Estimated NAV at 30 November 2022

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 £4.6 million of drawdowns and received £0.2 million of distributions during the month of November

· One new primary commitment to announce from the month of November

· Outstanding commitments of £708.4 million at 30 November 2022

· Liquid resources (cash balances plus undrawn credit facilities) were £ 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 £1,123.0 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 £1,115.8 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 £4.6 million of drawdowns and received £0.2 million of distributions during the month of November. The distributions received generated realized gains and income of £0.2 million.

Investment activity

A new primary commitment of €30.0 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 £708.4 million of outstanding commitments at 30 November 2022. The Manager believes that around £64.3 million of the Company's existing outstanding commitments are unlikely to be drawn.

Credit facility and cash balances

The Company has a £300.0 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 £61.3 million drawn at 30 November 2022. The remaining undrawn balance of the facility at 30 November 2022 was therefore £238.7 million.

In addition, the Company had cash balances of £20.2 million at 30 November 2022 . Liquid resources, calculated as the total of cash balances and the undrawn balance of the credit facility, were therefore £258.9 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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