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 29-Jan-2015

Sterling Shares
Price90.75p
NAV115.43p
Prem/-Disc-21.38%


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, Annual Report for the Year Ended 31 March 2014
Alex Barr, Manager of Aberdeen Private Equity Fund Limited

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

November 2014

Portfolio News

During November there were eight revaluations of portfolio funds and two revaluations of co-investments, which consisted of five upward valuations and five downward valuations; the net effect was that the portfolio generated a total return in local currency terms which was -1.07%B versus the previous month.

The largest portfolio fund investment write-up was for Longreach Capital Partners 2 LP (+$0.3m). This uplift was largely attributable to the write-up to the portfolio investment Hitachi Via Mechanics, in which the Company also has a direct co-investment. Accordingly, the Company also made a write-up of the Hitachi Via Mechanics co-investment (+$0.5m).

However, due to significant weakening of the Russian Rouble, the Company’s Sterling NAV has been adjusted to reflect translational impact of the weaker Rouble on two funds, due to underlying portfolio companies’ Rouble exposure. The reference period used for the adjustment was the date of the GPs’ last quarterly reports (end September) and end November. The most significant of these adjustments was to Northzone VI LP (-€1.7m), as a result of that fund’s exposure to Avito (the Russian online classifieds site). Avito is this Company’s largest underlying holding, its size having been driven by exceptionally strong performance over the last year in local currency terms. At time of writing (January 2015) we note that the Rouble has continued to weaken.

Distributions

Distributions totalled $1.0m in November, with the largest distributions coming from Thomas H. Lee Parallel Fund VI L.P. ($0.5m) and Coller International Partners V-A L.P. ($0.3m). The Thomas H. Lee Parallel Fund VI L.P. distributed capital proceeds relating to the Partnership’s investments in Umpqua Holdings Corporation, GrubHub, Inc. and Nielsen Holdings, N.V. GrubHub, Inc. in particular has been a successful investment for this fund, returning 8.5x cost.

The distribution from Coller International Partners V-A L.P. ($0.3m) comprised of realisations from various underlying investments including the sale of portfolio companies Zeitecs B.V. and A-Power GmbH within the Shell Technology Ventures Fund 1 portfolio.

Calls

The Company paid net calls of $0.8m in November (after a return of $0.7m of capital from The Resolute Fund III LP, representing unused proceeds from funds previously called for the investment in American Freight Group, Inc.).

The largest call was $1.0m made by CCMP Capital Investors III LP, in respect of a new investment in Eco Services Group Holdings LLC, which is a recognized leader in U.S. sulphuric acid production. There was also a large call from CVC Capital Partners Asia Pacific IV LP ($0.5m).

As at 30 November 2014, uncalled commitments stood at $81.8m, or 41.1% of NAV and 147.9% of liquid resources.

Basis of valuation

Nine revaluations were received from GPs during the month, such that a total of twenty three funds and four co-investments are now being valued based off 30 September 2014 statements.