TIDMAPEO
RNS Number : 7399J
abrdn Private Equity Opp Trst plc
15 December 2022
abrdn Private Equity Opportunities Trust plc
Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13
15 December 2022
abrdn Private Equity Opportunities Trust plc ("APEO" or "the
Company") announces its estimated net asset value ("NAV") at 30
November 2022
-- Estimated NAV at 30 November 2022 was 730.4 pence per share
(estimated NAV at 31 October 2022 was 725.8 pence per share)
-- Excluding new investments, 95.9% by value of portfolio dated
30 September 2022 (estimated NAV at 31 October 2022 was 99.8% dated
30 June 2022)
-- APEO paid GBP4.6 million of drawdowns and received GBP0.2
million of distributions during the month of November
-- One new primary commitment to announce from the month of November
-- Outstanding commitments of GBP708.4 million at 30 November 2022
-- Liquid resources (cash balances plus undrawn credit
facilities) were GBP 258.9 million as at 30 November 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 November 2022,
excluding new investments, 95.9% by value of the portfolio
valuations were dated 30 September 2022. The value of the portfolio
is therefore calculated as the 30 September 2022 valuation,
adjusted for subsequent cashflows over the period to 30 November
2022.
This is an update from the estimated NAV at 31 October 2022,
whereby 99.8% of the portfolio valuations, excluding new
investments, were dated 30 June 2022, adjusted for subsequent
cashflows over the period to 31 October 2022.
Estimated NAV
At 30 November 2022, APEO's estimated NAV was 730.4 pence per
share (estimated net assets GBP1,123.0 million), representing a
0.6% per share increase from the estimated NAV at 31 October 2022
of 725.8 pence per share (estimated net assets GBP1,115.8 million).
The 4.6 pence increase in NAV per share reflected gains arising
primarily from a 0.7% uplift in the valuation of investments as at
30 September 2022 and a 0.7% appreciation in the euro versus
sterling during November, partially offset by a 3.4% depreciation
in the dollar versus sterling during November.
The 0.7% uplift in the valuation of investments was primarily
driven by strong earnings growth across a number of underlying
portfolio companies. In particular, APEO's co-investment portfolio
increased in value by 6.8% over the quarter to 30 September 2022,
driven by notable valuation uplifts at Action, Prollenium and ACT.
This offset a valuation decrease of 0.8% in the primary fund
investments portfolio over the same period, which was particularly
impacted by listed company exposures held from recent IPOs. Further
detail on the performance of the portfolio to 30 September 2022
will be included in the Company's annual results, due to be
released on or around 25 January 2023.
Drawdowns and distributions
APEO paid GBP4.6 million of drawdowns and received GBP0.2
million of distributions during the month of November. The
distributions received generated realized gains and income of
GBP0.2 million.
Investment activity
A new primary commitment of EUR30.0 million was made to Hg
Genesis 10, a mid-market buyout fund targeting investments in
software and services businesses primarily in Northern Europe.
Commitments
The Company had GBP708.4 million of outstanding commitments at
30 November 2022. The Manager believes that around GBP64.3 million
of the Company's existing outstanding commitments are unlikely to
be drawn.
Credit facility and cash balances
The Company has a GBP300.0 million syndicated revolving credit
facility provided by The Royal Bank of Scotland International
Limited, Societe Generale and State Street Bank International GmbH,
and it expires in December 2025. The Company made no repayments to
or drawdowns from the facility during the month of November, with a
total of GBP61.3 million drawn at 30 November 2022. The remaining
undrawn balance of the facility at 30 November 2022 was therefore
GBP238.7 million.
In addition, the Company had cash balances of GBP20.2 million at
30 November 2022 . Liquid resources, calculated as the total of
cash balances and the undrawn balance of the credit facility, were
therefore GBP258.9 million as at 30 November 2022.
Future announcements
The Company is expecting to announce its annual results on or
around 25 January 2023. Further details on the valuation of the
portfolio as at 30 September 2022 will be provided at that
time.
The Company is expecting to announce its estimated NAV at 31
December 2022 on or around 13 January 2023.
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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