Aberdeen Private Equity’s results for the six months ended 30 September 2016 show its NAV rose by 9.7% to 146.3p. Inclusive of the 2.2p dividend paid in September 2016, shareholders received a total return of 11.5%. At the September 2016 Annual General Meeting they announced that, in the absence of unforeseen circumstances, they would expect to pay minimum total dividends of 4.0p per share per annum, commencing with two dividends of 2.0p per share relating to the financial year to 31 March 2017.
They say that their performance was generated from a wide range of investments. Of particular note is the positive impact of the portfolio’s 2013 vintage commitments, (CCMP Capital Investors III, Longreach Capital Partners 2 and The Resolute Fund III). These funds are still active in their investment periods but they are starting to see early deals mature and create value for the fund. Silver Lake Partners III and Pine Brook Capital Partners were 2007 commitments and also helped performance with valuation increases from their remaining underlying investments. Pine Brook, a fund invested in energy and financial-sector assets, benefitted from the increased oil price and Silver Lake’s publicly-listed investments saw strong performance.
They made two new fund investments in the period, MTS Health Investors VI, a US lower mid-market healthcare focused fund and Northzone VIII, a Nordic venture capital fund. They previously committed to Northzone’s 6th fund in 2010. Subsequent to the half year-end the Manager also committed to an additional two funds: Nazca IV, a Spanish lower-mid market fund and Summa Equity I, a first time fund investing in the Nordic region. In addition the Company committed further capital to the Dell co-investment to fund the acquisition of EMC and expects shortly to announce two new co-investments.
APEF : Aberdeen Private Equity implements new dividend policy