17 Feb 2012 17:00
17 February 2012
Aberdeen Private Equity Fund Limited
Unaudited Interim Management Statement - 3 months to 31 December 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 October to 31 December 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.
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 specialty funds, unquoted companies and unquoted securities, including fixed interest securities, cash-equivalent investments and cash.
Material events
On 25 November 2011, the Company released its Unaudited Half Yearly Report for the six months ended 30 September 2011.
Portfolio News
The Company's commitments total $246.6 million. The total drawn down on commitments made is approximately $164.9 million, with 30 capital calls being made in the quarter with an aggregate amount of $10.2 million. The Company has received total distributions of $48.8 million since inception. The Company received $11.4 million in distributions in the quarter. Seventeen revaluations were received during the quarter, seven were upwards revaluations and ten were downward revaluations.
During the period the manager made a new commitment of €10m to Lion Capital Fund III, a mid to large cap European buyout fund, specialising in the consumer sector. Following this commitment, cash commitment cover remains strong (39.7% at the end of December 2011) and the manager continues to explore the possibility of making further investments over the coming months. Several potential investments are in advanced due diligence.
Portfolio holdings as at 31 December 2011 | |
% | |
Greenpark International Investors III LP | 6.6 |
Thomas H Lee Parallel Fund VI LP | 6.6 |
Tenaya Capital V LP | 6.6 |
Oaktree OCM Opportunities Fund VIIb LP | 6.5 |
Coller International Partners V LP | 5.6 |
Thoma Bravo Fund IX LP | 5.5 |
SVG Strategic Recovery Fund II LP | 5.4 |
Silver Lake Partners III LP | 4.7 |
RHO Ventures VI LP | 4.4 |
DFJ Athena LP | 4.1 |
Terra Firma Capital Partners III LP | 3.6 |
Goldman Sachs Capital Partners VI LP | 3.5 |
Matlin Patterson Global Opportunities Partners III LP | 3.4 |
Pine Brook Capital Partners LP | 3.3 |
HIG Bayside Debt & LBO Fund II LP | 3.1 |
Resonant Music LP | 2.9 |
Northzone VI LP | 2.5 |
Gores Capital Partners III LP | 1.5 |
Pinebridge Latin America Partners II LP | 0.7 |
Lion Capital Fund III LP | 0.0 |
Cash | 19.5 |
Total | 100.0 |
Total number of investments | 20 |
Cash: The Company currently invests its cash with counterparties that appear on Aberdeen Asset Managers Limited's approved lending list.
Geographical Allocation as at 31 December 2011*
North America | 34.4% |
Global | 45.4% |
Europe | 14.2% |
Asia & Other | 6.0% |
*based upon fair market value of investments excluding all cash
General description of Company's financial position as at 31 December 2011
Sterling shares NAV | 98.81 pence |
Market Capitalisation | £56.6 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 period ended 31 December 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 31 December 2011 NAV and NAV per share.
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 | 1 month | 3 months | 6 months | 1 year | 3 years | |
31/12/11 | % | % | % | % | % | |
Share Price | 52.3p | (1.4) | (12.9) | (24.0) | (25.4) | 19.4 |
NAV | 98.8p | (0.3) | (1.5) | 2.3 | 11.2 | (1.0) |
Discrete Performance | ||||||
Year Ended: | 31/12/11 % | 31/12/10 % | 31/12/09 % | 31/12/08 % | ||
Share Price | (25.4) | 34.6 | 18.9 | (52.7) | ||
NAV | 11.2 | 7.9 | (17.5) | 0.4 | ||
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 January 2012 and the date of publication 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) LimitedSecretary