CT Private Equity Trust : Annual Report and Accounts 2022

CT

Private

Equity

Trust PLC

(Formerly BMO

Private Equity Trust PLC)

Annual Report

and Accounts

31 December 2022

1 | CT Private Equity Trust PLC

Front2 cover| CT Privateimage: DunrobinEquity TrustCastle,PLCScotland.

Contents

Overview

Overview

Chairman's statement

Overview
Company Overview	2
Financial Highlights	3
Summary of Performance	4
Chairman's Statement	5
Strategic Report
Strategic Report - Introduction	7
Principal Policies	9
Promoting the Success of the Company	11
Sustainability and ESG	13
Key Performance Indicators	17
The Investment Manager	18
Investment Manager's Review	19
Portfolio Summary	24
Top Ten Fund Investments	26
Top Ten Direct Investments	27
Portfolio Holdings	28
Principal Risks	30
Governance Report
Board of Directors	32
Report of the Directors	33
Corporate Governance Statement	37
Report of the Audit Committee	39
Report of the Nomination Committee	41
Directors' Remuneration Report	42
Report of the Management Engagement Committee	44
Statement of Directors' Responsibilities	45

Auditor's Report
Independent Auditor's Report	46
Financial Report
Statement of Comprehensive Income	53
Balance Sheet	54
Statement of Changes in Equity	55
Statement of Cash Flows	56
Notes to the Financial Statements	57
AIFM Disclosures	69
Annual General Meeting
Notice of Annual General Meeting	70
Other Information
Shareholder Information	75
History	76
Historical Record	76
Alternative Performance Measures	77
Glossary of Terms	79
How to Invest	81
Corporate Information	82

Strategic Report

Governance Report

Auditor's Report

Financial Report

AGM

Other Information

Report and Accounts 2022 | 1

CT Private Equity Trust PLC

Company Overview

The Company

CT Private Equity Trust PLC ('the Company') is an investment trust and its Ordinary Shares are traded on the Main Market of the London Stock Exchange.

Objective and Investment Policy

The Company's objective is to achieve long-term capital growth through investment in private equity assets, whilst providing shareholders with a predictable and above average level of dividend funded from a combination of the Company's revenue and realised capital profits.

The Company's investment policy is contained on page 9.

Dividend Policy

The Company aims to pay quarterly dividends with an annual yield equivalent to not less than four per cent of the average of the published net asset values per Ordinary Share as at the end of each of its last four financial quarters prior to the announcement of the relevant quarterly dividend or, if higher, equal (in terms of pence per share) to the highest quarterly dividend previously paid. All quarterly dividends will be paid as interim dividends. The interim dividends payable in respect of the quarters ended 31 March, 30 June, 30 September and 31 December are expected to be paid in the following July, October, January and April respectively.

Management

The Company's investment manager, Columbia Threadneedle Investment Business Limited ('the Manager'), formerly known as BMO Investment Business Limited, is part of Columbia Threadneedle Investments.

The ultimate parent company of Columbia Threadneedle Investments is Ameriprise Financial, Inc.

Capital Structure as at 31 December 2022

72,844,938 Ordinary Shares of 1 pence, each entitled to one vote at a general meeting. In addition, the Company has 1,096,491 shares held in treasury.

Further details of the Company's capital structure, including the rights attributable to the Ordinary Shares, are provided on page 33.

How to Invest

The Manager operates a number of investment plans which facilitate investment in the shares of the Company. Details are contained on page 8.

Visit our website at:

www.ctprivateequitytrust.com

2 | CT Private Equity Trust PLC

Overview

Financial Highlights

Overview

Chairman's

14.8%

NAV total return

• Net Asset Value total return
• 1. for the year of 14.8 per cent for the Ordinary Shares.

-8.9%

Share price performance

• Share price total return (1) for the year of -8.9 per cent for the Ordinary Shares.

25.77p

Quarterly dividends

• Total quarterly dividends of 25.77p per Ordinary Share
• Quarterly dividend of 6.05p per Ordinary Share paid 29 July 2022
• Quarterly dividend of 6.31p per Ordinary Share paid 31 October 2022
• Quarterly dividend of 6.62p per Ordinary Share paid on 31 January 2023
• Quarterly dividend of 6.79p per Ordinary Share payable 28 April 2023

6.1%

Dividend yield

• Dividend yield (2) of 6.1 per cent based on the year-end share price.

statement Strategic Report

Governance Report

The Longer Term Rewards

450

400

350

300

250

200

150

100

50

0

Dec 12

Dec 13

Dec 14

Dec 15

Dec 16

Dec 17

Dec 18

Dec 19

Dec 20

Dec 21

Dec 22

Ordinary Share NAV Total Return

Ordinary Share Price Total Return

FTSE All Share Total Return

1. Total Return. Refer to Alternative Performance Measures on page 78.
2. Dividend Yield. Refer to Alternative Performance Measures on page 77.

Auditor's Report

Financial Report

AGM

Other Information

Report and Accounts 2022 | 3