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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 investment products 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.
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 is not a guide to future results.
See latest monthly factsheet below for performance history.
At close 06-Mar-2014Sterling 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 1.1% depreciation of the US$ in December has continued to negatively impact NAV. In local currency the value of the investment portfolio was flat with no new valuations received in the month. Following the exit of Roadnet Technologies in November, Thoma Bravo IX completed another exit in December after selling Entrust to Datacard Group. In addition, Aramark, a North American food and facilities services company held within Thomas H. Lee VI, raised $725.0m in an IPO on 12 December. The IPO was priced at $20.0 per share, and on 31 December 2013 the stock closed 31.0% higher at $26.2 per share.
The value of both of both of these transactions will be reflected in the NAV when December 2013 GP valuations are received by the Fund.
APEF received distributions of $2.5m in December with most of the proceeds coming from the exit of Roadnet Technologies within Thoma Bravo IX. Distributions were also received from Steptsone International Investor III‘s underlying fund investments, and Thomas H. Lee VI which generated some liquidity from their listed holdings.
The Company paid calls of $3.5m mainly in relation to a capital call from Apax VIII to fund new investments in Rue21 (US fast-fashion retailer), One Call and Align (providers of specialised services to the US worker’s compensation industry), Global Logic (provider of outsourced R&D), and Rhiag (European distributor of automotive spare parts). In addition to the Apax VIII call, the Fund also paid calls to fund five new investments and five follow-on investments across four different GPs. These include Tenaya VI investing in Bluebox, an Enterprise Mobile Security company, Northzone VI which participated in Trustpilot’s new funding round alongside DFJ Esprit and Index Ventures. Finally, Thomas H. Lee VI called to fund the acquisition of CTI Foods, a provider of customised food products for North American restaurant chains.
At 31 December 2013, uncalled commitment stood at US$66.1m, or 36.4% of NAV and 135.0% of liquid resources.
Of the investments, 98% of the holdings are valued using 30 September 2013 statements (89% by number). The remainder includes the two recent co-investments which are valued at cost, and a publicly listed holding valued using the security’s closing price on 31 December 2013.
There were no revaluations for the month.