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 30-Sep-2014

Sterling Shares
Price87.88p
NAV114.59p
Prem/-Disc-23.31%


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

July 2014

Portfolio News

During July, we received 19 valuation updates for portfolio funds, a number of which represented material uplifts to carrying value; as a result the overall portfolio generated a total return in local currency terms of +5.71%B versus June.

Large uplifts included Coller International Partners V, Lion Capital III and, in particular, Northzone VI, which continues to be driven by the strong performance of Avito (the Russian classified site). During the second quarter of 2014, Avito saw revenues rise by 85% compared with the comparable prior year period.

Post-month end there has also been positive news regarding Alibaba (a portfolio company of Silver Lake III), which has posted a surge in mobile revenues and raised its internal valuation to $140bn as the Chinese e-commerce company prepares for an eagerly anticipated flotation.

Distributions

Distributions totaled $2.2m in July, with the largest distributions coming from Tenaya Capital V and GS Capital Partners VI. The Tenaya distribution represents proceeds from the sale of a portion of its position in Qunar (the leading travel search engine in China), after the IPO lock-up expired in May.

The distribution from GS Capital Partners VI, which makes minority investments in a range of private equity backed businesses, relates to a number of final and partial investment exits, including Brakes Group and Ontex N.V.

Calls

The Company paid calls of $2.6m in July. The largest call was $1.5m in respect of funding a new co-investment in Hillman, a portfolio company of CCMP Capital Investors III which the Company has recently committed to. Hillman is a leader in the hardware and home improvement industry offering products for commercial and residential uses. There was also a sizeable call from Pangea II ($0.4m) to fund an investment in the Mexican franchise of a global convenience store chain, as well as a number of follow-on investments.

As at 31 July 2014, uncalled commitment stood at $93.3m, or 45.6% of NAV and 270.4% of liquid resources.

Basis of valuation

Of the investments, 81% of the holdings are valued using 30 June 2014 statements (63% by number) with the remainder valued using March 2014 and December 2013.

Nineteen revaluations were received during the month, all based on 30 June 2014 statements. The largest revaluation was for Northzone VI LP (+€2.8m), with other uplifts including Lion Capital III (+€1.3m), Thomas H Lee VI (+$0.9m) and Coller International Partners V (+$0.6m). The remaining investments are based on 31 March 2014 statements, with the exception of DFJ Athena (which is valued based on the Q3 2013 adjusted GP valuation as agreed by the Directors in the Company’s 2013 interim accounts).