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See latest monthly factsheet below for performance history.
At close 04-Dec-2013Sterling Shares
Source: Morningstar, NAV = Net Asset Value, excluding income.
Ipes (Guernsey) Limited
1 Royal Plaza
St Peter Port
Guernsey GY1 2HL
Registered in Guernsey as an Investment Company Number 46192
The investment objective of the Company is to generate long-term capital gains.
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.
The Company’s commitments total $268.5 million of which approximately $195.9 million has been drawn down. There were seven capital calls made in September with an aggregate amount of $1.8 million. The Company has received gross distributions of $126.0 million since inception. The Company received $1.7 million in distributions in September.
Of the investments, 71% of holdings are valued using June 2013 statements (67% by number), and the remaining 29% are valued based on statements dated September 2013 (33% by number). There were no revaluations for the month of September.
During the month, risk sentiment was negatively impacted by the budget and debt ceiling negotiations and the threat of a US Government shutdown. Combined with certain macroeconomic data coming in below consensus, market participants have started to price in a delay as to when tapering will start. These factors contributed to the dollar depreciating 4% against sterling in September, and this was the main reason for the 3% decrease in the NAV. In fact, at constant exchange rates the NAV grew 0.5%.
During the month, Silver Lake completed the acquisition of Dell. Alongside its commitment in Silver Lake Partners III, the Company also co-invested in that deal. Just after the end of the month we also closed another co-investment alongside Longreach II in a carve-out from Hitachi that manufactures high-precision drilling machines.
The largest capital call that we received in September relates to Apax VIII who drew for investments that were already in the Fund when we made the Company’s commitment. The $1.7m of distributions were evenly spread across eight GPs including Resonant Music who are generating an increasing yield from their portfolio of royalties, and also including Silver Lake Partners III who sold SMART Modular’s storage business to SanDisk Corp while retaining ownership of the rest of the business.
Goldman Sachs also distributed as they continue to generate liquidity from their listed holdings. These include Benefitfocus, a provider of cloud-based benefits management software, which completed its IPO on the NASDAQ at $26.50 per share. As of writing the shares trade 98% higher at $52.60.
Total commitment cover is now 66.4%.