These are interesting times in one of the least scrutinised and least loved corners of the shares universe, that of private equity investment trusts. First, Ed Bramson, the corporate raider, injected an almighty course of adrenaline into Electra; then SVG shot up after an opportunistic approach by HarbourVest. Now there are changes afoot at Standard Life European Private Equity Trust, or Slepet as it is fondly known.
Slepet invests in 49 different private equity funds, which in turn invest in underlying private companies from Formula One to Photobox, the online photo printing company.
Its annual results yesterday were reassuringly solid. Net asset value per share rose 23 per cent to 346.4p in the year to September 30, which was better than the initial estimate made