Aberdeen Private Equity Fund Ltd Annual Financial Report

Data : 12/07/2016 @ 03:00
Fonte : UK Regulatory (RNS & others)
Ativo : Aberdeen Prv (APEF)
Cotação : 2.0  0.0 (0.00%) @ 21:00
Cotação Gráfico

Aberdeen Private Equity Fund Ltd Annual Financial Report

Aberdeen Prv (LSE:APEF)
Gráfico Histórico do Ativo

3 Anos : De Jun 2016 até Jun 2019

Click aqui para mais gráficos Aberdeen Prv.

TIDMAPEF

RNS Number : 8689D

Aberdeen Private Equity Fund Ltd

12 July 2016

ABERDEEN PRIVATE EQUITY FUND LIMITED

AUDITED ANNUAL FINANCIAL REPORT ANNOUNCEMENT

for the year ended 31 March 2016

STRATEGIC REPORT - COMPANY SUMMARY AND FINANCIAL HIGHLIGHTS

 
 Net asset total return{A}                 Share price total return{A} 
 2016                          +6.6%       2016                            +2.3% 
 2015                         +18.2%       2015                           +15.5% 
---------------------------  -------      -----------------------------  ------- 
 
   Discount to Net Asset                     Ongoing charges (excluding 
   Value                                     performance fee) 
 2016                          34.1%       2016                             1.9% 
  2015                         30.8%        2015                            1.8% 
---------------------------  -------      -----------------------------  ------- 
 

Source: Aberdeen Asset Management & Morningstar

 
 {A}Total return represents capital return plus dividends reinvested 
  on the dividend date. 
 

STRATEGIC REPORT - OVERVIEW OF STRATEGY

Introduction

The Company aims to attract long term private and institutional investors wanting to benefit from the growth prospects of a diversified portfolio of PE investments.

The business of the Company is that of an investment company and the Directors do not envisage any change in this activity in the foreseeable future.

Duration

The Articles of Incorporation require the Company to propose a continuation vote at every third Annual General Meeting. The next continuation resolution, proposing that the Company continue its business as a closed-ended investment company, will be proposed at the Annual General Meeting to be held on 13 September 2016.

Investment Objective and Policy

The investment objective of the Company is to maximise total returns to shareholders, principally through long-term capital gains. The Company aims to achieve its objective through investment in a diversified portfolio of PE funds and direct co-investments.

The Company may also hold direct holdings, as an ancillary part of its portfolio, in hedge funds, other specialty funds, quoted and unquoted companies and securities, including fixed interest securities, cash-equivalent investments and cash.

The Company will not invest more than 10%, in aggregate, of the value of its gross assets in other investment trusts or investment companies admitted to the Official List, provided that this restriction does not apply to investments in any such investment trusts or investment companies which themselves have stated investment policies to invest no more than 15% of their gross assets in other investment trusts or investment companies admitted to the Official List. In any event, the Company will not invest more than 15% of its gross assets in other investment trusts or investment companies admitted to the Official List.

Investment Process and Investment Opportunities

The Manager's key objective is to select PE managers which it believes will produce, over time, superior risk-adjusted returns in their chosen investment strategy and which can demonstrate significant competitive advantages compared with other funds in their peer group. The focus is on the individual merits of investments, but the industry and economic environment in which that manager is operating is also taken into consideration.

The investment process is systematic and disciplined. Due diligence is at its heart and typically around three to four months are spent analysing a potential manager, a process which includes a number of on-site visits with that manager. The process culminates in the provision of a detailed report that is then presented to, and discussed by, the Manager's Investment Committee (the "Investment Committee"), where a selection decision is made on all potential funds. The Investment Committee has to approve an investment before it can be recommended to the Company's Board for approval. The Manager will also conduct operational and legal due diligence on the potential manager and proposed investment.

On-going monitoring is similarly robust, and includes regular reviews of market conditions and their potential effect on the underlying funds and any direct PE investment. In response to the conclusions drawn from this process, the Investment Committee recommends to the Company's Board whether or not to retain an investment.

Asset Allocation

The Company seeks to hold a portfolio of investments which is broadly diversified by industry sector, investment stage and size of investment, as well as by strategy. The Company intends to invest the majority of its portfolio in the buyout, growth capital, distressed and venture capital funds sectors.

Risk Diversification

The Manager actively monitors the Company's portfolio and attempts to mitigate risk through diversification. Not more than 20% of the NAV, at the time of investment, is permitted to be invested in any single investment. If the Company acquires a portfolio of investments in a single transaction, this limitation will be applied individually to each of the underlying investments acquired and not to the portfolio as a whole.

Gearing

On 31 March 2016 the Company entered into a new secured GBP40 million three year committed revolving credit facility, with Lloyds Bank Plc ("Lloyds") which replaced an expiring GBP15 million facility from Lloyds. The credit facility is available for general corporate and working capital purposes including bridging capital contribution commitments in accordance with the investment policy. The Company's formal policy with respect to gearing is to ensure that its aggregate borrowings do not exceed a maximum of 25% of NAV. During the year to 31 March 2016 and up to the date of this report, the Company has not made any drawings under the Lloyds facility. The Company's obligations under the facility are secured against the Company's assets pursuant the terms of a Guernsey security agreement and an English security deed.

Key Performance Indicators (KPIs)

The Board uses a number of financial performance measures to assess the Company's success in achieving its objective and determine the progress of the Company in pursuing its investment policy. The main KPIs identified by the Board in relation to the Company which are considered at each Board meeting are as follows:

 
 KPI                   Description 
 NAV and NAV total     The Board considers the Company's NAV total return 
  return                figures to be the best indicator of performance 
                        over time and these are therefore the main indicators 
                        of performance used by the Board. A table showing 
                        the total NAV return over one, three and five years 
                        is shown under Results below. 
 Share price and       The Board also monitors the price at which the Company's 
  Share price total     Shares trade relative to the Company's peer group 
  return                and a number of major indices on a total return 
                        basis over time. Graphs showing the total share 
                        price return against the peer group and major indices 
                        are shown in the Annual Report. 
 Discount/Premium      The discount/premium relative to the NAV per share 
  to NAV                represented by the share price is closely monitored 
                        by the Board. The objective is to minimise fluctuations 
                        in the discount/premium relative to similar investment 
                        companies and in seeking to achieve this objective 
                        the Company may, subject to market conditions and 
                        if considered to be in the best interests of shareholders, 
                        use share buy backs or the issuance of new shares. 
                        A graph showing the share price discount relative 
                        to the NAV is also shown in the Annual Report. 
 Ongoing Charges       The Board monitors the Company's operating costs 
  Ratio                 carefully. Ongoing charges for the year and previous 
                        year are disclosed under Results below. 
 

Risk Management

There are a number of risks which, if realised, could have a material adverse effect on the Company and its financial condition, performance and prospects. The Board has undertaken a robust review of the principal risks and uncertainties facing the Company including those that would threaten its business model, future performance, solvency or liquidity. Those principal risks are disclosed in the table below together with a description of the mitigating actions taken by the Board. The principal risks associated with an investment in the Company's Shares are published monthly on the Company's factsheet or they can be found in the pre-investment disclosure document published by the Manager, both of which are available on the Company's website. The Board reviews the risks and uncertainties faced by the Company in the form of a risk matrix and heat map at its Audit Committee meetings.

 
 Description                          Mitigating Action 
 Investment strategy and              The Board keeps under review the level 
  objectives - the setting             of discount at which the Company's Shares 
  of an unattractive strategic         trade, in absolute terms and relative to 
  proposition to the market            its peer group, as well as the investment 
  and the failure to adapt             objective and policy. It regularly reviews 
  to changes in investor               the Company's strategy and receives regular 
  demand may lead to the               updates from the Manager and investor relations 
  Company becoming unattractive        reports from the Broker on the market. 
  to investors, a decreased            The Board is updated at each Board meeting 
  demand for shares and                on the make-up of and any movements in 
  a widening discount.                 the shareholder register. 
 Investment portfolio and             The Board sets, and monitors, its investment 
  investment management                restrictions and guidelines, and receives 
  - investing outside of               regular Board reports which include performance 
  the investment restrictions          reporting on the implementation of the 
  and guidelines set by                investment policy, the investment process 
  the Board could result               and application of the Board guidelines. 
  in poor performance and              The Manager attends each quarterly Board 
  inability to meet the                meeting. 
  Company's objectives. 
 Gearing - increasing the             The Company has a GBP40 million credit 
  level of gearing could               facility that may be used to fund future 
  result in the Company                commitments. The Board sets a gearing limit 
  becoming over-geared,                and receives regular updates from the Manager 
  unable to meet its financial         on the assets and liabilities of the Company 
  obligations, or unable               and reviews these at each Board meeting. 
  to take advantage of potential       The Board receives regular reports and 
  opportunities and any                modelling from the Manager on the likely 
  of these could result                pattern of future calls and the expected 
  in a loss of shareholder             rate of realisations from the portfolio. 
  value. 
 Financial - the financial            The financial risks associated with the 
  risks associated with                Company include overcommitment risk, market 
  the portfolio could result           risk, liquidity risk and credit risk, all 
  in losses to the Company.            of which are mitigated through regular 
  In addition, failure to              consultation with the Manager. The Manager 
  comply with relevant regulation      reports to the Board using a range of forecast 
  (including Guernsey Company          scenarios to determine the impact of future 
  Law, the Financial Services          drawdowns and the likely rate at which 
  and Markets Act, the Alternative     future realisations will generate cash. 
  Investment Fund Managers             The Manager monitors the Company's liquidity 
  Directive, Accounting                on a frequent basis and provides regular 
  Standards and the FCA's              updates to the Board. Further details of 
  Listing Rules, Disclosure            the steps taken to mitigate the financial 
  and Prospectus Rules)                risks associated with the portfolio are 
  may have an impact on                set out in note 20 to the financial statements. 
  the Company.                         The Board relies upon its third party service 
                                       providers to ensure the Company's compliance 
                                       with applicable law and regulations and 
                                       from time to time employs external advisers 
                                       to advise on specific concerns. 
 Operational - the Company            The Board receives annual reports from 
  is dependent on third                the Manager (ISAE 3402 and six monthly 
  parties for the provision            internal controls reports) and from Ipes 
  of all systems and services          (AAF 01/06) on internal controls and risk 
  (in particular, those                management and receives compliance and 
  of the Aberdeen Group                administration reports at each Board meeting. 
  and Ipes) and any control            It receives assurances from all its significant 
  failures and gaps in these           service providers, as well as back to back 
  systems and services could           assurance from the Manager at least annually. 
  result in a loss or damage           Further details of the internal controls 
  to the Company.                      which are in place are set out in the Directors' 
                                       Report in the Annual Report. 
 PE Investment - PE investments       Under it investment policy the Company 
  are long-term in nature              may participate in co-investments, acquire 
  and they may take a considerable     secondary investments as well as subscribing 
  period to be realised.               for LP interests. The Manager reviews the 
  Unquoted investments are             valuations produced by the GPs of LP investments 
  less readily realisable              and reports to the Board. 
  than quoted securities. 
  Such investments may therefore 
  carry a higher degree 
  of risk than quoted securities. 
  In valuing its investments 
  the Company relies to 
  a significant extent on 
  the accuracy of financial 
  and other information 
  the funds in its portfolio 
  provide to the Manager; 
  this information is typically 
  unaudited and updated 
  on a quarterly or six-monthly 
  basis. 
 

Promoting the Company

The Board recognises the importance of communicating the long-term attractions of your Company to prospective investors both for improving liquidity and enhancing the value and rating of the Company's Shares. The Board believes an effective way to achieve this is through subscription to and participation in the promotional programme run by the Aberdeen Group on behalf of a number of investment companies under its management. The Company supports the Aberdeen Group's investor relations programme which involves regional roadshows, promotional and public relations campaigns. The purpose of these initiatives is both to communicate effectively with existing shareholders and to gain new shareholders with the aim of improving liquidity and enhancing the value and rating of the Company's Shares. The Company's financial contribution to the programmes is matched by the Aberdeen Group. The Aberdeen Group Head of Brand reports at least annually to the Board giving analysis of the promotional activities as well as updates on the shareholder register and any changes in the make-up of that register.

Alternative Investment Fund Managers Directive ("AIFMD")

To comply with the AIFMD, the Company had appointed ASVG as its AIFM until 29 October 2015, with AFML acting as AIFM from 30 October 2015. The management agreement with AFML complies with the AIFMD regulatory regime and under this arrangement, AFML has been appointed to provide investment management, risk management, administration and promotional services. The Company's portfolio is managed by AAML by way of a group delegation agreement in place between AFML and AAML. In addition, AFML has sub-delegated promotional services to AAML.

AFML has notified the UK Financial Conduct Authority in accordance with the requirements of the UK National Private Placement Regime of its intention to market the Company (as a non-EEA AIF under the Directive) in the UK. The AIFMD requires AFML, as the AIFM of the Company, to make available to investors certain information prior to such investors' investment in the Company. The Company's Pre-investment Disclosure Document ("PIDD") is available for viewing on the Company's website.

Board Diversity

The Board recognises the importance of having a range of skilled, experienced individuals with the right knowledge in order to allow the Board to fulfill its obligations. When Board positions become available as a result of retirement or resignation, the Company ensures that a diverse group of candidates is considered. No new appointments have been made to the Board since 2009, and at 31 March 2016 there were four male Directors. The Board's Statement on diversity is set out in the Annual Report.

Environmental, Social and Human Rights Issues

The Company has no employees as all its executive functions are undertaken by the Manager and other service providers. There are no disclosures to be made in respect of employees. The Company's socially responsible investment policy is set out in the Annual Report.

Global Greenhouse Gas Emissions

The Company has no greenhouse gas emissions to report from the operations of its business, nor does it have direct responsibility for any other emissions producing sources.

Viability Statement

The Company does not have a formal fixed period strategic plan but the Board formally considers risks and strategy at least three times per year. The Board considers the Company to be a long term investment vehicle, but for the purposes of this viability statement has decided that a period of five years is an appropriate period over which to report. The Board considers that this period is more representative of a typical PE cycle and reflects a balance between the desirability of looking out over a long term horizon and the inherent uncertainties involved.

In assessing the viability of the Company over the review period the Directors have focussed upon the following factors:

   -    The principal risks detailed in the Strategic Report 
   -    The ongoing relevance of the Company's investment objective in the current environment 
   -    The historical level of demand for the Company's Shares 
   -    The flexibility of the Company's GBP40 million loan facility which matures in March 2019 

- Financial modelling including the expected future rate of drawdowns versus likely rate of realisations under varying market conditions

Taking into account the Company's current position and the potential impact of its principal risks and uncertainties, the Directors have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due for a period of five years from the date of this Report. In making this assessment, the Board has considered that factors such as significant economic or stock market volatility, a substantial reduction in the liquidity of the portfolio, or changes in investor sentiment could have an impact on its assessment of the Company's prospects and viability in the future. In particular the Board recognises that this assessment makes the assumption that the resolution to continue the Company, which is put to shareholders at every third Annual General Meeting ("AGM"), is passed at the AGM on 13 September 2016 and the AGM to be held in 2019, as it was previously at the AGM held in 2013.

Future

Many of the non-performance related trends likely to affect the Company in the future are common across all closed ended investment companies, such as the attractiveness of investment companies as investment vehicles, the impact of regulatory changes (including MiFID II and Packaged Retail Investment and Insurance Products) and the recent changes to the pensions and savings market in the UK. These factors need to be viewed alongside the outlook for the Company, both generally and specifically, in relation to the portfolio. The Board's view on the general outlook for the Company can be found in the Chairman's Statement, whilst the Manager's views on the outlook for the portfolio are included in the Manager's Review.

Howard Myles

Chairman

11 July 2016

STRATEGIC REPORT - CHAIRMAN'S STATEMENT

I am pleased to present to shareholders the Annual Report and financial statements of the Company for the financial year ended 31 March 2016.

Performance

During the period under review the Net Asset Value ("NAV") per Share rose by 4.6% to 133.33p. Inclusive of the 2.2p dividend paid in September 2015, shareholders received a NAV total return of 6.6%.

This NAV performance was driven by both the underlying investment portfolio and favourable currency movements. The portfolio, which retains its bias to US dollar denominated assets, experienced translational gains (in respect of the sterling NAV) following a strengthening in the US dollar versus sterling over the period.

Dividend

In 2012 the Board implemented a distribution policy whereby the Company will return a proportion of the net distributions that it receives from its investments by way of a dividend to shareholders. The Board stated then that it intended to distribute approximately 10% of the received distributions (net of recallable distributions) each year, subject to a minimum of 1p per Share per annum, regardless of the distributions received. Accordingly, we are pleased to be able to recommend to shareholders the payment of a dividend of 2.2p per Share (the same level as last year) which, subject to approval of shareholders at the AGM on 13 September 2016, will be payable on 16 September 2016 to shareholders on the register on 19 August 2016.

Going forward, in the absence of unforeseen circumstances, the Board expects to pay at least the same level of dividend for the financial year to 31 March 2017.

Share Capital Management

During the period under review no Shares were purchased in the market. The Board will continue to monitor the level of discount to NAV at which the shares trade, both in absolute terms and against the discounts of comparable companies. Accordingly, the Board is seeking to renew the shareholder authority to buy back up to 14.99% of the Company's Share capital at the forthcoming Annual General Meeting.

Discount

On 31 March 2016 the share price discount to NAV stood at 34.1%. Since the period end the NAV has decreased to 130.47p per Share (based upon 31 May 2016 figures, our latest available information) and the discount has narrowed to 32.9%, based on the share price as at that date.

As I highlighted in our interim review, listed PE discounts to NAV remain frustratingly wide. Your Board believes this to be unjustified given the relatively low overall exposure of most listed PE funds to more cyclical industries such as mining, oil/gas and banks. NAV growth for the sector has been strong so we continue to believe the gap should ultimately narrow.

The Company has produced annualized NAV total returns of 8.4% over the period since the current Manager was appointed([1]) and has received a growing level of distributions from its portfolio. In particular, we have continued to see exits of underlying companies held in our funds come at an aggregate premium to their most recent valuation. It also produces a yield and for many shareholders the Company continues to provide diversified access to the PE market which can otherwise be difficult to achieve. We believe that over time these factors will have a positive influence on the market rating of our Shares but the Board is not complacent on this matter and will continue to work with the Manager on ways to reduce the current level of discount.

Gearing

On 31 March 2016 the Company entered into a new GBP40m revolving credit facility with Lloyds Banking Group, an increase from the previous GBP15m facility. The facility has been renewed at this higher level to support an increased pace of investment and to ensure efficient capital usage. It also provides additional headroom and flexibility in the event that market conditions deteriorate.

Continuation Vote

In 2011 the Company's Articles of Incorporation were amended to introduce a three-yearly continuation vote with the first vote being in 2013. This was passed on 25 September 2013, with support from 99.9% of the voting shareholders with 74.7% of all shareholders having voted. At the Annual General Meeting convened for 13 September 2016 Resolution 7 proposes that the Company continue as an Investment Company in accordance with Article 126.

In view of the investment returns now being delivered following the renewal of the investment programme in 2010, the premia to book value being achieved by our investee funds on exits from underlying portfolio companies, and the resulting distributions being received from our portfolio, your Board believes that it is in the shareholders' interests that the Company continue. Having taken soundings from our larger shareholders, the Board believes that the majority of shareholders would not support a discontinuation at this time because this would lead to a portfolio run off, a process which is likely to be protracted and where values ultimately realised may be adversely affected as a result of the Company being known to be a forced seller of its assets.

Accordingly, your Board recommends that shareholders vote in favour of the Company's continuation. A further continuation vote will be held at the Company's AGM in 2019.

Activity Levels

The Manager has been active over the year in redeploying the Company's strong cash flow into new investments, subject to dividend distributions in accordance with the new dividend policy. Four new fund commitments were made:

   -    Montagu V, a Northern European buyout fund 
   -    MML Capital Partners VI, a fund focused on the UK, US and French lower mid-market 
   -    Latour Capital II, a French lower-mid market fund 
   -    Wisequity IV, an Italian lower mid-market fund 

Additionally, the Company made two new co-investments:

   -    Achilles, a supply chain management business([2]) 
   -    Hampshire Trust Bank([3]) (,) a UK based 'challenger' bank 

The Company also disposed of its interest in Resonant Music 1 LP. The Resonant fund invested in original music scores and was no longer deemed a core holding. The sale took place at marginally above the last received NAV and was non-dilutive.

Subsequent to the year end the Company has also committed to an additional two funds:

   -    Northzone VIII, a Nordic focused Venture Capital Fund 
   -    MTS Health Partners IV,  a US lower mid-market healthcare fund 

In addition to these new primary investments underlying activity levels have been high, with a number of new companies added to the portfolio via our underlying funds. We have also seen 46([4]) full or partial exits, from these funds.

The most significant event within the underlying portfolio was the exit by the Northzone VI fund of its holding of Avito, a Russian classified advertising business. This was a full cash exit, at a significant multiple to its original cost. Avito had been for some time the Company's largest underlying holding, and this disposal led to our receiving Euro10.9m.

Our strategy on geographical balance is to retain the portfolio's US bias, though we do expect to see this reduce over time as the effect of our more recent commitments to European funds becomes more pronounced. Whilst valuations in the European lower mid-market space remain relatively attractive, the Manager will continue to prioritise the most compelling opportunities from its global pipeline.

Portfolio Performance

The Board is pleased to note the good NAV performance, which has again been generated from a wide range of investment vintages.

The Northzone VI fund, discussed above, was the largest contributor to performance, with positive impact from Avito which was marked up in the six month period prior to exit. The fund also saw other holdings being marked up. Northzone was one of the first new investments made by the investment management team following the manager change in 2009 and this welcome exit has meant that distributions from this fund are already now greater than the amount paid into it.

The Silver Lake Partners III Fund, the HIG Bayside Debt & LBO Fund, and the Thoma Bravo IX Fund were committed to between 2007 and 2008, and have also helped drive performance with valuation increases from their remaining underlying investments.

A number of funds saw negative returns for the period, and these included Pine Brook Capital Partners and MatlinPatterson Global Opportunities Partners III, which saw the values of some of their public equity investments fall in value.

Outlook

In our last Annual Report I expressed some caution on the impact that higher purchase costs for PE assets might have on future returns from this asset class.

Whilst we have continued to see elevated pricing levels at the larger end of the deal spectrum, the average purchase price multiple for smaller privately owned companies remains relatively attractive. This has been one of the reasons behind the strategy of adding investments to the portfolio such as Latour Capital and Wisequity, and the new co-investments.

Your Board notes the continued rise in PE dry powder([5]) which, in aggregate, remains at record highs. Within that, dry powder as relates specifically to Buyout is at 2008 levels([6]) which may help to underpin current levels of deal pricing. With large proven PE managers continuing to be able to raise significant amounts of new commitments from their Limited Partners, there appears to be continuing strong appetite for this asset class.

Private Equity specific risks relate to familiar themes and include, but are not limited to, a continuing decline in the absolute number of PE backed exits since 2014([7]) (in particular a reduction of exits via Initial Public Offering ("IPO")); the increased use of "covenant-lite"([8]) loans by PE borrowers; and a tightening in funding availability for venture-backed investments. More generally, the UK's June referendum on membership of the European Union, and the surprise result to 'leave' may introduce additional layers of uncertainty to nearer term investment outcomes. Much of this will be focused on currency, particularly Sterling, and potential contagion issues for European economies. Your Company's long standing bias to US denominated assets should position us well however to cope with any sustained UK or European weakness. Whilst we may see some shorter term downturn in PE investment activity we believe there will inevitably be compelling investment opportunities for our recently committed to European funds as they commence their investing phases. Accordingly we remain optimistic on the investment portfolio, and its ability to continue to deliver long term investment performance for Shareholders.

Howard Myles

Chairman

11 July 2016

STRATEGIC REPORT - MANAGER'S REVIEW

At the end of March 2016, 77.1% of the Company's NAV was invested in 29 PE funds and 5.8% in six co-investments.

Performance Commentary

The 29 PE funds in the Company's portfolio invest across a wide range of sectors, geographies and market capitalisations, providing exposure in aggregate to 338 underlying companies([9]) .

In local currency terms the portfolio generated a total return of 7.4%([10]) for the period under review. Northzone Ventures VI, a 2010 commitment, was the single largest contributor to performance. Older vintage portfolios also helped deliver performance. Across the board the portfolio benefitted from uplifts in carrying value for ongoing investments and gains on exit (whether by IPO, trade or secondary sale).

We show below the movement of the Company's investment portfolio from the opening value to the closing value:([11])

Alongside strong performance from our fund investments, we have seen continuing momentum from the Company's co-investment portfolio. Via Mechanics, in particular, has performed well. The company recorded figures ahead of budget which allowed it to complete a dividend recapitalisation([12]) during the period. Alain Afflelou was marked up by Lion Capital based on a returning of momentum in overall group sales. Dell and Hillman Group (where we invest alongside Silver Lake and CCMP respectively) have also continued to perform to plan. We completed on two new co-investments, Achilles and Hampshire Trust Bank, in October 2015 and February 2016 respectively.

Largest Positive Performance by Fund([13])

 
 Fund                             Performance 
                                   ($m) 
 Northzone Ventures VI L.P.       +5.3 
 Thoma Bravo IX Fund L.P.         +2.1 
 HIG Bayside Debt & LBO Fund 
  II L.P.                         +1.9 
 Longreach Capital Partners 
  2 L.P.                          +1.7 
 Silver Lake Partners III L.P.    +1.6 
 Rest of the portfolio            +2.6 
 Total                            +15.2 
 

Northzone VI, a European venture fund, performed well over the period with TrustPilot and iZettle producing significant uplifts in value. The largest driver of performance however was Avito, which was sold in November to South African media group, Naspers, in one of the largest ever venture-backed technology deals([14]) .

Thoma Bravo Fund IX, a US growth and buyout fund, saw all unrealised investments showing positive performance. InfoVista and Deltek produced the largest uplifts and Blue Coat Systems posted a small uplift over its previous carrying value following its sale to Bain Capital in May 2016.

HIG Bayside Debt & LBO II generated strong performance with a large proportion of the portfolio producing valuation uplifts over the period. Investments producing significant increases included the two largest assets by Fair Market Value ('FMV'), Surgery Partners, which had an IPO in October 2015, and Caraustar Industries.

The Longreach Capital Partners 2 portfolio consists of three investments to date. Over the period, two of these investments, VIA Mechanics, a leading manufacturer of micro-drilling machines for printed circuit boards (PCBs), and Primo, a Japanese bridal jewellery business, produced strong performance and subsequent valuation increases.

Silver Lake Partners III's performance is attributable to the uplift in the valuation of its holding in GoDaddy which went public in the US in April 2015 at a premium to held value. Other valuation uplifts were produced by Interactive Data Corporation, which was sold to Intercontinental Exchange during the period, and William Morris Endeavor Entertainment (WME).

Largest Negative Performance by Fund([15])

 
 Fund                                    Performance 
                                                ($m) 
 Oaktree OCM Opportunities Fund VIIb 
  L.P.                                   -0.5 
 MatlinPatterson Global Opportunities 
  Partners III L.P.                      -0.6 
 RHO Ventures VI L.P.                    -0.7 
 Longreach Capital Partners 1 L.P        -0.9 
 Pine Brook Capital Partners L.P.        -1.2 
 

We set out above the five largest negative performers over the period. Within each of these funds there was no one significant contributor to negative performance.

Weakness in global energy markets impacted holdings in the Oaktree OCM Opportunities VIIb, MatlinPatterson Global Opportunities Partners III L.P and the Pine Brook Capital Partners funds. The Longreach Capital Partners Ireland 1 and RHO Ventures VI funds experienced some writedowns in their portfolio.

Portfolio Activity

With a focus on an increased investment pace, the Company was active over the financial year, making a number of new primary fund commitments and co-investments whilst executing on one fund divestiture.

Commitments were made to Montagu V (August 2015, EUR8m), Latour Capital II (November 2015, EUR10m), MML Capital Partners Fund VI (December 2015, EUR13m) and Wisequity IV (February 2016, EUR10m). More information on these investments is provided in the "Private Equity Portfolio". Two co-investments were also completed into Achilles, a leader in collaborative supply chain networks, and Hampshire Trust Bank, a specialist lender targeting the UK SME([16]) market.

We also sold the Company's commitment in Resonant Music in February 2016 at marginally above the last NAV. Despite the attractive business model (royalty income from original music scores developed for movies and TV series') the fund was no longer a core holding. Securing NAV on the sale of this fund was exceptional given that non-mainstream funds such as these typically price in the secondary funds market at a significant discount to their NAV.

Calls for New Investments

The Company paid calls of $26.4m over the year in relation to new investments ($31.5m the previous year)([17]) funding 29 new underlying investments and a number of follow-on investments.

 
 Five Largest Aggregate Fund Calls (excluding    US$m 
  Co - investments) 
 A8 A Feeder LP                                   5.8 
 MML Capital Partners Fund VI LP                  3.2 
 HIG Bayside Debt & LBO Fund II LP                3.1 
 Exponent Private Equity Partners III LP          2.7 
 Resolute Fund III LP                             2.0 
 

A8 A Feeder or Apax 8 was able to complete nine new investments during the period bringing the fund up to 83% drawn. The nine investments were: Azelis S.A., Shriram City Union, Quality Distribution, Wehkamp, Idealista, Ideal Protein, Zensar Technologies, Full Beauty and Assured Partners.

The Company committed to MML Capital Partners VI in December. MML is a EUR382m fund focusing on small to mid-cap companies in the UK, France and the US. Having held their first close in 2014, the fund has been able to deploy capital in five portfolio companies to date: Luneau Group, CH&Co, Learning Curve, BMB and Iqarus.

As a result of a slower investment pace during its investment period, HIG Bayside Debt & LBO II has had significant capital to utilise in its follow-on period. Further capital was invested in portfolio companies such as JW Resources and WhiteHorse Finance.

The Company committed to Exponent III in March 2015. The fund has since completed four deals in Big Bus Tours, BBI Diagnostics, Wowcher and Photobox.

Resolute Fund III completed the acquisition of DiversiTech Corporation in May 2015 and was also able to complete four follow-on investments in its existing portfolio companies.

Distributions

The Company received cash distributions of $42.8m during the period under review (2015: $39.2m).

 
 Five Largest Aggregate Fund Distributions (excluding    US$m 
  sold investments) 
 Northzone VI LP                                         11.4 
 Thoma Bravo IX Fund LP                                   4.7 
 Gores Capital Partners III LP                            3.3 
 Silver Lake Partners III LP                              3.1 
 Tenaya Capital V LP                                      2.5 
 

Northzone VI completed the sale of Avito, Russia's largest classified advertising website and the Company's largest single underlying holding in October 2015. This was significant news for the Company and for Northzone, allowing for a substantial de-risking of the Company's overall portfolio, given the risk that a material ongoing Russian economic exposure might have posed.

A large proportion of Thoma Bravo Fund IX's distributions came from the sale of the fund's largest investment (by cost), Blue Coat Systems. Sizeable proceeds were also received in relation to the fund's investments in Deltek, The Attachmate Group and Local Media San Diego.

It was a successful year for Gores Capital III which completed the sale of Therakos to Irish pharmaceutical company Mallinckrodt, representing the largest sale transaction in the history of Gores Capital. The fund was also able to complete the sales of Big Strike and Etrali during the period.

The distributions from Silver Lake Partners III relate to the sale of Interactive Data Corporation to Intercontinental Exchange. It also includes significant proceeds from the partial share sell downs in Alibaba, GoDaddy and Virtu Financial following their IPOs in September 2014 and April 2015. Contributions also came from the sale of Hillstone Network.

Tenaya Capital V sold its entire holding in New Relic during the period. New Relic completed its IPO in December 2014 with Tenaya's lock-up period ending in June 2015. Furthermore, portfolio company Baixing Holdings sold its Chinese operating company during the third quarter generating a material distribution back to the Company.

Market News and PE Environment

In our last report([18]) we said that whilst the global economic recovery had continued, various factors had prompted the International Monetary Fund (IMF) to downgrade their global growth forecasts for 2015 to 3.1% from 3.3%([19]) . With several potential headwinds still remaining for the global economy, including the slowdown in China and low commodity prices it came as no surprise that the IMF again cut its forecast for 2016 to 3.2% ([20]) in April. However a degree of balance to economic sentiment remains in place and with the European Central Bank expanding its monetary stimulus programme and the US tightening interest rates at a slower pace than previously anticipated, we remain broadly optimistic, notwithstanding the 'leave' result from the UK's European Union membership referendum held in June.

The precise look and feel of Britain's exit (or 'Brexit'), post the 'leave' result remains to be determined, but it does seem likely that the UK will experience some form of economic slowdown. Our UK exposure remains limited, with just one largely UK focused manager (Exponent) and one co-investment (Hampshire Trust), though other global funds in our portfolio also own UK based businesses. In aggregate our underlying UK exposure accounted, at March 31, for 12.8% of the portfolio.

We believe that the immediate impact is likely to be confined to a slowdown in deal activity, particularly in the UK, and further Sterling weakness, though this could also serve to increase the shorter term competitiveness of UK exporters, as well as providing a currency translation benefit to NAV.

The PE market has seen valuations continuing to rise, though we note that the share of highly priced deals in Europe (those pricing at > 12x their EBITDA([21]) ) dropped in 2015, versus 2014.([22]) Q1 2016 also saw both the number of global PE backed buyout transactions and the aggregate value([23]) of these transactions fall from the previous quarter, which is a sign that some of the overheating in this market may be easing. Whilst there is an element of seasonality in Q1 data, the 69% decline in aggregate deal value([24]) is the greatest quarter on quarter decline over the same period we have seen. Given matters Brexit related, these trends are likely to be exacerbated going forward, particularly if investors feel that there may be any political contagion into other European countries.

Trade sales continue to be the most common route for PE GPs([25]) to exit with the ten largest buyouts in the first quarter of 2016 exiting in this manner, though the aggregate exit value of $62bn in the same period was the lowest quarterly aggregate value of exits over the last 3 years([26]) . IPOs have fallen to a 4 year low due in part to the volatility seen in financial markets in the first part of this year though there are signs that we may see some IPO exit opportunities later in the year.

Fundraising by PE funds has declined from the exceptionally strong 2014 experienced by the industry. The most recent figures from Q1 2016 saw 151 PE funds raise a total of $71bn, a 25% fall in the number of funds and a 6% increase in aggregate capital raised compared with Q1 in 2015([27]) .

PE dry powder([28]) has continued to rise and the increase in dry powder globally to $775bn([29]) at the end of Q1 2016 highlights the ongoing challenges that private managers face in putting money to work. The dry powder issue appears to be a multi-cycle phenomenon, and will likely test PE GPs' discipline into the foreseeable future, particular on larger deal sizes. With nearly half of all investors (with at least 10% of their capital allocated to PE) still looking to allocate further to the asset class,([30]) pricing looks set to continue to be an issue for some time notwithstanding any major public market dislocations or prolonged fall out from Brexit.

Portfolio Strategy and Outlook

In our Half Yearly Report last year we set out a clear strategy to remain appropriately diversified, to increase our co-investment exposure, and in particular, to focus on the global lower mid-market in terms of primary fund selection. We have since made good progress in building out the portfolio, with these positions now being funded from the cash proceeds of the post-2010 vintage investment programme, as well as continuing distributions from older vintages.

The co-investment programme is delivering high conviction investment ideas into the portfolio and serves to mitigate fee impact from our primary funds programme. Our largest underlying company position is Via Mechanics, an acquisition by Longreach 2 from Hitachi Ltd, and a pioneer in PCB([31]) machining, and is also one of our co-investments([32]) . More recent additions to the co-investment portfolio include Hampshire Trust Bank, a UK challenger bank([33]) , and Achilles, a UK based supplier information and supply chain management business. In order to deliver more targeted exposure to co-investments we have also increased our typical deal size to c$4-5m, with an objective of achieving an overall co-investment exposure of around 20-25% of the portfolio. Our approach to sponsor GPs has also expanded to include funds owned on behalf of other Aberdeen Group mandates([34]) thus creating a larger potential investment opportunity set.

The primary funds programme has maintained its velocity with four new commitments being made in the financial year. This included MML Capital Partners VI, which we were able to commit to with that fund already having made five investments. This gave us visibility on the quality of the portfolio, and our money was able to be put to work immediately. We continue to aim to identify these opportunities, thereby helping to reduce unnecessary fee drag within the overall investment programme.

We are also targeting smaller investment opportunities where the GP may be experiencing less competition for deals and can take advantage of more attractive purchase price multiples. We categorise these as 'harder to find, harder to diligence' opportunities and see these as a key point of differentiation for this investment portfolio.

Post the year end we have also been able to approve a new commitment into MTS Healthcare Partners IV, a New York manager focused on small buy outs in the healthcare services arena. We have also recommitted to Northzone (via their Fund VIII) and thus maintain exposure to this talented Nordic venture capital team who have already delivered strong performance to this Company via their Fund VI.

As we look at all areas to improve the effectiveness and impact of our investment decisions, we have increased our leverage facility to GBP40m, in order to allow us to increase our investment pace by using existing cash, but maintaining our historic levels of overall commitment cover.

We recognise that valuations remain expensive, but as we have previously noted, many of the managers in our portfolio are well placed to be able to add value through their operational influence, and as such we remain supportive long term investors in PE. Brexit is understandably a very real concern for all investors across all asset classes, but the 'check' effect that this event may have, specifically on UK and European deal pricing, may ultimately serve to be beneficial in taking some of the heat out of this market. As patient long term investors we welcome the opportunities that may present themselves to us, and our selected GPs, over the next 12 to 18 months.

Alexander Barr & Colin Burrow

Aberdeen Asset Managers Limited

11 July 2016

STRATEGIC REPORT - RESULTS

As at 31 March 2016

Financial Highlights

 
                                      31 March 2016   31 March 2015   % change 
 Total assets{A} (US$'000)                  209,135         205,785       +1.6 
 Total equity shareholders' funds 
  (net assets) (US$'000)                    209,135         205,785       +1.6 
 Share price (mid market) (pence)             87.88           88.13       -0.3 
 Net asset value per Share (pence)           133.33          127.41       +4.6 
 Discount to net asset value                  34.1%           30.8% 
 
 Dividend and earnings 
 Return per Share{B} (pence)                   4.53            6.29 
 Dividend per Share (pence)                    2.20            2.20 
 
 Ongoing charges{C} 
 Excluding performance fee                    1.87%           1.79% 
 Including performance fee                    1.87%           2.57% 
 {A} Total Assets less current liabilities (before deducting prior 
  charges). Prior Charges is the name given to all amounts which 
  would be repayable in the liquidation of the Company prior to any 
  distribution to the holders of Shares; these comprise borrowings 
  including debentures, long and short term loans and overdrafts 
  that are to be used for investment purposes, reciprocal foreign 
  currency loans, currency facilities to the extent that they are 
  drawn down, index-linked securities, and all types of preference 
  or preferred capital and the income shares of split capital trusts, 
  irrespective of the time until repayment. 
 {B} Measures the relevant earnings for the year divided by the 
  weighted average number of shares in issue. 
 {C} Ongoing charges ratio calculated in accordance with guidance 
  issued by the AIC as the total of the investment management fee 
  and administrative expenses divided by the average cum income NAV 
  throughout the year. 
 

Performance (total return {A})

 
                                              1 year      3 year      5 year 
                                            % return    % return    % return 
 Share price                                   +2.3%       +6.2%      +42.7% 
 Net asset value                               +6.6%      +25.8%      +53.0% 
 Source: Aberdeen Asset Management 
  & Morningstar 
 {A} Total return represents capital return plus dividends reinvested 
  on the dividend date. 
 

Dividends

 
                 Rate    Ex dividend      Record date   Payment date 
                          date 
 Dividend 2016   2.20p   18 August 2016     19 August   16 September 
                                                 2016           2016 
 Dividend 2015   2.20p   20 August 2015     21 August   18 September 
                                                 2015           2015 
 

Investment Portfolio - Schedule of Investments

As at 31 March 2016

 
                                                  Total       Investment 
 Investments                                Commitments   called/cost{C}   Fair Value          % of 
 Private Equity Portfolio{A}                 US$'000{B}          US$'000      US$'000           NAV 
 Apax 8 (A8-A(feeder)) L.P.                  EUR 10,000            9,386       11,882           5.7 
 CCMP Capital Investors III L.P.                 15,000            6,701        7,942           3.8 
 Coller International Partners 
  V L.P.                                         15,000                -        3,758           1.8 
 CVC Capital Partners Asia Pacific 
  IV L.P.                                        10,000              869        1,118           0.5 
 Exponent Private Equity Partners 
  III L.P.                                    GBP10,000            3,937        3,935           1.9 
 FFL Parallel Fund IV L.P.                       10,000            2,490        2,609           1.3 
 Goldman Sachs Capital Partners 
  VI L.P.                                        15,000            5,618        4,669           2.2 
 Gores Capital Partners III L.P.                 10,000            5,600        5,255           2.5 
 HIG Bayside Debt & LBO Fund II 
  L.P.                                           15,000            9,272       11,834           5.7 
 Latour Capital II                           EUR 10,000               54           21             - 
 Lion Capital Fund III L.P.                  EUR 10,000            8,748       13,726           6.6 
 Longreach Capital Partners Ireland 
  1, L.P.                                         7,425            8,385        4,266           2.0 
 Longreach Capital Partners 2 
  - USD, L.P.                                     7,500            3,232        6,327           3.0 
 MatlinPatterson Global Opportunities 
  Partners III L.P.                              10,000            7,351        6,196           3.0 
 MML Capital Partners Fund VI 
  L.P.                                       EUR 13,000            3,045        3,368           1.6 
 Montagu V L.P.                               EUR 8,000                -            -             - 
 Northzone Ventures VI L.P.                  EUR 10,000            6,197        8,070           3.9 
 Oaktree OCM Opportunities Fund 
  VIIb L.P.                                      15,000                -        1,355           0.7 
 Pangaea Two Parallel L.P.                        5,000            2,221        2,710           1.3 
 Pine Brook Capital Partners L.P.                10,000            6,292        5,501           2.6 
 Resolute Fund III L.P.                          15,000            3,874        4,845           2.3 
 RHO Ventures VI L.P.                            10,000            9,466        8,035           3.8 
 Silver Lake Partners III L.P.                   15,000            6,231       10,343           4.9 
 StepStone International Investors 
  III L.P. (formerly Greenpark 
  International Investors III L.P.)          EUR 14,600            7,032        4,680           2.2 
 Tenaya Capital V L.P.                           12,500            7,075        7,530           3.6 
 Tenaya Capital VI L.P.                           5,000            3,564        3,875           1.9 
 Thoma Bravo IX Fund L.P.                        10,000            1,531        6,590           3.2 
 Thomas H Lee Parallel Fund VI 
  L.P.                                           15,000            5,809       10,543           5.0 
 Wisequity IV                                EUR 10,000                -            -             - 
                                                                 133,980      160,983          77.0 
 Co-investments{D} 
 CCMP Co-Invest III A L.P.                        1,500            1,500        1,501           0.7 
 Finvest L.P.                                  GBP2,900                -            -             - 
 Lion Seneca Cayman 3 L.P.                      EUR 810              988        1,273           0.6 
 Hg Capital 5 Co-Invest 1 L.P.                 GBP3,000            4,638        4,322           2.1 
 LVM LP Co-Investment L.P.                        1,500              625        2,754           1.3 
 SLP Denali Co-Invest L.P.                        1,242            1,236        2,271           1.1 
                                                                   8,987       12,121           5.8 
 Total investments                                               142,967      173,104          82.8 
 {A} Includes direct investments and co-investments. 
 {B} All commitments are in US$ unless otherwise stated. 
 {C} Investments called/cost represents commitments drawn down less 
  net distributions. 
 {D} Fair values ascribed to individual co-investments are not disclosed 
  due to commercial sensitivity. 
 
                                                                           Fair Value          % of 
                                                                              US$'000           NAV 
 Aberdeen Liquidity Funds 
 Sterling Fund Income                                                           3,577           1.7 
 US Dollar Fund Income                                                         23,980          11.5 
                                                                               27,557          13.2 
 
 Cash at bank                                                                   9,017           4.3 
 Cash and cash equivalents{E}                                                  36,574          17.5 
 
 Other assets less liabilities                                                  (543)         (0.3) 
 Net current assets                                                            36,031          17.2 
 Net assets                                                                   209,135         100.0 
 {E} Represents sum of fixed term deposits, Aberdeen liquidity funds 
  and cash. 
 
 

Private Equity Portfolio

As at 31 March 2016

 
                                              Strategy      Geography        Fund Size   Vintage   NAV Weighting 
                                                                                            Year 
 Apax 8 (A8-A (feeder)) 
  L.P.                                          Buyout         Global   EUR5.8 billion      2012            5.7% 
 Apax Partners is a large 
  global private equity 
  partnership investing 
  in growth companies across 
  four key sectors: Consumer, 
  Healthcare, Services and 
  Technology and Telecommunications. 
  The firm has a strong 
  operational intervention 
  capability and actively 
  uses this resource to 
  help improve operational 
  efficiencies in their 
  portfolio companies. This 
  fund is currently in its 
  investment period. 
 CCMP Capital Investors 
  III L.P.                                      Buyout             US   US$3.6 billion      2013            3.8% 
 CCMP is a US (and London) 
  based private equity business 
  focusing on predominantly 
  US mid-market buyout transactions. 
  They invest across four 
  sectors: Consumer / Retail, 
  Industrial, Healthcare 
  and Energy. The fund is 
  currently in its investment 
  period and has made its 
  first investments. 
 Coller International Partners 
  V L.P.                                   Secondaries         Global   US$4.8 billion      2006            1.8% 
 Coller Capital is a leading 
  global investor in the 
  private equity secondary 
  market where they seek 
  to make investments in 
  both Limited Partnership 
  interests and portfolios 
  of private companies. 
  Coller have also bought 
  listed private equity 
  funds at deep discounts 
  to NAV. This fund was 
  originally selected for 
  the portfolio to provide 
  the Company with vintage 
  year diversification and 
  a degree of j-curve mitigation. 
  The fund has completed 
  its investment period 
  but continues to make 
  follow on investments. 
 CVC Capital Partners Asia 
  Pacific IV L.P.                               Buyout           Asia   US$3.2 billion      2013            0.5% 
 CVC Asia is one of the 
  more established private 
  equity partnerships in 
  the Asia-Pacific region. 
  Founded in 1999, CVC Asia 
  has now raised four funds. 
  This, their fourth fund, 
  will invest in 15-20 control 
  or significant minority 
  positions across the Asian 
  region, equally split 
  between South East Asia, 
  China, Japan, Korea, and 
  other regional markets. 
  The fund is currently 
  in its investment period 
  and has made its first 
  investments. 
 Exponent Private Equity                        Buyout 
  Partners III L.P.                           & Growth             UK     US$1 billion      2015            1.9% 
 Exponent is a London based 
  GP, focusing on UK upper 
  mid-market deals with 
  an enterprise value ("EV") 
  of GBP75m to GBP300m. 
  Most of its transactions 
  will involve buying UK 
  domiciled businesses, 
  though such is the EV 
  range, many of these businesses 
  could have significant 
  overseas elements of manufacturing 
  and/or sales. The fund 
  has now made its first 
  investment and is at the 
  start of its investment 
  period. 
 FFL Parallel Fund IV L.P.                      Buyout             US   US$1.5 billion      2014            1.3% 
 FFL was established in 
  1997 to undertake buyout 
  and growth investments 
  in US-middle market companies 
  incorporating top down 
  macro analysis and industry 
  themes within their four 
  core sectors: Business 
  Services, Consumer, Financial 
  Services and Healthcare. 
  The fund is at the start 
  of its investment period 
  and, at the time of writing, 
  has made three investments. 
 Goldman Sachs Capital                                                         US$20.3 
  Partners VI L.P.                              Buyout         Global          billion      2006            2.2% 
 Goldman Sachs Capital 
  Partners make private 
  equity investments globally 
  across all market capitalisations. 
  This fund did not focus 
  on any particular sector 
  and invested in buy-outs, 
  minority stakes, listed 
  and unlisted companies 
  and across a variety of 
  industries. It also allocated 
  a proportion of the portfolio 
  to stressed and distressed 
  opportunities. The fund 
  has completed its investment 
  period and remains in 
  distribution mode. 
 Gores Capital Partners 
  III L.P.                                      Buyout         Global   GBP2.0 billion      2009            2.5% 
 Gores is a Los Angeles 
  based global private equity 
  business which invests 
  in both mature and growing 
  businesses. Its approach 
  combines experienced merger 
  and acquisition transaction 
  capability with a strong 
  operational angle. It 
  aims to improve the operating 
  performance of its portfolio 
  companies, many of which 
  are mature or have encountered 
  growth problems. It typically 
  sells its investments 
  to strategic buyers once 
  the businesses have regained 
  a sound footing. This 
  fund has reached the end 
  of its investment period. 
 HIG Bayside Debt & LBO 
  Fund II L.P.                              Distressed             US   US$3.0 billion      2008            5.7% 
 HIG Capital is a global 
  private equity firm with 
  a number of distinct businesses, 
  including Bayside Capital 
  which invests across several 
  segments of the primary 
  and secondary debt capital 
  markets. Bayside focuses 
  upon three types of transactions: 
  1) Debt-for-control investments 
  in companies' debt obligations 
  with the intention to 
  take control; 2) Leveraged 
  buy-outs of underperforming, 
  stressed or distressed 
  companies; and 3) Non-control 
  distressed debt opportunistic 
  investments. The fund's 
  investment period finished 
  in May 2014 and we now 
  expect it to move to divestment 
  mode. 
 Latour Capital II                              Buyout         France   EUR300 million      2015               - 
                                              & Growth 
 Latour Capital is a Paris-based 
  private equity firm operating 
  in the small/lower mid-market 
  in France and neighbouring 
  French-speaking countries. 
  It has a strong focus 
  on business services and 
  companies that are either 
  undermanaged or have a 
  specific competitive advantage. 
  Investments are typically 
  in the Enterprise Value 
  range of EUR30m-EUR200m. 
  This fund is currently 
  in its investment period 
  and has made its first 
  investment. 
 Lion Capital Fund III                                         Europe 
  L.P.                                          Buyout           & US   EUR1.5 billion      2010            6.6% 
 Lion Capital is a buyout 
  manager focused on the 
  consumer sector, with 
  a historical bias to Europe 
  although it has also invested 
  in the US. We committed 
  to Lion in order to provide 
  greater exposure to an 
  eventual European consumer 
  recovery, and at a time 
  of competitive European 
  transaction valuations. 
  The fund has invested 
  at a good pace, and whilst 
  the fund is still in its 
  investment period it has 
  already been able to refinance 
  and exit some of its underlying 
  businesses. 
 Longreach Capital Partners                                    Japan, 
  Ireland 1, L.P.                               Buyout     North Asia   US$750 million      2006            2.0% 
 Longreach is based in 
  Hong Kong and invests 
  in Northern Asia with 
  a particular focus on 
  Japan. Its core strategy 
  is to buy non-core businesses 
  from Japanese conglomerates 
  before selling them subsequently 
  as operationally improved 
  businesses. It also looks 
  at investment opportunities 
  elsewhere in the region 
  and not necessarily with 
  Japan connections. The 
  fund is now past its investment 
  period, in an approved 
  formal extension period 
  and is actively seeking 
  to divest its remaining 
  holdings. 
 Longreach Capital Partners                                    Japan, 
  2, L.P.                                       Buyout     North Asia   US$220 million      2012            3.0% 
 Longreach is based in 
  Hong Kong and invests 
  in Northern Asia with 
  a particular focus on 
  Japan. Its core strategy 
  is to buy non-core businesses 
  from Japanese conglomerates 
  before selling them subsequently 
  as operationally improved 
  businesses. It also looks 
  at investment opportunities 
  elsewhere in the region 
  and not necessarily with 
  Japan connections. The 
  fund is currently in its 
  investment period. 
 MatlinPatterson Global 
  Opportunities Partners 
  III L.P.                                  Distressed         Global   US$5.0 billion      2007            3.0% 
 MatlinPatterson is a "distressed 
  for control" manager investing 
  on a global basis. The 
  fund invested in companies 
  in distressed situations 
  with the aim of controlling 
  the financial and operational 
  restructuring of the company, 
  and also took minority 
  positions in stressed 
  and distressed situations. 
  The fund has completed 
  its investment period 
  although it is still calling 
  capital for follow on 
  investments. 
 MML Capital Partners Fund                                     Europe 
  VI L.P.                                       Buyout           & US   EUR382 million      2014            1.6% 
 MML Capital operates in 
  an attractive niche within 
  the lower mid-market in 
  the UK, US and France. 
  It has a flexible approach, 
  partnering with management 
  teams often on a minority 
  basis. It uses creative 
  structuring using junior 
  debt instruments providing 
  downside protection whilst 
  ensuring potential for 
  strong equity upside through 
  significant equity stakes. 
  The fund is currently 
  in its investment period 
  has completed its first 
  investments. 
 Montagu V L.P.                                 Buyout         Europe          EUR2.75      2015               - 
                                              & Growth                         billion 
 Montagu is a prominent 
  European manager focusing 
  on growth and buyout deals 
  in the UK, France, Benelux, 
  DACH, Nordics and Poland. 
  Its stock-picking strategy 
  is backing mid-size market 
  leading businesses, often 
  in more defensive sectors. 
  It has a proven, long-term 
  origination model based 
  on relationships which 
  frequently makes them 
  management's preferred 
  bidder. The fund is currently 
  in its investment period 
  and has not made its first 
  investment as at 31 March 
  2016. 
 Northzone Ventures VI                         Venture                        EUR130.0 
  L.P.                                         capital        Nordics          million      2010            3.9% 
 Northzone primarily invests 
  in technology companies 
  either in the Nordic region 
  or with strong Nordic 
  components that have global 
  potential. The management 
  team looks for opportunities 
  arising from major market 
  transformation. It particularly 
  concentrates on consumer 
  focused internet services, 
  new delivery platforms 
  and network infrastructure. 
  The fund is still in its 
  investment period, although 
  it will now only call 
  capital to fund follow-on 
  investments. 
 Oaktree OCM Opportunities                  Distressed                         US$10.9 
  Fund VIIb L.P.                                  debt         Global          billion      2007            0.7% 
 Oaktree is a distressed 
  debt manager and focuses 
  on acquiring debt securities 
  at discounted prices during 
  stressed and distressed 
  cycles. The manager is 
  capable of taking control 
  and driving the financial 
  and operational restructuring 
  if it does not feel that 
  it is getting the right 
  value from a transaction. 
  The fund has now completed 
  its investment period 
  and is in active divestment 
  mode. 
 Pangaea Two Parallel L.P.                      Growth         Global   US$910 million      2011            1.3% 
 The manager of this fund 
  is Cartesian Capital, 
  which was founded in 2006 
  by Peter Yu and the former 
  senior management team 
  from AIG Capital Partners. 
  The firm is a global, 
  opportunistic growth capital 
  investor, with a focus 
  on emerging markets. The 
  investment strategy is 
  based on long-term continuities, 
  driving economic change 
  via technology, politics 
  or demographics. This 
  fund is still in its investment 
  period. 
 Pine Brook Capital Partners                                                   US$1.15 
  L.P.                                          Growth         Global          billion      2007            2.6% 
 Pine Brook is a growth 
  equity manager focusing 
  on mid-to-large-cap growth 
  equity investments in 
  the Energy and Financial 
  Services sectors. The 
  fund's strategy was to 
  invest ahead of current 
  industry practices and 
  trends and to then take 
  advantage of under-served 
  markets. It is a differentiated 
  model in as much as it 
  is willing to invest in 
  start-up entities albeit 
  with established management 
  teams. The fund has now 
  completed its investment 
  period and is in active 
  divestment mode; however, 
  it will still make selective 
  follow-on equity injections 
  to underlying businesses. 
 Resolute Fund III L.P.                     Specialist             US   US$3.2 billion      2013            2.3% 
 Resolute Fund III is managed 
  by The Jordan Company, 
  a US mid-market private 
  equity business. Its investment 
  focus covers a wide array 
  of industries including 
  Industrial Products and 
  Services, Energy, Chemical, 
  Healthcare and Financial 
  Services. It aims to invest 
  in companies with an enterprise 
  value of between $100m 
  and $2bn and help drive 
  growth via operational 
  improvements. The Company 
  committed to this Fund 
  in 2014 and it is within 
  its investment period. 
                                               Venture 
 RHO Ventures VI L.P.                          capital             US   US$510 million      2008            3.8% 
 RHO Ventures takes minority 
  positions in start-up 
  entities, principally 
  in the Technology and 
  Life Sciences sectors. 
  The manager takes a top-down 
  view as to which sectors 
  have the most favourable 
  conditions and has taken 
  a pragmatic approach to 
  changing investment focus. 
  The fund has now completed 
  its investment period 
  and, although it is still 
  making follow on investments, 
  will divest where appropriate. 
 Silver Lake Partners III                       Buyout 
  L.P.                                        & Growth         Global   US$9.4 billion      2007            4.9% 
 Silver Lake is a prominent 
  large cap technology investor. 
  The firm invests globally 
  in established, cash-flow 
  generative businesses 
  which are leaders in their 
  respective industries. 
  Silver Lake acts as a 
  partner to management 
  teams, investing with 
  experienced participants 
  to take advantage of opportunities 
  in technology and technology-enabled 
  industries. The fund has 
  now completed its investment 
  period but can still call 
  for capital to fund follow 
  on investments. 
 StepStone International 
  Investors III L.P. (formerly 
  Greenpark International                                                     EUR732.3 
  Investors III L.P.)                      Secondaries         Europe          million      2006            2.2% 
 StepStone is a global 
  private markets firm which 
  took over the management 
  of this fund from Greenpark 
  Capital in 2013. Greenpark's 
  focus had been on purchasing 
  limited partnership interests 
  in private equity funds 
  on the secondary market 
  with a focus on Europe. 
  The holding in this fund 
  was originally acquired 
  by the Company to provide 
  vintage diversification 
  and some j-curve mitigation. 
  The fund has now completed 
  its investment period, 
  but continues to make 
  follow on investments 
  (as capital calls are 
  made from underlying funds). 
                                               Venture 
 Tenaya Capital V L.P.                         capital             US   US$365 million      2007            3.6% 
 The manager co-invests 
  in the mid to late stage 
  rounds of venture financing 
  of revenue positive, privately 
  held technology companies 
  alongside many of the 
  top-tier venture capital 
  firms in the US. Its aim 
  is to diversify across 
  the technology spectrum, 
  and to actively manage 
  those companies in which 
  it is invested. The fund 
  has now completed its 
  investment period. 
                                               Venture 
 Tenaya Capital VI L.P.                        capital             US   US$200 million      2012            1.9% 
 The manager co-invests 
  in the mid to late stage 
  rounds of venture financing 
  of revenue positive, privately 
  held technology companies 
  alongside many of the 
  top-tier venture capital 
  firms in the US. Its aim 
  is to diversify across 
  the technology spectrum, 
  and to actively manage 
  those companies in which 
  it is invested. This fund 
  is currently in its investment 
  period. 
                                                Buyout 
 Thoma Bravo Fund IX L.P.                     & Growth             US   US$823 million      2008            3.2% 
 Thoma Bravo is a long-established 
  US equity private equity 
  business with a focus 
  on investing in Software, 
  Services and other Consolidating 
  Industries. It does this 
  by identifying talented 
  management teams operating 
  in a niche industry segment 
  upon which additional 
  acquisitions can be added, 
  in combination with organic 
  growth. The fund has completed 
  its investment period 
  and is in divestment mode. 
 Thomas H Lee Parallel 
  Fund VI L.P.                                  Buyout             US   US$8.2 billion      2006            5.0% 
 Thomas H Lee is a long-established 
  US private equity business 
  with a focus on investing 
  in Business & Financial 
  Services; Consumer & Healthcare; 
  and Media & Information 
  services. It uses its 
  wide network to source 
  deals and deploy management 
  teams to operate the businesses. 
  Thomas H Lee only takes 
  deals where the valuations 
  are attractive and where 
  it believes it will be 
  possible to grow revenues 
  by at least high single 
  digit percentages. The 
  fund has now completed 
  its investment period 
  and whilst it still calls 
  for capital to fund follow 
  on investments, it is 
  in divestment mode. 
 Wisequity IV                                   Buyout          Italy   EUR215 million      2016            0.0% 
 Milan-based Wise is an 
  established lower mid-market 
  Italian GP. It invests 
  in Italian-headquartered 
  global market leaders 
  with scope for further 
  rapid growth both organically 
  and through acquisitions. 
  The firm looks to take 
  a hands-on approach to 
  value creation working 
  closely with management 
  teams, taking on short 
  term roles within management 
  if required. The fund 
  is at the beginning of 
  its investment period 
  and has not made its first 
  investment. 
 

TOP TEN HOLDINGS

As at 31 March 2016

 
                                                          Fair 
                                                 Book   Market         NAV 
                                                 Cost    Value   Weighting 
 Holding                     Strategy            US$m     US$m           % 
 Lion Capital Fund III 
  L.P.                       Buyout               8.7     13.7         6.6 
 Apax 8 (A8-A(feeder)) 
  L.P.                       Buyout               9.4     11.9         5.7 
 HIG Bayside Debt & LBO 
  Fund II L.P.               Distressed           9.3     11.8         5.7 
 Thomas H Lee Parallel 
  Fund VI L.P.               Buyout               5.8     10.5         5.0 
 Silver Lake Partners III 
  L.P.                       Buyout & Growth      6.2     10.3         4.9 
 Northzone Ventures VI 
  L.P.                       Venture capital      6.2      8.1         3.9 
 RHO Ventures VI L.P.        Venture capital      9.5      8.0         3.8 
 CCMP Capital Investors 
  III L.P.                   Buyout               6.7      7.9         3.8 
 Tenaya Capital V L.P.       Venture capital      7.1      7.5         3.6 
 Thoma Bravo IX Fund L.P.    Buyout & Growth      1.5      6.6         3.2 
                                                _____    _____       _____ 
 Top 10 Holdings                                 70.4     96.5        46.2 
                                                _____    _____       _____ 
 

EXTRACTS FROM THE DIRECTORS' REPORT

The Directors present their report and the audited financial statements for the year ended 31 March 2016.

Results and Dividend

Details of the Company's results are shown under Results. The Company's policy is to distribute approximately 10% of the received distributions net of recallable distributions each year subject to a minimum of at least 1p per Share per annum. For the year ended 31 March 2016 the Directors are recommending the payment of a dividend of 2.2p per Share which, subject to shareholder approval at the AGM on 13 September 2016, will be payable on 16 September 2016 to shareholders on the register on 19 August 2016. In the absence of unforeseen circumstances, the Board expects to pay at least the same level of dividend for the financial year to 31 March 2017.

Status

The Company is a Guernsey authorised closed-ended investment company listed on the London Stock Exchange. The Company was incorporated on 5 January 2007 in Guernsey, Channel Islands with registered number 46192. Trading in the Company's Shares commenced on 9 July 2007.

The Company is a member of the Association of Investment Companies ("AIC").

Individual Savings Accounts

The Company intends to manage its affairs so as to be a qualifying investment for inclusion in the stocks and shares component of an Individual Savings Account ('ISA') and it is the Directors' intention that the Company should continue to be a qualifying investment.

The Company currently conducts its affairs so that its securities can be recommended by financial advisers to ordinary retail investors in accordance with the Financial Conduct Authority's rules in relation to non-mainstream investment products and intends to continue to do so for the foreseeable future. The Company's securities are excluded from the Financial Conduct Authority's restrictions which apply to non-mainstream pooled investments (NMPIs) because the Company would qualify as an investment trust if it were incorporated in the UK.

Share Capital

As at 31 March 2016 there were 109,131,199 Shares in issue. During the year no Shares were issued or purchased in the market for cancellation.

Voting Rights

Each Share holds one voting right and shareholders are entitled to vote on all resolutions which are proposed at general meetings of the Company. The Shares carry a right to receive dividends. On a winding up or other return of capital, after meeting the liabilities of the Company, the surplus assets will be paid to shareholders in proportion to their shareholdings. There are no restrictions on the transfer of Shares in the Company other than certain restrictions which may be applied from time to time by law.

Management Agreement

In the period up to 29 October 2015 the Company was managed by ASVG. On 30 October 2015 the management agreement for the Company was novated to AAML.

Throughout the year under review the Manager has been paid by the Company a monthly fee equal to:

- one twelfth of 1.5% of the NAV of the Company before deduction of any performance fee but after deducting liabilities (excluding from such liabilities the amount of any long-term structured bank debt approved by the Board) and deducting cash at bank, short-term deposits and the value of holdings in money market funds; plus

- one twelfth of 0.75% of the value of all cash at bank, short-term deposits and holdings in money market funds (together the "Fee")

The Fee is calculated and accrued as at the last business day of each month and is paid monthly in arrears.

There is also a performance fee element to the management agreement. Applicable for the year ended 31 March 2016, the performance fee element of the management fee has been amended and now incorporates a three year 8% per annum compound return hurdle rate. In order to earn a performance fee all of the following criteria must be met in a performance fee year:

   -    The NAV must have risen by more than 8% in the performance fee year 
   -    The NAV must exceed the high watermark (at which a fee was last paid) 

- The NAV must have risen by more than 8% per annum compound over the previous three performance fee years

The performance fee itself is now calculated at 10% of the NAV gain above the hurdle rate in the latest performance fee year, rather than at 10% of the entire NAV gain. Furthermore the total fees payable to the Manager in any performance period are now capped at 3% (previously 4.99%). The NAV high watermark in relation to any future performance fee is 127.41p per Share.

The Directors review the terms of the Agreement on a regular basis and have confirmed that, owing to the investment skills, experience and commitment of the Manager, in their opinion the continuing appointment of AAML, on the terms agreed, is in the interests of shareholders as a whole.

The Agreement will continue in force until the Company is wound-up unless and until terminated earlier by either party giving to the other not less than 12 months' written notice. In certain circumstances the Agreement may be terminated forthwith by notice in writing by a party to the other party, including where key persons depart from the Manager or the Manager is no longer authorised to carry on investment business in the United Kingdom.

The Agreement contains indemnities from the Company in favour of the Manager and its associates which are restricted to exclude matters arising by reason of the negligence, wilful default, fraud or breach of the Agreement of or by the Manager or any of its associates. Furthermore, neither the Manager nor any of its associates will be liable to the Company for any loss suffered by the Company in connection with the Agreement, unless the Company has suffered such loss due to the negligence, wilful default, fraud or breach of the Agreement of or by the Manager or any of its associates.

Risk Management

Details of the financial risk management policies and objectives relative to the use of financial instruments by the Company are set out in note 20 to the financial statements.

Substantial Interests

The Board has been advised that the following shareholders owned 3% or more of the issued Share capital of the Company at 31 March 2016:

 
 Shareholder                                   Number of Shares held   % held 
 ReAssure Limited                                         28,470,818     26.1 
 Hampshire County Council Pension Fund                    21,500,000     19.7 
 Merseyside Pension Fund                                  18,695,076     17.1 
 Clients of Aberdeen Asset Managers Limited                5,972,674      5.5 
 Old Mutual Global Investors                               4,705,978      4.3 
 

Subsequent to the year-end the Company has been advised that clients of Aberdeen Asset Managers are now interested in 5,384,221 Shares representing 4.9% of the issued class of capital.

Corporate Governance

The Company is committed to high standards of corporate governance. The Board is accountable to the Company's shareholders for good governance and this statement describes how the Company applies the principles identified in the UK Corporate Governance Code ("UK Code") which is available on the Financial Reporting Council's website: frc.org.uk.

The Board has also considered the principles and recommendations of the AIC Code of Corporate Governance for Guernsey Domiciled Investment Companies which was published in February 2015 ("AIC Guernsey Code") by reference to the AIC Corporate Governance Guide for Investment Companies ("AIC Guide"). The AIC Guernsey Code, as explained by the AIC Guide, addresses all the principles set out in the UK Code, as well as setting out additional principles and recommendations on issues that are of specific relevance to the Company. The AIC Guernsey Code also explains that Guernsey-domiciled investment companies which report against the AIC Guernsey Code are not required to report separately against the Guernsey Financial Services Commission ("GFSC") Finance Sector Code of Corporate Governance ("Guernsey Code"). In addition, the GFSC required the submission of an assurance statement from companies by no later than 31 July 2012 to confirm that the Directors have considered the effectiveness of their corporate governance practices and are satisfied with their degree of compliance with the principles of the Guernsey Code, or alternative codes accepted by the GFSC. The Board confirms that it has considered and approved the Company's assurance statement which was submitted to the GFSC on 15 June 2012.

The Board considers that reporting against the principles and recommendations of the AIC Guernsey Code, and by reference to the AIC Guide (which incorporates the UK Code), will provide better information to shareholders.

The Company has complied with the recommendations of the AIC Guernsey Code and the relevant provisions of the UK Corporate Governance Code, except as set out below.

The UK Corporate Governance Code includes provisions relating to:

   -     the role of the chief executive; 
   -     the appointment of a senior independent director; 
   -     executive directors' remuneration; and, 
   -     and the need for an internal audit function. 

For the reasons set out in the AIC Code, and as explained in the UK Code, the Board considers that these provisions are not relevant to the position of the Company, being an externally-managed investment company. In particular, all of the Company's day-to-day management and administrative functions are outsourced to third parties. As a result, the Company has no executive Directors, employees or internal operations. The Company has therefore not reported further in respect of these provisions. The full text of the Company's Corporate Governance Statement can be found on the Company's website, aberdeenprivateequity.co.uk.

Directors

The current Directors are Messrs H Myles, D Copperwaite, P Hebson and D Staples. Messrs Myles and Hebson will retire by rotation at the Annual General Meeting and, being eligible, will offer themselves for re-election.

The Directors submit themselves for re-election every three years. All Directors are considered to be free from any business or other relationship that could materially interfere with the exercise of their independent judgement. Mr Staples was, until 2003, a partner of PwC LLP in the UK ("PwC"). The Board notes that PwC is a separate partnership to PwC CI LLP which acts as auditors to the Company and Mr Staples has no financial or other interest in PwC CI LLP. In view of this the Directors are completely satisfied that Mr Staples is independent notwithstanding the fact that he is a former partner of PwC. Mr Staples is also a non executive director of the General Partner of Apax 8 (A8-A (feeder)) LP in which the Company has an investment. In accordance with the Company's policy on the management of possible conflicts of interest, Mr Staples did not take any part in the Board's consideration of the decision to invest in Apax 8 and Mr Staples does not participate in any specific Board discussions relating to the on-going investment in Apax 8.

Each Director has the requisite high level and range of business and financial experience which enables the Board to provide clear and effective leadership and proper stewardship of the Company. The Board considers that there is a balance of skills and experience within the Board relevant to the leadership and direction of the Company and that all Directors contribute effectively.

The Board is committed to improving the opportunities for people from a diverse range of backgrounds to understand and prepare for membership of corporate boards. During the period under review an apprentice was appointed from Board Apprentice Limited, which is a not-for-profit organisation dedicated to creating a wider pool of board-ready candidates. For a period of one year, the Board appointed Katie Hutchins as a Board apprentice, and in that capacity, she attended all Board and Committee meetings as an observer for educational purposes. Ms Hutchins received no expenses or remuneration from the Company and her twelve month term of appointment came to an end on 1 May 2016.

The Board meets quarterly, with ad hoc meetings in between to deal with issues as they arise. Mr Hebson is a UK resident. In order to be eligible to attend a Board meeting a UK resident Director must be situated outside the UK at the time of the meeting. The Directors attended the following meetings during the year ended 31 March 2016 (with their eligibility to attend the relevant meetings in brackets):

 
                  Scheduled Board   Other Board   Audit    AGM    Other Com 
 H Myles          4 (4)             4 (3)         3 (3)   1 (1)   3 (3) 
 D Staples        4 (4)             4 (4)         3 (3)   1 (1)   3 (3) 
 D Copperwaite    4 (4)             4 (4)         3 (3)   1 (1)   3 (3) 
 P Hebson         4 (4)             3 (0)         3 (3)   1 (1)   3 (3) 
 

The Board has a schedule of matters reserved to it for decision and the requirement for Board approval on these matters is communicated directly to the senior staff of the Manager. Such matters include strategy, gearing, treasury and dividend policy. Full and timely information is provided to the Board to enable the Directors to function effectively and to discharge their responsibilities. The Board also reviews the financial statements, performance and revenue budgets.

Board Committees

The Directors have appointed a number of Committees as set out below. Copies of their terms of reference, which clearly define the responsibilities and duties of each Committee, are available on the website. The terms of reference of each of the Committees are reviewed and re-assessed by the Board for their adequacy on an ongoing basis.

Audit Committee

The Audit Committee Report is in the Annual Report.

Management Engagement Committee

The Management Engagement Committee comprises all of the Directors and is chaired by Mr Copperwaite. The Committee reviews the performance of the Manager and the investment management and secretarial agreements and compliance with their terms. The Committee also reviews the engagement terms of all other material third party service providers. The terms and conditions of the Manager's appointment, including an evaluation of fees, are reviewed by the Committee on an annual basis. The Committee believes that the continuing appointment of the Manager on the terms agreed is in the interests of shareholders as a whole.

Nomination Committee

All appointments to the Board of Directors are considered by the Nomination Committee which comprises the entire Board and is chaired by Mr Myles. Possible new Directors are identified against the requirements of the Company's business and the need to have a balanced Board. Every Director is entitled to receive appropriate training as deemed necessary. A Director appointed during the year is required, under the provisions of the Company's Articles of Incorporation, to retire and seek election by shareholders at the next Annual General Meeting. The Articles of Incorporation require that one third of the Directors retire by rotation at each Annual General Meeting. The Board's policy is that Directors who have served more than nine years will submit themselves for annual re-election on a voluntary basis. The Board's overriding priority in appointing new Directors to the Board is to identify the candidate with the best range of skills and experience to complement existing Directors. The Board recognises the benefits of diversity in the composition of the Board. When Board positions become available as a result of retirement or resignation, the Company will ensure that a diverse group of candidates is considered.

The Company has put in place the necessary procedures to conduct, on an annual basis, an appraisal of the Chairman of the Board, Directors' individual self-evaluation and an evaluation of the Board as a whole. Following formal performance evaluations, the performance of each Director, including those seeking re-election continues to be effective and demonstrates commitment to the role. Accordingly, the Board has no hesitation in recommending the re-election of Mr Myles and Mr Hebson at the forthcoming AGM.

Remuneration Committee

A Remuneration Committee has been established comprising the entire Board and which is chaired by Mr Hebson. The remuneration of the Directors has been set in order to attract and retain individuals of a calibre appropriate to the future development of the Company. The Company's policy on Directors' remuneration, together with details of the remuneration of each Director, is detailed in the Directors' Remuneration Report.

Management of Conflicts of Interests

The Board has a procedure in place to deal with a situation where a Director has a conflict of interest. As part of this process, the Directors are required to disclose other positions held and all other conflict situations that may need to be authorised either in relation to the Director concerned or his or her connected persons. The Board considers each Director's situation and decides whether to approve any conflict, taking into consideration what is in the best interests of the Company and whether the Director's ability to act in accordance with his or her wider duties is affected. Each Director is required to notify the Company Secretary of any potential or actual conflict situations that will need authorising by the Board. Authorisations given by the Board are reviewed at each Board meeting.

The Company has a policy of conducting its business in an honest and ethical manner. The Company takes a zero tolerance approach to bribery and corruption and has procedures in place that are proportionate to the Company's circumstances to prevent them. The Aberdeen Group also adopts a group-wide zero tolerance approach and has its own detailed policy and procedures in place to prevent bribery and corruption. Copies of the Aberdeen Group's anti-bribery and corruption policies are available on its website aberdeen-asset.com.

Internal Control

The Board is ultimately responsible for the Company's system of internal control and risk management and for reviewing its effectiveness. The Board confirms that as at 31 March 2016 there was an ongoing process for identifying, evaluating and managing the Company's significant business and operational risks, that it was in place for the year ended 31 March 2016 and up to the date of approval of the Annual Report, that it is regularly reviewed by the Board and accords with the internal control guidance for directors in the UK Code.

The design, implementation and maintenance of controls and procedures to safeguard the assets of the Company and to manage its affairs properly extends to operational and compliance controls and risk management. The Directors have delegated the investment management of the Company's assets to the Manager within overall guidelines, and this embraces implementation of the system of internal control, including financial, operational and compliance controls and risk management. Internal control systems are monitored and supported by the Manager's internal audit function which undertakes periodic examination of business processes, including compliance with the terms of the management agreement, and ensures that recommendations to improve controls are implemented.

Risks are identified and documented through a risk management framework by each function within the Manager's activities. Risk is considered in the context of the FRC and the UK Code guidance, and includes financial, regulatory, market, operational and reputational risk. This helps the Manager's internal audit risk assessment model identify those functions for review. Any weaknesses identified are reported to the Board, and timetables are agreed for implementing improvements to systems. The implementation of any remedial action required is monitored and feedback provided to the Board. The principal risks and uncertainties facing the Company are identified in the Strategic Report.

The key components designed to provide effective internal control are outlined as follows:

- the Board and Manager have agreed clearly defined investment criteria, specified levels of authority and exposure limits. Reports on these issues, including performance statistics and investment valuations, are regularly submitted to the Board;

- the Manager prepares forecasts and management accounts which allow the Board to assess the Company's activities and review its performance;

- internal controls reports (ISAE3402 and AAF 01/06) are reviewed from all key service providers;

- as a matter of course, the Manager's compliance department continually reviews the Manager's operations; and

- written agreements are in place which specifically define the roles and responsibilities of the Manager and other third party service providers.

The Board has considered the need for an internal audit function but, because of the compliance and internal control systems in place at the Manager, has decided to place reliance on the Manager's systems and internal audit procedures. At its meeting in June 2016, the Audit Committee carried out an annual assessment of internal controls for the year ended 31 March 2016 by considering documentation from the Manager, including the internal audit and compliance functions and taking account of events since 31 March 2016. The results of the assessment were then reported to the Board at the next Board meeting.

The system of internal control and risk management is designed to meet the Company's particular needs and the risks to which it is exposed. Accordingly, the system of internal control and risk is designed to manage rather than eliminate the risk of failure to achieve business objectives and by their nature can only provide reasonable and not absolute assurance against misstatement and loss.

Relations with Shareholders

The Directors place a great deal of importance on communication with shareholders. The Manager and the Company's stockbroker aim to meet larger shareholders at least annually. The Annual Report and financial statements are widely distributed to other parties who have an interest in the Company's performance. Shareholders and investors may obtain up to date information on the Company through the Manager's freephone information service and the Company's website (aberdeenprivateequity.co.uk).

The Notice of AGM included within the Annual Report and financial statements is sent out at least 20 working days in advance of the meeting. All shareholders have the opportunity to put questions to the Board or Manager, either formally at the Company's Annual General Meeting, informally following the meeting or in writing at any time during the year via the Company Secretary. The Company Secretary is available to answer general shareholder queries at any time throughout the year.

The Board recognises and supports the Manager's investor relations programme which includes active engagement with substantial shareholders. The Directors make themselves available to meet substantial shareholders on an ad hoc basis. The Board receives regular detailed reports and updates on investor relations from the Manager.

Socially Responsible Investment Policy

The Board is aware of its duty to act in the interests of the Company and its shareholders. The Board acknowledges that there are risks associated with investments into privately held companies, via Limited Partnerships ("LPs"), or direct investment, which fail to conduct business in a responsible manner. The Directors, through the Company's Manager, therefore encourage PE General Partners ("GPs") to adhere to best practice across the spectrum of Environmental, Social and Corporate Governance ("ESG") issues.

The Manager considers a range of material social, environmental and governance factors in the evaluation of investments into PE funds and direct investments. Specifically, the investment team considers these factors in line with the Principles for Responsible Investment ("PRI"). Aberdeen Asset Management signed the United Nations Principles for Responsible Investment in 2007. The guide is now known simply as PRI, which has been specifically designed for PE. These are used within the diligence process for new fund investments and in the on-going monitoring of these commitments. The Manager requests specific information on the process that a GP uses in its own due diligence to assess the Company's potential exposure to environmental, social, human capital and governance risks, as well as financial factors. This helps to ensure a holistic approach is taken to risk assessment and that these issues are fully considered within that GP's investment approval process. Where a particular GP lacks transparency on ESG issues, this will be taken into account when making an investment recommendation.

Prior to making a commitment, the investment team also undertake due diligence on how the General Partner approaches the reporting of ESG issues to investors and other stakeholders, to ensure that LPs will receive adequate disclosure of any material risks or issues arising during a fund's life.

The Manager also requests information on how GPs address ESG issues in their portfolio companies during their period of ownership. Where material issues arise, the Manager becomes fully involved in LP decision making where appropriate, and will track the progress of these issues through to resolution.

Annual General Meeting

The Company's Annual General Meeting is convened for 10.30 a.m. on 13 September 2016 at the offices of Ipes (Guernsey) Limited, 1 Royal Plaza, Royal Avenue, St Peter Port, Guernsey, GY1 2HL.

Continuation of the Company

The Articles of Incorporation require the Company to propose a continuation vote at its Annual General Meeting in 2016 and at every third Annual General Meeting of the Company thereafter. Accordingly Resolution 7 will be proposed at the Annual General Meeting convened for 13 September 2016 as an ordinary resolution requiring a bare majority of votes cast in order for the Company to continue its business as a closed ended investment company.

Accountability and Audit

The respective responsibilities of the Directors and the auditors in connection with the financial statements are set out in the Annual Report.

Independent Auditors

Our independent auditors, PricewaterhouseCoopers CI LLP ("PwC CI LLP"), have indicated their willingness to remain in office. Resolution 6 will be proposed as an ordinary resolution at the AGM to re-appoint PwC CI LLP as independent auditors for the ensuing year, and to authorise the Directors to determine their remuneration.

Disapplication of Pre-emption Rights

Resolution 8 will be proposed as a special resolution at the AGM to provide the Directors with an annual authority to disapply pre-emption rights in respect of up to 10% of the Share capital when issuing Shares and/or selling Shares from treasury. This authority will expire at the conclusion of the AGM in 2017. Any future issues, or sales of Shares from treasury, will only be undertaken at a premium to the prevailing NAV per Share.

Purchase of the Company's Securities

As part of the discount control mechanisms, the Board may consider implementing a Share buy-back (subject to the limitations to be set out in Resolution 9 in the Notice of the Annual General Meeting of the Company and all other applicable laws and regulations) at each quarterly Board meeting should the Shares have been trading at a discount to NAV of 10% or greater for more than 90 days. The Company has the authority to manage demand flows for its Shares by purchasing up to 14.99% of the issued Share capital. Up to 10% may be held within treasury and resold. The remainder will be cancelled. Annual shareholder approval will be sought to renew this authority.

Purchases of Shares will only be made through the market for cash at prices below the prevailing NAV per Share (as last calculated) when the Directors believe that it would be in the interests of shareholders generally to do so. No Shares were repurchased in the year ended 31 March 2016.

At the Annual General Meeting to be held on 13 September 2016, Resolution 9, a special resolution, will be proposed to renew the Directors' authority to make market purchases of the Company's Shares in accordance with the provisions of the Listing Rules of the Financial Services Authority. Accordingly, the Company will seek authority to purchase up to 14.99% of the current issued Share capital. The authority being sought shall expire at the conclusion of the Annual General Meeting in 2017 unless such authority is renewed prior to such time. Any Shares purchased in this way will either be cancelled and the number of Shares will be reduced accordingly, or the Shares will be held in treasury.

Recommendation

Your Board considers each of the AGM resolutions to be in the best interests of the Company and its members as a whole. Accordingly, your Board recommends that shareholders should vote in favour of each of the resolutions to be proposed at the Annual General Meeting, as they intend to do in respect of their own beneficial shareholdings amounting to 105,658 Shares.

Going Concern

The Company's Directors have reviewed the viability and going concern status of the Company and they believe that the Company has adequate resources to continue in operational existence for the foreseeable future. In drawing this conclusion the Directors have taken account of financial modelling of future drawdowns versus the rate of realisations provided by the Manager as well as the availability of the Company's revolving credit facility. Furthermore, the Directors are recommending shareholders to vote in favour of the continuation vote and, based upon initial discussions with the larger shareholders, they believe that the resolution to continue will be passed. Notwithstanding the resolution being proposed at the forthcoming Annual General Meeting to approve the continuation of the Company, the Directors have, at the time of approving the financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. Nevertheless, the Directors are making full disclosure, as required by accounting standards, to indicate the existence of a material uncertainty (the continuation vote referred to above), which may cast significant doubt about the Company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the Company was unable to continue as a going concern.

Note 20 to the financial statements includes the Company's objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments and its exposure to credit risk and liquidity risk. The Directors have undertaken a rigorous review of the Company's ability to continue as a going concern including reviewing the level of the Company's assets and significant areas of financial risk including the level of liquidity, the estimated draw down of commitments and timing of realisations from the portfolio.

By order of the Board

David Staples

Director

Registered Office:

1 Royal Plaza, Royal Avenue

St Peter Port, Guernsey

GY1 2HL

11 July 2016

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The Directors are responsible for preparing financial statements for each financial year which give a true and fair view in accordance with applicable Guernsey law and International Financial Reporting Standards, of the state of affairs of the Company and of the profit or loss of the Company for that year. In preparing the financial statements, the Directors are required to:

   -    select suitable accounting policies and apply them consistently; 
   -    make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business; and

- assess whether the Annual Report and financial statements, taken as a whole, is 'fair, balanced and understandable'.

The Directors confirm to the best of their knowledge that:

   -    they have complied with the above requirements in preparing the financial statements; 
   -    there is no relevant audit information of which the Company's auditors are unaware. 

In accordance with Disclosure and Transparency Rule 4.1.12:

The Directors confirm to the best of their knowledge that:

- the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and

- that in the opinion of the Directors, the Annual Report and financial statements taken as a whole, is fair, balanced and understandable and it provides the information necessary to assess the Company's performance, business model and strategy; and

- the Strategic Report, including the Chairman's Statement and the Manager's Review, includes a fair review of the development and performance of the business and the position of the Company together with a description of the principal risks and uncertainties that the Company faces.

The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with The Companies (Guernsey) Law, 2008. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each Director confirms that, so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and he has taken all the steps that he ought to have taken as a Director in order to make himself aware of any relevant audit information and to establish that the Company's auditors are aware of that information. Additionally, all important events since the year end are properly disclosed in the financial statements.

The maintenance and integrity of the Company's website is the responsibility of the Directors; the work carried out by the auditors does not involve consideration of the maintenance and integrity of this website and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website. Legislation in Guernsey governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

For Aberdeen Private Equity Fund Limited

David Staples

Director

11 July 2016

STATEMENT OF COMPREHENSIVE INCOME

For the year ended 31 March 2016

 
                                                     Year ended       Year ended 
                                                  31 March 2016    31 March 2015 
                                        Notes           US$'000          US$'000 
 Gains on investments                      13            11,180           16,279 
 Income                                     4                78               52 
 Currency gains/(losses)                                     40            (505) 
 Investment management fee                  5           (2,833)          (2,685) 
 Performance fee                            5                 -          (1,568) 
 Other operating expenses                   6           (1,211)          (1,372) 
 Tax incurred on distribution 
  income                                    7             (142)             (46) 
                                                          _____            _____ 
 Profit attributable to equity 
  shareholders                                            7,112           10,155 
                                                          _____            _____ 
 Earnings per share (sterling 
  pence)                                    9              4.53             6.29 
                                                          _____            _____ 
 
 The Company does not have any income or expense that is not included 
  in profit for the year, and therefore the "Profit attributable 
  to equity shareholders" is also the "Total comprehensive income 
  for the year", as defined in IAS 1 (revised). 
 All of the profit and total comprehensive income is attributable 
  to the equity holders of the Company. 
 All items in the above statement derive from continuing operations. 
 The accompanying notes are an integral part of the financial statements. 
 

BALANCE SHEET

As at 31 March 2016

 
                                                          As at      As at 
                                                  31 March 2016   31 March 
                                                                      2015 
                                          Notes         US$'000    US$'000 
 Non-current assets 
 Financial assets held at fair value 
  through profit or loss                     10         173,104    175,125 
 
 Current assets 
 Cash and cash equivalents                               36,574     32,649 
 Tax receivable                               7               -         35 
 Trade and other receivables                 14             666         29 
                                                          _____      _____ 
                                                         37,240     32,713 
                                                          _____      _____ 
 Creditors: amounts falling due within 
  one year 
 Trade and other payables                    15         (1,050)    (2,053) 
 Net current assets                                      36,190     30,660 
                                                          _____      _____ 
 Creditors: amounts falling due after 
  more than one year 
 Trade and other payables                    15           (159)          - 
                                                          _____      _____ 
 Net assets                                             209,135    205,785 
                                                          _____      _____ 
 Share capital and reserves 
 Share capital                               16               -          - 
 Share premium                               16         229,199    229,199 
 Revenue reserves                            17        (20,064)   (23,414) 
                                                          _____      _____ 
 Equity shareholders' funds                             209,135    205,785 
                                                          _____      _____ 
 Net asset value per share (sterling 
  pence)                                     18          133.33     127.41 
                                                          _____      _____ 
 

STATEMENT OF CHANGES IN EQUITY

 
 For the year ended 31 March 2016 
                                               Share capital    Revenue 
                                                           & 
                                               Share premium   reserves     Total 
                                                     US$'000    US$'000   US$'000 
 Balance at 31 March 2015                            229,199   (23,414)   205,785 
 Dividend paid                                             -    (3,762)   (3,762) 
 Profit attributable to equity shareholders                -      7,112     7,112 
                                                       _____      _____     _____ 
 Balance at 31 March 2016                            229,199   (20,064)   209,135 
                                                       _____      _____     _____ 
 For the year ended 31 March 2015 
                                               Share capital    Revenue 
                                                           & 
                                               Share premium   reserves     Total 
                                                     US$'000    US$'000   US$'000 
 Balance at 31 March 2014                            229,199   (30,025)   199,174 
 Dividend paid                                             -    (3,544)   (3,544) 
 Profit attributable to equity shareholders                -     10,155    10,155 
                                                       _____      _____     _____ 
 Balance at 31 March 2015                            229,199   (23,414)   205,785 
                                                       _____      _____     _____ 
 
 The accompanying notes are an integral part of the financial statements. 
 

STATEMENT OF CASH FLOWS

 
                                                   Year ended      Year ended 
                                                31 March 2016   31 March 2015 
                                                      US$'000         US$'000 
 Cash flows from operating activities 
 Profit for the year                                    7,112          10,155 
 Net interest income from cash and cash 
  equivalents                                            (78)            (52) 
 Gains on investments                                (11,180)        (16,279) 
 Tax incurred on investment distributions                  93              60 
 Distribution income from investments                   2,497           4,932 
 Realised gains on investee distributions              28,125          13,415 
 Tax incurred on investment distributions                (93)            (60) 
 Realised currency losses on investment 
  distributions                                       (2,925)           (504) 
 Capital calls in relation to investee 
  expenses                                            (3,260)         (3,069) 
 Purchases of investments including calls            (26,402)        (31,520) 
 Sales of investments and returns of capital           15,166          21,409 
 (Decrease)/increase in trade and other 
  payables                                              (844)           1,607 
 Decrease in trade and other receivables                (602)              78 
                                                        _____           _____ 
 Net cash outflow from operating activities             7,609             172 
 
 Cash flows from investing activities 
 Net interest income from cash and cash 
  equivalents                                              78              52 
                                                        _____           _____ 
 Net cash inflow from investing activities                 78              52 
 
 Cash flows from financing activities 
 Equity dividends paid                                (3,762)         (3,544) 
                                                        _____           _____ 
 Net cash outflow from financing activities           (3,762)         (3,544) 
                                                        _____           _____ 
 Net change in cash and cash equivalents 
  for the year                                          3,925         (3,320) 
                                                        _____           _____ 
 Cash and cash equivalents at beginning 
  of the year                                          32,649          35,969 
                                                        _____           _____ 
 Cash and cash equivalents at the end 
  of the year                                          36,574          32,649 
                                                        _____           _____ 
 

NOTES TO THE FINANCIAL STATEMENTS:

For the year ended 31 March 2015

 
 1.   General information 
      Aberdeen Private Equity Fund Limited (the "Company") was incorporated 
       with limited liability and registered in Guernsey on 5 January 
       2007. The Company's shares were listed on 9 July 2007 whereupon 
       the Company became a closed-ended investment company, domiciled 
       in Guernsey. The Company is authorised by the Guernsey Financial 
       Services Commission. 
 
 
 2.   Accounting policies 
      The following accounting policies have been applied consistently 
       in dealing with items which are considered material in relation 
       to the Company's financial statements; 
 
      (a)   Basis of preparation 
            The financial statements are prepared on a going concern 
             basis under the historical cost convention, as modified by 
             the revaluation of financial assets and financial liabilities 
             at fair value through profit or loss. 
 
            Notwithstanding the resolution being proposed at the forthcoming 
             Annual General Meeting to approve the continuation of the 
             Company, the Directors had, at the time of approving the 
             financial statements, a reasonable expectation that the Company 
             had adequate resources to continue in operational existence 
             for the foreseeable future. Thus they have continued to adopt 
             the going concern basis of accounting in preparing the financial 
             statements. Further detail is included in the Directors' 
             Report. 
 
            The financial statements are prepared in accordance with 
             International Financial Reporting Standards ("IFRS") issued 
             by the International Accounting Standards Board ("IASB"), 
             and interpretations issued by the International Financial 
             Reporting Interpretations Committee ("IFRIC"). 
 
            The preparation of financial statements in conformity with 
             IFRS requires the use of certain critical accounting estimates 
             which requires management to exercise its judgement in the 
             process of applying the accounting policies. Actual results 
             may differ from these estimates. It is in the area of valuation 
             of investments where management are required to exercise 
             judgement in the adoption of critical estimates and judgements 
             which can impact the carrying values of investments. 
 
            At the date of authorisation of these financial statements, 
             the following Standards and Interpretations were in issue 
             but not yet effective; 
            IFRS 7 (amendments) - Financial Instruments: Disclosure (effective 
             1 January 2016) 
            IFRS 9 - Financial Instruments (revised, early adoption permitted) 
             (effective for annual periods beginning on or after 1 January 
             2018). 
            IFRS 10 and IAS 28 - Sale or Contribution of Assets between 
             an Investor and its Associate or Joint Venture (date to be 
             determined) 
            IFRS 15 - Revenue from Contracts with Customers (effective 
             1 January 2018) 
            IFRS 16 - Leases (effective 1 January 2018) 
            IAS 1 - Disclosure Initiative (effective 1 January 2016) 
            IAS 7 - Additional disclosure of changes in liabilities arising 
             from financial activities (effective 1 January 2017). 
            IAS 16 and IAS 38 - Clarification of Acceptable Methods of 
             Depreciation and Amortisation (effective 1 January 2016) 
            IAS 27 - Equity Method in Separate Financial Statements (effective 
             1 January 2016) 
 
            The Directors do not anticipate that the adoption of these 
             Standards and Interpretations in future periods will materially 
             impact the Company's financial results in the period of initial 
             application although there will be revised presentations 
             to the Financial Statements and additional disclosures. The 
             Company intends to adopt the Standards in the reporting period 
             when they become effective. 
 
      (b)   Financial assets 
            i)     Classification 
                   A financial asset or financial liability at fair value 
                    through profit or loss is a financial asset or liability 
                    that is classified as held-for-trading or designated at 
                    fair value through profit or loss on inception. 
 
                   Financial assets that are not held at fair value through 
                    profit or loss include certain balances due from brokers 
                    and accounts receivable. Financial liabilities that are 
                    not at fair value through profit or loss include certain 
                    balances due to brokers and accounts payable. 
 
            ii)    Recognition 
                   The Company recognises financial assets and financial 
                    liabilities on the date it becomes party to the contractual 
                    provisions of the investment. Purchases and sales of financial 
                    assets and financial liabilities are recognised using 
                    trade date accounting. From trade date, any gains and 
                    losses arising from changes in fair value of the financial 
                    assets or financial liabilities are recorded in the Statement 
                    of Comprehensive Income. 
 
            iii)   Fair value measurement principles 
                   Financial assets and liabilities are initially recorded 
                    at their transaction price and then measured at fair value 
                    subsequent to initial recognition. Gains and losses arising 
                    from changes in the fair value of the 'financial assets 
                    or financial liabilities at fair value through profit 
                    or loss' category are presented in the Statement of Comprehensive 
                    Income for the period in which they arise. 
 
                   Financial assets classified as receivables are carried 
                    at amortised cost less any impairment losses. Financial 
                    liabilities, other than those at fair value through profit 
                    or loss, are measured at amortised cost using the effective 
                    interest rate method. 
 
                   IFRS 13 'Fair Value Measurement' aims to improve consistency 
                    and reduce complexity by providing a precise definition 
                    of fair value and a single source of fair value measurement 
                    and disclosure requirements for use across IFRSs. The 
                    requirements do not extend the use of fair value accounting 
                    but provide guidance on how it should be applied where 
                    its use is already required or permitted by other standards 
                    within IFRS. 
 
            iv)    Investees 
                   The Company's investments in investees (that is, limited 
                    partnerships, co-investments and companies in the investment 
                    portfolio) are subject to the terms and conditions of 
                    the respective investee's offering documentation. The 
                    investments in the investees are valued based on the reported 
                    Net Asset Value ("NAV") of such assets as determined by 
                    the administrator or General Partner of the investee and 
                    adjusted by the Directors in consultation with the Manager 
                    to take account of concerns such as liquidity so as to 
                    ensure that investments held at fair value through profit 
                    or loss are carried at fair value. The reported NAV is 
                    net of applicable fees and expenses including carried 
                    interest amounts of the investees and the underlying investments 
                    held by each investee are accounted for, as defined in 
                    the respective investee's offering documentation. While 
                    the underlying fund managers may utilise various model-based 
                    approaches to value their investment portfolios, on which 
                    the Company's valuations are based, no such models are 
                    used directly in the preparation of fair values of the 
                    investments. The NAV of investees reported by the administrators 
                    may subsequently be adjusted when such results are subject 
                    to audit and audit adjustments may be material to the 
                    Company. 
 
            v)     Cash and cash equivalents 
                   Cash and cash equivalents consist principally of cash 
                    on hand, demand deposits and short-term, highly liquid 
                    investments with original maturities of three months or 
                    less. 
 
            vi)    Listed securities 
                   Listed investments are designated upon initial recognition 
                    as at fair value through profit or loss. Investments are 
                    recognised on the trade date at cost. Listed investments 
                    are derecognised when the right to receive cash flows 
                    from the investments has expired or the Company has transferred 
                    substantially all risks and rewards of ownership. Subsequent 
                    to initial recognition, investments are valued at fair 
                    value which for listed investments is deemed to be last 
                    trade market prices. If an asset or a liability measured 
                    at fair value has a bid price and an ask price, the standard 
                    requires valuation to be based on a price within the bid-ask 
                    spread that is most representative of fair value and allows 
                    the use of mid-market pricing or other pricing conventions 
                    that are used by market participants as a practical expedient 
                    for fair value measurement within a bid-ask spread. On 
                    adoption of the standard, the Company elected to use last 
                    traded price for valuing listed assets, where this falls 
                    between the bid-ask spread. Gains and losses arising from 
                    changes in fair value are presented in the Statement of 
                    Comprehensive Income for the period in which they arise. 
 
      (c)   Interest income and dividend/distribution income 
            Interest income on cash and cash equivalents is accrued using 
             the effective interest method. Dividend income and income 
             from investees is recognised in gains on investments when 
             the right to receive payment is established. Dividend income 
             and income from investees is recognised gross of tax deducted 
             at source, which is recognised as an operating expense. 
 
      (d)   Realised and unrealised gains and losses 
            Realised gains and losses arising on the disposal of investments 
             are calculated by reference to the proceeds received on disposal 
             and the average cost attributable to those investments, and 
             are recognised in the Statement of Comprehensive Income. 
             Unrealised gains and losses on investments held at fair value 
             through profit or loss are also recognised in the Statement 
             of Comprehensive Income. 
 
      (e)   Foreign currency 
            i)     Functional and presentation currency 
                   The investments which the Company makes are primarily 
                    denominated in US Dollars. The Board of Directors considers 
                    US Dollars as the currency that most faithfully represents 
                    the economic effects of the underlying transactions, events 
                    and conditions. The financial statements are presented 
                    in US Dollars, which is the Company's functional and presentation 
                    currency. 
 
            ii)    Transactions and balances 
                   Foreign currency transactions are translated into the 
                    functional and presentation currency using the exchange 
                    rates prevailing at the dates of the transactions. Foreign 
                    exchange gains and losses resulting from the settlement 
                    of such transactions and from the translation at year-end 
                    exchange rates of monetary assets and liabilities denominated 
                    in foreign currencies other than US Dollars are recognised 
                    in the Statement of Comprehensive Income. 
 
      (f)   Expenses 
            All expenses recognised in the Statement of Comprehensive 
             Income are on an accruals basis. 
 
      (g)   Share issue expenses 
            Expenses which are directly incurred only on the issue of 
             shares are written off against the share premium account. 
 
      (h)   Statement of Cash Flows 
            For the purpose of the Statement of Cash Flows, the Company 
             considers balances due to and from banks as cash and cash 
             equivalents. 
 
      (i)   Dividends payable 
            Dividends which are proposed as final dividends for shareholder 
             approval are recognised upon shareholder approval being granted. 
             Interim dividends which are declared by the Board and do 
             not require shareholder approval are recognised upon their 
             declaration. 
 
      (j)   Distributions in-specie 
            Distributions in-specie have been designated upon initial 
             recognition as at fair value through profit or loss. Thereafter 
             the assets are valued at fair value and in line with the 
             relevant accounting policy. 
 
      (k)   Other receivables and payables 
            Other receivables do not carry any interest and are short-term 
             in nature, and are, accordingly, stated at their amortised 
             cost. Other payables are non-interest bearing and are stated 
             at their amortised cost. 
 
 
 3.   Segmental information 
      The Company engaged in a single segment of business during the 
       year: investment in the Private Equity Funds (including direct 
       and co-investments) portfolio. A reconciliation of movements 
       in value during the year can be found in notes 10 and 13 where 
       additional analysis has been provided for the benefit of shareholders. 
       Whilst the Company details holdings of investments in Private 
       Equity Funds (including direct and co-investments) and Quoted 
       Equities, these are considered a single business segment and 
       are not monitored or reported on separately to management. The 
       holdings in Quoted Equities were acquired as part of an in-specie 
       distribution from one of the underlying Private Equity investments 
       and were not deemed to be a separate activity or investment 
       strategy of the Company prior to the disposal of the final remaining 
       holding during the previous financial year. The Company did 
       not have any holdings in Quoted Equities during the current 
       year. 
 
      The Company is domiciled in Guernsey. All of the Company's income 
       from investments is from underlying investments that are incorporated 
       in countries other than Guernsey. 
 
      The Company has a diversified portfolio of investments and in 
       accordance with the Company's investment policy no single investment 
       may account for more than 20% of the Company's net assets at 
       the date of investment. 
 
 
                                                    2016      2015 
 4.    Income                                    US$'000   US$'000 
  Net interest income from cash and cash 
   equivalents                                        78        52 
                                                   _____     _____ 
 
 
                                                               2016           2015 
 5.    Management fees                                      US$'000        US$'000 
  Investment management fee                                   2,833          2,685 
                                                              _____          _____ 
 
       During the year ASVG provided management services to the Company 
        until 30 October 2015. Following an acquisition by AAM PLC of 
        the remaining shares in ASVG, the Company was managed by AFML 
        with effect from 30 October 2015. AFML also acts as the alternative 
        investment fund manager (AIFM) of the Company and delegates 
        the portfolio management of the Company to AAML. 
 
       Under the terms of the management agreement the basis of the 
        monthly fee to be paid to the Manager is equal to one-twelfth 
        of 1.5% of the NAV of the Company before deduction of any performance 
        fee but after deducting liabilities (excluding from such liabilities 
        the amount of any long-term structured bank debt approved by 
        the Board) and deducting cash at bank, short-term deposits and 
        the value of holdings in money market funds plus one-twelfth 
        of 0.75% of the value of all cash at bank, short-term deposits 
        and holdings in money market funds. The fee is calculated and 
        accrued as at the last business day of each month and is paid 
        monthly in arrears. At 31 March 2016 US$239,000 was outstanding 
        (31 March 2015 - US$239,000). 
 
       At the time of the launch of the Company the previous manager 
        entered into agreements to share part of its management fee 
        with certain shareholders that had subscribed to the original 
        offer. These arrangements are continuing to the extent that 
        original shareholders have remained continuously interested 
        in the Company's shares. 
 
                                                               2016           2015 
                                                            US$'000        US$'000 
  Performance fee                                                 -          1,568 
                                                              _____          _____ 
 
  In addition, the Manager is entitled to a performance fee subject 
   to certain conditions. 
 
  In order to earn a performance fee all of the following criteria 
   must be met in a performance fee period: 
 
    *    the NAV must have risen by more than 8% in the 
         performance fee period; 
 
    *    the NAV must exceed the high watermark (at which a 
         performance fee was last paid); and 
 
    *    the NAV must have risen by more than 8% per annum 
         compounded over the previous three performance 
         periods. 
 
  The performance fee itself is calculated at 10% of the NAV gain 
   above the hurdle rate in the performance period. Furthermore, 
   the total fees payable to the Manager in any performance period 
   is capped at 3% of NAV. As at 31 March 2016 US$nil was payable 
   (31 March 2015 - US$1,568,000). 
 
 
                                                                 2016        2015 
 6.    Other operating expenses                               US$'000     US$'000 
  Administration fees{A}                                          176         192 
       Auditors' fees: 
 
    *    audit                                                     74          80 
 
    *    for review of the interim report                          22          26 
 
    *    for taxation services{B}                                   -          61 
  Bank charges                                                      4           5 
  Brokerage fees                                                   52          56 
  Custody fees                                                     15          18 
  Depositary fees                                                  19          31 
  Directors' fees                                                 195         237 
  Directors' and officers' insurance                               18          24 
  Legal and professional fees{C}                                  195         197 
  Loan facility fees                                              206         269 
  Printing and communication{D}                                   136          91 
  Travel expenses                                                  10          11 
  Listing fee                                                      14           9 
  Registrar's fees                                                 40          31 
  Regulatory fees                                                  12           7 
  Subscription fees                                                19          19 
  Other expenses                                                    4           8 
                                                                _____       _____ 
                                                                1,211       1,372 
                                                                _____       _____ 
 
  {A} The Administrator is paid by the Company a fee of GBP105,000 
   (US$176,000) per annum plus disbursements. The contract notice 
   period is 90 days. At 31 March 2016 GBP29,000 (US$42,000) was 
   outstanding (31 March 2015 - GBP28,000 (US$41,000)). 
  {B} During the year ended 31 March 2015 certain taxation services 
   include tax planning and advice in respect of determining the 
   Company's reporting obligations in the US as a result of taxes 
   being incurred on distributions were undertaken by PwC US. These 
   services were approved by the Audit Committee and appropriate 
   safeguards put in place to ensure the auditors' independence 
   was not impacted. The auditors are PwC CI LLP and the Audit 
   Committee notes that PwC CI LLP is a separate network firm from 
   PwC US. Subsequent to the completion of these services by PwC 
   US the Company engaged Ernst & Young LLP to undertake taxation 
   services. 
  {C} Included within the total are costs of US$nil (2015 - US$100,000) 
   attributable to the renewal of the loan facility and costs of 
   US$37,000 (2015 - US$62,000) related to taxation services provided 
   by Ernst & Young LLP and PWC US respectively. 
  {D} Included in the total are costs attributable to the Company's 
   agreement with AAML ('AAML') for the provision of promotional 
   activities in relation to the Company's participation in the 
   Aberdeen Investment Trust Share Plan and ISA. The total fees 
   paid and payable under the agreement were GBP74,000 (2015 - 
   GBP40,000) and the sum due to AAM at the year end was GBP45,000 
   (2015 - GBP6,000). 
 
 
 7.   Taxation 
      The Company is subject to federal and state tax on effectively 
       connected income ("ECI") received from certain of its underlying 
       portfolio holdings in the US. Such taxes are deducted by the 
       investee from income before being paid to the Company. Upon 
       filing the Company's annual tax return with US authorities the 
       Company will be able to assess whether any ECI tax paid on its 
       behalf may be recoverable. Nil was identified as recoverable 
       at 31 March 2016 (31 March 2015 - US$35,000). In certain circumstances, 
       the Company is also in a position to receive recoverable withholding 
       taxes on distribution income from underlying holdings. During 
       the year ended 31 March 2016, the Company incurred state taxes 
       of US$49,000 and withholding tax expenses of US$248,000 and 
       received withholding tax refunds of US$155,000, therefore amounting 
       to a net tax expense for the year of US$142,000. The Company 
       is domiciled and registered for taxation purposes in Guernsey 
       where it pays an annual exempt status fee (which is currently 
       GBP1,200) under The Income Tax (Exempt Bodies) (Guernsey) Ordinances 
       1989 (as amended). Consequently, the Company does not pay income 
       or corporation taxes there and, other than in the US as noted 
       above, does not currently suffer such taxes anywhere else. 
 
 
                                                                2016       2015 
 8.    Dividends                                             US$'000    US$'000 
  Proposed dividend for 2016 - 2.20p (2015 
   - 2.20p)                                                    3,451      3,553 
                                                               _____      _____ 
 
  The proposed dividend for 2016 has not been included as a liability 
   in these financial statements as it is subject to shareholders' 
   approval at the Annual General Meeting which is scheduled for 
   13 September 2016 (2015 - US$ nil). 
 
 
 9.   Earnings per share 
      The basic earnings per share is calculated by dividing the return 
       attributable to shareholders of GBP4,948,000 (US$7,112,000); 
       (2015 - GBP6,861,000) (US$10,155,000)) by 109,131,199 (2015 
       - 109,131,199) shares, the weighted average number of shares 
       in issue during the year. There were no potentially dilutive 
       shares in issue at 31 March 2016 (31 March 2015 - nil). Whilst 
       the Company has chosen to report basic earnings per share in 
       a currency other than its functional and presentation currency 
       as supplementary information it has complied with the requirements 
       of IFRS including the translation method. 
 
 
                                                2016                        2015 
                                      Private Equity     Quoted   Private Equity 
                                               Funds   Equities            Funds      Total 
 10.    Financial assets at                  US$'000    US$'000          US$'000    US$'000 
         fair value through profit 
         or loss 
  Cost at beginning of 
   year                                      131,609        391          128,830    129,221 
  Additions                                   26,402        414           31,106     31,520 
  Disposals and return 
   of capital                               (15,166)      (851)         (20,558)   (21,409) 
  Realised gains/(losses) 
   on investments                                122         46          (7,769)    (7,723) 
                                               _____      _____            _____      _____ 
  Cost at end of year                        142,967          -          131,609    131,609 
  Unrealised gains on 
   investments                                30,137          -           43,516     43,516 
                                               _____      _____            _____      _____ 
  Fair value at end of 
   year                                      173,104          -          175,125    175,125 
                                               _____      _____            _____      _____ 
 
  As at 31 March 2016 (2015 - same) there was one operating segment, 
   being Private Equity Funds (including direct and co-investments). 
 
 
 11.    Unconsolidated structured entities 
        The Company invests in investment funds and has assessed whether 
         these investees should be classified as unconsolidated structured 
         entities in accordance with IFRS 12 - Disclosure of Interests 
         in Other Entities. These investees are closed-end private equity 
         limited partnerships or investment companies which invest in 
         underlying companies for the purposes of capital appreciation. 
         These entities are generally financed through committed capital 
         from limited partners or shareholders, with cash being drawn 
         down for financing investment activity. The Company has considered 
         the voting rights and other similar rights afforded to investors 
         in these investees, including the rights to remove the General 
         Partner or liquidate the investee. The Company has concluded 
         that these rights or the contractual agreement with the General 
         Partner is the dominant factor in controlling the investees. 
 
        As at 31 March 2016, the Company's maximum exposure to loss 
         attributable to these entities comprises the current carrying 
         value of the assets, along with the uncalled committed capital 
         relating to those investments, as summarised below: 
 
                                                   31 March 2016   31 March 2015 
                                                         US$'000         US$'000 
  Financial assets held at fair value 
   through profit or loss                                173,104         175,125 
  Uncalled commitments                                   122,816          92,422 
                                                        ________        ________ 
  Maximum loss exposure                                  295,920         267,547 
                                                        ________        ________ 
 
 
 12.    Fair value hierarchy 
        IFRS 7 'Financial Instruments: Disclosures' requires an entity 
         to classify fair value measurements using a fair value hierarchy 
         that reflects the subjectivity of the inputs used in making 
         measurements. 
 
        Fair value estimation 
        The Company has adopted IFRS 13 'Fair Value Measurement'. The 
         fair value of financial assets and liabilities traded in active 
         markets is based on quoted market prices at the close of trading 
         on the period end. If a significant movement in fair value occurs 
         immediately subsequent to the close of trading on the period 
         end date, valuation techniques will be applied to determine 
         the fair value. An active market is a market in which transactions 
         for the asset or liability take place with sufficient frequency 
         and volume to provide pricing information on an ongoing basis. 
 
        Investments in private equity funds, including co-investments, 
         may not have a readily available market and are therefore valued 
         based on the fair value of each private equity fund as reported 
         by the respective General Partner as per the capital account 
         summary statement, normally updated and received on a calendar 
         quarterly basis, which includes estimates made by those General 
         Partners. The Board and Manager believe that this value, in 
         most cases, represents fair value as of the relevant statement 
         date, although, if other factors lead the Board or Manager to 
         conclude that the fair value attributed by the General Partner 
         does not match their estimate of actual fair value, the Board 
         and Manager will adjust the value of the investment from the 
         General Partner's estimate. The Board and Manager estimate fair 
         value using publicly available information and the most recent 
         financial information provided by the General Partners, as adjusted 
         for cash flows since the date of the most recent financial information. 
         As the key input into the model is official valuation statements, 
         we do not consider it appropriate to put forward a sensitivity 
         analysis on the basis insufficient benefit is likely to be derived 
         by the end user. 97% by value of the portfolio has been valued 
         using 31 March 2016 quarter-end valuations and 3% has been valued 
         using an estimate of value at 31 March 2016. 
 
        The Company has classified fair value measurements using a fair 
         value hierarchy that reflects the significance of the inputs 
         used in making the measurements. The fair value hierarchy has 
         the following levels: 
 
        Level 1: quoted prices (unadjusted) in active markets for identical 
         assets or liabilities; 
        Level 2: inputs other than quoted prices included within Level 
         1 that are observable for the assets or liability, either directly 
         (ie as prices) or indirectly (ie derived from prices); and 
        Level 3: inputs for the asset or liability that are not based 
         on observable market data (unobservable inputs). 
 
        The level in the fair value hierarchy within which the fair 
         value measurement is categorised in its entirety is determined 
         on the basis of the lowest level input that is significant to 
         the fair value measurement of the instrument in its entirety. 
         For this purpose, the significance of an input is assessed against 
         the fair value measurement in its entirety. If a fair value 
         measurement uses observable inputs that require significant 
         adjustment based on unobservable inputs, that measurement is 
         a level 3 measurement. Assessing the significance of a particular 
         input to the fair value measurement in its entirety requires 
         judgement, considering factors specific to the financial asset 
         or liability. 
 
        The determination of what constitutes "observable" requires 
         significant judgement by the Directors in consultation with 
         the Manager. The Directors consider observable data to be that 
         market data that is readily available, regularly distributed 
         or updated, reliable and verifiable, not proprietary, and provided 
         by independent sources that are actively involved in the relevant 
         market. 
 
        The following tables summarise by level within the fair value 
         hierarchy the Company's financial assets and liabilities at 
         fair value as follows: 
 
                                               Level 1     Level 2   Level 3             Total 
        31 March 2016                          US$'000     US$'000   US$'000           US$'000 
  Financial assets at fair value 
   through profit and loss                     -                 -   173,104           173,104 
                                                 _____       _____    ______           _______ 
 
                                               Level 1     Level 2   Level 3             Total 
        31 March 2015                          US$'000     US$'000   US$'000           US$'000 
  Financial assets at fair value 
   through profit and loss                     -                 -   175,125           175,125 
                                                 _____       _____   _______           _______ 
 
        A reconciliation of fair value measurements in Level 3 is set 
         out in the following table (Private Equity Funds includes co-investments): 
 
                                                                                Private Equity 
                                                                                         Funds 
        Year ended 31 March 2016                                                       US$'000 
  Opening balance                                                                      175,125 
  Purchases including calls                                                             26,402 
  Sales and return of capital                                                         (15,166) 
        Total gains or losses on investments included in 
         Statement of Comprehensive Income: 
  - on assets sold                                                                         122 
  - on assets held at the year end                                                    (13,379) 
                                                                                       _______ 
                                                                                       173,104 
                                                                                       _______ 
 
                                                                                Private Equity 
                                                                                         Funds 
        Year ended 31 March 2015                                                       US$'000 
  Opening balance                                                                      162,981 
  Purchases including calls                                                             31,106 
  Sales and return of capital                                                         (20,558) 
        Total gains or losses on investments included in 
         Statement of Comprehensive Income: 
  - on assets sold                                                                     (7,769) 
  - on assets held at the year end                                                       9,365 
                                                                                       _______ 
                                                                                       175,125 
                                                                                       _______ 
 
 
 13.    Net changes in fair value of financial assets at fair value through 
         profit or loss 
        The net realised and unrealised investment gain or loss from 
         financial assets at fair value through profit or loss shown in 
         the Statement of Comprehensive Income is analysed as follows: 
 
                                                                  2016      2015 
                                                               US$'000   US$'000 
  Unrealised (losses)/gains on investments                    (13,379)     9,228 
  Capital calls in relation to investee expenses{A}            (3,260)   (3,069) 
  Realised gains/(losses) on disposal of investments               122   (7,723) 
  Realised gains on investee distributions                      28,125    13,415 
  Realised currency losses on investee distributions           (2,925)     (504) 
  Distribution income from investments                           2,497     4,932 
                                                                 _____     _____ 
                                                                11,180    16,279 
                                                                 _____     _____ 
 
  {A} Capital call expenses relate to management fees and other 
   expenses paid to investees. 
 
 
                                                              2016          2015 
 14.    Trade and other receivables                        US$'000       US$'000 
  Prepayments                                                  654            25 
  Accrued interest                                              12             4 
                                                             _____         _____ 
                                                               666            29 
                                                             _____         _____ 
 
  The fair value of trade and other receivables approximates carrying 
   value due to the short-term nature of these instruments. 
 
 
                                                         2016        2015 
 15.    Trade and other payables                      US$'000     US$'000 
        Due within one year 
  Management fees                                         239         239 
  Performance fee                                           -       1,568 
        Loan facility arrangement fee                     474           - 
  Other expenses                                          337         246 
                                                        _____       _____ 
                                                        1,050       2,053 
                                                        _____       _____ 
  Due after more than one year 
  Loan facility arrangement fee                           159           - 
                                                        _____       _____ 
 
  The fair value of trade payables approximates carrying value 
   due to the short-term maturity of these instruments. 
 
 
                                                                   2016      2015 
 16.    Share capital and share premium                         US$'000   US$'000 
        Share capital 
        Management shares 
        Authorised: 10,000 shares of GBP1 each 
        2 Management shares of GBP1 each                              -         - 
                                                                  _____     _____ 
                                                                      -         - 
                                                                  _____     _____ 
 
                                                                   2016      2015 
                                                                US$'000   US$'000 
        Ordinary shares 
        Authorised: unlimited number of shares of 
         no par value 
        Share capital and share premium issued and 
         fully paid 
  Opening balance of 109,131,199 (2015 - 109,131,199) 
   Sterling shares                                              229,199   229,199 
        Nil (2015 - nil) Sterling shares repurchased/issued           -         - 
         during the year 
                                                                  _____     _____ 
  Closing balance of 109,131,199 Sterling shares                229,199   229,199 
                                                                  _____     _____ 
 
  The authorised share capital of the Company on incorporation 
   was GBP10,000 divided into 10,000 shares of GBP1.00 each. On 
   31 May 2007 a special resolution was passed by the Company to 
   increase the share capital to an unlimited number of participating 
   shares of no par value ("shares"), which upon issue, the Directors 
   were able to designate as Sterling shares, US Dollar shares 
   or otherwise as determined by the Directors at the time of issue, 
   and 10,000 Management shares of GBP1.00 each. 
 
  The shares were issued on 4 July 2007 as a result of the Company 
   announcing the placing and offer for subscription of its shares 
   on 6 June 2007. Shareholders' rights attaching to the Sterling 
   shares are detailed within the "Glossary of Terms and Definitions" 
   in the Annual Report. 
 
  Following approval by shareholders of the Share Conversion Proposal 
   on 3 June 2010, all the US Dollar shares were converted into 
   new Sterling shares on 2 July 2010, on the basis of 0.5810 new 
   Sterling shares for every US Dollar share held. 
 
  The Company's Sterling shares give shareholders the entitlement 
   to all of the capital growth in the Company's assets and to 
   all the income from the Company that is resolved to be distributed. 
   The Sterling shares are in registered form and traded on the 
   London Stock Exchange's Main Market. Subject to the Articles 
   of Incorporation, on a show of hands every registered holder 
   of Shares (a shareholder) who is present in person (or, being 
   a corporation, by representative) shall have one vote. On a 
   poll every shareholder present in person (or, being a corporation, 
   by representative) or by proxy shall be entitled to one vote 
   in respect of each Share held by him. In the case of joint holders, 
   the vote of the senior who tenders a vote, whether in person 
   or by proxy, shall be accepted to the exclusion of the votes 
   of the other joint holders, and for this purpose seniority shall 
   be determined by the order in which the names stand in the register 
   of members in respect of the Shares. On a winding up of the 
   Company, following payment to the holders of Management Shares 
   of any sums up to the nominal amount paid up thereon, the assets 
   of the Shares available for distribution among the holders of 
   Shares shall be distributed amongst the holders pro rata to 
   the number of such Participating Shares held by each shareholder 
   and no holder of Shares shall have any claim against the Company 
   or any remaining assets of the Company in respect of any shortfall. 
 
 
                                                             2016       2015 
 17.    Revenue reserves                                  US$'000    US$'000 
  Opening revenue reserves                               (23,414)   (30,025) 
  Profit attributable to equity shareholders                7,112     10,155 
  Dividend paid                                           (3,762)    (3,544) 
                                                            _____      _____ 
  Closing revenue reserves                               (20,064)   (23,414) 
                                                            _____      _____ 
  Revenue reserves attributable to shareholders          (20,064)   (23,414) 
                                                            _____      _____ 
 
 
 18.   Net asset value 
       The NAV of each share is determined by dividing the net assets 
        of the Company attributable to the shares of GBP145,505,000 
        (US$209,135,000); (2015 - GBP139,044,000 (US$205,785,000)) by 
        109,131,199 (2015 - 109,131,199) shares, being the number of 
        shares in issue at the period end. Whilst the Company has chosen 
        to report NAV per share in a currency other than its functional 
        and presentation currency as supplementary information it has 
        complied with the requirements of IFRS including the translation 
        method. 
 
 
 19.    Commitments 
        The table below summarises commitments to the underlying investments 
         of the Company at 31 March 2016 
 
                                                          Total                Outstanding 
                                         Currency   Commitments     Currency   Commitments 
                                             '000       US$'000         '000       US$'000 
  Apax 8 (A8-A (feeder)) 
   L.P.                                EUR 10,000        11,396    EUR 1,739         1,982 
  CCMP Capital Investors 
   III L.P.                                              15,000                      7,589 
  Coller International 
   Partners V L.P.                                       15,000                      3,270 
  CVC Capital Partners 
   V-A L.P.                                              10,000                      8,839 
  Exponent Private Equity 
   Partners III, LP                     GBP10,000        14,373     GBP7,051        10,134 
  FFL Parallel Fund IV 
   LP                                                    10,000                      7,259 
  Goldman Sachs Capital 
   Partners VI L.P.                                      15,000                      3,319 
  Gores Capital Partners 
   III L.P.                                              10,000                      1,924 
  HIG Bayside Debt & LBO 
   Fund II L.P.                                          15,000                      2,341 
  Latour Capital II L.P.               EUR 10,000        11,396    EUR 9,700        11,054 
  Lion Capital Fund III 
   L.P.                                EUR 10,000        11,396    EUR 2,665         3,037 
  Longreach Capital Partners 
   Ireland 1, L.P                                         7,425                        280 
  Longreach Capital Partners 
   2 - USD, L.P.                                          7,500                      2,664 
  MatlinPatterson Global 
   Opportunities Partners 
   III L.P.                                              10,000                        469 
  MML Capital Partners 
   Fund VI                             EUR 13,000        14,815   EUR 10,141        11,556 
  Montagu V L.P.                        EUR 8,000         9,117    EUR 7,882         8,982 
  Northzone Ventures VI 
   L.P.                                EUR 10,000        11,396      EUR 488           556 
  Oaktree OCM Opportunities 
   Fund VIIb L.P.                                        15,000                      1,500 
  Pangaea Two Parallel 
   L.P.                                                   5,000                      2,350 
  Pine Brook Capital Partners 
   L.P.                                                  10,000                      1,083 
  Resolute Fund III L.P.                                 15,000                     10,639 
        Rho Ventures VI L.P.                             10,000                          - 
  Silver Lake Partners 
   III L.P.                                              15,000                      2,345 
  StepStone International 
   Investors III LP(formerly 
   Greenpark International 
   Investors III L.P.)                 EUR 14,600        16,638      EUR 506           577 
  Tenaya Capital V L.P.                                  12,500                      1,188 
  Tenaya Capital VI L.P.                                  5,000                      1,124 
        Thoma Bravo Fund IX                              10,000                          - 
         L.P. 
  Thomas H Lee Parallel 
   Fund VI L.P.                                          15,000                      1,259 
  Wisequity IV                         EUR 10,000        11,396    EUR 9,938        11,325 
  Co-investments                                         13,646                      4,171 
                                                        _______                    _______ 
  As at 31 March 2016                                   352,994                    122,816 
                                                        _______                    _______ 
 
 
 20.    Financial risk management 
        The Company maintains positions in a variety of investees as 
         determined by its investment management strategy. 
 
        The investees' own investing activities expose the Company to 
         various types of risks that are associated with the financial 
         investments and markets in which they invest. The significant 
         types of financial risks, to which the Company is exposed are 
         market risk, credit risk and liquidity risk. 
 
        Asset allocation is determined by the Company's Manager which 
         manages the allocation of assets to achieve the investment objectives 
         as detailed in the Strategic Report. Achievement of the investment 
         objectives involves taking risks. The Manager exercises judgement 
         based on analysis, research and risk management techniques when 
         making investment decisions. Adherence to target asset allocations 
         and the composition of the portfolio is monitored by the Board. 
 
        Risk management framework 
        The directors of Aberdeen Fund Managers Limited collectively 
         assume responsibility for obligations under the AIFMD including 
         reviewing investment performance and monitoring the Company's 
         risk profile during the year. 
 
        AFML is a fully integrated member of the Aberdeen Group, which 
         provides a variety of services and support to AFML in the conduct 
         of its business activities, including in the oversight of the 
         risk management framework for the Company. AFML has delegated 
         the day to day administration of the investment policy to Aberdeen 
         Asset Managers Limited, which is responsible for ensuring that 
         the Company is managed within the terms of its investment guidelines 
         and the limits set out in its pre-investment disclosures to investors 
         (details of which can be found on the Company's website). AFML 
         has delegated responsibility for monitoring and oversight of 
         the Investment Manager and other members of the Aberdeen Group 
         which carry out services and support to APWML to Aberdeen Fund 
         Managers Limited. 
 
        The Manager conducts its risk oversight function through the 
         operation of the Group's risk management processes and systems 
         which are embedded within the Group's operations. The Group's 
         Risk Division supports management in the identification and mitigation 
         of risks and provides independent monitoring of the business. 
         The Division includes Compliance, Business Risk, Market Risk, 
         Risk Management and Legal. The team is headed up by the Group's 
         Head of Risk, who reports to the Chief Executive Officer of the 
         Group. The Risk Division achieves its objective through embedding 
         the Risk Management Framework throughout the organisation using 
         the Group's operational risk management system ("SWORD"). 
 
        The Group's Internal Audit Department is independent of the Risk 
         Division and reports directly to the Group CEO and to the Audit 
         Committee of the Group's Board of Directors. The Internal Audit 
         Department is responsible for providing an independent assessment 
         of the Group's control environment. 
 
        The Group's corporate governance structure is supported by several 
         committees to assist the board of directors of Aberdeen, its 
         subsidiaries and the Company to fulfil their roles and responsibilities. 
         The Group's Risk Division is represented on all committees, with 
         the exception of those committees that deal with investment recommendations. 
         The specific goals and guidelines on the functioning of those 
         committees are described on the committees' terms of reference. 
 
        Risk management 
        The significant types of risk that the Company is exposed to 
         are detailed below: 
        a)     Capital management risk 
 
                 *    the Company may not be able to continue as a going 
                      concern, and 
 
                 *    the balance between equity capital and debt may 
                      become inappropriate resulting in an adverse impact 
                      on returns to shareholders. 
 
               The capital of the Company is represented by the net assets 
                attributable to the holders of the Company's shares. 
 
               It is the Board's policy to monitor and review the broad 
                structure of the Company's capital on an ongoing basis. This 
                review includes the nature and planned level of gearing, 
                which takes account of the Manager's views on the market 
                and the extent to which any return of capital may be made 
                to equity shareholders via dividends or share repurchases. 
                The Board normally seeks to limit gearing to 25% of the net 
                assets. Capital transactions undertaken during the year are 
                disclosed in the Chairman's Statement. 
 
        b)     Market risk 
               The potential for adverse changes in the fair value of the 
                Company's investment portfolio is referred to as market risk. 
                Commonly used categories of market risk include currency 
                risk, interest rate risk and other price risk. 
 
                 *    Currency risk may result from exposure to changes in 
                      spot prices, forward prices and volatilities of 
                      currency exchange rates. 
 
                 *    Interest rate risk may result from exposures to 
                      changes in the level, slope and curvature of the 
                      various yield curves, the volatility of interest 
                      rates, and credit spreads. 
 
                 *    Other price risk is the risk that the value of an 
                      instrument will fluctuate as a result of changes in 
                      market prices other than those arising from currency 
                      risk or interest rate risk. 
 
               i) Market risk management 
               The Company's unlisted equity securities are susceptible 
                to market price risk arising from uncertainties about future 
                values of the investment securities. The Manager provides 
                the Company with investment recommendations that are consistent 
                with the Company's objectives. 
 
               The valuation method of these investments is described within 
                the accounting policies. The nature of some of the Company's 
                investments, which are unquoted investments in private equity 
                funds and co-investments, means that the investments are 
                valued by the Manager on behalf of the Company after due 
                consideration of the most recent available information from 
                the underlying investments as adjusted where relevant by 
                the Directors. While the underlying fund managers may utilise 
                various model-based approaches to value their investment 
                portfolios, on which the Company's valuations are based, 
                no such models are used directly in the preparation of fair 
                values of the investments. 
 
               Market risk is the risk that the fair value or future cash 
                flows of a financial instrument will fluctuate because of 
                changes in market prices. The investments of the Company 
                are subject to normal market fluctuations and the risks inherent 
                with investment in financial markets. The maximum risk resulting 
                from financial instruments held by the Company is determined 
                by the fair value of the financial instruments. The Manager 
                moderates this risk through careful selection of funds managed 
                by experienced fund managers, which meet the investment objectives 
                outlined in the Strategic Report; the Company's market risk 
                is managed through diversification of the investment portfolio. 
                Through a variety of analytical techniques, the Manager monitors, 
                on a daily basis, the Company's overall market positions, 
                as well as its exposure to market risk. 
 
               ii) Currency risk 
               The Company has assets and liabilities denominated in currencies 
                other than US Dollars, its functional currency. The Company 
                is therefore exposed to currency risk, as the value of the 
                assets and liabilities denominated in other currencies fluctuates 
                due to changes in exchange rates. During the year ended 31 
                March 2016, the value of Sterling decreased by 2.89% (2015 
                - decreased 11.01%) against the US Dollar, resulting in a 
                decrease of US$239,000 (2015 - US$158,000) in the US$ NAV. 
                At 31 March 2016, an opposite movement of a similar scale 
                in the value of Sterling against the US Dollar would, with 
                all other variables held constant, increase the NAV of the 
                Company by approximately US$239,000 (2015 - US$158,000). 
 
               During the year ended 31 March 2016, the value of the Euro 
                increased by 5.33% (2015 - decreased 20.13%) against the 
                US Dollar, resulting in an increase of US$2,150,000 (2015 
                - decrease of US$8,255,000) in US$ NAV. At 31 March 2016, 
                an opposite movement of a similar scale in the value of the 
                Euro against the US Dollar would, with all other variables 
                held constant, decrease the NAV of the Company by approximately 
                US$2,141,000 (2015 - increase of US$8,255,000). 
 
               The table below summarises the Company's exposure in US Dollars 
                to currency risks at the year end: 
 
               As at 31 March 2016                            US'000      GBP'000     EUR'000             Total 
               Assets/(liabilities) 
   Financial assets at fair 
    value through profit or loss                             121,829        8,257      43,018           173,104 
   Cash and cash equivalents                                  29,995        3,644       2,935            36,574 
   Other assets and liabilities                                (543)            -           -             (543) 
                                                             _______      _______     _______           _______ 
   Total at 31 March 2016                                    151,281       11,901      45,953           209,135 
                                                             _______      _______     _______           _______ 
 
               As at 31 March 2015                            US'000      GBP'000     EUR'000             Total 
               Assets/(liabilities) 
   Financial assets at fair 
    value through profit or loss                             133,865        1,595      39,665           175,125 
   Cash and cash equivalents                                  29,856          534       2,259            32,649 
   Other assets and liabilities                              (1,989)            -           -           (1,989) 
                                                             _______      _______     _______           _______ 
   Total at 31 March 2015                                    161,732        2,129      41,924           205,785 
                                                             _______      _______     _______           _______ 
 
               iii) Interest rate risk 
               The Company is exposed to interest rate risk. The Company 
                invests primarily in private equity funds and private equity 
                like funds that are non interest bearing investments, mainly 
                subject to market risk. Interest receivable on bank deposits 
                or payable on loan positions will be affected by fluctuations 
                in interest rates. Changes to prevailing interest rates or 
                changes in expectations of future rates may result in an 
                increase or decrease in the value of the securities held. 
                In general, if interest rates rise, the value of fixed income 
                securities will decline. A decline in interest rates will, 
                in general, have the opposite effect. 
 
               Although the majority of the Company's financial assets and 
                liabilities are non interest bearing, cash and cash equivalents 
                represent 18% of the Company's NAV (31 March 2015 - 15%). 
                As a result, the Company is subject to some risk due to fluctuations 
                in the prevailing levels of market interest rates. Any excess 
                cash and cash equivalents are invested at short-term market 
                interest rates. 
 
               As at 31 March 2016 the Company's interest bearing assets 
                and liabilities, all of which receive or pay interest at 
                a variable rate, were as follows: 
 
                                                                                         2016              2015 
                                                                                      US$'000           US$'000 
   Cash and cash equivalents                                                           36,574            32,649 
                                                                                        _____             _____ 
 
               Based on the cash and cash equivalents held at 31 March 2016, 
                a movement of 1% in market interest rates would impact the 
                Company's annual income by approximately US$366,000 per annum 
                (2015 - US$326,000 per annum). 
 
               iv) Other price risk 
               Other price risk is the risk that the value of the investees' 
                financial investments will fluctuate as a result of changes 
                in market prices, other than those changes arising from currency 
                risk or interest rate risk whether caused by factors specific 
                to an individual investment, its issuer or any factor affecting 
                financial investments traded in the market. 
 
               As the Company's investments are carried at fair value with 
                fair value changes recognised in the Statement of Comprehensive 
                Income, all changes in market conditions will directly affect 
                the overall NAV. 
 
               The investments are valued based on the latest available 
                unaudited price of such shares or interests as determined 
                by the administrator or General Partner of each investee. 
                Furthermore, valuations received from the administrators 
                or General Partners of the investees may be estimates and 
                such values are generally used to calculate the NAV of the 
                Company. Such estimates provided by the administrators or 
                General Partner of the investees may be subject to subsequent 
                revisions which may not be restated for the purpose of the 
                Company's final month-end NAV. 
 
               Currency, interest rate and other price risk are managed 
                by the Company's Manager as part of the integrated market 
                risk management processes. 
 
        c)     Credit risk 
               The Company takes on exposure to credit risk, which is the 
                risk that a counterparty will be unable to pay amounts in 
                full when due. The Manager has adopted procedures to reduce 
                credit risk related to the Company's dealings with counterparties. 
                Before transacting with any counterparty, the Manager or 
                its affiliates evaluate both creditworthiness and reputation 
                by conducting a credit analysis of the party, its business 
                and its reputation. The credit risk of approved counterparties 
                is then monitored on an ongoing basis, including periodic 
                reviews of financial statements and interim financial reports 
                as needed. Impairment provisions are provided for losses, 
                if any, that have been incurred by the Balance Sheet date. 
 
               At 31 March 2016 and 31 March 2015, the following financial 
                assets were exposed to counterparty credit risk: cash and 
                cash equivalents and other receivables. The carrying amounts 
                of financial assets best represent the maximum credit risk 
                exposure at the year end date. 
 
               The Company places cash deposits with counterparties whose 
                credit ratings are all investment graded. Ratings for fixed 
                deposits, as rated primarily by Moody's that subject the 
                Company to credit risk at 31 March 2016 and 31 March 2015 
                are noted below: 
 
                                                     2016                       2015 
               Credit ratings for short-term         Rating      % of NAV       Rating               % of 
                notes                                                                                 NAV 
   Standard Chartered                    A1                      2.5            A1                   3.4 
   Barclays Bank                         A2                      1.7            A2                   0.3 
 
               The Company has also placed funds within Aberdeen Liquidity 
                Funds which are rated by S&P at 31 March 2016 and 31 March 
                2015 as noted below: 
 
                                                               2016                          2015 
               Credit ratings for short-term            Rating       % of NAV          Rating          % of NAV 
                funds 
   Sterling Fund Income                                    A-1            1.7             A-1               0.2 
   Euro Fund Income                                        A-1              -             A-1               1.0 
   US Dollar Fund Income                                   A-1           11.5             A-1              10.9 
 
        d)     Liquidity risk 
               The Company's financial instruments include investments in 
                unlisted securities, which are not traded in an organised 
                public market and may generally be illiquid. Although this 
                illiquidity is considered as part of the investment valuations, 
                should the Company be required to dispose of such investments 
                in a short time-frame, an action that is not consistent with 
                the Company's investment objective, the Company may have 
                difficulty liquidating quickly its investments in these instruments 
                at an amount close to fair value in order to respond to its 
                liquidity requirements or to specific events. 
 
               The financial liabilities of the Company comprise trade and 
                other payables. The Company will generally retain sufficient 
                cash and cash equivalent balances to satisfy trade and other 
                payables as they fall due. 
 
               The Company's outstanding commitments are detailed in note 
                19. When an over-commitment approach is followed, the aggregate 
                amount of capital committed by the Company to investments 
                at any given time may exceed the aggregate amount of cash 
                that the Company has available for immediate investment, 
                so there is a risk that the Company might not be able to 
                meet capital calls when they fall due. To manage this risk, 
                the Company holds an appropriate amount of its assets in 
                cash and cash equivalents together with a selection of readily 
                realisable investments. 
 
               In planning the Company's commitments, the Manager takes 
                into account expected cash flows to and from the portfolio 
                of fund interests and, from time to time, may use borrowings 
                to meet draw downs; these expected cash flows are monitored 
                against actual draw downs and distributions on a monthly 
                basis to assess the level of additional commitments that 
                can be made and how much cash needs to be kept on hand. The 
                Directors have resolved that the Company may borrow up to 
                25% of its NAV for short-term or long-term purposes. As at 
                31 March 2016, the Company had a revolving credit facility 
                in place of GBP40 million (2015 - GBP15 million). 
 
               The table below sets out the liquidity risk of the Company 
                as at 31 March 2016 and 31 March 2015. All liabilities represent 
                amounts falling due within twelve months. Amounts due within 
                twelve months equal their carrying balances. 
 
                                                                                    Less than         Less than 
                                                                                     one year          one year 
                                                                                         2016              2015 
               Financial liabilities                                                  US$'000           US$'000 
   Trade and other payables                                                             1,050             2,053 
                                                                                        _____             _____ 
 
               Based on on-going communications with General Partners and 
                the Manager's best estimates as at 31 March 2016, the outstanding 
                commitments could be drawn down with the following maturity 
                profile: 
 
                                                                                         2016              2015 
               Maturity                                                           US$ million       US$ million 
   Less than 3 months                                                                      11                12 
   3-6 months                                                                               8                 9 
   6-12 months                                                                             14                13 
   1-2 years                                                                               19                23 
   Greater than 2 years                                                                    70                35 
                                                                                        _____             _____ 
                                                                                          122                92 
                                                                                        _____             _____ 
 
   There is no guarantee of this call rate. Any new investments 
    or secondary sales made will alter these figures and assumptions. 
 
   As at 31 March 2016, an analysis of the financial instruments 
    by category shows assets at fair value through profit or 
    loss of US$172,341,000 (2015 - US$175,125,000), deposits 
    and receivables of US$36,586,000 (2015 - US$32,653,000) and 
    other financial liabilities totalling US$891,000 (2015 - 
    US$2,053,000). 
 
 
 
 21.   Related party transactions and transactions with Service Providers 
       Fees payable during the year to the Directors and their interests 
        in shares of the Company are disclosed within the Directors' 
        Remuneration Report in the Annual Report. 
 
       During the year, the Company had an agreement with ASVG until 
        30 October 2015 and thereafter AFML for the provision of management 
        services following the acquisition of remaining shares in ASVG 
        by AAM. AFML also acts as the alternative investment fund manager 
        (AIFM) of the Company and delegates the portfolio management 
        of and the provision of promotional activities for the Company 
        to AAML. ASVG, AFML and AAML are all wholly owned subsidiaries 
        of AAM PLC. The change reflected an internal re-organisation 
        within AAM and the same team continues to be involved in the 
        management of the Company. ASVG was released and discharged 
        from the Management Agreement made between ASVG and the Company 
        dated 18 July 2014 with AFML having become party thereto in 
        place of ASVG. Performance fee arrangements under the management 
        agreement were amended by way of a deed. The Company has an 
        agreement with Ipes (Guernsey) Limited for the provision of 
        administration and secretarial services, an agreement with Ipes 
        (UK) Limited for the provision of depositary services and an 
        agreement with BNP Paribas Securities Services Guernsey for 
        the provision of custody services. Details of certain transactions 
        during the year and balances outstanding at the year end are 
        disclosed in notes 5 and 6. 
 
       As at 31 March 2016, the Company had holdings amounting to US$27,557,000 
        (2015 - US$24,988,000) in Aberdeen Liquidity Funds which are 
        managed and administered by AAML. The Company pays a management 
        fee of 0.75% per annum on the value of these holdings but no 
        fee is chargeable at the underlying fund level. Details of these 
        holdings can be found within the Investment Portfolio. 
 
 
 22.   Controlling party 
       In the opinion of the Directors on the basis of shareholdings 
        advised to them, the Company has no immediate or ultimate controlling 
        party. 
 
 
 23.    Exchange rates 
        As at 31 March 2016 and 31 March 2015, the exchange rates used 
         (against US$) in preparation of these financial statements are 
         as follows: 
 
                                                   2016                 2015 
                                                    US$                  US$ 
  Sterling                                       1.4373               1.4800 
  Euro                                           1.1396               1.0819 
 
 
 24.    Geographical analysis 
        Geographic breakdown is determined by the geographical area 
         in which each Fund has indicated that it will invest: 
 
                                                          2016           2015 
                                                          US$m           US$m 
  North America                                           67.6           65.7 
  Global                                                  59.3           64.8 
  Europe                                                  31.7           30.0 
  Asia & Other                                            14.5           14.6 
 
  The Company engages in a single segment of business as detailed 
   in note 3 to the financial statements and geographical analysis 
   is provided as supplemental information. 
 
 
 25.   Subsequent events 
       On 4 May 2016 the Company committed EUR12,000,000 to Northzone 
        VIII L.P. and on 23 May 2016 US$15,000,000 was committed to 
        MTS Health Partners IV L.P. 
 
       Other than this there were no material subsequent events. 
 

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 and may be affected by exchange rate movements. Investors may not get back the amount they originally invested.

The above financial information does not constitute statutory financial statements as defined in Section 262 of The Companies (Guernsey) Law, 2008. The comparative information is based on the statutory financial statements for the year ended 31 March 2015. Those financial statements, upon which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies. Statutory financial statements for the year ended 31 March 2016 will be filed in due course.

The Annual General Meeting of the Company will be held at 10.30 a.m. on 13 September 2016 at 1 Royal Plaza, Royal Avenue, St Peter Port, Guernsey GY1 2HL.

The audited Annual Report and Financial Statements incorporating the Notice of Annual General Meeting will be posted to shareholders during July. Copies may be obtained during normal business hours from the Company's Registered Office, 1 Royal Plaza, Royal Avenue, St Peter Port, Guernsey GY1 2HL Channel Islands or from the Manager, Bow Bells House, 1 Bread Street, London EC4M 9HH. Further copies will be available for download from the Company's website www.aberdeenprivateequity.co.uk.

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.

By order of the Board

Ipes (Guernsey) Limited

Company Secretary

11 July 2016

[1] November 2009

[2] Co-investment with Hg Capital. Note, no Hg funds are held in the Aberdeen Private Equity Fund portfolio

([3]) Co-investment with Alchemy Partners. Note, no Alchemy funds are held in the Aberdeen Private Equity Fund portfolio

[4] Excluding investments held in Resonant, Stepstone and Coller V.

[5] The amount of unspent or uncalled equity at General Partners' disposal

[6] Preqin Q1 2016 Quarterly Private Equity Update Q1 2016

[7] Preqin Q1 2016 Quarterly Private Equity Update Q1 2016

[8] "Covenant-Lite" loans refer to financing with limited restrictions on the debt service capabilities of the borrower

[9]

Excludes underlying companies in the portfolio's two Secondary funds (Coller V, StepStone III). It also excludes non-material sub-portfolios in the HIG Bayside and Oaktree funds.

[10] This figure includes performance from existing investments and from any new investments made during the year. It is inclusive of fees charged by underlying managers during the

year, including accruals for GPs' performance fees ("carried interest") but does not include management and/or any performance fees charged to Aberdeen Private Equity Fund Ltd.

[11] For the purposes of this analysis, income from investments has been capitalised into the distributions figure.

[12] A corporate action where a company takes on new debt to facilitate a dividend or return of equity to shareholders

[13] Source Aberdeen Asset Management, in local currency and inclusive of income distribution

[14] Northzone.com, Avito press release 23 October 2015

[15] Source Aberdeen Asset Management, in local currency and inclusive of income distribution

[16] Small and Medium-sized Enterprises

[17] In addition the Company also paid calls for this period of $3.1m in relation to GPs fees and expenses

[18] Aberdeen Private Equity Fund Half Yearly Report for the six months ended 30 September 2015

[19] Aberdeen Private Equity Fund Half Yearly Report for the six months ended 30 September 2015 (quoting "IMF World Economic Outlook Update, 'Adjusting to Lower Commodity Prices', 9 October 2015")

[20] IMF World Economic Outlook Update, 'Global Economy Faltering from Too Slow Growth for Too Long', 12 April 2016

[21] Earnings Before Interest, Taxation, Depreciation and Amortisation

[22] S&P Capital IQ European Leveraged Buyout Review Q1 2016

[23] Preqin, 'Q1 2016 Private Equity-Backed Buyout Deals and Exits', 4 April 2016

[24] As per above

[25] General Partners

[26] Preqin, 'Q1 2016 Private Equity-Backed Buyout Deals and Exits', 4 April 2016

[27] Preqin Q1 2016 Private Capital Fundraising Update', April 2016

[28] The amount of unspent or uncalled equity at PE General Partners' disposal

[29] Preqin Q1 2016 Private Capital Fundraising Update', April 2016

[30] Ernst & Young 2015 and 2016 Global Private Equity surveys

[31] Printed Circuit Boards

[32] Portfolio holding comprises both the Company's co-investment position and a look through allocation from our investment in Longreach 2 LP

[33] A 'challenger bank' is a small bank that has been set up to compete with larger well established national banks. The focus can be retail or commercial, or a blend of both.

[34] Who may not be able to take up their full co-investments rights and/or where the GP is willing to offer co-investment beyond its immediate LP base

This information is provided by RNS

The company news service from the London Stock Exchange

END

FR SFDFMFFMSEDW

(END) Dow Jones Newswires

July 12, 2016 02:00 ET (06:00 GMT)

Seu Histórico Recente
BOV
VALE5
Vale PNA
BOV
IBOV
iBovespa
BOV
PETR4
Petrobras
BOV
IGBR3
IGB SA
FX
USDBRL
Dólar EUA ..
Ações já vistas aparecerão nesta caixa, facilitando a volta para cotações pesquisadas anteriormente.

Registre-se agora para criar sua própria lista de ações customizada.

Cotações da NYSE e AMEX têm defasagem de no mínimo 20 minutos.
Quaisquer outras cotações têm defasagem de no mínimo 15 minutos quando não especificado.
Em caso de dúvidas por favor entre em contato com o suporte: suporte@advfn.com.br ou (11) 4191 5205.
P: V:br D:20190624 09:10:08