14 Aug 2014 10:10
14 August 2014
Aberdeen Private Equity Fund Limited
Unaudited Interim Management Statement - 3 months to 30 June 2014
To the shareholders of Aberdeen Private Equity Fund Limited
This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party or for any other purpose.
This interim management statement relates to the period from 1 April to 30 June 2014, and contains information that covers this period and up to the publication date for this interim management statement, unless otherwise specified.
Overview
Aberdeen Private Equity Fund Limited ("the Company") is a Guernsey closed-ended investment company listed on the London Stock Exchange. The principal investment focus of the Company is to invest in private equity and private equity-like funds.
Investment Objective and Policy
The investment objective of the Company is to generate long-term capital gains, through investment in a diversified portfolio of private equity funds. The Company may also hold direct holdings as an ancillary part of its portfolio, in hedge funds, other speciality funds, unquoted companies and unquoted securities, including fixed-interest securities, cash-equivalent investments and cash.
Material Events
On 8 July 2014, the Company released its Annual Financial Report for the year ended 31 March 2014.
The Company was admitted as a subscriber on 30 April 2014 into The Resolute Fund III, L.P. with a commitment amount of USD 15 million. The Resolute Fund III, L.P is a US mid-market buyout fund.
The Company was admitted as a subscriber on 21 July 2014 into CCMP Capital Investors III, L.P. with a commitment amount of USD 15 million. CCMP Capital Investors III, L.P is a US mid-market fund.
The Company was admitted as a subscriber on 21 July 2014 into CCMP Co-Invest III A, L.P. with a commitment amount of USD 1.5 million. CCMP Co-Invest III A, L.P. is a co-investment fund which was involved in the acquisition of Hillman Group.
Portfolio News
The Company's total commitments were $285.1 million as at 30 June 2014. The net drawn down on commitments made was approximately $205.5 million as at 30 June 2014. There were 28 capital calls made during the quarter with an aggregate amount of $8.0 million. The Company has received gross distributions, including return of excess capital called, of $155.7 million since inception. The Company received $8.6 million in distributions during the quarter. 23 revaluations were received during the quarter, 13 were upwards revaluations and 10 were downwards revaluations
The portfolio's commitment cover was 45.2% at the end of June 2014.
Portfolio Holdings as at 30 June 2014
% | |
Northzone VI LP | 7.6 |
Thomas H Lee Parallel Fund VI LP | 7.4 |
Tenaya Capital V LP | 6.5 |
Lion Capital Fund III LP | 5.2 |
Silver Lake Partners III LP | 5.2 |
Thoma Bravo IX Fund LP | 4.9 |
Pine Brook Capital Partners LP | 4.5 |
RHO Ventures VI LP | 4.5 |
StepStone International Investors III LP (formerly known as Greenpark International Investors III LP) | 3.9 |
HIG Bayside Debt & LBO Fund II LP | 3.8 |
MatlinPatterson Global Opportunities Partners III LP | 3.7 |
Gores Capital Partners III LP | 3.6 |
Coller International Partners V LP | 3.3 |
Longreach Capital Partners Ireland 1, L.P. | 2.9 |
Goldman Sachs Capital Partners VI LP | 2.8 |
Resonant Music LP | 2.2 |
OCM Opportunities Fund VIIb (Cayman) Ltd | 1.7 |
Tenaya Capital VI LP | 1.6 |
Apax VIII | 1.5 |
Longreach Capital Partners 2 - USD, L.P. | 1.1 |
DFJ Athena LP | 0.9 |
Pangaea Two Parallel L.P. | 0.9 |
Pinebridge Latin America Partners II LP | 0.3 |
CVC Capital Partners Asia Pacific IV LP | 0.2 |
Resolute Fund III LP | 0.0 |
Co-investments | 1.9 |
Cash | 17.9 |
Total Investments |
100.0 |
Total Number of Investments |
28 |
Cash: The Company currently invests its cash with counterparties that appear on Aberdeen Asset Managers Limited's approved lending list.
Geographical Allocation as at 30 June 2014
% | |
North America | 71.9 |
Europe | 18.8 |
Asia / Oceania | 6.9 |
Latin America & Other | 2.4 |
Total |
100.0 |
General Description of Company's Financial Position as at 30 June 2014
Sterling Share NAV: 106.16 pence
Market Capitalisation: £91.3 million
As described in the Company's prospectus, and as has been the case since its launch, the net asset value ("NAV") and the NAV per share are both calculated monthly by the Company's administrator based on the latest published NAV for each underlying fund.
Investments in underlying funds for the month ended 30 June 2014 are typically valued using the values (whether final or estimated) as advised by their managers, general partners or administrators. The Company therefore relied on valuation and reporting methods used by the managers, general partners or administrators of the underlying funds in deriving the 30 June 2014 NAV and NAV per share. It is possible, from time to time, that if there is good cause to reduce the valuation of a portfolio holding, the Board, in conjunction with the manager, will do so accordingly.
Benchmark
The Company does not currently have a benchmark. Due to the nature of the Company's investments, there are no meaningful indices against which to compare the performance of the Company.
Performance (%)
Cumulative Performance
| ||||||||
As at 30/06/2014 | 1 month % | 3 months % | 6 months % | 1 year % | 3 years % | 5 years % | ||
Share Price (GBP) | 83.6p | 1.4 | 6.9 | 8.3 | 0.1 | 28.3 | 72.0 | |
NAVA (GBP) | 106.2p | (2.1) | (4.0) | 5.5 | (2.3) | 14.0 | 39.0 | |
NAVA (USD) | 180.6c | (0.2) | (1.5) | 8.9 | 10.2 | 21.4 | 44.3 | |
Discrete Performance (GBP)
| ||||||||
Year Ended: | 30/06/2014 | 30/06/2013 | 30/06/2012 | 30/06/2011 | 30/06/2010 | |||
Share Price | 0.1 | 50.0 | (14.5) | 34.1 | 0.0 | |||
NAVA | (2.3) | 6.9 | 9.1 | 8.4 | 12.5 | |||
Total Return; NAV to NAV, Net Income Reinvested, GBP. Share price total return is on a mid-to-mid basis.
Source: Aberdeen Asset Managers Limited, Lipper and Morningstar.
A Including current year revenue.
Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value.
Past performance is not a guide to future results.
The Board is not aware of any other significant events or transactions which have occurred between 1 April 2014 and the publication date of this interim management statement which would have a material impact on the financial position of the Company.
For latest performance information, please refer to the Company's factsheet at:
http://www.aberdeenprivateequity.co.uk/doc.nsf/Lit/FactsheetUKClosedAberdeenPrivateEquityFund*
* 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.
Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise. Investors may not get back the amount they originally invested.
For Aberdeen Private Equity Fund LimitedIpes (Guernsey) LimitedCompany Secretary