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13 Aug 2012 15:41
13 August 2012
Aberdeen Private Equity Fund Limited
Unaudited Interim Management Statement - 3 months to 30 June 2012
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 related to the period from 1 April to 30 June 2012, 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 22 May 2012 the Company announced that it had entered into a new secured £10,000,000 two year committed revolving credit facility with The Royal Bank of Scotland plc as arranger, agent, security agent and original lender for the purposes of bridging capital contribution commitments in accordance with the Company's investment policy.
On 3 July 2012, the Company released its Annual Financial Report announcement.
During the period 1 April 2012 to 13 August 2012, the Company purchased in the market for cancellation 212,000 Sterling shares. There are now 109,131,199 Sterling shares in issue as at today's date.
Portfolio News
The Company's commitments total $270.7million. The net drawn down on commitments made is approximately $191.4million. There were twenty-three capital calls made during the quarter with an aggregate amount of $10.3million. The Company has received gross distributions, including return of excess capital called, of $72.4million since inception. The Company received $9.5million in distributions during the quarter. Twenty-two revaluations were received during the quarter, fourteen were upwards revaluations and eight were downwards revaluations.
The portfolio's commitment cover was 44.3% at the end of the month.
Distressed debt continues to perform well. Across the Company's holdings of funds investing in distressed debt investments, there have been a number of sales of assets that were previously distressed, but have been turned around. These sales have been into the public markets as well as trade sales and have frequently come at IRRs of more than 20%.The Company still has undrawn capital on distressed debt funds, therefore it is expected the trend of taking advantage of current market dislocations will continue.
Venture capital has been another area of active investment recently, with the funds the Company is invested in taking advantage of emerging technologies and social media in emerging markets.
This investment comes against a backdrop of slowing activity in the wider PE market, which saw PE investment globally decline to $87billion from $121billion in Q411. This has been backed up by a stalling of mezzanine deals in Europe in the first quarter.
Portfolio Holdings as at 30 June 2012
% | |
Thomas H Lee Parallel Fund VI LP | 6.5 |
Tenaya Capital V LP | 6.1 |
Greenpark International Investors III LP | 5.8 |
Thoma Bravo IX Fund LP | 5.4 |
Coller International Partners V LP | 5.4 |
SVG Strategic Recovery Fund II LP | 5.3 |
Oaktree OCM Opportunities Fund VIIb LP | 5.1 |
DFJ Athena LP | 5.0 |
Silver Lake Partners III LP | 5.0 |
RHO Ventures VI LP | 4.6 |
Terra Firma Capital Partners III LP | 4.6 |
Longreach Capital Partners Ireland 1, L.P. | 4.4 |
Goldman Sachs Capital Partners VI LP | 4.3 |
Northzone VI LP | 4.2 |
HIG Bayside Debt & LBO Fund II LP | 3.8 |
Pine Brook Capital Partners LP | 3.5 |
MatlinPatterson Global Opportunities Partners III LP | 2.8 |
Resonant Music LP | 2.8 |
Lion Capital III LP | 2.0 |
Gores Capital Partners III LP | 1.8 |
Pinebridge Latin America Partners II LP | 0.7 |
Pangaea II | 0.1 |
Tenaya Capital VI LP | 0.0 |
Longreach Capital Partners 2 - USD, L.P. | (0.1) |
Cash | 10.9 |
Total |
100.0 |
Total Number of Investments |
24 |
Cash: The Company currently invests its cash with counterparties that appear on Aberdeen Asset Managers Limited's approved lending list.
Geographical Allocation as of 30 June 2012
% | |
Global | 39.1 |
North America | 31.7 |
Europe | 18.0 |
Asia & Other | 11.2 |
Total |
100.0 |
General Description of Company's Financial Position as at 30 June 2012
Sterling Share NAV: 105.42 pence
Market Capitalisation: £62.4 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 2012 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 2012 NAV and NAV per share. It is possible, from time to time, that if there is good cause to reduce the valuation 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 (%) (GBP)
Cumulative Performance
| |||||||
As at 30/06/2012 | 1 month | 3 months | 6 months | 1 year | 3 years | ||
Share Price | 58.8p | 0.4 | 5.6 | 12.4 | (14.5) | 14.6 | |
NAV | 105.4p | (2.1) | (0.3) | 6.7 | 9.1 | 33.0 | |
Discrete Performance
| |||||||
Year Ended: | 30/06/12 | 30/06/11 | 30/06/10 | 30/06/09 | |||
Share Price | (14.5) | 34.1 | 0.0 | (40.2) | |||
NAV | 9.1 | 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.
On 19 November 2009 the management of the Company was assumed by Aberdeen Asset Managers Limited.
The Board is not aware of any other significant events or transactions which have occurred between 1 July 2012 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 Limited
Ipes (Guernsey) Limited
Company Secretary
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