The year to 31 March 2014 saw Aberdeen Private Equity’s net asset value little changed – generating a negative net asset value return of 0.2%. The share price total return though was -10.0%.
Good performance from Thoma Bravo IX – as it exited Roadnet (vehicle routing and scheduling software) and Entrust (a digital security business); Northzone VI – on continuing progress at Russian online classified firm, Avito and an exit from Energy Micro that made them 2.5x their money; was offset by a fall in the value of DFJ Athena – as they grew more pessimistic on the outlook for some of their early-stage businesses. But the biggest adverse impact on the fund came from Sterling strength.