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.

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 30-Oct-2014

Sterling Shares
Price84.50p
NAV113.86p
Prem/-Disc-25.79%


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

September 2014

Portfolio News

During August we received five valuation updates for portfolio funds, which consisted of four small upwards valuations and one small downward valuation; the net effect was that the portfolio generated a total return in local currency terms which was slightly up on the prior period (+0.24%)B. On 19th September, Alibaba Group (held within SilverLake Partners III) completed its initial public offering (IPO) on the New York Stock Exchange, resulting in the largest IPO in history. As a result of this successful float, we anticipate a write-up for Alibaba in the SilverLake Partners III Q3 numbers, which will be released in October.

Distributions

Distributions totalled $3.4 million in August, with the largest distribution coming from Tenaya Capital V ($2.4 million). This results from the fund’s sale of its stake in Qunar, the leading travel search engine in China. Until this sale, Qunar had been one of the Company’s largest underlying holdings. In November 2013, Qunar completed its IPO and subsequent to the IPO lock‐up expiration in May, Tenaya Capital V sold its entire post‐IPO position in Qunar in the open market, realising a 28.4x multiple on the total invested capital.

Calls

The Company paid calls of $7.0 million in August, the largest of these being a $4.0 million call from CCMP Capital Investors III and a $2.0 million call from The Resolute Fund III, these being the two most recent fund commitments made by the Company. As at 31 August 2014, uncalled commitments stood at $86.2m, or 42.3% of NAV and 155.9% of liquid resources.

Basis of valuation

Five revaluations were received during the month, all based on 30 June 2014 statements. The largest revaluation was for StepStone International Investors III (+ €0.2m), with other uplifts including Longreach Capital Partners 1 and Longreach Capital Partners 2. All investments are now based on 30 June 2014 statements, with the exception of GS Capital Partners VI, Pinebridge Latin America Partners II, CVC Capital Partners Asia Pacific IV LP, CCMP Co-Invest III A LP, CCMP Capital Investors III (the most recent commitment) and 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).