TIDMAPEO
RNS Number : 1116T
abrdn Private Equity Opp Trst plc
16 March 2023
abrdn Private Equity Opportunities Trust plc
Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13
16 March 2023
abrdn Private Equity Opportunities Trust plc ("APEO" or "the
Company") announces its estimated net asset value ("NAV") at 28
February 2023
-- Estimated NAV at 28 February 2023 was 745.9 pence per share
(estimated NAV at 31 January 2023 was 731.5 pence per share), a
2.0% increase from the month of January.
-- Excluding new investments, 76.3% by value of portfolio dated
31 December 2022 (estimated NAV at 31 January 2023 was 98.8% dated
30 September 2022)
-- APEO paid GBP10.8 million of drawdowns and received GBP1.5
million of distributions during the month of February
-- Outstanding commitments of GBP699.1 million at 28 February 2023
-- Liquid resources (cash balances plus undrawn credit
facilities) were GBP 238.4 million as at 28 February 2023
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 28 February 2023,
excluding new investments, 76.3% by value of the portfolio
valuations were dated 31 December 2022. The value of these
investments is therefore calculated as the 31 December 2022
valuation, adjusted for subsequent cashflows over the period to 28
February 2023.
Of the remaining portfolio, the majority, being 22.8% by value
of the portfolio valuations excluding new investments, were dated
30 September 2022. The value of these investments is calculated as
the 30 September 2022 valuation, adjusted for subsequent cashflows
over the period to 28 February 2022. This is an update from the
estimated NAV at 31 January 2023, whereby 98.8% of the portfolio
valuations, excluding new investments, were dated 30 September
2022, adjusted for subsequent cashflows over the period to 31
January 2023.
Estimated NAV
At 28 February 2023, APEO's estimated NAV was 745.9 pence per
share (estimated net assets GBP1,146.8 million), representing a
2.0% per share increase from the estimated NAV at 31 January 2023
of 731.5 pence per share (estimated net assets GBP1,124.6 million).
The 14.4 pence increase in NAV per share reflected gains arising
primarily from a 2.2% constant currency uplift in the valuation of
investments as at 31 December 2022 received to date and a 1.7%
appreciation in the dollar versus sterling during February,
partially offset by a 0.7% depreciation in the euro versus sterling
during February.
The 2.2% constant currency uplift in the valuation of
investments to date was driven by APEO's co-investment portfolio,
which increased by 7.4% constant currency over the quarter to 31
December 2022, with notable quarterly uplifts in Action, European
Camping Group and Uvesco. In addition, APEO's primary fund
investments portfolio has generated an increase of 0.9% in constant
currency over the same period, as underlying portfolio companies
continued to experience earnings growth and comparable multiples
were relatively stable given the trend in public markets in the
quarter.
Drawdowns and distributions
APEO paid GBP10.8 million of drawdowns and received GBP1.5
million of distributions during the month of February. The
distributions received generated realised gains and income of
GBP0.5 million.
Investment activity
There were no new commitments to announce from the month of
February.
Commitments
The Company had GBP699.2 million of outstanding commitments at
28 February 2023. The Manager believes that around GBP73.8 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 February, with a
total of GBP83.8 million drawn at 28 February 2023. The remaining
undrawn balance of the facility at 28 February 2023 was therefore
GBP216.2 million.
In addition, the Company had cash balances of GBP22.2 million at
28 February 2023 . Liquid resources, calculated as the total of
cash balances and the undrawn balance of the credit facility, were
therefore GBP238.4 million as at 28 February 2023.
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
March 2023 on or around 18 April 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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