June 2009 and 
reflects the increased stability in the portfolio valuations of the Company's 
private equity fund investments as evidenced by their 31 March 2009 and 30 June 
2009 quarterly reports. At 30 September 2009 these private equity fund 
investments represented approximately 85% of the value of the Company's total 
portfolio. 
 
The Company's share price performed strongly during the quarter ended 30 
September 2009 rising by 45.5% from 112p to 163p. During the same period the 
LPX Indirect Index increased by 3.8%, whilst the FTSE-All Share Index rose by 
22.4%. Despite this strong share price performance, the Company's share price 
discount to NAV was 46.2% at the quarter end, still high by historic standards 
for the listed private equity sector. 
 
Transaction Activity 
 
The general level of investment activity in the UK and European mid-market 
buy-out sector remained subdued during the quarter to 30 September 2009. 
Despite this, the Company received calls totalling GBP4.7 million for three new 
transactions by its private equity fund investments. There were also three 
follow-on investments to existing portfolio companies totalling GBP1.3 million. 
In contrast, there were no disposals by the Company's private equity fund 
investments during the period. 
 
The Company made no new commitments to private equity funds during the period. 
 
On 29 September 2009 the Company disposed of its listed holding in Quorum Oil 
and Gas Technology Fund ("Quorum") with proceeds of GBP898,000 being received on 
1 October 2009. This disposal reflects the Company's increased focus on the UK 
and European mid-market buy-out sector. The sale generated a GBP149,000 profit 
against Quorum's carrying value in the Company's half-year report to 30 June 
2009. 
 
Financial Position 
 
At 30 September 2009 the Company had drawn GBP7.2 million of its GBP30 million 
committed bank facilities provided by Bank of Scotland. 
 
Whilst it is currently generally accepted that for the foreseeable future new 
investment is likely to outpace exit activity in the Company's main area of 
focus, the UK and European mid-market buy-out sector, the Company is 
satisfactorily positioned to meet its undrawn private equity fund commitments 
of approximately GBP35 million over the next two to three years. As stated in the 
Company's half-year report to 30 June September 2009, this will be achieved 
through a combination of the Company's GBP30 million of committed bank facilities 
and the management of its listed portfolio, the value of which stood at GBP6.9 
million (ex-Quorum) at 30 September 2009. Any distributions received by the 
Company will also, in due course, be used to meet commitments if required. 
 
Issued Share Capital 
 
Excluding treasury shares, the Company had 18,850,212 ordinary shares in issue 
at 30 September 2009 (30 June 2009: 18,850,212) 
 
Material Events and Transactions 
 
There were no material transactions during the period 1 July 2009 to 
30 September 2009, other than those disclosed above. 
 
Company Information 
 
Further Information on the Company, including fact sheets, the annual report 
and the half year report may be found on the Manager's website 
www.itshenderson.com or www.hendersonprivateequitytrust.com. 
 
                                     ENDS 
 
For further information please contact: 
 
Ian Barrass 
Portfolio Manager 
Henderson Private Equity Investment Trust plc 
Telephone: 020 7818 2964 
 
 
 
END 
 

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