SVG Capital is a private equity investor and fund management business listed on the London Stock Exchange (ticker: SVI).

Investment objective

SVG Capital’s investment objective is to achieve capital appreciation by investing principally in private equity funds that are managed or advised by Permira, a leading international private equity specialist*.

In addition, SVG Capital invests in private equity funds that invest in Japan, North America, Asia and the life sciences sectors, and in unquoted and quoted businesses through specialist funds and co-investments alongside these funds. The Company may also invest in other private equity related assets and alternative asset classes.

To complement this investment objective and create capital and income for the Company, its fund management business structures, markets, manages and advises products for investment in private equity, private equity related assets, alternative asset classes and in public equity using private equity techniques.

Investment policy

The Company invests principally in private equity funds managed or advised by Permira, which provide it with exposure to a portfolio of companies that are diversified by vintage year, size, geography and industry sector. Under current legislation, the Company operates so as to ensure that, at the point of acquiring or adding to its investment in any company or group, its holding in that company or group does not exceed 15% by value of its overall investments. In order to enhance shareholder returns, the Company has a desired average level of gearing of approximately 20% over time.

Performance as at 30 June 2008

In the six months to 30 June 2008, net assets per share (including the December 2007 Directors' unaudited valuation of SVG Advisers) decreased to 847.8p per share, with fully diluted Shareholders' funds (excluding the December 2007 Directors' unaudited valuation of SVG Advisers) decreasing to 776.3p per share.

Since listing in May 1996, SVG Capital has reported compound growth in NAV per share of 13.0% p.a., outperforming the FTSE All-Share (capital only) by 9.5% p.a. over the same period.

SVG Capital's portfolio of funds has an underlying portfolio of 115 companies, diversified by vintage year, size, geography and industry sector.

* The majority of Permira's investments will be in companies with significant European operations