TIDMAPEO
RNS Number : 2644J
abrdn Private Equity Opp Trst plc
15 August 2023
abrdn Private Equity Opportunities Trust plc
Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13
15 August 2023
abrdn Private Equity Opportunities Trust plc ("APEO" or "the
Company") announces its estimated net asset value ("NAV") at 31
July 2023
-- Estimated NAV at 31 July 2023 was 740.2 pence per share
(estimated NAV at 30 June 2023 was 747.5 pence per share), a 1.0%
decrease from the month of June
-- Excluding new investments, 98.5% by value of portfolio dated
31 March 2023 (estimated NAV at 30 June 2023 was 98.5% dated 31
March 2023)
-- Second interim dividend of 4.0 pence per share paid on 28 July 2023
-- APEO paid GBP14.5 million of drawdowns to existing
commitments and received GBP10.4 million of distributions during
the month of July
-- Outstanding commitments of GBP655.2 million at 31 July 2023
-- Liquid resources (cash balances plus undrawn credit
facilities) were GBP 211.7 million as at 31 July 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 July 2023,
excluding new investments, 98.5% by value of the portfolio
valuations were dated 31 March 2023. The value of the portfolio is
therefore calculated as the 31 March 2023 valuation, adjusted for
subsequent cashflows over the period to 31 July 2023.
This is substantially unchanged from the estimated NAV at 30
June 2023, whereby 98.5% of the portfolio valuations, excluding new
investments, were dated 31 March 2023, adjusted for subsequent
cashflows over the period to 30 June 2023.
Estimated NAV
At 31 July 2023, APEO's estimated NAV was 740.2 pence per share
(estimated net assets GBP1,138.0 million), representing a 1.0% per
share decrease from the estimated NAV at 30 June 2023 of 747.5
pence per share (estimated net assets GBP1,149.3 million). The 7.3
pence decrease in NAV per share reflected losses arising primarily
from a 1.2% depreciation in the dollar versus sterling during July,
a 0.1% depreciation in the euro versus sterling during July and the
second interim dividend payment of 4.0 pence per share on 28 July
2023. The cash cost of the second interim dividend was GBP6.1
million.
Drawdowns and distributions
APEO paid GBP14.5 million of drawdowns to existing commitments
and received GBP10.4 million of distributions during the month of
July. The distributions received generated realised gains and
income of GBP7.4 million.
Investment activity
There were no new commitments to announce from the month of
July.
Commitments
The Company had GBP655.2 million of outstanding commitments at
31 July 2023. The Manager believes that around GBP91.2 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 GBP8.6
million from the facility during the month of July, increasing the
total drawn balance to GBP108.1 million at 31 July 2023. The
remaining undrawn balance of the facility at 31 July 2023 was
therefore GBP191.9 million.
In addition, the Company had cash balances of GBP19.8 million at
31 July 2023 . Liquid resources, calculated as the total of cash
balances and the undrawn balance of the credit facility, were
therefore GBP211.7 million as at 31 July 2023.
Update from the Manager
During July 2023, abrdn announced that it had agreed to sell its
US Private Equity and Venture Capital assets, that it acquired from
FLAG Capital in 2015, to HighVista Strategies LLC. The sale is
expected to complete later this year.
This transaction has no impact upon the management of APEO as
the team transferring to HighVista had no involvement in the
management of APEO or in the selection of investments for APEO.
Eric Albertson, a senior member of the abrdn private equity
business since 2008 and based in the US, will not transfer to
HighVista Strategies. Eric, with additional support, will continue
to provide US investment capabilities and portfolio management of
North American funds and investments for APEO.
As such, the Company remains under the same management team and
will continue to pursue the same long-term investment strategy,
principally focused on investments in European mid-market private
equity, but with the ability to provide targeted exposure to
certain North American mid-market private equity managers and
strategies.
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
August 2023 on or around 14 September 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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