15 Aug 2011 15:54
Aberdeen Private Equity Fund Limited
Unaudited Interim Management Statement - 3 months to 30 June 2011
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 2011 to 30 June 2011, and contains information that covers this period, and up to the date of publication of 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. The Company has small legacy holdings in a small number of hedge funds and other specialty funds, which are, for the most part, being worked out of the portfolio.
Investment objective
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 specialty funds, unquoted companies and unquoted securities, including fixed interest securities, cash equivalent investments and cash.
Material events
With effect from 1 May 2011, Ipes (Guernsey) Limited was appointed as Designated Manager, Administrator and Secretary to the Company. Also with effect from 1 May 2011, the registered office of the Company was changed to 1 Royal Plaza, Royal Avenue, St Peter Port, Guernsey, GY1 2HL.
On 25 May 2011 the Company announced proposals for a Tender Offer for up to 41,771,066 Shares at a price of 67.5p. The Tender Offer was approved by shareholders at an EGM held in Guernsey on 17 June 2011. A total of 41,691,918 Shares were validly tendered and tender applications were satisfied in full. In line with the Company's commitment, 17 million of the tendered Shares were purchased by the Company for cancellation. The remaining 24,691,918 Shares were placed with third party investors by the Company's broker, Matrix Corporate Capital LLP. The cancellation of the 17 million tendered Shares resulted in an uplift to the net asset value per Share of 3p.
On 21 June 2011 the Company released its Annual Financial Report announcement.
Portfolio News
The Company held 21 funds* in its portfolio at the end of the period. Of these, 19 were Private Equity funds and 2 were Hedge funds.
The Company's commitments total $240.1 million. The total drawn down on commitments made is approximately $156.9 million, with 23 capital calls having been made in the quarter, totalling $7.3 million. The Company has received total distributions of $26.9 million since inception, with $6.0 million received during the quarter. Revaluations were received from 19 of the managers during the quarter, 13 were upwards revaluations and 6 were downwards revaluations.
The portfolio's commitment cover, which includes cash and the remaining historic allocation to Hedge funds was 41.0% at the end of the period. The pure cash commitment cover was 40.7%.
Following recent investments, the cash commitment cover remains relatively high and the Manager continues to explore the possibility of making further investments over the coming months. At present, several potential investments with GPs specialising in Europe and Asia are being assessed.
*Not including the fully written down investment in Aarkad Plc.
Portfolio holdings as at 30 June 2011 | |
% | |
Oaktree OCM Opportunities Fund VIIb LP | 9.2 |
Greenpark International Investors II LP | 7.5 |
Thomas H Lee Parallel Fund VI LP | 6.4 |
SVG Strategic Recovery Fund II LP | 6.0 |
Coller International Partners V LP | 5.8 |
Tenaya Capital V LP | 5.3 |
Thoma Bravo Fund IX LP | 5.0 |
Silver Lake Partners II LP | 4.8 |
Goldman Sachs Capital Partners VI LP | 3.8 |
Rho Ventures VI LP | 3.7 |
DFJ Athena LP | 3.6 |
Terra Firma Capital Partners II LP | 3.5 |
MatlinPatterson Global Opportunities Partners II LP | 3.5 |
HIG Bayside Debt & LBO Fund II LP | 3.1 |
Resonant Music LP | 2.7 |
Pine Brook Capital Partners LP | 2.3 |
Northzone VI | 1.8 |
PineBridge Latin America Partners II LP | |
(formerly AIG Brazil Special Situation Fund II LP) | 1.0 |
Gores Capital Partners II | 0.6 |
Deephaven Global Multi-Strategy Fund | 0.1 |
King Street Capital Ltd. (Side 1) | - |
Cash | 20.3 |
| |
Total | 100.0 |
| |
Total number of investments | 21 |
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 2011
North America | 39.9% |
Europe | 15.8% |
Global | 39.7% |
Asia & Other | 4.6% |
General description of Company's financial position as at 31 December 2010
Sterling shares NAV | 96.63 pence |
Market Capitalisation | £74.5 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 2011 are 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 2011 NAV and NAV per share.
Performance (%) (GBP)
Cumulative Performance | ||||||
as at | 1 month | 3 months | 6 months | 1 year | 3 years | |
30/6/11 | % | % | % | % | % | |
Share Price | 68.8p | 3.8 | 0.7 | (1.8) | 34.1 | (19.8) |
NAV | 96.6p | 4.9 | 3.1 | 8.8 | 8.4 | (4.4) |
Discrete Performance | ||||||
30/6/11 % | 30/6/10 % | 30/6/09 % | ||||
Share Price | 34.1 | 0 | (40.2) | |||
NAV | 8.4 | 12.5 | (21.6) | |||
Total Return; NAV to NAV, Net Income Reinvested, GBP | ||||||
Source: Aberdeen Asset Managers Limited and Morningstar | ||||||
NAV returns based on NAVs excluding income and with debt valued at par | ||||||
Prior to 19 November 2009 the Company was managed by Bramdean Asset Management LLP | ||||||
The Board is not aware of any other significant events or transactions which have occurred between 1 July 2011 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company. Up until now, the sharp falls in equity markets in recent days have not been reflected in the prices of the Company's holdings nor, therefore, its NAV. This may continue to be the case, but one variable that influences the price of private equity deals can be the valuations of similar companies listed on stock exchanges.
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 Limited
Ipes (Guernsey) LimitedSecretary
15 August 2011