Aberdeen Private Equity Fund Limited
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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.

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Past Performance

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

 
 

Daily Data

At close 16-Apr-2014

Sterling Shares
Price79.50p
NAV105.10p
Prem/-Disc-24.36%


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

 
 
 
 
 

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.

 

Manager's Monthly Report

February 2014

Portfolio News

In February the portfolio generated a total return of 3.5% in local currency, with the Company receiving December 2013 valuations for six of its funds holdings: Lion Capital Fund III LP, Goldman Sachs Capital Partners VI, Resonant Music 1 LP Cutting Edge, Silver Lake Partners III LP, Tenaya Capital V LP and Tenaya Capital VI LP.

These valuations came in at strong uplift to previous carrying value, with the largest gain recorded in Lion Capital III LP, a mid-market buyout fund that invests in European and North American consumer businesses. This fund is invested in several well-known brands across the clothing, food, optical and hair accessory sectors, and performance is starting to gather strong growth momentum as the consumer environment in Europe and the US improves.

Strong valuation uplifts were also reported by Silver Lake Partners III LP and Tenaya Capital V LP. The former, a large-cap fund that makes buyout and growth capital investments in technology businesses across the world, is benefiting from valuation increases in a number of holdings including Alibaba, the Chinese online retailer, which is expected to IPO on in the US later this year. The latter, a mid to late stage US venture capital fund, generated strong gains after the successful IPO of Qunar in November 2013 (a Chinese language online travel information provider).

Distributions

Distributions totalled $0.3m in February with almost all of the proceeds coming from MatlinPatterson Global Opportunities Partners III LP, mainly as the result of the GP generating liquidity from the fund’s toehold positions.

Call

The Company paid calls of $1.7m in relation to a series of new and follow-on investments across HIG Bayside Debt & LBO Fund II LP and MatlinPatterson Global Opportunities Partner III LP.

Gores Capital Partners III LP also announced that it will acquire a 51% stake in Hovis, Premier Foods’ bread division. Under the terms of this transaction, Hovis will be run as a stand-alone joint venture between Gores and Premier Foods. No capital calls have been received in relation to this investment given that the transaction is expected to complete during the second quarter of 2014.

As 28 February 2014, uncalled commitment stood at $72.7m, or 38.0% of NAV and 149.5% of liquid resources.

Basis of valuation

Of the investments, 49.0% of the holdings are valued using 30 September 2013 statements (46.4% by number) with the remainder valued using 31 December 2013 and 28 February 2014 statements.

For the investments using December statements, nine revaluations were received during the month, the most material of which were Lion Capital III LP (+ €1.8m), Silver Lake Partners III LP (+ $1.3m) and Tenaya Capital V LP (+ $1.3m).