| CATEGORY: SMALL CAPS NEWS SECTOR: EQUITY INVESTMENT INSTRUMENTS |
Aberdeen Private Equity reduces hedge fund exposure |
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Mon 26 Jul 2010
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LONDON (SHARECAST) - Aberdeen Private Equity Fund Ltd (APEF) has cut its exposure to hedge funds to 3.3% of its NAV at the end of March 2010 and the exposure to private equity funds has increased.
More than 53% of its NAV is invested in private equity and private equity funds.
At the year end, APEF had dollar and sterling shares but the dollar shares have since been converted into sterling shares. The conversion terms were 0.5810 of a sterling share for every dollar share.
The sterling share NAV fell from 90.1p to 89.55p a share over the year to March 2010. Exposure to Bernard Madoff-related investments has not helped. At the end of March 2010, the discount to NAV was 39.7%.
The board wants shareholder approval to buy back 14.99% of APEF’s shares.
Guernsey-based APEF was known as Bramdean Alternatives Ltd until June. Aberdeen Asset Management took over from Bramdean Asset Management as investment manager in November 2009. Aberdeen was appointed for an initial three year period. The decision was taken to focus on private equity fund investments.
Bramdean was floated by Nicola Horlick’s Bramdean Asset Management in 2007 and the subject of a bid from Petersfield Asset Management in 2009. Petersfield was set up by Horlick in response to indications from several of Bramdean’s major shareholders that they would favour a realisation of the firm’s assets as quickly as possible. The bid came to nothing and the fund has continued in existence although it has adapted its investing policy.
Victor Tchenguiz’s investment vehicle, Elsina is a major shareholder in APEF.
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