Aberdeen Private Equity Fund Limited
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Investor Warning

Please be aware of scams that can affect investors.

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NMPI Status

The company currently conducts its affairs so that securities issued by Aberdeen Private Equity Fund Limited can be recommended by IFAs to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream pooled investment products (NMPIs) and intends to continue to do so for the foreseeable future.

The Company’s securities are excluded from the FCA’s restrictions which apply to non-mainstream investment products because the company would qualify as an investment trust if the company were based in the UK.

 
 

Morningstar Ratings

Fund Rating

2 star Rating
 
 

Risk Warning

The value of investments and the income from them may go down as well as up and investors may get back less than the amount invested. The tax benefits relating to ISA investments may not be maintained. Please refer to the Key Facts documents contained in the ISA/Share Plan Brochure & Application form for general and specific investment risks attaching to the individual trusts.

Read the detailed Risk Warning
 

Past Performance

Past performance is not a guide to future results.
See latest monthly factsheet below for performance history.

 
 

Daily Data

At close 31-Mar-2015

Sterling Shares
Price88.13p
NAV115.83p
Prem/-Disc-23.92%


Source: Morningstar, NAV = Net Asset Value, excluding income.

 
 
 
 
 

Portfolio Holdings Disclaimer

Holdings are subject to change at any time. Holdings should not be relied upon in making investment decisions and should not be construed as research or investment advice regarding specific securities. By accessing the portfolio holdings, you agree not to reproduce, distribute or disseminate the portfolio holdings, in whole or in part.

 
 

Trust Details

Aberdeen Private Equity Fund Limited

Registered Office:
Ipes (Guernsey) Limited
1 Royal Plaza
Royal Avenue
St Peter Port
Guernsey GY1 2HL

Registered in Guernsey as an Investment Company Number 46192

 

Aberdeen Private Equity Fund Limited

Objective

To generate long-term capital gains.

About Aberdeen SVG

Aberdeen Private Equity Fund is managed by Aberdeen SVG. Aberdeen SVG is a strategic alliance between the FTSE 100 asset manager, Aberdeen Asset Management PLC, and the FTSE 250 private equity investor, SVG Capital plc.

Aberdeen SVG is focused on providing investors with leading investment performance through tailored access to the private equity asset class. It employs over 40 professionals in one global team, across a broad range of complementary disciplines, offering ‘on the ground’ access to major private equity markets.

 
 

Aberdeen Private Equity Fund Limited, Half Year Report for the six months ended 30 Sept 14
Alex Barr, Head of Private Equity Investments

In this webcast Alex Barr gives an update on a wide range of subjects including performance, a sector breakdown, the largest investments and an outlook for the Trust.

Click here to listen to the presentation.

 

 

Manager's Monthly Report

December 2014

Portfolio News

During December there was one revaluation of a portfolio fund, which was a downward valuation of Goldman Sachs Capital Partners VI LP (-$0.1m). This was caused by net depreciation in this fund’s publicly-traded portfolio, partially offset by net appreciation in its privately-held portfolio. Due to further weakening of the Russian Rouble, the Company’s NAV reflects valuation adjustments made to two portfolio funds in relation to the translational impact on underlying portfolio companies with Rouble exposure. The largest of these adjustments was to Northzone VI LP (-€0.9m), as a result of that fund’s exposure to Avito (the Russian classified advertising site). Notwithstanding this, we believe that Avito continues to perform strongly in local currency terms. The reference period for this adjustment was December 2014. At time of writing (February 2015) we note that the Rouble has continued to weaken.

The net effect was that the portfolio generated a total return in Sterling terms which was -0.73%B versus the previous month. The on-going strengthening of the US dollar continues to help this largely US dollar based portfolio, in this case partially offsetting the Rouble impact above.

Distributions

Distributions totalled $5.3m in December, with the largest distributions coming from Coller International Partners V LP (two distributions totalling $1.7m), Northzone VI LP ($1.0m) and Thomas H. Lee Parallel Fund VI L.P. ($0.8m).

Northzone VI LP made its third capital distribution in relation to proceeds received from the sale of Videoplaza AB, an investment from which the Partnership had previously partially divested. This was a good exit for Northzone, with a return multiple significantly above its original cost. Thomas H. Lee Parallel Fund VI L.P. continued with its recent trend of liquidity, as a result of dividends received from and further sales of listed shares in Aramark and Nielsen Holdings N.V.

Calls

The Company paid net calls of $4.8m in December. There were three calls of $1.0m or greater: CCMP Capital Investors III LP ($1.4m), Gores Capital Partners III LP ($1.1m) and Apax 8 ($1.0m). CCMP Capital Investors III LP called money to fund a new investment in PQ Holdings, Inc. (an integrated manufacturer of specialty inorganic performance chemicals, high-end specialty catalysts and specialty glass materials). Gores called to fund an investment in US Farathane, LLC (a manufacturer of highly engineered plastic products for the North America automobile OEM market) and Apax called to fund new investments in China, India and US. As at 31 December 2014, uncalled commitments stood at $76.6m, or 39.1% of NAV and 138.8% of liquid resources.

Basis of valuation

One revaluation was received from GPs during the month, such that all 24 funds and four co-investments in the portfolio are now being valued based off 30 September 2014 statements, notwithstanding the Rouble adjustment above.