Estimated NAV at 31 December 2022

RNS Number : 0268N

abrdn Private Equity Opp Trst plc

18 January 2023

 

abrdn Private Equity Opportunities Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

18 January 2023

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

· Estimated NAV at 31 December 2022 was 742.0 pence per share (estimated NAV at 30 November 2022 was 730.4 pence per share)

· Excluding new investments, 98.8% by value of portfolio dated 30 September 2022 (estimated NAV at 30 November 2022 was 95.9% dated 30 September 2022)

· APEO received £19.4 million of distributions and paid £17.5 million of drawdowns during the month of December

· One follow on co-investment and one new co-investment was made during the month of December

· Outstanding commitments of £709.7 million at 31 December 2022

· Liquid resources (cash balances plus undrawn credit facilities) were £ 257.8 million as at 31 December 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 December 2022, excluding new investments, 98.8% 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 31 December 2022.

This is an update from the estimated NAV at 30 November 2022, whereby 95.9% of the portfolio valuations, excluding new investments, were dated 30 September 2022, adjusted for subsequent cashflows over the period to 30 November 2022.

Estimated NAV

At 31 December 2022, APEO's estimated NAV was 742.0 pence per share (estimated net assets £1,140.7 million), representing a 1.6% per share increase from the estimated NAV at 30 November 2022 of 730.4 pence per share (estimated net assets £1,123.0 million). The 11.6 pence increase in NAV per share reflected gains arising primarily from a 2.6% appreciation in the euro versus sterling during December, partially offset by a 1.0% depreciation in the dollar versus sterling during December.

Drawdowns and distributions

APEO received £19.4 million of distributions and paid £17.5 million of drawdowns during the month of December. The distributions received generated realised gains and income of £13.7 million.

Investment activity

A €3.0 million follow on investment has been made into European Camping Group in order to fund the strategic acquisition of Vacanceselect, a French headquartered peer in the outdoor accommodation market which, similar to European Camping Group, has campsites across Europe including France, Italy, Spain and Croatia.

A $5.0 million co-investment has been made into a US-headquartered consumer business alongside one of the Company's core private equity managers, the details of which remain undisclosed due to confidentiality restrictions.

Commitments

The Company had £709.7 million of outstanding commitments at 31 December 2022. The Manager believes that around £81.3 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 December, with a total of £62.5 million drawn at 31 December 2022. The remaining undrawn balance of the facility at 31 December 2022 was therefore £237.5 million.

In addition, the Company had cash balances of £20.3 million at 31 December 2022 . Liquid resources, calculated as the total of cash balances and the undrawn balance of the credit facility, were therefore £257.8 million as at 31 December 2022.

Future announcements

The Company is expecting to announce its estimated NAV at 31 January 2023 on or around 14 February 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

 

END

 

 

NAVBRMFTMTJBBBJ