TIDMAPEO
RNS Number : 8484C
abrdn Private Equity Opp Trst plc
14 October 2022
abrdn Private Equity Opportunities Trust plc
Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13
14 October 2022
abrdn Private Equity Opportunities Trust plc ("APEO" or "the
Company") announces its estimated net asset value ("NAV") at 30
September 2022
-- Estimated NAV at 30 September 2022 was 747.2 pence per share
(estimated NAV at 31 August 2022 was 734.1 pence per share)
-- Excluding new investments, 99.8% by value of portfolio dated
30 June 2022 (estimated NAV at 31 August 2022 was 99.0% dated 30
June 2022)
-- APEO paid GBP22.9 million of drawdowns and received GBP16.4
million of distributions during the month of September
-- One new secondary transaction comprising three limited
partnership fund interests completed during September
-- Outstanding commitments of GBP681.3 million at 30 September 2022
-- Liquid resources (cash balances plus undrawn credit
facilities) were GBP 168.4 million as at 30 September 2022
-- Expansion of the Company's syndicated revolving credit
facility from GBP200.0 million to GBP300.0 million on 10 October
2022
APEO's valuation policy for private equity funds and
co-investments is based on the latest valuations reported by the
managers of the funds and co-investments in which the Company has
interests. In the case of APEO's valuation at 30 September 2022,
excluding new investments, 99.8% by value of the portfolio
valuations were dated 30 June 2022. The value of the portfolio is
therefore calculated as the 30 June 2022 valuation, adjusted for
subsequent cashflows over the period to 30 September 2022.
This is an update from the estimated NAV at 31 August 2022,
whereby 99.0% of the portfolio valuations, excluding new
investments, were dated 30 June 2022, adjusted for subsequent
cashflows over the period to 31 August 2022.
Estimated NAV
At 30 September 2022, APEO's estimated NAV was 747.2 pence per
share (estimated net assets GBP1,148.9 million), representing a
1.8% per share increase from the estimated NAV at 31 August 2022 of
734.1 pence per share (estimated net assets GBP1,128.6 million).
The 13.1 pence increase in NAV per share reflected gains arising
primarily from a 1.5% appreciation in the euro versus sterling
during September, and a 4.1% appreciation in the dollar versus
sterling during September.
Drawdowns and distributions
APEO paid GBP22.9 million of drawdowns and received GBP16.4
million of distributions during the month of September. The
distributions received generated realised gains and income of
GBP6.8 million. Including secondary purchases, total net outflows
from investment activity during September amounted to GBP13.0
million.
Investment activity
In September 2022, the Company completed a secondary transaction
involving the acquisition of limited partnership interests in three
buyout funds managed by American Industrial Partners, Altor and
Vitruvian. The Company acquired an aggregate exposure (purchase
price and unfunded commitment) of GBP10.1 million. The transaction
provides exposure to a diversified portfolio of underlying assets
across Europe and North America.
Commitments
The Company had GBP681.3 million of outstanding commitments at
30 September 2022. The Manager believes that around GBP69.9 million
of the Company's existing outstanding commitments are unlikely to
be drawn.
Credit facility and cash balances
As at 30 September 2022, the Company had a GBP200.0 million
syndicated revolving credit facility provided by Citi, Société
Générale and State Street Bank International GmbH, which was to
expire in December 2024. The Company drew a total of GBP13.2
million from the credit facility during the month of September,
increasing the total drawn balance to GBP62.0 million at 30
September 2022. The remaining undrawn balance of the credit
facility at 30 September 2022 was therefore GBP138.0 million.
In addition, the Company had cash balances of GBP30.4 million at
30 September 2022. Liquid resources, calculated as the total of
cash balances and the undrawn balance of the credit facility, were
therefore GBP168.4 million as at 30 September 2022.
On 10 October 2022, the Company announced an expansion of the
credit facility which increased from GBP200.0 million to GBP300.0
million with The Royal Bank of Scotland International Limited
joining as a lender and Natwest Markets Plc replacing Citibank
Europe plc as Agent in the syndicate of banks providing the Loan
Facility, alongside current providers Société Générale and State
Street Bank International GmbH. The expansion of the Loan Facility
would therefore see the remaining undrawn balance of the facility
increase to GBP238.0 million based on the position as at 30
September 2022.
Update from the Manager
The latest update from the Manager is available within the
Latest News section of the Company website;
www.abrdnpeot.co.uk.
Future announcements
The Company is expecting to announce its estimated NAV at 31
October 2022 on or around 14 November 2022.
Additional detail about APEO's NAV and investment
diversification can be found on APEO's website. Neither the
contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website is incorporated
into, or forms part of, this announcement.
For further information please contact Alan Gauld at abrdn
Capital Partners LLP (0131 528 4424)
Notes:-
abrdn Private Equity Opportunities Trust plc is an investment
company managed by abrdn Capital Partners LLP, the ordinary shares
of which are admitted to listing by the UK Listing Authority and to
trading on the Stock Exchange and which seeks to conduct its
affairs so as to qualify as an investment trust under sections
1158-1165 of the Corporation Tax Act 2010. The Board of abrdn
Private Equity Opportunities Trust plc is independent of abrdn plc
and Phoenix Group Holdings.
The Company intends to release regular estimated NAV updates
around ten business days after each month end. A breakdown of
APEO's portfolio can be obtained in the latest monthly factsheet,
which is published on APEO's website at:
www.abrdnpeot.co.uk
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END
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