25 Nov 2013 07:00
ABERDEEN PRIVATE EQUITY FUND LIMITED
UNAUDITED HALF YEARLY REPORT
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2013
Chairman's Statement
I am pleased to present to shareholders the Half-Yearly Report and condensed financial statements of the Company for the six months ended 30 September 2013.
Performance
The Company's net asset value per share declined to 103.6p at 30 September 2013. This decline represents a negative total return of 5.8% in the six months with the positive return from the portfolio outweighed by adverse foreign exchange movements, in particular the 6.3% depreciation of the US dollar against sterling.
Dividend
The Company paid a dividend of 2p during the period under review, in line with the Company's commitment to aim to pay out 10% of distributions.
Market Overview
In my interim review last year I noted the opportunities that were likely to arise from a nascent recovery in the US' economic fortunes. This seems to have played out and over the last 12 months developed equity markets have proven to be strong performers. Your portfolio has benefited from stronger equity markets, with many of the holdings underlying the portfolio being marked via reference to equivalent equity valuations. It has also meant a receptive market for IPOs and the Company's portfolio has participated in a number of well received public offerings.
Key to sentiment will be whether US monetary stimulus can be withdrawn in a sensible manner. If this can happen then improved business investment and consumption should be of great help to private equity and the asset class' future returns. Much of what our underlying managers are able to achieve, however, is as much a result of operational restructuring as economic environment.
Portfolio Commentary
The portfolio reported a positive total return in the period with the strong performance from the majority of the underlying funds outweighing the write-down of the Company's holding in the venture capital fund DFJ Athena. In addition to positive valuation gains, we have also seen good progress on exits, both full and partial, in the portfolio including the IPO of the property business Deutsche Annington (held in Coller Capital), the sale of Longreach's Cybird cosmetic business in Japan and Northzone's sale of Energy Micro, a particularly strong exit for that manager. The underlying managers have also taken advantage of receptive credit markets to recapitalise companies and return capital to investors. Anecdotally much of the debt appears to be refinanced at lower rates and with less onerous covenants than historically, which is reassuring.
The Company has made one new primary commitment to Apax Partners VIII. Apax are a well-established sector focused investor in growth businesses. Our commitment, made at the final closing of the fund, has already been drawn by 10%, providing the Company with an investment in a number of interesting underlying businesses including Cole Hann, a US footwear and accessories retailer, and Garda, a Canadian business services firm that is involved in cash movement logistics and security services.
Co-investment activity has picked up and the two most recent co-investments occurred after the end of the period under review. Whilst it is intended that these smaller direct investments made alongside our GPs will never constitute a major part of the portfolio, we would like, over the coming years, to add sufficient co-investments such that in aggregate they would be around the size of one typical primary fund commitment, which has historically been in the region of $10-15 million. Of the two recent co-investments, Dell is discussed in the Manager's Review and also worthy of mention is Hitachi Via Mechanics, where the Company has co-invested alongside Longreach. Hitachi VM manufacture the precision machinery involved in the production of Printed Circuit Boards which are used in most electronics products.
Outlook
The portfolio under Aberdeen SVG's management continues to build out and now 77% of outstanding commitments (for funds still within their investment periods) have been selected by the team responsible for Aberdeen Private Equity Fund.
The Board and Investment Manager remain positive on the outlook for private equity and look to continue to diversify the portfolio by adding more recent vintage exposure. The addition of further expertise and experience via the creation of a strategic alliance between SVG Capital and Aberdeen's private equity team should benefit the Company.
I am pleased to report again that the Investment Manager has been active in supporting the marketing of the Company's shares and we have seen continuing diversification of the shareholder register. I also note that the Company passed its triennial continuation vote in September with a high and supportive shareholder turnout, for which we are appreciative. Thank you for your support.
Finally, as intimated in this year's Annual Report, I will be retiring from the Board at the conclusion of the Annual General Meeting in 2014. I am pleased to report that the Board has decided to appoint Howard Myles as Chairman following my departure.
Jonathan Carr
Chairman
22 November 2013
Interim Board Report
Principal Risk Factors
Risk
An investment in the Shares is only suitable for investors capable of evaluating the risks (including the potential risk of capital loss) and merits of such investment and who have sufficient resources to bear any loss which may result from such investment. Furthermore, an investment in the Shares should constitute part of a diversified investment portfolio. The risks described below are the principal risks which are considered by the Directors to be material to shareholders and potential investors in the Company. Greater detail on these risks is provided in note 19 to the Annual Report and financial statements for the year ended 31 March 2013.
Shares
The market price and the realisable value of the Company's Shares, as well as being affected by their underlying net asset value, also reflect supply and demand for the Company's Shares, market conditions and general investor sentiment. As a result, the market value and the realisable value of the Shares may fluctuate and vary considerably from the net asset value of the Shares and investors may not be able to realise the value of their original investment.
Borrowings
The Company may borrow up to 25% of the NAV of the Company. Whilst the use of borrowings should enhance the total return on the Shares where the return on the Company's underlying assets is positive and exceeds the cost of borrowing, it will have the opposite effect where the underlying return is less than the cost of borrowing, further reducing the total return on the Shares or increasing the scale of any losses.
Market Risks
The fair value or future cash flows of a financial instrument held by the Company may fluctuate because of changes in market prices. Market risk comprises three elements; interest rate risk, currency risk and other price risk. Further details of these risks are disclosed in note 19 of the Annual Report and the financial statements for the year ended 31 March 2013. Investment in private equity securities involves a greater degree of risk than that usually associated with investment in listed securities markets.
General
Shareholders have no right to redeem their Shares and in normal circumstances will only be able to realise their investment through the market. The Company has introduced a three-yearly continuation vote. The first vote was passed at the Annual General Meeting (AGM) in September 2013 and the next vote will be held at the AGM in 2016. If shareholders vote against the Ordinary Resolution to continue, the Company will be wound up or reconstructed.
Taxation and Exchange Controls
Any change in the Company's tax status or in taxation legislation and/or the imposition of exchange controls (including the tax treatment of dividends or other investment income received by the Company) could affect the value of the investments held by the Company, affect the Company's ability to provide returns to shareholders or alter the post-tax returns to shareholders.
Regulatory
The Alternative Investment Fund Managers Directive (the "Directive") came into force in July 2013 with a one year transitional period for implementation. The Directive may have significant consequences for the Company (and all similar investment companies) which may materially increase compliance and regulatory costs. The Directive is subject to further implementation measures, and the Board will continue to monitor the progress and likely implications of the Directive.
Investment Strategy and Performance
Inappropriate long-term investment strategies in terms of, inter alia, asset allocation, level of gearing or Manager selection may result in underperformance of the Company against the companies within the peer group. The Board regularly considers the Company's investment strategy and monitors performance at each Board meeting.
Portfolio Risks
Private equity investments are long-term in nature and they may take a considerable period to be realised. A substantial proportion of the Company's assets are invested in limited partnerships which invest in private companies. These unquoted investments are less readily realisable than quoted securities. Such investments may therefore carry a higher degree of liquidity and/or realisation risk than quoted securities. In valuing its investments in private equity funds or limited partnerships and in calculating its NAV, the Company relies to a significant extent on the accuracy of financial and other information provided by these funds to the Manager. Limited partnerships typically provide updated (unaudited) valuations on a quarterly or six-monthly basis.
Directors' Responsibility Statement
The Directors are responsible for preparing this Half-Yearly Report in accordance with applicable law and regulations.
The Directors confirm that this Half-Yearly Report and Condensed Half-Yearly Financial Statements have been prepared in accordance with IAS 34 'Interim Financial Reporting' and that the Chairman's Statement, Interim Board Report and Manager's Review (together constituting the Interim Management Report) include a fair review of the information required by the Disclosure and Transparency Rules (DTR) 4.2.7R and 4.2.8R, namely:
- an indication of important events that have occurred during the first six months and their impact on the Condensed Half-Yearly Financial Statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and
- material related party transactions in the first six months and any material changes in the related party transactions described in the last Annual Report.
The Directors of the Company are listed in the Half-Yearly Report.
For and on behalf of the Board of Aberdeen Private Equity Fund Limited
David Staples
Director
22 November 2013
Manager's Review
At the end of September 2013, 80.3% of the Company's NAV was invested in unquoted Private Equity investments, 2.1% in quoted equity investments and 17.6% in cash. The Company held 23 funds, one co-investment and three UK listed equities in its portfolio at 30 September 2013.
Portfolio Commentary
In US dollar terms, the portfolio has generated a positive total return of 2.2% over the opening portfolio value1 with the write down of DFJ Athena outweighed by positive performance elsewhere in the portfolio.
Largest Fund Valuation Movements | Return ($m)2 |
DFJ Athena Northzone VI | (7.2) 1.7 |
Thomas H Lee VI | 1.2 |
Goldman Sachs VI | 1.1 |
HIG Bayside Debt & LBO Fund II | 0.7 |
Thoma Bravo IX | 0.5 |
Remainder of the portfolio | 2.8 |
The portfolio continues to mature with a number of investments making significant cash distributions. For the four consecutive quarters to end September 2013 the portfolio saw positive net cash flow (i.e. distributions3 from GPs being greater than cash calls from GPs4). For the calendar year-to-date, the portfolio has also seen aggregate realisations from underlying investments coming at a greater value than the aggregated last recorded quarterly Fair Market Value of the same investments. For this period, the number of underlying realisations we saw was eight, at an aggregate 28% premium to their last recorded value. This trend has been in place for the last few years and although the aggregated premium on exit varies from year to year it implies not only a degree of on-going conservatism within PE valuations but also a continued appetite from buyers of private equity owned businesses
The largest valuation movement in the period was the write-down of the legacy holding in DFJ Athena. Since the period end, we were made aware of specific issues relating to a number of DFJ Athena's underlying companies and have become increasingly concerned about the outlook for the remaining underlying businesses within the DFJ Athena portfolio. This venture capital fund invests in businesses that are ultimately connected to the South Korean technology sector, and includes both US and South Korean domiciled businesses. All the companies are still at an early stage in their respective markets and are likely to require further rounds of financing to establish long term commercial viability. In this case the fund has little additional cash to fund these expected financing rounds. After a detailed review of the underlying companies, we do not believe shareholders' interests would be best served by providing further funding and we have an on-going dialogue with the GP about realising value from existing stakes. As a result, we feel it prudent to mark this portfolio down by 80% of the last reported manager valuation until such time we have greater visibility on outlook for the underlying portfolio companies.
Our investment in Nordic venture capital fund Northzone VI been written up, predominantly driven by the very successful exit of Energy Micro and the increase in value of Avito, the Russian online classified business which continues to perform well. The Fund is currently 67% called with investments in a number of technology based companies.
The increase in Thomas H Lee VI's valuation was aided by its public holdings which the manager also used to generate liquidity from the portfolio. One new investment was made, Compucom, a provider of IT services that the fund acquired in April. The manager also IPO'd WestCorp, a provider of communications services and infrastructure systems. In addition, Sterling Financial Corp, one of the fund's listed holdings, also announced that it was merging with Umpqua Bank.
HIG Bayside was written up. The manager has started to generate liquidity from their small-cap LBO investments where they have conducted several dividend recapitalisations. They have also made a series of opportunistic real estate investments across the residential and commercial sectors.
The investment in Thoma Bravo has increased in value, with strong operational performance in the fund's underlying companies, particularly Entrust (a digital security business) and LANDesk Software (a provider of desktop and device management solutions) being translated into valuation improvements. Entrust's earnings for the first half of 2013 increased due to more government entities and corporations using their products to address cyber threats. LANDesk is outperforming management's budget and the GP's investment case on both revenue and EBITDA metrics.
Within Pine Brook Capital Partners, Third Point Re completed an IPO in August. The firm, which provides property and casualty reinsurance products, raised $252.2m at $12.50 per share. As of writing the shares trade 20% higher at $15.10.
Since September, Tenaya Capital V has participated in the successful IPO of Qunar, a Chinese travel-booking business, on NASDAQ. The IPO raised $167 million with shares placed at $15.00. As at 14 November 2013 Qunar's shares were trading at $29.57, a 97% premium to the IPO price.
New Investments
The Company paid calls of $9.5 million in the six months, funding 11 new investments and a number of follow-ons.
Five Largest Aggregate Fund Calls | US$m |
Apax VIII | 1.2 |
Tenaya Capital VI | 0.9 |
HIG Bayside Debt & LBO Fund II | 0.8 |
Thomas H Lee IV | 0.7 |
Northzone VI | 0.6 |
Apax VIII, a buyout fund to which the Company committed in the final stages of fund raising, has already announced a number of investments which include Garda (a Canadian cash movement logistic company), Cole Haan (a US footwear and accessories retailer), Rue21 (a US-based discount clothing retailer), GlobalLogic (a Mumbai-based full-lifecycle product development services provider), and Rhiag-Inter (an Italian auto parts distributor).
The new investment activity in HIG Bayside, a 2008 vintage fund has picked up and the fund is now more than 50% drawn. The manager has taken advantage of opportunities in the distressed investment space in the south east of the US.
Tenaya Capital VI is a fund investing in US later stage venture capital backed companies and is still investing at a good pace and is starting to make follow-on investments. These include GoodData where Tenaya participated in a new round of funding which resulted in this holding being marked up.
Silver Lake Partners IIIreached the end of its investment period in June. Some of the remaining unfunded commitments will be used to fund Silverlake's acquisition of Dell Inc, a high profile take private transaction. As an established PC manufacturer Dell also provides a compelling route to access the higher margin Enterprise solutions market. Although the PC market is in long term decline there is no credible alternative to the mass input and production device that is the PC. Replacement cycles have extended significantly with the advent of tablet computing but there will eventually have to be replacement of much of the installed global PC base. The Company has also committed to co-invest in Dell alongside Silverlake.
Distributions
As highlighted in the Chairman's statement, many of the portfolio's underlying managers have taken advantage of the strong exit environment and the Company received distributions totalling $18.9 million in period.
Five Largest Aggregate Fund Distributions | US$m |
SVG Strategic Recovery Fund II | 4.5 |
HIG Bayside Debt & LBO Fund | 2.7 |
Thoma Bravo I | 2.6 |
Oaktree OCM Opportunities VIIb | 2.1 |
Goldman Sachs Capital Partners | 1.1 |
The most material aggregate distribution in the period was from SVG Strategic Recovery Fund II, which reached the end of its life in June with the remaining three stocks (Lavendon, e2v technologies and Journey Group) distributed in-specie.
A number of our managers have taken advantage of the benign credit markets, most notably HIG Bayside, which has recapitalised a number of their portfolio companies and distressed debt investor Oaktree, which has realised a number of listed debt securities.
Thoma Bravo is a well-established later stage growth/buyout investor in the US. The fund is nearing its divestment stage and we have seen a number of full and partial realisations in the portfolio.
Finally, Goldman Sachs has realised its holdings in Dollar General, Cobalt and Schaeffler.
Elsewhere in the portfolio, Greenpark III, one of our two "secondaries" funds (the other being Coller International Partners V), has been a poor performer and is currently valued at just below cost. The GP was recently sold to Stepstone with a majority of Greenpark's staff not being retained.
Market News and Private Equity Environment
In spite of on-going wider market uncertainties we have seen the global stock market rally in recent months, with some indexes reaching new highs. This has largely been driven by the US Federal Reserve's ("Fed's") decision to maintain its accommodative monetary policy, as well as positive sentiment emerging from the Eurozone. With the Fed delaying tapering until there is a sustained improvement in the US the general consensus suggests this will be pushed out until Q1 2014, despite more recently published data showing better than expected job creation figures and GDP growth in the third quarter in the US.
Across Europe, sentiment has generally improved with the Eurozone emerging from recession and manufacturing expanding in Q2 2013. The euro has continued to appreciate against the US dollar, gaining 5.8% this year and hitting a two year high, seemingly reflecting fears over a loss of momentum in the US recovery and improvements in the Eurozone outlook. Despite this, in November the ECB, in a surprise yet decisive move, cut interest rates to a record low in response to an outlook of possible deflation and weaker than anticipated economic activity. In the UK, GDP increased by 0.8% in Q3 2013 compared with Q2 2013, with output increasing across all four main industrial groupings within the economy: agriculture, production, construction and services, all of which contributed to this being the best quarterly performance since 20105. The latest global growth figures from the IMF are cognisant that a number of challenges remain in the form of slowing growth, political risks and tight global financial conditions, with GDP forecasts downgraded to 2.9% from 3.2% for 2013 and to 3.6% from 3.8% for 20146.
Turning to private equity, we have seen confidence returning to the sector, with improved deal activity year to date. Over the first three quarters of 2013 global private equity deal flow increased to US$216 billion, compared to US$184 billion in the same period last year7. European deal flow has been buoyant with Q3 2013 being the strongest quarter by value for three years, completing almost €20.0 billion of deals (Q2 2013: €8.7 billion)8. In the US too, deal activity in Q3 2013 rose by 39.2% on the previous quarter9 as firms continued to put dry powder to use.
The global IPO market is proving a viable exit route for GPs with proceeds of $24.4 billion from 197 deals expected in Q3 201310. Though this is down 4% in terms of deal numbers from Q2 2013, this is in line with historical trends of slower activity over the summer months11. Furthermore, it is anticipated that the global IPO market will continue its momentum into 2014 as investor sentiment improves. Private equity has been a key driver of IPO activity in Europe, accounting for 56% of proceeds in deals over $100 million. This is to be contrasted with 2012 where private equity backed deals accounted for just 10% for the whole year. As holding periods have lengthened General Partners ("GPs") have taken advantage of receptive debt markets to refinance portfolio companies to access cheaper and longer-dated financing. Further to this, we are seeing an increasing number of dividend recapitalisations at the portfolio company level, with $8.2 billion worth of private equity backed dividend recapitalisations in the first three quarters of 2013, the highest level since the same period in 200712.
Fundraising efforts are on-going, with success remaining mixed; a total of 187 buyout funds closed globally in Q3 2013 raising an aggregate $89 billion, up 22% from the same period last year13. However, there has been a decline in the number of funds holding a final close in 2013 compared to 2012 which supports our view that there will continue to be a bifurcation of the private equity market.
Though the Alternative Investment Fund Managers Directive ("AIFMD") came into force in the UK on 22 July 2013, the impact of the directive on the private equity market is still being played out. What is clear however, is that the AIFMD will create a much more complicated framework for alternative investment fund managers when the transitional arrangements come to an end in July 2014.
13 Preqin, ‘The Preqin Quarterly Update: Private Equity’, Q3 2013
Portfolio Strategy and Outlook Strategy
The portfolio remains balanced across the underlying private equity sub asset classes, with the single largest exposure remaining the Company's aggregate commitments to Buyout at 31% by Fair Market Value (FMV). It remains our intention to continue to keep this diversity of asset allocation across the principal asset classes of Buyout, Growth, Venture Capital and Distressed
We appraise asset allocation on a regular basis, more formally at the start of every year, trying to identify where we see opportunities on a macro basis. We are unlikely to increase actively our commitment to Venture Capital which currently stands at 27% by FMV. Venture Capital has a particularly high dispersion of returns and is inherently more risky than investing in more established businesses. There are however many talented managers out there which we continue to monitor and develop relationships with an eye to a potential future allocation.
As we said in the interim review last year we continue to maintain a prudent approach to our cash levels which combine with the Company's multi-currency debt facility to form our commitment cover ratio, which at 30 September stood at 66.7% of our $72.7m of uncalled commitments. The cash only element at that date was 44.5%. As the Company continues to generate net cash inflow, we are looking to deploy some of this cash into select new commitments. The ongoing work which we perform on identifying best in class quality managers continues and we have an active pipeline of potential new investments.
We also said last year that we would like to add opportunistic co-investments alongside existing managers. At time of writing (post half year-end) we have now made three small co-investments and aim to continue the build out of this portfolio.
Alexander Barr
Aberdeen SVG Private Equity Managers Limited
22 November 2013
Condensed Statement of Comprehensive Income
Six months ended | Six months ended | Yearended | ||
30 September 2013 | 30 September 2012 | 31 March 2013 | ||
(unaudited) | (unaudited) | (audited) | ||
Notes | US$'000 | US$'000 | US$'000 | |
Gains on investments | 8 | 3,461 | 2,879 | 9,927 |
Income | 9 | 41 | 46 | 84 |
Currency gains/(losses) | 195 | (91) | (200) | |
Investment management fees | (1,390) | (1,357) | (2,724) | |
Performance fee | - | - | (1,482) | |
Other operating expenses | (645) | (753) | (1,539) | |
Tax incurred on distribution income | 10 | (554) | (259) | (779) |
_________ | _________ | _________ | ||
Profit attributable to equity shareholders | 1,108 | 465 | 3,287 | |
_________ | _________ | _________ | ||
Earnings per share (pence) | 11 | 0.63 | 0.26 | 1.99 |
_________ | _________ | _________ | ||
The Company does not have any income or expense that is not included in profit for the period, and therefore the "Profit attributable to equity shareholders" is also the "Total comprehensive income for the period", as defined in International Accounting Standard 1 (revised). | ||||
All items in the above statement derive from continuing operations. | ||||
All income is attributable to the equity shareholders of Aberdeen Private Equity Fund Limited. | ||||
Condensed Balance Sheet
As at | As at | As at | ||
30 September 2013 | 30 September 2012 | 31 March 2013 | ||
(unaudited) | (unaudited) | (audited) | ||
Notes | US$'000 | US$'000 | US$'000 | |
Non-current assets | ||||
Financial assets held at fair value through profit or loss | 6 | 150,262 | 160,892 | 156,702 |
_________ | _________ | _________ | ||
Current assets | ||||
Cash and cash equivalents | 32,326 | 21,058 | 29,654 | |
Trade and other receivables | 343 | 240 | 312 | |
_________ | _________ | _________ | ||
32,669 | 21,298 | 29,966 | ||
_________ | _________ | _________ | ||
Current liabilities | ||||
Trade and other payables | (581) | (389) | (2,045) | |
_________ | _________ | _________ | ||
Net current assets | 32,088 | 20,909 | 27,921 | |
_________ | _________ | _________ | ||
Net assets | 182,350 | 181,801 | 184,623 | |
_________ | _________ | _________ | ||
Capital and reserves | ||||
Share capital | 13 | - | - | - |
Share premium | 13 | 229,199 | 229,199 | 229,199 |
Revenue reserves | 14 | (46,849) | (47,398) | (44,576) |
_________ | _________ | _________ | ||
Equity shareholders' funds | 182,350 | 181,801 | 184,623 | |
_________ | _________ | _________ | ||
Net asset value per share (pence): | 12 | 103.60 | 102.95 | 111.93 |
_________ | _________ | _________ |
Condensed Statement of Changes in Equity
Six months ended 30 September 2013 (unaudited) | |||
Share capital | |||
& Share premium | Revenuereserves | Total | |
US$'000 | US$'000 | US$'000 | |
As at 31 March 2013 | 229,199 | (44,576) | 184,623 |
Profit from operations | - | 1,108 | 1,108 |
Dividend paid | - | (3,381) | (3,381) |
_________ | _________ | _________ | |
As at 30 September 2013 | 229,199 | (46,849) | 182,350 |
_________ | _________ | _________ | |
Six months ended 30 September 2012 (unaudited) | |||
Share capital | |||
& Share premium | Revenuereserves | Total | |
US$'000 | US$'000 | US$'000 | |
As at 31 March 2012 | 229,405 | (44,410) | 184,995 |
Repurchase of shares | (206) | - | (206) |
Profit from operations | - | 465 | 465 |
Dividend paid | - | (3,453) | (3,453) |
_________ | _________ | _________ | |
As at 30 September 2012 | 229,199 | (47,398) | 181,801 |
_________ | _________ | _________ | |
Year ended 31 March 2013 (audited) | |||
Share capital | |||
& Share premium | Revenuereserves | Total | |
US$'000 | US$'000 | US$'000 | |
As at 31 March 2012 | 229,405 | (44,410) | 184,995 |
Repurchase of shares | (206) | - | (206) |
Profit from operations | - | 3,287 | 3,287 |
Dividend paid | - | (3,453) | (3,453) |
_________ | _________ | _________ | |
As at 31 March 2013 | 229,199 | (44,576) | 184,623 |
_________ | _________ | _________ |
Condensed Statement of Cash Flows
Six months ended | Six months ended | Yearended | |
30 September 2013 | 30 September 2012 | 31 March2013 | |
(unaudited) | (unaudited) | (audited) | |
US$'000 | US$'000 | US$'000 | |
Cash flows from operating activities | |||
Profit for the period | 1,108 | 464 | 3,287 |
Net interest income from cash and cash equivalents | (41) | (46) | (84) |
Gains on investments | (3,461) | (2,879) | (9,927) |
(Decrease)/increase in trade and other payables | (1,464) | (460) | 1,195 |
Increase in trade and other receivables | (31) | (151) | (223) |
Foreign exchange loss on equity dividend paid | 116 | - | - |
_________ | _________ | _________ | |
Net cash outflow from operating activities | (3,773) | (3,072) | (5,752) |
Cash flows from investing activities | |||
Net interest income from cash and cash equivalents | 41 | 46 | 84 |
Distribution income from investments | 2,014 | 1,282 | 2,886 |
Realised gains on investee distributions | 4,484 | 6,110 | 17,949 |
Capital call expenses | (1,219) | (2,210) | (3,863) |
Purchases of investments | (8,372) | (16,241) | (24,966) |
Sales of investments | 12,994 | 16,467 | 24,640 |
_________ | _________ | _________ | |
Net cash inflow from investing activities | 9,942 | 5,454 | 16,730 |
Cash flows from financing activities | |||
Repurchase of shares | - | (206) | (206) |
Equity dividend paid | (3,497) | (3,453) | (3,453) |
_________ | _________ | _________ | |
Net cash outflow from financing activities | (3,497) | (3,659) | (3,659) |
_________ | _________ | _________ | |
Net change in cash and cash equivalents for the period | 2,672 | (1,277) | 7,319 |
Cash and cash equivalents at beginning of the period | 29,654 | 22,335 | 22,335 |
_________ | _________ | _________ | |
Cash and cash equivalents at the end of the period | 32,326 | 21,058 | 29,654 |
_________ | _________ | _________ |
Notes to the Financial Statements
1. | General information |
The Company is a closed ended limited liability company incorporated and domiciled in Guernsey. The address of the registered office is 1 Royal Plaza, Royal Avenue, St Peter Port Guernsey GY1 2HL. The Company is listed on the London Stock Exchange. This condensed interim financial information was approved for use on 22 November 2013. This condensed interim financial information does not comprise statutory accounts within the meaning of the Companies (Guernsey) Law, 2008. Statutory accounts for the year ended 31 March 2013 were approved by the Board of Directors on 3 July 2013. The opinion of the auditors on these accounts was unqualified. This interim financial information for the half year period ended 30 September 2013 has been reviewed by the auditors but not audited. |
2. | Basis of preparation |
This condensed interim financial information for the half year ended 30 September 2013 has been prepared in accordance with the Disclosure and Transparency Rules of the Financial Services Authority in the UK and with IAS 34, "Interim Financial Reporting". The condensed interim financial information should be read in conjunction with the annual financial statements for the year ended 31 March 2013, which have been prepared in accordance with International Financial Reporting Standards. |
3. | Accounting policies | |
The accounting policies are consistent with those of the annual financial statements for the year ended 31 March 2013, with the following exceptions : | ||
(a) | Distributions in-specie | |
Distributions in-specie have been designated upon initial recognition as fair value through profit or loss. Thereafter, the assets are valued at fair value and in line with the relevant accounting policy. | ||
(b) | Listed securities | |
Listed investments have been designated upon initial recognition as fair value through profit or loss. Investments are recognised on the trade date at cost. Listed investments are derecognised when the right to receive cash flows from the investments has expired or the Company has transferred substantially all risks and rewards of ownership. Subsequent to initial recognition, investments are valued at fair value which for listed investments is deemed to be last trade market prices. Gains and losses arising from changes in fair value are presented in the Statement of Comprehensive Income for the period in which they arise. | ||
(c) | IFRS 13 'Fair Value Measurement' | |
IFRS 13 'Fair Value Measurement' aims to improve consistency and reduce complexity by providing a precise definition of fair value and a single source of fair value measurement and disclosure requirements for use across IFRSs. The requirements do not extend the use of fair value accounting but provide guidance on how it should be applied where its use is already required or permitted by other standards within IFRS. If an asset or a liability measured at fair value has a bid price and an ask price, the standard requires valuation to be based on a price within the bid-ask spread that is most representative of fair value and allows the use of mid-market pricing or other pricing conventions that are used by market participants as a practical expedient for fair value measurement within a bid-ask spread. On adoption of the standard, the Company elected to use last traded price for valuing listed assets, where this falls between the bid-ask spread. | ||
New accounting standards | ||
At the date of authorisation of these interim financial statements, the following Standards were in issue but not yet effective: | ||
- IFRS 9 Financial Instruments (effective 1 January 2015) | ||
- Offsetting Financial Assets and Financial Liabilities - Amendments to IAS 32 (effective 1 January 2014) | ||
The Directors anticipate that the adoption of these Standards in future periods will have no material impact on the financial statements of the Company. | ||
4. | Segmental information |
The Company was engaged in one segment of business during the period: investment in the Private Equity & Private Equity Like Funds portfolio. Distributions in-specie have been received during the period in the form of quoted equities. A reconciliation of movements in value during the period can be found in notes 6 and 7. | |
The Company is domiciled in Guernsey. All of the Company's income from investments is from underlying investments that are incorporated in countries other than Guernsey. | |
The Company has a diversified portfolio of investments and no single investment may account for more than 20% of the Company's net assets at the date of investment. |
Six months ended | Six months ended | Yearended | ||
30 September 2013 | 30 September 2012 | 31 March 2013 | ||
5. | Dividends on equity shares | US$'000 | US$'000 | US$'000 |
Amounts recognised as distributions to equity holders in the period: | ||||
Dividend for 2013 - 2.00p (2012 - 2.00p) | 3,381 | 3,453 | 3,299 | |
_________ | _________ | _________ |
30 September 2013 | 30 September 2012 | 31 March 2013 | ||
6. | Financial assets at fair value through profit or loss | US$'000 | US$'000 | US$'000 |
Cost at beginning of period | 131,736 | 139,552 | 139,552 | |
Additions | 8,372 | 16,241 | 24,966 | |
Disposals | (12,994) | (16,467) | (24,640) | |
Realised losses on investments | - | (8,142) | (8,142) | |
_________ | _________ | _________ | ||
Cost at end of period | 127,114 | 131,184 | 131,736 | |
Unrealised gains on investments | 23,148 | 29,708 | 24,966 | |
_________ | _________ | _________ | ||
Fair value at end of period | 150,262 | 160,892 | 156,702 | |
_________ | _________ | _________ | ||
The financial assets of the business at fair value through profit or loss are analysed below. | ||||
Private Equity{A} | ||||
& Private Equity Like | ||||
Quoted Equities | Funds portfolio | Total | ||
30 September 2013 | US$'000 | US$'000 | US$'000 | |
Cost at beginning of period | - | 131,736 | 131,736 | |
Additions | 3,094 | 5,278 | 8,372 | |
Disposals | - | (12,994) | (12,994) | |
_________ | _________ | _________ | ||
Cost at end of period | 3,094 | 124,020 | 127,114 | |
Unrealised gains on investments | 772 | 22,376 | 23,148 | |
_________ | _________ | _________ | ||
Fair value at end of period | 3,866 | 146,396 | 150,262 | |
_________ | _________ | _________ | ||
Private Equity{A} | ||||
& Private Equity Like | ||||
Funds portfolio | Total | |||
30 September 2012 | US$'000 | US$'000 | ||
Cost at beginning of period | 139,552 | 139,552 | ||
Additions | 16,241 | 16,241 | ||
Disposals | (16,467) | (16,467) | ||
Realised losses on investments | (8,142) | (8,142) | ||
_________ | _________ | |||
Cost at end of period | 131,184 | 131,184 | ||
Unrealised gains on investments | 29,708 | 29,708 | ||
_________ | _________ | |||
Fair value at end of period | 160,892 | 160,892 | ||
_________ | _________ | |||
Private Equity{A} | ||||
& Private Equity Like | ||||
Funds portfolio | Total | |||
31 March 2013 | US$'000 | US$'000 | ||
Cost at beginning of period | 139,552 | 139,552 | ||
Additions | 24,966 | 24,966 | ||
Disposals | (24,640) | (24,640) | ||
Realised losses on investments | (8,142) | (8,142) | ||
_________ | _________ | |||
Cost at end of period | 131,736 | 131,736 | ||
Unrealised gains on investments | 24,966 | 24,966 | ||
_________ | _________ | |||
Fair value at end of period | 156,702 | 156,702 | ||
_________ | _________ | |||
{A} Includes direct investments and co-investments | ||||
7. | Fair value hierarchy | ||||
IFRS 7 'Financial Instruments: Disclosures' requires an entity to classify fair value measurements using a fair value hierarchy that reflects the subjectivity of the inputs used in making measurements. | |||||
Fair value estimation | |||||
The Company has adopted IFRS 13 'Fair Value Measurement'. The fair value of financial assets and liabilities traded in active markets is based on quoted market prices at the close of trading on the period end. If a significant movement in fair value occurs immediately subsequent to the close of trading on the period end date, valuation techniques will be applied to determine the fair value. An active market is a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. | |||||
The fair value of financial assets that are not traded in an active market is determined by using valuation methods, that comprise official valuation statements, estimated and adjusted valuation statements and good faith estimates. As the key inputs into the model are the official valuation statements, we do not consider it appropriate to put forward a sensitivity analysis on the basis insufficient value is likely to be derived by the end user. | |||||
The Company has classified fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: | |||||
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; | |||||
Level 2: inputs other than quoted prices included within Level 1 that are observable for the assets or liability, either directly (ie as prices) or indirectly (ie derived from prices); and | |||||
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). | |||||
The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement of the instrument in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the financial asset or liability. | |||||
The determination of what constitutes "observable" requires significant judgement by the Directors in consultation with the Investment Manager. The Directors consider observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. | |||||
The following tables summarises by level within the fair value hierarchy the Company's financial assets and liabilities at fair value as follows: | |||||
Level 1 | Level 2 | Level 3 | Total | ||
As at 30 September 2013 | US'000 | US'000 | US'000 | US'000 | |
Financial assets at fair value through profit and loss | 3,866 | - | 146,396 | 150,262 | |
________ | ________ | ________ | ________ | ||
Level 1 | Level 2 | Level 3 | Total | ||
As at 30 September 2012 | US'000 | US'000 | US'000 | US'000 | |
Financial assets at fair value through profit and loss | - | - | 160,892 | 160,892 | |
_________ | ________ | ________ | ________ | ||
Level 1 | Level 2 | Level 3 | Total | ||
As at 31 March 2013 | US'000 | US'000 | US'000 | US'000 | |
Financial assets at fair value through profit and loss | - | - | 156,702 | 156,702 | |
_________ | _________ | _________ | ________ | ||
A reconciliation of fair value measurements in Level 3 is set out in the following table: | |||||
Private Equity & | |||||
Private Equity like | |||||
Funds portfolio | Total | ||||
Six months ended 30 September 2013 | US'000 | US'000 | |||
Opening balance | 156,702 | 156,702 | |||
Additions | 5,278 | 5,278 | |||
Disposals | (12,994) | (12,994) | |||
Total gains or losses on investments included in the Condensed Statement of Comprehensive Income: | |||||
- on assets held at the period end | (2,590) | (2,590) | |||
________ | ________ | ||||
146,396 | 146,396 | ||||
_________ | ________ | ||||
Private Equity & | |||||
Private Equity like | |||||
Funds portfolio | Total | ||||
Six months ended 30 September 2012 | US'000 | US'000 | |||
Opening balance | 163,421 | 163,421 | |||
Additions | 16,241 | 16,241 | |||
Disposals | (16,467) | (16,467) | |||
Total gains or losses on investments included in the Condensed Statement of Comprehensive Income: | |||||
- on assets sold | (8,142) | (8,142) | |||
- on assets held at the period end | 5,839 | 5,839 | |||
_________ | ________ | ||||
160,892 | 160,892 | ||||
_________ | ________ | ||||
Private Equity & | |||||
Private Equity like | |||||
Funds portfolio | Total | ||||
Year ended 31 March 2013 | US'000 | US'000 | |||
Opening balance | 163,421 | 163,421 | |||
Additions | 24,966 | 24,966 | |||
Disposals | (24,640) | (24,640) | |||
Total gains or losses on investments included in the Statement of Comprehensive Income: | |||||
- on assets sold | (8,142) | (8,142) | |||
- on assets held at the year end | 1,097 | 1,097 | |||
_________ | ________ | ||||
156,702 | 156,702 | ||||
_________ | ________ | ||||
8. | Net changes in fair value of financial assets at fair value through profit or loss | |||
The net realised and unrealised investment gain or loss from financial assets at fair value through profit or loss shown in the Condensed Statement of Comprehensive Income is analysed as follows: | ||||
Six months ended | Six months ended | Year ended | ||
30 September 2013 | 30 September 2012 | 31 March2013 | ||
US$'000 | US$'000 | US$'000 | ||
Unrealised (losses)/gains on investments | (1,818) | 5,839 | 1,097 | |
Capital call expenses | (1,219) | (2,210) | (3,863) | |
Realised losses on disposal of investments | - | (8,142) | (8,142) | |
Realised gains on investee distributions | 4,484 | 6,110 | 17,949 | |
Distribution income from investments | 2,014 | 1,282 | 2,886 | |
_________ | _________ | _________ | ||
3,461 | 2,879 | 9,927 | ||
_________ | _________ | _________ | ||
Capital call expenses relate to management fees and other expenses paid to investees. | ||||
Six months ended | Six months ended | Year ended | ||
30 September 2013 | 30 September 2012 | 31 March 2013 | ||
9. | Income | US$'000 | US'000 | US'000 |
Net interest income from cash and cash equivalents | 41 | 46 | 84 | |
_________ | _________ | _________ |
10. | Taxation |
The Company is subject to irrecoverable tax on income received from certain of its underlying portfolio holdings. The Company is otherwise exempt from paying income tax as it is domiciled and registered for taxation purposes in Guernsey where it pays an annual exempt status fee (which is currently £600) under The Income Tax (Exempt Bodies) (Guernsey) Ordinances 1989 (as amended). |
11. | Earnings per share |
The basic earnings per share is calculated by dividing the returns attributable to shareholders by the weighted average number of shares in issue during the period. There were no potentially dilutive shares in issue at 30 September 2013 (30 September 2012 - nil; 31 March 2013 - nil). Whilst the Company has chosen to report basic earnings per share in a currency other than it's functional and presentation currency as supplementary information it has complied with the requirements of IFRS including the translation method. |
12. | Net asset value per share |
The net asset value of each share is determined by dividing the net assets of the Company attributable to the shares of £113,057,000 (US$182,350,000) (30 September 2012 - £112,348,000 (US$181,801,000); 31 March 2013 - £122,154,000 (US$184,623,000)) by 109,131,199 (30 September 2012 - 109,131,199; 31 March 2013 - 109,131,199) shares, being the number of shares in issue at the period end. Whilst the Company has chosen to report net asset value per share in a currency other than it's functional and presentation currency as supplementary information it has complied with the requirements of IFRS including the translation method. |
13. | Share capital and share premium |
During the period to 30 September 2013 nil (30 September 2012 - 212,000 shares; 31 March 2013 - 212,000) shares were bought back for cancellation at a total cost of nil (30 September 2012 - US$205,000; 31 March 2013 - US$205,000) excluding expenses. |
14. | Revenue reserves |
The revenue reserves reflected in the Condensed Balance Sheet at 30 September 2013 include unrealised gains of US$23,148,000 (30 September 2012 - US$29,708,000; 31 March 2013 - US$24,966,000) which relate to the revaluation of investments held at the reporting date. |
15. | Transactions with the Manager |
The Company has an agreement with Aberdeen SVG Private Equity Managers Limited ("Aberdeen SVG" or "the Manager") for the provision of management services. The management fee is payable monthly in arrears based on an annual amount of 1.5% of the net asset value of the Company as at the last business day of each month. During the period US$1,390,000 of management fees were payable (30 September 2012 - US$1,357,000; 31 March 2013 - US$2,724,000) and US$229,000 (30 September 2012 - US$228,000; 31 March 2013 - US$233,000) was outstanding at the period end. | |
In addition, the Manager is entitled to a performance fee of 10% based on the total increase in the audited NAV - adjusted to remove the contribution to performance from all share purchases for cancellation from launch and to add back the value of any dividends that have been paid to shareholders during the period - of the shares at the end of each performance year (ending 31 March each year). For a performance fee to be paid, the Manager must achieve returns in excess of 8% (subject to a high watermark). A performance fee of US$1,482,000 was paid during the period in relation to the year ended 31 March 2013. No accrual has been made for the period ended 30 September 2013 (30 September 2012 - nil; 31 March 2013 - US$1,482,000). | |
The basis of payment of a performance fee are; (i) performance fees are only payable in respect of the audited year end NAV as adjusted; (ii) performance fee payments are not crystallised upon the purchase by the Company of its own shares, in the market, for cancellation; and (iii) future audited NAVs used in performance fee calculations will be adjusted to add back the value of any dividends that have been paid during the period to shareholders. Consequently, future audited NAVs used in performance fee calculations will be adjusted to add back the value of any dividends that have been paid and it has also been agreed that the aggregate fees payable by the Company to the Manager pursuant to this Agreement in respect of the financial year ended 31 March 2013 and each subsequent financial year ending 31 March thereafter will be capped at 4.99 per cent. of the audited, unadjusted Net Asset Value of the Company as at 31 March in the immediately preceding calendar year (as reported in the relevant annual financial statements of the Company). | |
The Company also has an agreement with Aberdeen Asset Managers Limited ("AAM") for the provision of marketing services in relation to the Company's participation in the Aberdeen Investment Trust Share Plan and ISA. The total fees paid and payable under the agreement were £43,000 (30 September 2012 - £41,000; 31 March 2013 - £86,000) and the sum due to AAM at the period end was £20,000 (30 September 2012 - £20,000; 31 March 2013 - £21,000). |
16. | Related party disclosure |
There were no related party transactions during the period. |
17. | Subsequent events |
Subsequent to the period end, the Company made a US$1,233,000 commitment to co-invest in SLP Denali and a US$1,500,000 commitment to co-invest in LVM L.P. |
Independent Review Report to Aberdeen Private Equity Fund Limited
Introduction
We have been engaged by the Company to review the condensed set of interim financial statements in the Half-Yearly Financial Report for the six months ended 30 September 2013, which comprises the Condensed Statement of Comprehensive Income, Condensed Balance Sheet, Condensed Statement of Changes in Equity, Condensed Statement of Cash Flows and related notes. We have read the other information contained in the Half-Yearly Financial Report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of interim financial statements.
Directors' Responsibilities
The Half-Yearly Financial Report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the Half-Yearly Financial Report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority.
As disclosed in Note 2, the annual financial statements of the Company are prepared in accordance with International Financial Reporting Standards. The condensed set of interim financial statements included in this Half-Yearly Financial Report has been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting'.
Our Responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of interim financial statements in the Half-Yearly Financial Report based on our review. This report, including the conclusion, has been prepared for and only for the Company for the purpose of the Disclosure and Transparency Rules of the Financial Conduct Authority and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the International Auditing and Assurance Standards Board. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of interim financial statements in the Half-Yearly Financial Report for the six months ended 30 September 2013 is not prepared, in all material respects, in accordance with International Accounting Standard 34 and the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority.
PricewaterhouseCoopers CI LLP
Chartered Accountants
Guernsey, Channel Islands
22 November 2013
Schedule of Investments
As at 30 September 2013
Total | Investment | |||
Investments | Commitments | called/cost{C} | Fair Value | % of |
Private Equity{A} & Private Equity Like Funds portfolio | US$'000{B} | US$'000 | US$'000 | NAV |
Apax VIII L.P. | € 10,000 | 1,256 | 1,380 | 0.8 |
Coller International Partners V L.P. | 15,000 | 4,976 | 9,861 | 5.4 |
DFJ Athena L.P. | 10,000 | 8,192 | 1,696 | 0.9 |
Goldman Sachs Capital Partners VI L.P. | 15,000 | 6,773 | 6,513 | 3.6 |
Gores Capital Partners III L.P. | 10,000 | 4,364 | 5,021 | 2.8 |
Greenpark International Investors III L.P. | € 14,600 | 9,817 | 9,469 | 5.2 |
HIG Bayside Debt & LBO Fund II L.P. | 15,000 | 5,443 | 6,700 | 3.7 |
Lion Capital Fund III L.P. | € 10,000 | 6,134 | 7,755 | 4.3 |
Lion/Seneca Cayman 3 L.P.{D} | € 810 | 988 | 1,087 | 0.6 |
Longreach Capital Partners Ireland 1, L.P. | 7,425 | 8,508 | 5,913 | 3.2 |
Longreach Capital Partners 2 - USD, L.P. | 7,500 | - | - | 0.0 |
MatlinPatterson Global Opportunities Partners III L.P. | 10,000 | 7,037 | 6,511 | 3.6 |
Northzone VI L.P. | € 10,000 | 7,737 | 12,471 | 6.8 |
Oaktree OCM Opportunities Fund VIIb L.P. | 15,000 | - | 3,994 | 2.2 |
Pangaea Two Parallel L.P. | 5,000 | 1,122 | 1,326 | 0.7 |
PineBridge Latin America Partners II L.P. | 2,611 | 1,676 | 816 | 0.4 |
Pine Brook Capital Partners L.P. | 10,000 | 5,423 | 7,711 | 4.2 |
Resonant Music 1 L.P. | 5,453 | 4,798 | 4,693 | 2.6 |
RHO Ventures VI L.P. | 10,000 | 8,716 | 8,861 | 4.9 |
Silver Lake Partners III L.P. | 15,000 | 7,523 | 9,341 | 5.1 |
Tenaya Capital V L.P. | 12,500 | 7,619 | 9,892 | 5.4 |
Tenaya Capital VI L.P. | 5,000 | 1,513 | 1,535 | 0.8 |
Thoma Bravo IX Fund L.P. | 10,000 | 4,620 | 9,684 | 5.3 |
Thomas H Lee Parallel Fund VI L.P. | 15,000 | 9,785 | 14,166 | 7.8 |
_______ | _________ | _______ | ||
124,020 | 146,396 | 80.3 | ||
_______ | _________ | _______ | ||
Investment | ||||
Investments | called/cost{C} | Fair Value | % of | |
Quoted Equities portfolio{E} | US$'000 | US$'000 | NAV | |
e2v Technologies Plc | 2,374 | 2,985 | 1.6 | |
Journey Group Plc | 391 | 486 | 0.3 | |
Lavendon Group Plc | 329 | 395 | 0.2 | |
_______ | _________ | _______ | ||
3,094 | 3,866 | 2.1 | ||
_______ | _________ | _______ | ||
Total investments | 127,114 | 150,262 | 82.4 | |
_______ | _________ | _______ | ||
Fair Value | % of | |||
US$'000 | NAV | |||
Fixed term deposits | ||||
Barclays | 7,501 | 4.1 | ||
_______ | _________ | |||
Aberdeen Liquidity Funds | ||||
Euro Fund Income | 1,649 | 0.9 | ||
Sterling Fund Income | 32 | 0.0 | ||
US Dollar Fund Income | 22,160 | 12.2 | ||
_______ | _________ | |||
23,841 | 13.1 | |||
Cash | 984 | 0.5 | ||
_______ | _________ | |||
Cash and cash equivalents{F} | 32,326 | 17.7 | ||
Other liabilities less assets | (238) | (0.1) | ||
_______ | _________ | |||
Net current assets | 32,088 | 17.6 | ||
_______ | _________ | |||
Net assets | 182,350 | 100.0 | ||
_______ | _________ | |||
{A} Includes direct investments and co-investments. | ||||
{B} Unless otherwise stated. | ||||
{C} Investments called/cost represents commitments drawn down less net distributions. | ||||
{D} Co-investment alongside Lion Capital III, in co-investment vehicle Lion/Seneca Cayman 3 which holds only one direct investment (Alain Afflelou). | ||||
{E} Upon the winding up of SVG Strategic Recovery Fund II L.P. distributions in-specie were made of quoted equities during the period. | ||||
{F} Represents sum of fixed term deposits and Aberdeen liquidity funds. | ||||
The Half Yearly Report will shortly be available from the Company's website (www.aberdeenprivateequityfund.co.uk) and will be posted to shareholders in early December 2013.
Neither the content of the Company's website nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.