Estimated NAV at 31 January 2023

RNS Number : 7544P

abrdn Private Equity Opp Trst plc

14 February 2023

 

abrdn Private Equity Opportunities Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

14 February 2023

abrdn Private Equity Opportunities Trust plc ("APEO" or "the Company") announces its estimated net asset value ("NAV") at 31 January 2023

· Estimated NAV at 31 January 2023 was 731.5 pence per share (estimated NAV at 31 December 2022 was 742.0 pence per share)

· Excluding new investments, 98.8% by value of portfolio dated 30 September 2022 (estimated NAV at 31 December 2022 was 98.8% dated 30 September 2022)

· Fourth interim dividend of 3.6 pence per share paid on 27 January 2023

· APEO paid £20.8 million of drawdowns and received £18.3 million of distributions during the month of January

· One new primary commitment was made during the month of January and existing holdings in two underlying private companies were rolled into a continuation vehicle

· Outstanding commitments of £710.6 million at 31 January 2023

· Liquid resources (cash balances plus undrawn credit facilities) were £ 249.8 million as at 31 January 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 January 2023, 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 January 2023.

This is an update from the estimated NAV at 31 December 2022, whereby 98.8% of the portfolio valuations, excluding new investments, were dated 30 September 2022, adjusted for subsequent cashflows over the period to 31 December 2022.

Estimated NAV

At 31 January 2023, APEO's estimated NAV was 731.5 pence per share (estimated net assets £1,124.6 million), representing a 1.4% per share decrease from the estimated NAV at 31 December 2022 of 742.0 pence per share (estimated net assets £1,140.7 million). The 10.5 pence decrease in NAV per share reflected losses arising primarily from a 0.6% depreciation in the euro versus sterling during January, a 2.3% depreciation in the dollar versus sterling during January and the fourth interim dividend payment of 3.6 pence per share on 27 January 2023. The cash cost of the fourth interim dividend was £5.5 million.

Drawdowns and distributions

APEO paid £20.8 million of drawdowns and received £18.3 million of distributions during the month of January. The distributions received generated realised gains and income of £10.3 million.

Investment activity

A new primary commitment of €30.0 million was made to Hg Mercury 4, a mid-market buyout fund targeting investments in software and services businesses primarily in Northern Europe.

From APEO's existing commitment to Capiton V, the Company rolled its position of €4.5 million in two underlying private companies into the Capiton Quantum continuation fund with an additional top-up commitment of €0.7 million also provided for additional M&A opportunities.

Commitments

The Company had £710.6 million of outstanding commitments at 31 January 2023. The Manager believes that around £55.9 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 drew a total of £22.1 million from the facility during the month of January, increasing the total drawn balance to £84.3 million at 31 January 2023. The remaining undrawn balance of the facility at 31 January 2023 was therefore £215.7 million.

In addition, the Company had cash balances of £34.1 million at 31 January 2023 . Liquid resources, calculated as the total of cash balances and the undrawn balance of the credit facility, were therefore £249.8 million as at 31 January 2023.

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 28 February 2023 on or around 14 March 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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