16 Nov 2015 12:42
London, UK, 16 November 2015
Edison issues research review on Aberdeen Private Equity Fund
Aberdeen Private Equity Fund (APEF) provides access to a globally diversified portfolio of private equity funds and co-investments with a bias towards the US and technology. Recent changes to the manager's corporate structure have not specifically affected the fund, but have brought direct investment and Asian expertise in house. Share price performance ytd has been flat, while NAV gains have widened the discount. As the cycle matures there may be scope for it to narrow again, realisations may be the catalyst.
APEF's discount has grown in 2015 and is the widest in its peer group at 27.6%, near the upper end of its three-year range of 20-31%. With NAV total return ahead of peers in the 12 months to 30 January 2015 (the date of our last note) at 20.2% vs a 9.5% average, and matching the group so far in 2015 at 7%, it may be that the discount has widened because of corporate changes at the manager. There was a significant increase in the discount from 23.7% to 30.8% after the announcement that Aberdeen would buy SVG out of the joint venture in March 2015. That effect may be reversed as the market recognises the limited impact of the ending of the joint venture on the fund itself.
Click here to view the full report.
All reports published by Edison are available to download free of charge from its website www.edisoninvestmentresearch.com.
About Edison: We are an international equity advisory firm. We enable our client companies to achieve their capital market objectives. The team is made up of more than 80 analysts and investment professionals with many decades of experience. Our extensive company knowledge and industry expertise spans 10 business sectors and more than 700 listed companies globally. We give our corporate clients and investors privileged insight into global investment trends. Our distribution capability is key to ensuring a global investor audience can access our investment knowledge. Edison is authorised and regulated by the Financial Conduct Authority.
Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.
Contact details: Learn more at www.edisongroup.com and connect with Edison on:
www.linkedin.com/company/edison-investment-research | |
www.twitter.com/Edison_Inv_Res | |
YouTube | www.youtube.com/edisonitv |
Google+ | https://plus.google.com/105425025202328783163/posts |