13 Aug 2013 15:16
13 August 2013
Aberdeen Private Equity Fund Limited
Unaudited Interim Management Statement - 3 months to 30 June 2013
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 2013, 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
With effect from June 2013, the investment management agreement for the Company was transferred by way of novation to Aberdeen SVG Private Equity Managers Limited. Aberdeen SVG is a strategic alliance between Aberdeen Asset Management and private equity investor SVG Capital, with assets under management or advice of €6bn (as at 31 March 2013). The business brings together SVG Advisers' and Aberdeen's private equity teams' experience and employs over 40 professionals in one global team, across a broad range of complementary disciplines, offering on-the-ground access to major private equity markets. There will be no change in the day to day management of the Company as a result of this change.
On 4 July 2013, the Company's Annual Financial Report announcement was released.
Portfolio News
The Company's commitments total $266.0million of which approximately $191.1million has been drawn down. There were twenty one capital calls made in the quarter with an aggregate amount of $3.2million. The Company has received gross distributions, including return of excess capital called, of $118.9million since inception. The Company received $11.9million in distributions in the quarter. Nineteen revaluations were received during the quarter, ten were upwards revaluations and nine were downwards revaluations. Of the investments, 85% are calculated using currently available 31-Mar valuations, while the remaining 15% of investments are calculated using the last available valuations which are dated between 31-Mar and 30-June.
Portfolio Holdings as at 30 June 2013
% | |
Thomas H Lee Parallel Fund VI LP | 7.3 |
Thoma Bravo IX Fund LP | 5.7 |
Greenpark International Investors III LP | 5.4 |
Northzone VI LP | 5.4 |
Tenaya Capital V LP | 5.2 |
Coller International Partners V LP | 5.1 |
Silver Lake Partners III LP | 4.9 |
DFJ Athena LP | 4.9 |
RHO Ventures VI LP | 4.7 |
Lion Capital Fund III LP | 4.1 |
Pine Brook Capital Partners LP | 3.9 |
MatlinPatterson Global Opportunities Partners III LP | 3.7 |
Longreach Capital Partners Ireland 1, L.P. | 3.5 |
Goldman Sachs Capital Partners VI LP | 3.3 |
HIG Bayside Debt & LBO Fund II LP | 3.2 |
Resonant Music LP | 2.7 |
Gores Capital Partners III LP | 2.6 |
Oaktree OCM Opportunities Fund VIIb LP | 2.4 |
e2v Technologies | 1.2 |
Tenaya Capital VI LP | 0.7 |
Pangaea Two Parallel L.P. | 0.6 |
Pinebridge Latin America Partners II LP | 0.5 |
SVG Strategic Recovery Fund II LP | 0.3 |
Journey Group | 0.2 |
Lavendon Group | 0.2 |
Longreach Capital Partners 2 - USD, L.P. | - |
Co-Investments | 0.6 |
Cash | 17.7 |
Total Investments |
100.0 |
Total Number of Investments |
27 |
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 2013
% | |
Global | 40.8 |
North America | 35.7 |
Europe | 12.6 |
Asia & Other | 10.9 |
Total |
100.0 |
General Description of Company's Financial Position as at 30 June 2013
Sterling Share NAV: 110.59 pence
Market Capitalisation: £93.3 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 2013 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 2013 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 30/06/2013 | 1 month | 3 months | 6 months | 1 year | 3 years | 5 years | ||
Share Price | 85.5p | 1.8 | (3.9) | 23.0 | 50.0 | 71.9 | 2.8 | |
NAV | 110.6p | (0.5) | (1.4) | 8.0 | 6.9 | 26.4 | 11.5 | |
Discrete Performance
| ||||||||
Year Ended: | 30/06/13 | 30/06/12 | 30/06/11 | 30/06/10 | 30/06/09 | |||
Share Price | 50.0 | (14.5) | 34.1 | 0.0 | (40.2) | |||
NAVA | 6.9 | 9.1 | 8.4 | 12.5 | (21.6) | |||
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 July 2013 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