In a statement, the trust reported an adverse currency movement of 2.7%.
The trust's NAV was
The trust's ordinary shares were Friday quoted up 1.3% at 219.50p.
Its share price total return for the six months was 9.1% for the ordinary shares.
"The first half of the year saw a steady flow of realisations within the portfolio with some encouraging signs of renewed exit activity in markets such as
Tennant said the trust has in the
"This broadening of activity is a sign of a healthy market where recovery is in general well established," Tennant said. "The market has also benefited from more amenable banking conditions and the increased prominence of alternative debt providers to buy-outs, such as unitranche funds."
He said the background environment helped the trust to secure its new five-year loan facility of about
The board has previously said it wants to use some of the facility to at least partially fund the pending redemption of the trust's zero dividend preference shares on
According to Tennant, the trust's underlying portfolio is in "good shape". The managers have added to the co-investment component of the portfolio, increasing exposure to 17.5% from 11.8% over the last twelve months. The trust has a medium-term aim of building that to about 25%.
The chairman also said the trust's investment partners have been active in deploying funds in a range of companies across
"They are investing carefully and judiciously and the average price of new deals acquired is significantly below the average for the private equity market as a whole and the European mid-market in particular. As acquisition price is one of the most influential factors in the success of a buy-out, this is an encouraging sign," Tennant said.
He added that the managers,
"Additionally, the dealflow of co-investments and secondaries is good and they expect to add further to both categories as the year progresses," Tennant said.
"The only frustration during the first half of the year is that sterling has strengthened noticeably against other major currencies, and this has meant that we are showing a slight decline in the NAV rather than an increase," he added.
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