Aberdeen Private Equity benefits from internet exposure

APEF : Aberdeen Private Equity benefits from internet exposure

Aberdeen Private Equity Fund’s net asset value rose by 4.6p or 4.2% over the six months that ended 30 September 2014. Taken with the interim dividend of 2p, the total return on net assets was 6.1%. The strengthening US dollar contributed about 0.7p to this.

A couple of investments are highlighted as being significant contributors to performance. One is Northzone VI, whose value was written up on the back of their investment in Russian on-line classified advertising business, Avito. Avito’s Q2 sales were up 85% year on year. Northzone VI also sold its investment in online ad-serving business, Videoplaza for 2x book. The other holding that did well was Silver Lake Partners III which benefited from the IPO of Alibaba and also wrote up its investments in Dell and Avago, an electronic component manufacturer.

Other investments that benefited the portfolio included Thoma Bravo IX Fund and HIG Bayside Debt & LBO Fund II. On the downside, investments in Pine Brook Capital Partners LP, MatlinPatterson Global Opportunities Partners III and Pine Bridge Latin America Partners II all detracted from performance, the latter holding was sold in September at a valuation lower than book value.

Leave a Reply

Your email address will not be published. Required fields are marked *