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View the article online at http://citywire.co.uk/wealth-manager/article/a736320

RIT Capital head of private equity to depart

by Robert St George on Feb 26, 2014 at 09:56

RIT Capital head of private equity to depart

Wealth Manager can reveal that Graham Thomas, head of private investments at RIT Capital Partners, is to leave the £2.3 billion trust.

Thomas joined RIT in 2011 from Standard Bank Group, where he had been head of private equity.

At the time of the Citywire Selection fund’s most recent update in November 2013, RIT’s portfolio had a 12% direct allocation to unquoted investments with a further 13% in private equity funds.

One of the recent stars of RIT’s private equity holdings has been Dropbox. The company was valued at around £2.5 billion in 2011, when RIT first bought a stake worth approximately £16 million. This was valued at £16.5 million by RIT on 30 June 2013.

Dropbox’s latest fundraising round this week valued the business at almost £6 billion, and analysts at Numis have tipped that to be ‘positive’ for RIT Capital’s valuation.

Over the past three years RIT’s otherwise defensive stance, with significant investments in gold for example, have left its relative performance lagging. On a net asset value basis the trust has returned 19.5% through the period, compared with 28.5% from the FTSE World index.

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