The net asset value (NAV) of holdings in the Standard Life European Private Equity Trust gained more than 10 per cent in the six months to 31 March, but the company's board sees continued uncertainty about performance ahead.

Chairman Scott Dobbie commenting on the interim results says the activities of financial markets and the macroeconomic challenges facing the eurozone suggest a rocky road ahead.

"Whilst the company has limited direct exposure to the economies most immediately involved, the general uncertainty has prompted concerns about European private equity activity. Nevertheless, the board and the manager remain confident that the company's financial position and strong portfolio of fund interests will ensure full participation in any upturn. In the meantime, rising earnings in many of the underlying investments provide a base to underpin the company's valuation."

Net assets in the fund hit £294.4m as at 31 March, up from £256.6m in September 2009. This was calculated on the basis of 40 private equity fund interests collectively invested in 513 underlying investments.

While the NAV gained 10.7 per cent in the period, the share price advanced by 4.2 per cent to 117p by the end of the period.

The discount today stands at 38 per cent according to Trustnet data, civing the company a market value of £173m

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