Estimated NAV at 30 September 2022

RNS Number : 8484C

abrdn Private Equity Opp Trst plc

14 October 2022

 

abrdn Private Equity Opportunities Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

14 October 2022

abrdn Private Equity Opportunities Trust plc ("APEO" or "the Company") announces its estimated net asset value ("NAV") at 30 September 2022

· Estimated NAV at 30 September 2022 was 747.2 pence per share (estimated NAV at 31 August 2022 was 734.1 pence per share)

· Excluding new investments, 99.8% by value of portfolio dated 30 June 2022 (estimated NAV at 31 August 2022 was 99.0% dated 30 June 2022)

· APEO paid £22.9 million of drawdowns and received £16.4 million of distributions during the month of September

· One new secondary transaction comprising three limited partnership fund interests completed during September

· Outstanding commitments of £681.3 million at 30 September 2022

· Liquid resources (cash balances plus undrawn credit facilities) were £ 168.4 million as at 30 September 2022

· Expansion of the Company's syndicated revolving credit facility from £200.0 million to £300.0 million on 10 October 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 September 2022, excluding new investments, 99.8% by value of the portfolio valuations were dated 30 June 2022. The value of the portfolio is therefore calculated as the 30 June 2022 valuation, adjusted for subsequent cashflows over the period to 30 September 2022.

This is an update from the estimated NAV at 31 August 2022, whereby 99.0% of the portfolio valuations, excluding new investments, were dated 30 June 2022, adjusted for subsequent cashflows over the period to 31 August 2022.

Estimated NAV

At 30 September 2022, APEO's estimated NAV was 747.2 pence per share (estimated net assets £1,148.9 million), representing a 1.8% per share increase from the estimated NAV at 31 August 2022 of 734.1 pence per share (estimated net assets £1,128.6 million). The 13.1 pence increase in NAV per share reflected gains arising primarily from a 1.5% appreciation in the euro versus sterling during September, and a 4.1% appreciation in the dollar versus sterling during September.

Drawdowns and distributions

APEO paid £22.9 million of drawdowns and received £16.4 million of distributions during the month of September. The distributions received generated realised gains and income of £6.8 million. Including secondary purchases, total net outflows from investment activity during September amounted to £13.0 million.

Investment activity

In September 2022, the Company completed a secondary transaction involving the acquisition of limited partnership interests in three buyout funds managed by American Industrial Partners, Altor and Vitruvian. The Company acquired an aggregate exposure (purchase price and unfunded commitment) of £10.1 million. The transaction provides exposure to a diversified portfolio of underlying assets across Europe and North America.

Commitments

The Company had £681.3 million of outstanding commitments at 30 September 2022. The Manager believes that around £69.9 million of the Company's existing outstanding commitments are unlikely to be drawn.

Credit facility and cash balances

As at 30 September 2022, the Company had a £200.0 million syndicated revolving credit facility provided by Citi, Société Générale and State Street Bank International GmbH, which was to expire in December 2024. The Company drew a total of £13.2 million from the credit facility during the month of September, increasing the total drawn balance to £62.0 million at 30 September 2022. The remaining undrawn balance of the credit facility at 30 September 2022 was therefore £138.0 million.

In addition, the Company had cash balances of £30.4 million at 30 September 2022. Liquid resources, calculated as the total of cash balances and the undrawn balance of the credit facility, were therefore £168.4 million as at 30 September 2022.

On 10 October 2022, the Company announced an expansion of the credit facility which increased from £200.0 million to £300.0 million with The Royal Bank of Scotland International Limited joining as a lender and Natwest Markets Plc replacing Citibank Europe plc as Agent in the syndicate of banks providing the Loan Facility, alongside current providers Société Générale and State Street Bank International GmbH. The expansion of the Loan Facility would therefore see the remaining undrawn balance of the facility increase to £238.0 million based on the position as at 30 September 2022.

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 October 2022 on or around 14 November 2022.

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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