TIDMAPEO
RNS Number : 4779W
abrdn Private Equity Opp Trst plc
18 April 2023
abrdn Private Equity Opportunities Trust plc
Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13
18 April 2023
abrdn Private Equity Opportunities Trust plc ("APEO" or "the
Company") announces its estimated net asset value ("NAV") at 31
March 2023
-- Estimated NAV at 31 March 2023 was 745.9 pence per share
(estimated NAV at 28 February 2023 was 745.9 pence per share)
-- Excluding new investments, 97.4% by value of portfolio was
dated 31 December 2022 (estimated NAV at 28 February 2023 was 76.3%
dated 31 December 2022)
-- APEO paid GBP22.2 million of drawdowns and received GBP12.1
million of distributions during the month of March
-- Commitments to one co-investment follow-on and one new
co-investment were made during the month of March
-- Outstanding commitments of GBP682.9 million at 31 March 2023
-- Liquid resources (cash balances plus undrawn credit
facilities) were GBP 227.1 million as at 31 March 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 31 March 2023,
excluding new investments, 97.4% by value of the portfolio
valuations were dated 31 December 2022. The value of the portfolio
is therefore generally calculated as the 31 December 2022
valuation, adjusted for subsequent cashflows over the period to 31
March 2023.
This is an update from the estimated NAV at 28 February 2023,
whereby 76.3% of the portfolio valuations, excluding new
investments, were dated 31 December 2022, adjusted for subsequent
cashflows over the period to 28 February 2023.
Estimated NAV
At 31 March 2023, APEO's estimated NAV was 745.9 pence per share
(estimated net assets GBP1,146.8 million), representing no overall
movement from the estimated NAV at 28 February 2023 of 745.9 pence
per share (estimated net assets GBP1,146.8 million). This nil
movement in NAV per share during March was as a result of gains
arising primarily from a 0.3% appreciation in the euro versus
sterling and a 0.1% constant currency uplift in the valuation of
investments as at 31 December 2022 received since the last
announcement being offset by a 2.1% depreciation in the dollar
versus sterling.
Drawdowns and distributions
APEO paid GBP22.2 million of drawdowns and received GBP12.1
million of distributions during the month of March. The
distributions received generated realised gains and income of
GBP4.0 million.
Investment activity
During March, the Company provided an additional commitment of
EUR3.4 million to Funecap alongside Latour Capital as part of a
shareholder reorganisation following a period of strong growth at
the business. The additional capital will also be used to support
future growth initiatives.
A EUR6.0 million commitment has also been made to a
co-investment vehicle to fund the acquisition of an interest in an
undisclosed business in the healthcare sector. This is alongside
one of the Company's existing private equity managers. The details
of the deal remain undisclosed due to confidentiality restrictions
at this time.
Commitments
The Company had GBP682.9 million of outstanding commitments at
31 March 2023. The Manager believes that around GBP71.6 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 drew a total of GBP8.8
million from the facility during the month of March, increasing the
total drawn balance to GBP92.8 million at 31 March 2023. The
remaining undrawn balance of the facility at 31 March 2023 was
therefore GBP207.2 million.
In addition, the Company had cash balances of GBP19.9 million at
31 March 2023 . Liquid resources, calculated as the total of cash
balances and the undrawn balance of the credit facility, were
therefore GBP227.1 million as at 31 March 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 30
April 2023 on or around 16 May 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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