HPEQ Henderson Pr

 
TIDMHPEQ 
 
HENDERSON GLOBAL INVESTORS 
 
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC 
 
Unaudited Interim Management Statement 
 
Review of the period from 1 January 2010 to 30 April 2010 
 
Henderson Private Equity Investment Trust plc ("the Company") presents its 
interim management statement for the period 1 January 2010 to 30 April 2010 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 a diversified 
portfolio of private equity investments. The main focus of the portfolio is 
mid-market buy-out funds in the UK and Europe. The Company invests in both 
limited partnerships and listed vehicles. 
 
Financial Position 
 
On 28 April 2010 the GBP30.0 million of committed banking facilities previously 
provided by Bank of Scotland were renewed and extended by its parent, Lloyds 
Banking Group. The availability of these facilities through to 1 May 2012 
represents a significant improvement in the Company's overall liquidity 
position. At 30 April 2010 the Company had drawn GBP11.6 million of the 
facilities. 
 
Performance 
 
The Company's unaudited net asset value per ordinary share ("NAV") at 30 April 
2010 was 297.5p, a fall of 1.7% compared with NAV of 302.7p at 31 December 
2009. 
 
The Company's share price, however, increased during the period by 7.7% from 
130.0p to 140.0p. Despite this positive share price performance, the Company's 
share price discount to NAV was 52.9% at 30 April 2010. The Company's Board of 
Directors believes that this level of discount does not fairly reflect either 
the quality of the Company's portfolio or its significantly improved liquidity 
position following the extension of its banking facilities to 1 May 2012. 
 
Transaction Activity 
 
New investment activity in the UK and European mid-market buy-out sector 
remained low during the period. As a result, there was only one significant 
call made on the Company by its private equity fund investments. This was for GBP 
3.0 million in relation to August Equity Partners II's investment in Active 
Assistance, a UK provider of complex homecare services. Distributions were also 
rare and totalled only GBP0.18 million. 
 
The Company made no new commitments to private equity funds during the period. 
 
The refocusing of the Company's listed portfolio on the UK and European 
mid-market buy-out sectors continued in January with the sale of holdings in 
the Greenwich Loan Income Fund and China Growth Opportunities. These disposals 
raised GBP0.36 million. The investment in the Greenwich Loan Income Fund was 
particularly successful returning 26x the modest initial investment made in 
February 2009. 
 
Issued Share Capital 
 
Excluding treasury shares, the Company had 18,850,212 ordinary shares in issue 
at 30 April 2010 (31 December 2009: 18,850,212) 
 
Material Events and Transactions 
 
There were no material transactions during the period 1 January 2010 to 
30 April 2010, 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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