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 05-May-2015

Sterling Shares
Price89.50p
NAV121.38p
Prem/-Disc-26.26%


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

February 2015

Portfolio News

Since the release of the last Factsheet (for the January NAV) we have received six valuation updates for portfolio investments. After removing the effect of cash flow from calls and/or distributions on these investments, four of these valuation updates showed positive performance for Q4 2014, and two showed negative performance. The upward valuations came from Lion Capital Fund III, Silver Lake Partners III, Tenaya Capital VI and SLP Denali CoInvest.

Lion Capital Fund III delivered a 15.4% uplift (+€1.5m), driven principally from Multiple of Cost (“MoC”) uplifts to Picard, AllSaints and John Varvatos. Our investment in Silver Lake Partners III increased by 9.1% (+$1.1m), due to MoC uplifts to Alibaba and Dell amongst others, countering a smaller mark down in Global Blue. Our investment in the SLP Denali vehicle (our co-investment in Dell) was marked up by 25.0% (+$0.5m), reflecting the parallel move in Dell we saw in the Silver Lake Partners III fund. Finally, Tenaya Capital VI saw a small mark up of 3.4% (+ $0.1m) due to MoC increases for a number of portfolio companies including HubSpot and Hortonworks. The downward valuation changes came from Tenaya Capital V (-0.2% or -$15.8k) and Lion/Seneca Cayman 3 (-0.1% or €1.0k), the latter being our coinvestment in the former Hitachi Via Mechanics.

We continue to make adjustments to Northzone VI to reflect the volatility of the Russian Rouble and its impact on that fund’s holding in Avito, the Russian online classified business. Following a number of recent monthly negative adjustments to reflect Rouble weakness, the pronounced Rouble strength vs. the Euro in February saw us make a positive adjustment of €0.7m to the value of Northzone VI. At time of writing (late March 2015) we note that the Rouble continued to strengthen vs. the Euro in March.

The net effect was that the portfolio generated a total return in Sterling terms which was -0.09%B vs. the previous month with US Dollar weakness in February being a key reason for this. We note that the Dollar has strengthened vs. Sterling in March.

In terms of new investments, the Company committed 10.0m to Exponent III in early March. Exponent are a UK focussed upper mid-market buyout manager, investing in deals with an Enterprise Value of 75m to 300m. Exponent have a strong value creation capability and the fund will bring specific Sterling exposure to the Company. This commitment will take the Company’s current fund exposure to 26 funds.

Distributions

Distributions totalled $0.8m in February with the largest distribution coming from Thomas H Lee Parallel Fund VI. The distribution related to the proceeds of sale from shares in Aramark and Nielsen Holdings, and also an escrow release from Acost Inc.

Calls

The Company paid calls of $0.7m in February the largest of these being a $0.4m call to HIG Bayside Debt & LBO Fund. As at 28 February 2015, uncalled commitments stood at $80.8m, or 41.5% of NAV and 144.8% of liquid resources.

Basis of valuation

Of the 25 funds held by the Company as at end February, and for the purposes of the February NAV, 10 funds were valued based on Capital Account Statements dated as at December 2014 and 14 funds were valued based on a September 2014 valuation. One fund is valued at cost as no Capital Account Statement has yet been issued. As at the end of February therefore, 44.5% of the company’s Private Equity Funds total valuation was valued as at end December 2014, and 55.5% was at end September 2014.