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 22-Jul-2014

Sterling Shares
Price81.38p
NAV106.16p
Prem/-Disc-23.35%


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

May 2014

Portfolio News

In May the portfolio generated a total return of -1.3%C in local currency.

This reflects a $2.5m negative unrealised adjustment following a recent review of how our underlying GPs accrue for performance fees (or “carried interest”) earned but not yet paid. The majority of our GPs accrue for this on ‘as earned’ basis and this is reflected in those GPs’ regular valuations. A small number of GPs follow the less common methodology of accounting for carried interest on a ‘cash’ basis. We have chosen to ensure that all the Company’s holdings are valued on an equal footing and accordingly have made the negative adjustment to reflect any potential performance fees which may be incurred upon realisation of the underlying portfolios.

Distributions

Distributions totalled $2.2m in May with Thomas H Lee VI receiving sale and dividend proceeds from its public holdings. Coller International Partners and Stepstone III also provided liquidity as their underlying secondaries interests increasingly move towards distribution mode. Finally, Apax 8 (A8 –A (Feeder)) LP made its second distribution following a dividend recapitalisation at Garda.

Calls

The Company paid calls of $2.9m funding seven follow-on and five new investments across the portfolio including:

  • CVC Asia Pacific IV’s first investment: the acquisition of The Executive Centre, an Asian provider of premium serviced offices
  • Gores Capital Partners III to fund the acquisition of 51% of Hovis from Premier Foods
  • Pangaea II’s growth equity investment into an emerging market focused travel retail and duty free operator
  • Lion Capital Partners III’s acquisition of Perricone MD, a premium anti-aging skincare brand sold primarily in North America but with a growing international presence

As at 31 May 2014, uncalled commitment stood at $80.8m, or 40.9% of NAV and 242.8% of liquid resources.

Basis of valuation

Of the investments, 95% of the holdings are valued using 31 March 2013 statements (82% by number) with the remainder valued using December 2013. Our holding in DFJ Athena is valued based on the Q3 2013 adjusted GP valuation as agreed by the Directors in the Company’s 2013 interim accounts. Six revaluations were received during the month, the largest being Gores Capital Partners III (+$0.3m) and GS Capital Partners III, LP (-$0.1m)./p>