Estimated NAV at 31 August 2022

RNS Number : 4775Z

abrdn Private Equity Opp Trst plc

15 September 2022

 

abrdn Private Equity Opportunities Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

14 September 2022

abrdn Private Equity Opportunities Trust plc ("APEO" or "the Company") announces its estimated net asset value ("NAV") at 31 August 2022

· Estimated NAV at 31 August 2022 was 734.1 pence per share (estimated NAV at 31 July 2022 was 710.4 pence per share)

· Excluding new investments, 99.0% by value of portfolio dated 30 June 2022 (estimated NAV at 31 July 2022 was 98.2% dated 31 March 2022)

· APEO received £18.9 million of distributions and paid £6.1 million of drawdowns during the month of August

· Outstanding commitments of £683.4 million at 31 August 2022

· Liquid resources (cash balances plus undrawn credit facilities) were £ 183.2 million as at 31 August 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 31 August 2022, excluding new investments, 99.0% 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 31 August 2022.

This is an update from the estimated NAV at 31 July 2022, whereby 98.2% of the portfolio valuations, excluding new investments, were dated 31 March 2022, adjusted for subsequent cashflows over the period to 31 July 2022.

Estimated NAV

At 31 August 2022, APEO's estimated NAV was 734.1 pence per share (estimated net assets £1,128.6 million), representing a 3.3% per share increase from the estimated NAV at 31 July 2022 of 710.4 pence per share (estimated net assets £1,092.2 million). The 23.7 pence increase in NAV per share reflected gains arising primarily from a 0.3% uplift in the valuation of investments as at 30 June 2022 and a 3.0% appreciation in the euro versus sterling during August.

Drawdowns and distributions

APEO received £18.9 million of distributions and paid £6.1 million of drawdowns during the month of August. The distributions received generated realised gains and income of £7.6 million.

Investment activity

There were no new commitments to announce from the month of August.

Commitments

The Company had £683.4 million of outstanding commitments at 31 August 2022. The Manager believes that around £59.3 million of the Company's existing outstanding commitments are unlikely to be drawn.

Cash balances and credit facility

The Company has a £200.0 million syndicated revolving credit facility provided by Citi, Societe Generale and State Street Bank International, and it expires in December 2024. The Company made no repayments to or drawdowns from the credit facility during the month of August, with a total of £48.3 million drawn at 31 August 2022. The remaining undrawn balance of the credit facility at 31 August 2022 was therefore £151.7 million.

In addition, the Company had cash balances of £31.5 million at 31 August 2022 . Liquid resources, calculated as the total of cash balances and the undrawn balance of the credit facility, were therefore £183.2 million as at 31 August 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 30 September 2022 on or around 14 October 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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