aberdeen private equity fund of funds … private equity fund of funds (2007) plc table of contents...

ABERDEEN PRIVATE EQUITY FUND OF FUNDS (2007) plc (Closed - Ended Investment Company with Variable Capital and Limited Liability) Unaudited Interim Financial Report For the Six Month Period Ended 30 June 2016

Aberdeen Private Equity Fund of Funds (2007) plc Table of Contents

Pages Directors and Other Information 2 Background to the Company 3-4 Interim Management Report 5-8 Directors’ Responsibility Statement 9 Statement of Comprehensive Income 10 Statement of Financial Position 11 Statement of Changes in Net Assets Attributable to Participating Shareholders 12 Statement of Cash Flows 13 Notes to Interim Financial Report 14-35 Schedule of Investments 36-39

Aberdeen Private Equity Fund of Funds (2007) plc Directors and Other Information

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Board of Directors Secretary Thomas Byrne (Irish)* Maple Secretaries Limited Andrew McCaffery (British)** 39/40 Upper Mount Street, David Williams (British)** Dublin 2, Ireland. Registered Office Independent Auditor 39/40 Upper Mount Street, PricewaterhouseCoopers Dublin 2, Chartered Accountants & Ireland. Registered Auditors, One Spencer Dock, Registered in the Republic of Ireland, number 430357. North Wall Quay, Regulated by the Central Bank of Ireland Dublin 1, Ireland. Investment Manager, Marketing Agent & Promoter Listing Sponsor Aberdeen Asset Investments Limited Bow Bells House, Davy Stockbrokers London EC4 9HH, Davy House, United Kingdom. 49 Dawson Street, Dublin 2, Ireland. Registered in England and Wales, number 794936 Authorised and regulated by the Financial Conduct Legal Advisors Authority and entered on their Register, number 193707 (www.fca.org.uk). LK Shields Solicitors 39/40 Upper Mount Street, Custodian Dublin 2, Ireland. State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson’s Quay, Dublin 2, Ireland. Administrator, Paying Agent & Registrar International Fund Services (Ireland) Limited*** 78 Sir John Rogerson’s Quay, Dublin 2, Ireland. * Independent Non - Executive Director ** Non - Executive Directors *** With effect from 12am on 26 January 2016, International Fund Services (Ireland) Limited was appointed in place of State Street Fund Services (Ireland) Limited

Aberdeen Private Equity Fund of Funds (2007) plc Background to the Company

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The following information is derived from, and should be read in conjunction with, the full text and definitions sections of the Prospectus. Structure Aberdeen Private Equity Fund of Funds (2007) plc (formerly SWIP Private Equity Fund of Funds II plc) (“the Company”) is a closed-ended investment company with variable capital and limited liability, which is authorised and regulated by the Central Bank of Ireland under the Companies Act 2014. The Company was incorporated in Ireland as a public limited company on 27 November 2006 with registered number 430357 under the Companies Act 2014. The life of the Company is fifteen years from the date of the Second Closing Date. Listing of share classes of the Company Shares in the Company are designated as Class A Shares, Class B Shares and Class C Shares. The Shares are listed on the Irish Stock Exchange. The Share Classes were launched on the following dates: Class A 5 February 2007 Class B 4 April 2007 Class C 4 May 2007 Investment objective The investment objective of the Company is to achieve long term capital growth by investing mainly, but not exclusively, in underlying private equity funds. Such funds are typically structured as private closed-ended limited partnerships and are mainly established as unregulated private investment schemes in various jurisdictions including the Channel Islands, the United Kingdom and Delaware, United States (each a “Private Equity Fund”). Investment in Private Equity Funds will only be made as a passive investor, including as a limited partner. The Investment Manager may also invest in other open and closed-ended fund structures, instruments and/or securities, which give an exposure to private equity, be that exposure direct (such as the purchase of shares in listed investment trusts investing in private equity), primary (such as the purchase of interests in limited partnerships investing in private equity during the primary issue of interests), secondary (such as the purchase of interests in limited partnerships investing in private equity from market makers or from the primary purchaser by way of a transfer of the underlying interest and commitment) or synthetic (such as the purchase of listed private equity index certificates). The Company’s assets are not expected to produce significant levels of income.

Aberdeen Private Equity Fund of Funds (2007) plc Background to the Company (continued)

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Other relevant information Investment is typically made by the Company in Private Equity Funds that are managed by experienced Fund Managers who have an established track record in private equity investments. In addition, the Investment Manager satisfies itself that adequate custody arrangements have been entered into in relation to the underlying funds in which the Company invests through undertaking due diligence on any potential commitment and checking all custody arrangements at that time. The Investment Manager follows an investment process to select and monitor the performance of Private Equity Funds that evaluates past performance, risk-adjusted rates of return and which tracks consistency of management approach. Selection of Private Equity Funds was made on the basis of an initial performance evaluation and interviews with Fund Managers, and other investment personnel to assess investment capabilities. Due diligence was carried out over the investment process as well as a review of investment strategy, historic performance and investment management fee charges. The Company’s investment period closed on 31 December 2010. The investment management, brokerage, custodial and administrative operations of Private Equity Funds in which the Company invests are performed by firms that are generally independent of the Investment Manager. It is a condition of investment in any Private Equity Fund that each such fund be audited annually by a firm of independent public accountants. Investors in the Company have exposure to a diversified portfolio of European and US investments. Any cash balances of the Company may be invested in cash and short term investments. This shall include short-term cash deposits, money-market or short-term instruments. This may include investments in collective investment schemes having such an investment profile. Any change to the investment objectives or a material change to investment policy at any time requires the prior approval by ordinary resolution of the Shareholders in the Company and the prior consent of the Central Bank of Ireland.

Aberdeen Private Equity Fund of Funds (2007) plc Interim Management Report

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William Gilmore Head of Primary Funds Europe

Joined SWIP (now Aberdeen Asset Investments Limited) in 2000 Age 53 Member of the Advisory Committees of a number of Private Equity

Funds. Regular speaker at private equity conferences. Formerly:

- Investment Director with Murray Johnstone Private Equity (10 years) - Investment Accountant with Ivory & Sime - Trained as a Chartered Accountant with KPMG

Degree in Accountancy and Economics from University of Strathclyde. Mirja Lehmler-Brown Senior Investment Manager


Funds. Formerly: - Executive Director, Leveraged Finance with Goldman Sachs - Financial Analyst with Morgan Stanley Masters Degree in Economics and Business Administration from

Stockholm School of Economics and Hoch Schule St Gallen.

Narcisa Sehovic Senior Investment Manager


Funds. Formerly: - Director in the M&A Advisory team with Alphex One Limited - Executive Director with Goldman Sachs International Masters Degree in Business Administration from Harvard Business

School and BSc in Finance and Marketing from University of Denver.

Aberdeen Private Equity Fund of Funds (2007) plc Interim Management Report (continued)

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Highlights • The Net Asset Value per share moved by the following percentages during the period

under review: Net Asset Value Movement* Inclusive of Repurchase of Shares Exclusive of Repurchase of SharesClass A (4)% (3)%Class B (5)% (2)%Class C (4)% (2)%*Past Performance does not guarantee future results No Investor drawdowns were called in the period.

• A share repurchase of €60m was declared on 15 June 2016 and paid on 21 June 2016.• As at 30 June 2016, the Company’s net assets were €338m. The Company had interests

in 68 private equity funds with a value of €273m. The Company also held cash and investments in Aberdeen Global Liquidity Funds plc (EUR class) (cash fund) which was valued at €3m.

• Income and capital distributions received from private equity funds during the period totalled €60m. These included €23m of realised gains and €4m of income received.

• The Company funded €12m of investment drawdowns during the period. • The Company made no new fund commitments during the period.

Results and Performance The results for the period are set out in the Statement of Comprehensive Income for the Company. As at 30 June 2016, the Company’s net assets were €338m (31 December 2015: €416m). This was allocated to the various share classes as follows: Class A €200m Class B €123m Class C €15m

The shares in issue by Class and the Net Asset Value for each class is presented in Note 17. Related Parties All related parties and changes during the period ended 30 June 2016 are detailed in Note 11. Valuation As at 30 June 2016, the Company’s portfolio comprised 68 private equity fund interests which were valued at €273m. The Company continues to benefit from substantial net cash inflows. The surplus liquidity arising resulted in a share repurchase of €60m.


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Top 20 funds

Fund Value (€m) % of Total NAV

Nordic Capital VII 22.1 6.5 Advent International GPE VI LP 12.8 3.8 SEP III 11.9 3.5 CVC European Equity Partners V (A) LP 10.7 3.2 MPM Bioventures IV 9.8 2.9 Apax Europe VII-A 9.7 2.9 Fondinvest VIII FCPR 9.6 2.9 Fondo Nazca III, F.C.R. 9.1 2.7 CapVis Private Equity III 8.8 2.6 HG Capital VI 8.8 2.6 Astorg V 8.6 2.5 Halder GIMV Germany II 8.5 2.5 Triton Fund III 8.4 2.5 Innova/5 LP 8.3 2.4 Activa Capital II 7.4 2.3 Charterhouse Capital Partners IX 7.2 2.1 Vision Capital VII 7.1 2.1 Dunedin Buyout Fund II 6.4 1.8 Pentech 2 6.3 1.9 Close Brothers PE Fund VIII 5.6 1.6

55.3


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Investment Activity The investment period of the Company closed on 31 December 2010. Drawdowns in the period amounted to €12m and income and capital distributions received were €60m. As at 30 June 2016 the Company’s aggregate unfunded commitments stood at €46m, of which no more than €15m is ultimately expected to be drawn over the next few years. ESG The Manager has a clear focus on Corporate Social Responsibility (‘CSR’) and Environmental, Social and Governance (‘ESG’) issues and its Parent Company (Aberdeen Asset Management PLC) has been a member of the UN Global Compact and a signatory of Principles for Responsible Investment (UNPRI) since December 2007. Aberdeen Asset Management PLC believes that it is important to integrate an analysis of the risks (and potential opportunities) arising from ESG issues. To reflect this, the Manager has adopted the following approach to responsible investment: • Investment research incorporates the consideration of material ESG factors, so that

investment teams can more accurately identify and understand all the risks and opportunities presented by a potential investment.

• When investing in new Funds, the due diligence process has evolved to include consideration of the underlying ESG risks and opportunities and how they are managed. This includes, for example, the way in which the third party Fund Manager incorporates ESG issues into decision making. Where applicable, Aberdeen would look to understand a Manager’s specific ESG policy and the rigour with which it is applied, as well as the degree to which ESG issues are formally embedded in the process before and after investment and the approach to reporting on these aspects to Clients.

• Where assets are directly owned, or where Aberdeen is directly investing in a company, it seeks to understand the specific ESG risks and opportunities associated with that investment, how they are managed, and, where appropriate, how they are mitigated. Factors that are material to underlying holdings could include such topics as remuneration, corruption, climate change, human rights, and supply chain issues.

• Once invested, Aberdeen continues to engage with the underlying Fund Managers and direct holdings on this and other issues.

In line with industry best practice, the Manager continues to refine its approach to ESG. Outlook It would not be unreasonable to anticipate a slowdown in distributions in the short term as a consequence of the uncertainties arising from the UK’s decision to leave the EU. However any such slowdown is expected to be temporary in nature given the maturity profile of the Company’s portfolio. As and when surplus liquidity is generated Shareholders can expect to benefit from further share repurchases. Aberdeen Asset Investments Limited 25 August 2016

Aberdeen Private Equity Fund of Funds (2007) plc Directors’ Responsibility Statement

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The directors listed below (being all the directors of the Company as at 30 June 2016) confirm that to the best of their knowledge the interim financial report has been prepared in accordance with FRS 104, the Transparency (Directive 2004/109/EC) Regulations 2007 (“the Regulations”) and that the interim financial report herein includes a fair review of the information required by 8(5)(c)(i-iii) of the Regulations, namely: • an indication of important events that has occurred during the six months period ended

30 June 2016 and their impact on the interim financial report, and a description of the principal risks and uncertainties for the remaining six months of the financial period; and

• material related party transactions in the six months period ended 30 June 2016 and any material changes in the related party transactions described in the last annual report.

The Central Bank of Ireland Non-UCITS Notice 2.101 – ‘Dealings by promoter, manager, partner, trustee, investment adviser and group companies’ states in paragraph one that any transaction carried out with a collective investment scheme by a promoter, manager, partner trustee, investment adviser and/or associated or group companies of this (“connected parties”) must be carried out as if negotiated at arm’s length. Transactions must be in the best interests of the shareholders. The board of directors is satisfied that there are arrangements (evidenced by written procedures) in place, to ensure that the obligations set out in paragraph one of NU 2.10 are applied to all transactions with connected parties; and the board is satisfied that transactions with connected parties entered into during the period complied with the obligations set out in this paragraph. Aberdeen Private Equity Fund of Funds (2007) plc board of directors Independent non-executive Thomas Byrne Non-executive Andrew McCaffery David Williams

There has been no change to the board of directors of the Company between 31 December 2015, the last financial period end, and the date of approval of the interim financial report.

Aberdeen Private Equity Fund of Funds (2007) plc Statement of Comprehensive Income

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All items noted above relate to continuing operations. The Company had no recognised gains or losses in the financial period other than those dealt with in the Statement of Comprehensive Income.

The accompanying notes form an integral part of the interim financial report

For the six month For the six monthperiod ended period ended30 June 2016 30 June 2015

Note EUR ’000 EUR ’000IncomeRealised gain on financial assets at fair value through profit or loss 20,124 31,385

Change in unrealised loss on financial assets at fair value through profit or loss (25,284) (15,632)

Net (loss)/gain on financial assets at fair value through profit or loss (5,160) 15,753

Unrealised (loss)/gain on translation of assets denominated in non-Euro currencies (14,206) 15,261

Realised currency (loss)/gain (1,139) 3,177 Interest income 2 85 30 Distribution income from unquoted investments 2 4,328 6,053 Dividend income 2 - 324

TOTAL NET (LOSS)/INCOME (16,092) 40,598

ExpensesOperating expenses 5 (1,462) (1,743)

(LOSS)/PROFIT FOR THE FINANCIAL PERIOD BEFORE TAX

(17,554) 38,855

Withholding tax (66) (178)CHANGE IN NET ASSETS ATTRIBUTABLE TO PARTICIPATING SHAREHOLDERS FROM OPERATIONS (17,620) 38,677

Aberdeen Private Equity Fund of Funds (2007) plc Statement of Financial Position

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30 June 2016 31 December 2015 EUR ’000 EUR ’000

ASSETSFinancial assets at fair value through profit or loss 6,2 275,187 373,721 Cash 7 63,591 43,099

Other receivables 8 375 31 TOTAL ASSETS 339,153 416,851

LIABILITIES (DUE WITHIN ONE YEAR) 9 (778) (856)

NET ASSETS ATTRIBUTABLE TO PARICIPATING SHAREHOLDERS 338,375 415,995

Note

Aberdeen Private Equity Fund of Funds (2007) plc Statement of Changes in Net Assets Attributable to Participating Shareholders

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Note EUR ’000 EUR ’000

NET ASSETS ATTRIBUTABLE TO PARICIPATING SHAREHOLDERS AT BEGINNING OF PERIOD

415,995 447,080

Repurchase of Shares 13 (60,000) (60,000)

Change in net assets attributable to participating shareholders from operations (17,620) 38,677

NET ASSETS ATTRIBUTABLE TO PARICIPATING SHAREHOLDERS AT END OF PERIOD 338,375 425,757

Aberdeen Private Equity Fund of Funds (2007) plc Statement of Cash Flows

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Note EUR ’000 EUR ’000

NET CASH FLOWS FROM OPERATING ACTIVITIES 10 (1,950) (1,845)

CASH FLOWS FROM INVESTING ACTIVITIESInterest income received 2 85 30

Distribution income received 2 4,328 6,053Dividend income received 2 - 324Purchase of/drawdowns paid to financial assets at fair value through profit or loss (11,517) (42,775)Sale of/capital distributions received from financial assets at fair value through profit or loss 89,546 99,595

Net cash from investing activities 82,442 63,227

CASH FLOWS FROM FINANCING ACTIVITIESRepurchase of shares 13 (60,000) (60,000)

INCREASE IN CASH

Cash at start of period 43,099 23,900

CASH AT END OF PERIOD 63,591 25,282

1,38220,492

Aberdeen Private Equity Fund of Funds (2007) plc Notes to the Interim Financial Report

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1. Organisation and General Information The Company’s aim is to provide investors with access to a portfolio of Private Equity Funds diversified in terms of time, sector, geography and enterprise value. The Company will seek to achieve long term capital growth by investing mainly, but not exclusively, in underlying Private Equity Funds. The life of the Company is fifteen years from the date of the Second Closing Date. 2. Accounting Policies The principal accounting policies applied in the preparation of the interim financial report are set out below. Basis of Preparation Statement of Compliance The interim financial report has been prepared in accordance with, and complies with, ‘FRS 104: Interim financial reporting’ (“FRS 104”) and is an interim financial report as per FRS 104. It does not include all of the information required for full annual financial statements. The most recent annual report of the Company, for the year ended 31 December 2015, was prepared in accordance with accounting standards issued by the Financial Reporting Council and promulgated by Chartered Accountants Ireland (“Irish GAAP”), the Transparency Directive and the Companies Act 2014. The annual report complied with Financial Reporting Standard 102, ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (“FRS 102”). The interim financial report has been compiled using accounting policies, methods of computation and presentation which are consistent with the annual report. Historical Cost Convention The interim financial report has been prepared under the historical cost convention as modified by the revaluation of financial assets held at fair value through profit or loss. Use of Estimates The preparation of the interim financial report requires the Directors to make estimates and assumptions that affect the reported amounts and disclosures in the interim financial report. Actual results may differ from these estimates and such amounts may be material. In valuing the private equity investments the underlying Fund Managers or administrators use a number of different valuation techniques as set out in the International Private Equity and Venture Capital valuation guidelines, including price of a recent investment, earnings multiples, net assets, discounted cash flows, earnings and industry benchmarks.

Aberdeen Private Equity Fund of Funds (2007) plc Notes to the Interim Financial Report (continued)

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2. Accounting Policies (continued) Use of Estimates (continued) The valuation techniques are reported in detail below and include: (a) Earnings multiples This technique involves the application of an earnings multiple to the earnings of the business being valued in order to derive a value. A number of multiples are used including price/earnings (“P/E”), enterprise value/earnings before interest and tax (“EV/EBIT”), and depreciation and amortisation (“EV/EBITDA”). This technique is sensitive to the earnings multiples applied and the comparable companies used in deriving that earnings multiple. (b) Discounted cash flows This technique involves deriving the value of the investment by calculating the present values of expected cash flows. The investment specific cash flows are discounted to the present value by applying the appropriate risk-adjusted rate that quantifies the risk inherent in the investment. This technique is sensitive to the estimate of the cash flow assumptions and the risk-adjusted discount rate. (c) Mezzanine debt Mezzanine debt is measured on a case by case basis. This is normally the price at which the loan was issued or discounted cash flow calculations. The discounted cash flow calculations are adjusted by the interest rate inherent in the risk being assumed by the loan provider. This technique is sensitive to the estimate of the cash flow assumptions and the risk-adjusted discount rate. (d) Price of recent investment The price of a recent investment is utilised where the investment has been recently purchased. Third-party financing rounds are considered first, although internal financing rounds can also be considered. The factors surrounding an internal financing round need to be considered in terms of their effect on the valuation. As time progresses, factors since the time of investment will be considered in terms of their effect on that value. Achievement of milestones relative to plan should then be considered to gauge movements in valuation since the recent investment. (e) Net assets The valuation of a business is derived from its net assets. The net assets are adjusted for contingent assets and liabilities, if appropriate, and deductions are made for instruments ranking ahead of the highest ranking instrument in a liquidation scenario. The effects of any instrument that may have a dilutive impact are also considered. (f) Industry valuation benchmarks Specific industry valuation benchmarks can be used if appropriate to that industry. An example would be where turnover is specific to number of customers and extrapolating that to the value of the business. This technique is sensitive to the multiple being applied.


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2. Accounting Policies (continued) Use of Estimates (continued) (f) Industry valuation benchmarks (continued) Refer to Note 14 for details regarding the investment specific valuation risk. Investments at Fair Value Through Profit or Loss (a) Classification The Company classifies all its investments as financial assets or financial liabilities at fair value through profit or loss.

This category has two sub-categories: financial assets or financial liabilities held for trading, and those designated at fair value through profit or loss.

(i) Financial assets and liabilities held for trading A financial asset or financial liability is classified as held for trading if it is acquired or incurred principally for the purpose of selling or repurchasing in the near term or it is part of a portfolio of identifiable financial investments that are managed together and for which there is evidence of a recent actual pattern of short-term profit taking. (ii) Financial assets designated at fair value through profit or loss at inception Financial assets designated at fair value through profit or loss at inception are financial instruments that are not classified as held for trading but are managed, and their performance is evaluated on a fair value basis in accordance with the Company’s documented investment strategy.

The Company’s policy requires the Investment Manager and the Board of Directors to evaluate the information about these financial assets on a fair value basis together with other related financial information. (b) Recognition and Derecognition Investments are recognised on trade date, the date which capital call notices are paid by the Company or the date on which the Company commits to purchase an equity investment or collective investment scheme. Investments are derecognised when the rights to receive cash flows from the investments have expired or the Company has transferred substantially all risks and rewards of ownership. Transaction costs are expensed in the Statement of Comprehensive Income as incurred. (c) Measurement Subsequent to initial recognition, investments are measured at fair value. Net (loss)/gain on financial assets at fair value through profit or loss are included for the period in the Statement of Comprehensive Income.


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2. Accounting Policies (continued) Investments at Fair Value Through Profit or Loss (continued) (d) Fair Value Estimation Basic and other financial instruments 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 in the period in which they arise.

Financial liabilities, other than those at fair value through profit or loss, are measured at cost. The fair value of all securities and derivatives is determined according to the following policies: The Company’s investment in each of the Private Equity Funds (the “Funds”/“Fund”) will be carried at the unaudited Net Asset Value provided to it by the underlying Fund Managers or administrators. Where the underlying Fund Managers or administrators have not provided current values, the carrying values of such investments are adjusted for cashflows between the Company and the Fund from the Fund Manager’s or administrator’s last valuation date to the Company’s Statement of Financial Position date. In respect of cashflows resulting from distributions, the fair values are reduced by the most recent available value of the underlying security, or the proportional amount of that value attributable to the cost returned in the case of a partial disposal. Realised gains/(losses) on the disposal or partial disposal of investments held within the Transfer Portfolio (i.e. the portfolio of investments that was transferred to the Company by an affiliate of the Investment Manager following the first closing date in exchange for Class A shares in the Company) are recognised after applying a factor to rebase the initial cost of investments to fair value at date of in specie. Where better indications of fair value become available after the last valuation date, the Investment Manager will adjust the last valuation to arrive at a fair value. The valuation policies used by the Investment Manager in undertaking that valuation will generally be in line with the recommendations of the joint publication from the BVCA and the EVCA, being the ‘International Private Equity and Venture Capital Valuation Guidelines’. Listed investments traded on a stock exchange are valued at last reported trade quoted on such exchange at the Statement of Financial Position date. Collective Investment Schemes are valued at the latest available unaudited Net Asset Value as provided by the Administrator of the Collective Investment Scheme, or the audited Net Asset Value where available. Foreign Exchange Translation (a) Functional and Presentation Currency Items included in the Company’s interim financial report are measured and presented using the currency of the primary economic environment in which it operates (the “functional currency”), which is the Euro.


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2. Accounting Policies (continued) Foreign Exchange Translation (continued) (b) Transactions and Balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign currency assets and liabilities held as at the period end are translated into the functional currency using the exchange rates as at the period end. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation as at period end exchange rates are recognised in the Statement of Comprehensive Income. Net Asset Value The Net Asset Value shall be determined and shall be equal to the value as at the valuation point of all the investments and any other assets, less all the liabilities. The Net Asset Value per share of a particular Class will be determined by multiplying any Company total Net Asset Value movements between the current and immediately preceding valuation points by an apportionment factor. The apportionment factor is the ratio of the Net Asset Value of the particular Class to the Company’s total Net Asset Value as at the immediately preceding valuation point (as adjusted for any applicable calls and drawdowns effective at the start of the relevant valuation period). As described in Note 4 the management fee expenses are class specific and have individual rate charge structures. The management fee expenses for a specific class are factored in when determining the Net Asset Value per share of a particular Class. The Class apportionment of the Company Net Asset Value movements shall then be added to the Net Asset Value of the Class as at the previous valuation point. Cash Cash comprises current deposits with banks and is valued at nominal value. Dividend Income, Interest Income and Distribution Income Interest income is recognised on an effective yield basis and includes interest income from cash. Private Equity Investments: Income is recognised on unquoted investments when the right to receipt is established. Listed Equity Investments: Income is recognised on the date the price is marked ex-dividend. Dividend income is shown gross of any non-recoverable withholding taxes, which are disclosed separately in the Statement of Comprehensive Income, and net of any tax credits.


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2. Accounting Policies (continued) Share repurchase The Company may at any time, in its absolute discretion, repurchase Shares at the most recently published Net Asset Value per Share for the relevant Class as at the Valuation Point on the relevant Dealing Day, by giving five Business Days’ written notice of its intention to do so to Shareholders and Shareholders shall be obliged to accept such repurchases. The Company may, in calculating the repurchase price, deduct applicable duties and charges from the Net Asset Value per Share. No repurchase fee will be payable in respect of any such repurchase. Repurchases shall be exercised against all the Shareholders equally pro rata to their total Shareholdings in the Company. Dividend The Directors at such times as they think fit may declare a dividend on any class of Shares as appear to the Directors to be justified by the profits of the Company, being the accumulated revenue (consisting of all revenue accrued including interest and dividends earned by the Company) less expenses provided that dividends may only be paid out of funds available for the purpose which may be lawfully distributed. The Directors may deduct from any dividend or other monies payable to any Shareholders, or in respect of a Share, all sums of money (if any) presently payable by him/her to the Company in relation to the Shares of the Company. In the event that the Company is required to pay taxation to the Irish tax authorities as a consequence of making any dividend payment to a Shareholder who is or is deemed to be, or is acting on behalf of an Irish Person, the Directors may deduct from the payment an amount equal to the taxation attributable to the relevant payment(s) to pay such amount to the Irish taxation authorities. Dividends not claimed within six years from their due date will lapse and revert to the Company without the necessity for any declaration or other action by the Company. Expenses Expenses are recognised on an accrual basis. Investors in each Class of the Company will bear the fees and expenses payable out of the assets of that Class. These fees include the organisational expenses of the Company attributable to that Class as well as the management, administration, Directors’, custody and audit fees of the Class. These fees are reflected in the Net Asset Value per share. Investors in the underlying funds, including the Company, bear fees out of the committed capital to a fund. These fees are reflected in the value of the Company’s interests in the underlying funds and, therefore, indirectly in the Net Asset Value per share. Expenses paid to underlying managers arise from expenses which are outside commitment. Such expenses principally arise as, although are not limited to, catch-up interest. Catch-up interest arises on new partners or existing partners increasing their capital commitment. Payments in respect of catch-up interest cover the contributions made before the admittance or new commitments to the underlying partnership to ensure that equilibrium is attained within the fund being invested in. Catch-up interest does not form part of the commitment and is recognised in the Statement of Comprehensive Income when incurred.


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3. Taxation Under current law and practice, the Company qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997, as amended. On that basis, it is not chargeable to Irish tax on its income or gains. However, Irish tax may arise on the happening of a “chargeable event”. A chargeable event includes any distribution payments to shareholders, any encashment, redemption, cancellation or transfer of shares and the holding of shares at the end of each eight year period beginning with the acquisition of such shares. No Irish tax will arise on the Company in respect of chargeable events in respect of: (a) shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the chargeable event, provided appropriate valid declaration in accordance with the provisions of the Taxes Consolidation Act, 1997, as amended, are held by the Company or the Company has been authorised by the Irish Revenue to make gross payments in the absence of appropriate declarations; and (b) certain exempted Irish tax resident shareholders who have provided the Company with the necessary signed statutory declarations. Dividends, interest and capital gains (if any) received on investments made by the Company may be subject to withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Company or its shareholders. The total withholding tax for the six month period end was €65,876 (June 2015: €178,067). 4. Fees Investment Manager’s Fee The Investment Manager receives an annual fee from the Share Classes as follows: (a) for the period from the First Closing Date to the third anniversary of the Second

Closing Date the sum of 0.50% of the total commitments for subscriptions in respect of the Class A Shares and Class B Shares and 1.00% of the total commitments for subscriptions in respect of the Class C Shares; and

(b) thereafter a sum of 0.50% of the most recently published Net Asset Value of the

Class A shares and Class B shares and 1.00% of the most recently published Net Asset Value of the Class C shares. Effective from 16 February 2012, the management fee on Class C was reduced to 0.50%.


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4. Fees (continued) Investment Manager’s Fee (continued) The fee is payable quarterly in advance and is calculated as at 31 March, 30 June, 30 September and 31 December in each year. The management fee is calculated, when appropriate, by reference to the most recently published Net Asset Value of the Company attributable to the relevant Share Class. The total management fee for the six month period ended 30 June 2016 was €1,005,300 (June 2015: €1,295,305). There was €Nil payable (December 2015: €Nil) as at the period end. An amount of €23,062 (June 2015: €6,930) in respect of the Aberdeen Global Liquidity Fund plc was rebated against this management fee. There was €Nil receivable (December 2015: €4,188) as at the period end. The management fees on the underlying funds range from 0% to 2.5%. Performance Fee In addition to the management fee, the Investment Manager shall also be entitled to a performance fee in respect of the Class C Shares. The calculation of the performance fee will be verified by the Custodian. The performance fee shall equal a 5.00% fee in respect of the total return attributable to the Class C Shares in a particular performance period provided that the hurdle rate (a compound growth rate of 8.00%) is achieved in the relevant performance period. If the hurdle rate is not achieved in the relevant performance period, then no performance fee shall be payable for that performance period. The performance fee (if payable) shall be payable by the holders of the Class C Shares to the Investment Manager within one month of the end of any performance period. The performance fees on the underlying funds range from 0% to 20%. The performance period is defined as the period of five years in which the performance fee shall be calculated. The first performance period ended on 4 April 2012. The Fund is now in the second performance period which began on the 5 April 2012 and shall terminate on the tenth anniversary of the Second Closing Date on the 4 April 2017. Performance fees reimbursed during the six month period ended 30 June 2016 were €41,238 (June 2015: performance fees earned were €90,031). There was €428,217 payable (December 2015: €469,455) as at the period end. Administration, Custody, Transfer Agency and Registrar Fee The fees charged to the Company for administration, custody, transfer agency and registrar fees are based on the amounts shown below.


22

4. Fees (continued) Administration, Custody, Transfer Agency and Registrar Fee (continued) In respect of the services provided by the Custodian, the Company shall pay the Custodian a fixed rate flat fee of €20,000 per annum, payable quarterly in arrears. In addition to fixed rate flat fee, incremental basis point and transaction fees will be charged for all assets for which State Street is custodian. The Company paid the Administrator an annual flat rate fee of £255,740, payable quarterly in arrears in respect of the services provided by the Administrator with additional fees of €10,000 and €20,000 charged for Transfer Agency services and Financial Reporting respectively. The expenses charged during the period for administration and custodian services are set out in Note 5 Operating Expenses. Auditors’ remuneration Auditors’ remuneration during the period for the audit of the Company’s statutory accounts amounted to €39,731 (June 2015: €39,854). All fees paid to auditors’ during the period relate to statutory audit services. The interim financial report has not been audited. The audit fee represents the accrual for the period. 5. Operating Expenses

* The interim financial report has not been audited. The audit fee represents the accrual for the period. ** Included in the custodian fee is €651 (June 2015: €931) relating to investment transactions fees.


EUR ’000 EUR ’000Investment Manager’s fee: Class A 595 767 Class B 364 469 Class C 46 59 Management fee reimbursement (23) (7)Administration fee 184 192Legal fees 152 48Other 131 49Performance (reimbursement)/fee (41) 90Audit fee* 40 40Directors’ fees 13 25Custodian fee** 1 11

1,462 1,743


23

6. Investments at Fair Value Through Profit or Loss In accordance with the Company’s accounting policy on investments at fair value through profit and loss included in Note 2, the Company’s private equity investments, listed securities and other investments are measured at their fair value. The fair value of these investments as at the Statement of Financial Position date has been determined based on the independent valuations received from the underlying Fund Managers and administrators. For listed securities traded on a stock exchange, they are valued generally at the last reported trade quoted on such exchange. With the exception of 54 investments, equating to 64.58% of the Net Asset Value of the Company, whose underlying fund manager valuations are dated 31 December 2015, 31 March 2016 and 5 April 2016, the valuations received for all other investments in private equity are dated 30 June 2016. The Investment Manager and the Board of Directors has evaluated these valuations, whilst considering the market volatility, and believe these valuations to be reasonable. All fair valuations may differ significantly from values that would have been used had ready markets existed and the differences could be material. Disclosure is made relating to the fair value hierarchy in which fair value measurements are categorised for assets and liabilities. The disclosures are based on a three-level fair value hierarchy for the inputs used in valuation techniques to measure fair value. The fair value hierarchy has the following levels: Level 1 – The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date. Level 2 – Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly. Level 3 – Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability. There were no transfers between Level 1 and Level 2 within the fair value hierarchy of the company’s financial assets (by class) measured at fair value as at 30 June 2016.


24

6. Investments at Fair Value Through Profit or Loss (continued) The following tables provide an analysis of financial instruments that are measured at fair value:

7. Cash

* Held with State Street Custodial Services (Ireland) Limited 8. Other Receivables

30 June 2016 Level 1 Level 2 Level 3 Total Fair ValueEUR ’000 EUR ’000 EUR ’000 EUR ’000

Fund investments - - 272,613 272,613Collective investment scheme - 2,574 - 2,574

- 2,574 272,613 275,187

31 December 2015 Level 1 Level 2 Level 3 Total Fair ValueEUR ’000 EUR ’000 EUR ’000 EUR ’000

Fund investments - - 338,334 338,334Collective investment scheme - 35,387 - 35,387

- 35,387 338,334 373,721

30 June 2016 31 December 2015EUR ’000 EUR ’000

Cash at bank* 63,591 43,099


Distribution receivable 362 -Other debtors 10 4Interest receivable 3 14Directors’ fees receivable - 13

375 31


25

9. Liabilities

10. Net Cash outflow from Operating Activities

11. Related Party Transactions A related party transaction is a transfer of resources, services or obligations between a reporting entity and a related party, regardless of whether a price is charged. In the opinion of the Directors, the Investment Manager is a related party. Page 2 discloses the Company’s Directors and also discloses Aberdeen Asset Investments Limited as the Investment Manager, Marketing Agent and Promoter of the Company. Refer to Note 4 for details of management fees and performance fees charged by the Investment Manager during the period. As at 30 June 2016, there was €Nil (December 2015: €Nil) payable in respect of Investment Manager’s fees. As at 30 June 2016, there was €428,217 (December 2015: €469,455) payable in respect of performance fees. No other fees were paid to the Investment Manager other than as disclosed in Note 4. The Company invests in P25 Limited Partnership Corporation which has a valuation as at 30 June 2016 of €4,594,924 (December 2015: €7,152,512). The investment in P25 Limited Partnership Corporation is deemed to be a related party transaction as its Investment Advisor is Aberdeen Private Equity Advisers Limited. The parent company of Aberdeen Private Equity Advisers Limited is Aberdeen Asset Management PLC. Amounts received from P25 for the period amounted to €2,707,945 (June 2015: €8,804,892) and the amounts paid were €484,108 (June 2015: €1,479,311).


Performance fee 428 469Legal fee 139 49Administration fee 90 208Other liabilities 68 37Audit fee 40 80Directors’ fees 13 13

778 856


EUR ’000 EUR ’000Change in net assets attributable to participating shareholders from operations (17,620) 38,677Return on investments (4,413) (6,407)Net unrealised loss on investments, net of unrealised foreign exchange loss 39,490 371Increase in debtors (344) (8)(Decrease)/increase in creditors (78) 84Realised gain on investments (18,985) (34,562)

(1,950) (1,845)


26

11. Related Party Transactions (continued) Aberdeen Asset Managers Limited replaced Aberdeen Private Equity Advisers Limited on 30 April 2016. The Company had an investment in Aberdeen Global Liquidity Fund plc – Euro Liquidity Fund of €2,574,429 (December 2015: €2,577,252) as at 30 June 2016. The Company had an investment in Aberdeen Global Liquidity Fund plc – GBP Liquidity Fund of €Nil (December 2015: €32,809,520) as at 30 June 2016. The investments in Aberdeen Global Liquidity Fund plc are also deemed to be related party transactions, as Aberdeen Asset Investments Limited is the Investment Manager. Please note that on 15 July 2016, Aberdeen Euro Liquidity Fund, a sub-fund of the Aberdeen Global Liquidity Funds plc merged into Aberdeen Liquidity Fund (Lux) – Euro Fund and on 15 July 2016 Aberdeen Sterling Liquidity Fund, a sub-fund of the Aberdeen Global Liquidity Funds plc merged into Aberdeen Liquidity Fund (Lux) – Sterling Fund. Aberdeen Liquidity Fund is domiciled in Luxembourg and is an open-ended société d’investissement à capital variable (SICAV) and also qualifies as a UCITS. It is authorised by the CSSF (the Commission de Surveillance du Secteur Financier). Therefore from 15 July 2016, investments in Aberdeen Liquidity Fund (Lux) shall also be deemed to be related party transactions, as Aberdeen International Fund Managers Limited is the Investment Manager and Aberdeen Asset Managers Limited is the Investment Adviser. The investments in the total Net Asset Value of Aberdeen Global Liquidity Fund plc amounted to 1.05% (December 2015: 1.18%) for the Aberdeen Euro Liquidity Fund and 0.00% (December 2015: 0.17%) for the Aberdeen Sterling Liquidity Fund. Aberdeen Global Liquidity Fund plc – Euro Liquidity Fund charges the Company a management fee of 0%. Interest received from the Aberdeen Global Liquidity Fund plc during the period was €70,507 (June 2015: €18,561) and the amount receivable as at the period end was €570 (December 2015: €13,922). Performance fees are payable to the Investment Manager, as disclosed in Note 4: Fees. Performance fees reimbursed during the period were €41,238 (June 2015: performance fees earned were €90,031). There was €428,217 (December 2015: €469,455) payable as at the period end. David Williams is a Director of the Company and a solicitor and partner with LK Shields Solicitors, which provides legal and company secretarial services to the Company. Directors’ fees Thomas Byrne earned Directors’ fees of €12,500 (June 2015: €25,000, Thomas Byrne and Hugh Cooney earned Directors’ fees of €12,500 each) during the period ended 30 June 2016. Andrew McCaffery is a Director of the Company. There were no fees paid to Andrew McCaffery from the Company during the period ended 30 June 2016 (30 June 2015: €Nil). David Williams earned Directors’ fees of €Nil following his appointment on 12 November 2015. Directors’ fees payable as at the period end were €12,500 (December 2015: €12,500).


27

12. Investment in Associate As at 30 June 2016 the Company had investments in the following funds which represent the percentages of issued capital outlined in the table below and are therefore considered Associates.

Albany Ventures Fund III’s accounting period ended is 31 December and its investment

focus is UK Venture in early stage technology and healthcare. Cross Atlantic Technology Fund II’s accounting period ended is 31 December and its

investment focus is early to development stage technology companies. Pentech Fund 1A/1B (Consolidated)’s accounting period ended is 31 December and its

investment focus is UK/Irish venture in early stage technology. The stakes in the associates are accounted for as investments at fair value through profit or loss rather than as an associate or joint venture. This is consistent with the method of accounting applied to the other funds within the investment portfolio. For further details of the valuation of investments refer to Note 2. As at 30 June 2016, the amounts owing for undrawn commitments on these funds was as per the table below:

As at 31 December 2015, the amounts owing for undrawn commitments on these funds was as per the table below:

30 June 2016 31 December 2015Albany Ventures Fund III 46% 46%Cross Atlantic Technology Fund II 26% 26%Pentech Fund 1A/1B (Consolidated) 22% 22%

Currency CommitmentLocal Local Local EUR

Albany Ventures Fund III GBP Total 21,700,000 10,000,000 14,238,496 Undrawn - - -

Cross Atlantic USD Total 80,254,989 21,035,255 16,315,972 Technology Fund II Undrawn - - -

Pentech Fund 1A/1B GBP Total 22,323,105 5,000,000 7,407,530 (Consolidated) Undrawn - - -

Company portion

Currency CommitmentLocal Local Local EUR

Albany Ventures Fund III GBP Total 21,700,000 10,000,000 13,721,723 Undrawn 931,958 429,490 582,676

Cross Atlantic USD Total 80,254,989 21,035,255 16,315,972 Technology Fund II Undrawn - - -

Pentech Fund 1A/1B GBP Total 22,323,105 5,000,000 7,407,901 (Consolidated) Undrawn - - -

Company portion


28

13. Repurchase of Shares and Dividend Due to a strong liquidity position within the Company, the Directors declared (15 June 2016) and paid (21 June 2016) a repurchase of shares of €60,000,000. Share class A - €35,512,602, B - €21,750,694 and C - €2,736,704. 14. Risk of Investments All private equity investments risk the loss of capital. No guarantee or representation is made that the Company will achieve its investment objective or that shareholders will not suffer loss. Valuation Risk The Net Asset Value of the Company is calculated based on the value of its assets and liabilities. The Net Asset Value of each underlying fund is dependent on unaudited valuations provided by the various underlying funds in which it invests, which themselves may be subject to error. The valuations on which the Net Asset Value of the underlying funds are based may not be provided as of the same date on which the Net Asset Value of the Company is calculated or on the same GAAP consistent basis and the Net Asset Value of the Company may therefore include valuations for investments which has changed since the date on which they were provided. The fair value of the Company’s listed investments is based on quoted market prices at the Statement of Financial Position date. These investments are susceptible to market price risk arising from uncertainties about future values of these investments. Market Risk The Company is exposed through its portfolio of investments to market risks (including market price risk, foreign currency risk and interest rate risk) influencing investment valuations. (a) Market Price Risk Market price risk is the risk that the value of a financial instrument will fluctuate as a result of changes in market price. It represents the potential loss the Company might suffer on its investments caused by specific factors or overall market conditions. The maximum risk resulting from market price risk is determined by the loss of fair value of the investments. Investment is typically made by the Company in Private Equity Funds that are managed by experienced Fund Managers who have an established track record in private equity investments. In addition, the Investment Manager satisfies itself that adequate custody arrangements has been entered into in relation to the underlying funds in which the Company invests through undertaking due diligence on any potential commitment and checking all custody arrangements at that time.


29

14. Risk of Investments (continued) Market Risk (continued) (a) Market Price Risk (continued) The Investment Manager follows an investment process to select and monitor the performance of Private Equity Funds that evaluates past performance, risk-adjusted rates of return and which tracks consistency of management approach. Selection of Private Equity Funds is made on the basis of an initial performance evaluation and interviews with Fund Managers, and other investment personnel to assess investment capabilities. Due diligence is carried out over the investment process as well as a review of investment strategy, historic performance and investment management fee charges. The Company may invest in underlying funds, which may be subject to issue and redemption charges and to management, administration and incentive or performance fees, in addition to those payable directly by the Company. In addition, up to 5% of the aggregate of Net Asset Value and Uncalled Share Capital of the Company may be invested in other funds of funds which may themselves be subjected to an additional layer of fees. There may therefore be a resultant lack of transparency in the Company’s investment. Due diligence is performed by the Investment Adviser on the underlying funds prior to commitments being made in order to mitigate the risks outlined below. The Investment Adviser monitors the performance and management of the funds on an ongoing basis and continues to perform due diligence on the managers of the funds. Investors however, should be aware that once a commitment has been made to a private equity fund a certain degree of risk will exist that cannot be eliminated. (b) Foreign Currency Risk The Company may invest in financial instruments and enter into transactions denominated in currencies other than its functional currency. Foreign currency risk arises as the value of future transactions, recognised monetary assets and monetary liabilities denominated in other currencies fluctuate due to changes in foreign exchange rates. Consequently, the Company may be exposed to risks that the exchange rate of its currency relative to other foreign currencies may change in a manner that has an adverse effect on the value of that portion of the Company’s assets or liabilities denominated in currencies other than the functional currency. The Company maintains accounts in Euro. However, the Company invests in assets on a worldwide basis, and there may be transactions denominated in non-Euro currencies. Accordingly, a change in the value of any such currencies against the Euro will result in a corresponding change in the Euro value of assets denominated in that currency.


30

14. Risk of Investments (continued) Market Risk (continued) (c) Interest Rate Risk The Company is exposed to the risk that the fair value or future cash flows of its financial instruments will fluctuate as a result of changes in market interest rates. The majority of the Company’s assets are in Private Equity Fund interests. There is therefore no direct interest rate exposure as at 30 June 2016 (December 2015: €Nil). The Company’s exposure to interest rate risk as at 30 June 2016 and 31 December 2015 derives from its cash balances and an indirect exposure resulting from the investment into Aberdeen Global Liquidity Funds plc. The Company has no borrowing facilities in place. In accordance with the Company’s policy, the Investment Manager monitors the Company’s overall interest sensitivity on a weekly basis. Credit Risk The Company is exposed to credit risk, which is the risk that a counterparty will be unable to pay amounts in full when they fall due. The main concentration to which the Company is exposed arises from the Company’s cash, which is held with the Custodian in designated Company accounts, and other receivable balances. Transactions in listed securities are settled/paid for upon delivery using approved brokers. Brokers used for the sale of listed securities during the period were JP Morgan and Credit Suisse and Moody’s credit ratings ranging between A2 and Aa3. No securities were held by brokers as at 30 June 2016 (December 2015: None). The risk of default is considered minimal, as delivery of securities sold is only made once the broker has received payment. Payment is made on a purchase once the securities have been received by the broker. The trade will fail if either party fails to meet its obligation. In accordance with the Company’s policy, the Investment Manager monitors the Company’s credit position on a daily basis, and the Board of Directors reviews it on a quarterly basis.


31

14. Risk of Investments (continued) Credit Risk (continued) The Company also faces credit risk in relation to the unfunded commitment received from investors. Due to the credit quality of the parties involved, the credit risk is assessed as low. There were no past due or impaired assets held as at 30 June 2016. Liquidity Risk This is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities. Private Equity Funds may, at any given time, consist of significant amounts of securities and other financial instruments or obligations that are very thinly traded or for which no market exists or that are restricted as to their transferability under the securities laws of any applicable jurisdiction or under the terms and conditions of their respective governing documents. The sale of any such investments may be possible only at substantial discounts, if at all. Further, such investments may be extremely difficult to value with any degree of certainty. The Company’s liquid investments are considered readily realisable. The Company maintains liquid resources in order to meet its obligations and to fund undrawn commitments to investments. In addition, the Investment Manager shall have the discretion to make calls on shareholders in respect of any monies unpaid on their shares. 15. Transfer and Repurchase of Shares Shares will be transferable by instrument in writing signed by (or, in the case of a transfer by a body corporate, signed on behalf of or sealed by) the transferor provided always that the transferee completes an Application Form to the satisfaction of the Administrator and furnishes the Administrator with any documents required by it, including a deed of adherence; under which the transferor shall undertake to the Company any outstanding commitments of the transferor. Shares may not be subject to any transfer restrictions except;

(i) where the holding of such shares may result in regulatory, pecuniary, legal, taxation or material administrative disadvantage for the Company or its shareholders as a whole; or

(ii) to maintain a minimum holding per shareholder. Shares will only be repurchased at the instigation of the Company. Where this occurs, no repurchase of shares by the Company will result in all of the shareholders’ shares being repurchased. Shares may only be repurchased once all outstanding obligations and expenses of the Company have been provided for, and all shareholders have paid up an equal percentage with respect to their shares. Shareholders have the right to redeem their shares at the end of the fifteen years from the date of the Second Closing Date. A general meeting will be convened at the end of the fifteen years from the date of the Second Closing Date whereby Shareholders can either redeem their shareholding or opt to extend the fifteen years by a further period.


32

16. Exchange Rates The rates of exchange ruling as at the period end were as follows:

17. Share Capital The Company has an authorised capital of 1,000,000,000,000 shares of no par value initially designated as unclassified shares and available for issue as shares. The Directors are empowered to issue up to 500,000,000,000 shares of no par value. The Company is satisfied that the Company’s working capital is sufficient for the Company’s present requirements. The Company has no loan capital (including long term loans) outstanding or created but unissued and no outstanding mortgages, charges or other borrowings or indebtedness in the nature of borrowings, including bank overdrafts and liabilities under acceptances or acceptance credits, finance leases, hire purchase commitments, guarantees or contingent liabilities. The Directors may in their absolute discretion, provided that they are satisfied that no material prejudice would result to any existing shareholder and subject to the provisions of the Companies Act 2014, allot shares as partly paid. On the date of application, a minimum of 25% of the issue price of the shares must be received and accepted by the Administrator. Thereafter, the Investment Manager shall have the discretion to make calls on shareholders in respect of any monies unpaid on their shares. There are three Share Classes in issue, namely Class A Shares, Class B Shares and Class C Shares. The number of shares in issue at the end of the period is 310,246,052 (June 2015: 402,293,581). There were no closings and no calls made during the period. The total commitment is €572,187,964 (June 2015: €572,187,964). The rights attached to any Class may be varied or abrogated with the consent in writing of the holders of three-fourths in number of the issued Shares of that Class, or with the sanction of a special resolution passed at a separate general meeting of the holders of the Shares of that Class, and may be so varied or abrogated either whilst the Company is a going concern or during or in contemplation of a winding-up. The life of the Company shall be fifteen years from the date of the Second Closing Date. The Directors shall prior to the termination of the said fifteen years period from the Second Closing Date convene a general meeting of the Shareholders at which Shareholders will be asked to vote on a proposal to extend the fifteen years period by a further period, which period shall be advised to the meeting but shall not exceed a further period of three years. Shareholders who vote against any proposal to extend the initial period shall be given the opportunity to redeem their shares prior to such extension, should the proposal be approved.

30 June 2016 30 June 2015EUR EUR

GBP 0.831 0.708SEK 9.413 9.245USD 1.111 1.114


33

17. Share Capital (continued)

Issued Shares Class A Class B Class C Total Number Number Number Number

Movement in shares during the period:Shares in issue at 1 January 2016 231,277,182 118,785,541 14,435,216 364,497,939Number of shares issued - - - - Number of shares redeemed (34,423,305) (17,680,044) (2,148,538) (54,251,887)Shares in issue at 30 June 2016 196,853,877 101,105,497 12,286,678 310,246,052

EUR EUR EUR EUR

Total Commitment 354,777,964 195,410,000 22,000,000 572,187,964Subscriptions paid 255,375,554 140,659,630 22,000,000 418,035,184Shares repurchased (147,951,548) (90,617,096) (11,431,356) (250,000,000)Commitments unpaid 99,402,410 54,750,370 - 154,152,780Net Asset Value per share 1.02 1.21 1.26

Period ended 30 June 2016


Movement in shares during the period:Shares in issue at 1 January 2015 291,754,428 149,847,068 18,209,916 459,811,412Number of shares issued - - - - Number of shares redeemed (36,495,575) (18,744,376) (2,277,880) (57,517,831)Shares in issue at 30 June 2015 255,258,853 131,102,692 15,932,036 402,293,581

EUR EUR EUR EUR


Period ended 30 June 2015


Movement in shares during the year:Shares in issue at 1 January 2015 291,754,428 149,847,068 18,209,916 459,811,412Number of shares issued - - - - Number of shares redeemed (60,477,246) (31,061,527) (3,774,700) (95,313,473)Shares in issue at 31 December 2015 231,277,182 118,785,541 14,435,216 364,497,939

EUR EUR EUR EUR


Year ended 31 December 2015


34

17. Share Capital (continued)

18. Significant Events During the Period Due to a strong liquidity position within the Company, the Directors declared (15 June 2016) and paid (21 June 2016) a Repurchase of Shares of €60,000,000. 19. Subsequent Events There have been no events since 30 June 2016 and the date of approval of the interim financial report which required disclosure in the interim financial report. 20. Commitments and Contingencies

This represents commitments made to the Company’s investments remaining undrawn. 21. Soft Commission Arrangements There were no soft commission arrangements entered into by the Investment Manager, on behalf of the Company, during the period (June 2015: €Nil).

30 June 2016 31 December 2015NUMBER OF SHARES IN ISSUE Class A 196,853,877 231,277,182

Class B 101,105,497 118,785,541Class C 12,286,678 14,435,216

EUR EURNET ASSET VALUE PER SHARE Class A 1.02 1.06

Class B 1.21 1.27Class C 1.26 1.31

30 June 2015NUMBER OF SHARES IN ISSUE Class A 255,258,853

Class B 131,102,692Class C 15,932,036

EURNET ASSET VALUE PER SHARE Class A 0.99

Class B 1.18Class C 1.22

30 June 2016 31 December 2015(unaudited) (audited)

EUR ’000 EUR ’000Outstanding commitments on investments 46,431 56,811


35

22. Statement of Changes in the Portfolio A Statement of Changes in the Portfolio is available from the Administrator, free of charge, upon request. 23. Approval of Interim Financial Report The Directors approved the interim financial report on 25 August 2016.

Aberdeen Private Equity Fund of Funds (2007) plc Schedule of Investments As at 30 June 2016

This report when not used for the general information of the Company, is to be distributed only if preceded or accompanied by a current Prospectus

36

Local

Total

Commitment

Total

Commitment

Undrawn

Commitment Cost Value % of

Currency Local ’000 EUR ’000 EUR ’000 EUR ’000 EUR ’000 FundFund Investments

Activa Capital II EUR 10,000 10,000 427 9,389 7,707 2.28%

Activa Capital Partners FCPR EUR 7,221 7,221 549 1,509 23 0.01%

Advent Central & Eastern Europe IV LP EUR 10,000 10,000 1,560 3,751 2,200 0.65%

Advent International GPE VI LP EUR 15,000 15,000 383 7,547 12,776 3.78%

Albany Ventures Fund III GBP 10,000 13,722 ‐ 5,636 295 0.09%

Alta Biopharma Partners III USD 10,000 7,486 450 2,906 279 0.08%

Apax Europe VII‐A EUR 20,000 20,000 400 12,741 9,714 2.87%

Astorg IV EUR 10,000 10,000 1,100 2,303 4,126 1.22%

Astorg V EUR 10,000 10,000 1,778 5,600 8,623 2.55%

ASOF II Feeder Fund (GP) Limited GBP 10,000 11,965 1,731 6,219 3,767 1.11%

Equistone Partners Europe Fund II EUR 4,674 4,674 43 2,594 772 0.23%

Equistone Partners Europe Fund III EUR 10,000 9,417 271 3,528 1,266 0.37%

Candover 2005 Fund EUR 10,000 10,000 20 7,972 2,091 0.62%

CapVis Equity II EUR 10,000 10,000 85 3,454 1,411 0.42%

Capvis Private Equity III EUR 15,000 15,000 730 12,101 8,796 2.60%

CBPE Capital Fund VIII A LP GBP 7,500 9,217 842 5,466 5,577 1.65%

Charterhouse Capital Partners IX EUR 20,000 20,000 2,186 10,450 7,211 2.13%

Close Brothers Private Equity Fund VII GBP 5,000 6,504 ‐ 1,730 34 0.01%

Cross Atlantic Technology Fund II USD 21,035 16,316 ‐ 10,948 3,293 0.97%

CVC European Equity Partners Tandem Fund A EUR 10,000 10,000 856 3,222 956 0.28%

CVC European Equity Partners V (A) LP EUR 20,000 20,000 778 8,733 10,680 3.16%

Dunedin Buyout Fund GBP 5,000 7,143 186 722 237 0.07%

Dunedin Buyout Fund II GBP 10,000 12,491 1,239 8,598 6,016 1.78%

Elysian Capital 1 LP GBP 5,000 5,957 832 3,643 3,198 0.95%

Aberdeen Private Equity Fund of Funds (2007) plc Schedule of Investments (continued) As at 30 June 2016


37

Local

Total

Commitment

Total

Commitment

Undrawn


Currency Local ’000 EUR ’000 EUR ’000 EUR ’000 EUR ’000 Fund

Fund Investments (continued)

Fondinvest VIII FCPR EUR 20,000 20,000 200 1,920 9,722 2.87%

Fondo Nazca II, F.C.R. EUR 4,500 4,500 446 1,046 347 0.10%

Fondo Nazca III, F.C.R. EUR 9,000 9,000 2,124 6,957 9,063 2.68%

FSN Capital III Limited Partnership EUR 10,000 10,000 598 4,976 2,144 0.63%

Graphite Capital Partners VI GBP 3,000 4,032 96 781 1,163 0.34%

Graphite Capital Partners VII GBP 8,000 8,262 781 559 1,829 0.54%

Graphite Capital Partners VII Top Up fund Plus GBP 2,000 1,775 241 610 605 0.18%

Gresham 4B Partnership GBP 10,000 12,770 754 4,989 1,805 0.53%

Gresham III Fund 'A' GBP 8,000 11,414 ‐ 4,264 14 0.00%

Halder GIMV Germany II EUR 10,000 10,000 1,528 8,508 8,506 2.51%

Harbourvest International Private Equity Partners V ‐ Cayman Direct Fund EUR 15,000 15,000 600 7,372 3,680 1.09%

HG Capital VI GBP 10,000 11,847 754 6,947 8,787 2.60%

Indigo Capital IV EUR 6,000 6,000 ‐ 2,394 1 0.00%

Indigo Capital V EUR 10,000 10,000 502 4,999 3,841 1.14%

Innova/5 LP EUR 12,500 12,232 4,181 8,980 8,268 2.44%

International Life Sciences Fund III (LPI) USD 15,000 11,405 ‐ 6,226 3,033 0.90%

Investindustrial III Build Up L.P. EUR 5,000 5,000 1,844 1,258 2,897 0.86%

Investindustrial IV EUR 10,000 10,000 637 3,624 4,528 1.34%

Lion Capital II EUR 10,000 10,000 847 6,078 989 0.29%

MPM Bioventures III USD 15,000 11,412 0‐ 7,184 2,325 0.69%

MPM Bioventures IV USD 20,000 14,566 851 9,506 9,768 2.89%

MVM Fund III GBP 5,000 6,137 568 4,794 5,016 1.48%

MVM International Life Sciences No. 1 GBP 5,000 6,384 220 1,730 722 0.21%

Nordic Capital V EUR 6,034 6,034 ‐ 1,646 476 0.14%



38

Local

Total

Commitment

Total

Commitment

Undrawn


Currency Local ’000 EUR ’000 EUR ’000 EUR ’000 EUR ’000 Fund

Fund Investments (continued)

Nordic Capital VII EUR 20,000 20,000 1,920 17,082 22,092 6.53%

P25 LP Incorporated EUR 22,685 22,685 ‐ 8,555 4,595 1.36%

PAI Europe V Fund EUR 5,000 5,000 354 2,948 3,242 0.96%

Paul Capital Partners VIII‐C USD 10,000 7,352 172 3,602 1,563 0.46%

Pentech 2 Fund GBP 4,524 5,559 334 3,771 6,306 1.86%

Pentech Fund 1A/1B (Consolidated) GBP 5,000 7,408 3 5,279 4 0.00%

Primary Capital II GBP 5,000 6,989 316 1,851 506 0.15%

RL Private Equity Fund GBP 10,000 15,118 ‐ 11,516 1,107 0.33%

Segulah IV SEK 28,750 3,051 922 1,962 2,068 0.61%

SEP III GBP 5,000 6,185 60 3,855 11,822 3.49%

Sofinnova Capital V EUR 5,000 4,875 ‐ 2,467 2,162 0.64%

Sofinnova Venture Partners VI USD 5,000 3,718 ‐ 3,122 571 0.17%

Sofinnova Venture Partners VII USD 5,000 3,693 ‐ 1,797 2,134 0.63%

SV Life Sciences Fund IV USD 7,500 5,628 430 3,853 3,464 1.02%

The Fourth Cinven Fund EUR 20,000 20,000 1,836 7,834 2,172 0.64%

Third Cinven Fund (No.5) EUR 30,000 30,000 173 5,803 239 0.07%

Triton Fund III EUR 15,000 15,000 3,801 9,577 8,413 2.49%

Ventizz Capital Fund IV, LP EUR 12,000 12,000 ‐ 11,884 2,434 0.72%

Vision Capital VII Fund EUR 10,000 10,000 1,892 3,592 7,142 2.11%

Total Value of Fund Investments 358,460 272,613 80.57%



39

Number of Value % of

Shares EUR ’000 Fund

Collective Investment Scheme

Aberdeen Global l iquidity Fund plc (EUR class) EUR 2,574,429 2,574 0.76%

Total Value of Collective Investment Scheme 2,574,429 2,574 0.76%

Total Market Value of Investments 275,187 81.33%

Cash and Cash Equivalents 63,591 18.79%

Other Net Liabilities (403) (0.12%)

Total Value of Fund 338,375 100.00%

aberdeen private equity fund of funds … private equity fund of funds (2007) plc table of contents...

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