TIDMAPEO
RNS Number : 0268N
abrdn Private Equity Opp Trst plc
18 January 2023
abrdn Private Equity Opportunities Trust plc
Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13
18 January 2023
abrdn Private Equity Opportunities Trust plc ("APEO" or "the
Company") announces its estimated net asset value ("NAV") at 31
December 2022
-- Estimated NAV at 31 December 2022 was 742.0 pence per share
(estimated NAV at 30 November 2022 was 730.4 pence per share)
-- Excluding new investments, 98.8% by value of portfolio dated
30 September 2022 (estimated NAV at 30 November 2022 was 95.9%
dated 30 September 2022)
-- APEO received GBP19.4 million of distributions and paid
GBP17.5 million of drawdowns during the month of December
-- One follow on co-investment and one new co-investment was made during the month of December
-- Outstanding commitments of GBP709.7 million at 31 December 2022
-- Liquid resources (cash balances plus undrawn credit
facilities) were GBP 257.8 million as at 31 December 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 31 December 2022,
excluding new investments, 98.8% 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 31 December
2022.
This is an update from the estimated NAV at 30 November 2022,
whereby 95.9% of the portfolio valuations, excluding new
investments, were dated 30 September 2022, adjusted for subsequent
cashflows over the period to 30 November 2022.
Estimated NAV
At 31 December 2022, APEO's estimated NAV was 742.0 pence per
share (estimated net assets GBP1,140.7 million), representing a
1.6% per share increase from the estimated NAV at 30 November 2022
of 730.4 pence per share (estimated net assets GBP1,123.0 million).
The 11.6 pence increase in NAV per share reflected gains arising
primarily from a 2.6% appreciation in the euro versus sterling
during December, partially offset by a 1.0% depreciation in the
dollar versus sterling during December.
Drawdowns and distributions
APEO received GBP19.4 million of distributions and paid GBP17.5
million of drawdowns during the month of December. The
distributions received generated realised gains and income of
GBP13.7 million.
Investment activity
A EUR3.0 million follow on investment has been made into
European Camping Group in order to fund the strategic acquisition
of Vacanceselect, a French headquartered peer in the outdoor
accommodation market which, similar to European Camping Group, has
campsites across Europe including France, Italy, Spain and
Croatia.
A $5.0 million co-investment has been made into a
US-headquartered consumer business alongside one of the Company's
core private equity managers, the details of which remain
undisclosed due to confidentiality restrictions.
Commitments
The Company had GBP709.7 million of outstanding commitments at
31 December 2022. The Manager believes that around GBP81.3 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 December, with a
total of GBP62.5 million drawn at 31 December 2022. The remaining
undrawn balance of the facility at 31 December 2022 was therefore
GBP237.5 million.
In addition, the Company had cash balances of GBP20.3 million at
31 December 2022 . Liquid resources, calculated as the total of
cash balances and the undrawn balance of the credit facility, were
therefore GBP257.8 million as at 31 December 2022.
Future announcements
The Company is expecting to announce its estimated NAV at 31
January 2023 on or around 14 February 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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