Estimated NAV at 31 May 2022

RNS Number : 0269P

abrdn Private Equity Opp Trst plc

16 June 2022

 

abrdn Private Equity Opportunities Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

16 June 2022

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

· Estimated NAV at 31 May 2022 was 715.2 pence per share (estimated NAV at 30 April 2022 was 704.3 pence per share)

· APEO paid £24.0 million of drawdowns and received £6.1 million of distributions during the month of May

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

· Outstanding commitments of £664.6 million at 31 May 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 May 2022, excluding new investments, 90.6% by value of the portfolio valuations were dated 31 March 2022. The value of the portfolio is therefore calculated as the 31 March 2022 valuation, adjusted for subsequent cashflows over the period to 31 May 2022.

This is an update from the estimated NAV at 30 April 2022, whereby 97.0% of the portfolio valuations, excluding new investments, were dated 31 December 2021, adjusted for subsequent cashflows over the period to 30 April 2022.

Estimated NAV

At 31 May 2022, APEO's estimated NAV was 715.2 pence per share (estimated net assets £1,099.6 million), representing a 1.5% per share increase from the estimated NAV at 30 April 2022 of 704.3 pence per share (estimated net assets £1,082.9 million). The 10.9 pence increase in NAV per share reflected gains arising from a 0.9% uplift in the valuation of investments as at 31 March 2022, in addition to a 1.1% appreciation in the euro versus sterling during May.

Drawdowns and distributions

APEO paid £24.0 million of drawdowns and received £6.1 million of distributions during the month of May. The distributions received generated realised gains and income of £3.7 million.

Investment activity

A new primary commitment of €15.0 million was made to One Peak Growth III, a growth fund which targets rapidly growing technology and tech-enabled companies in Europe.

Commitments

The Company had £664.6 million of outstanding commitments at 31 May 2022. The Manager believes that around £56.4m million of the Company's existing outstanding commitments are unlikely to be drawn.

Balance sheet and credit facility

The Company had cash balances of £20.0 million at 31 May 2022 .

The Company drew a total of £12.5 million from its syndicated revolving credit facility during the month of May, increasing the total drawn balance to £37.0 million at 31 May 2022. The remaining undrawn balance of the facility at 31 May 2022 was therefore £163.0 million. The facility is provided by Citi, Societe Generale and State Street Bank International, and it expires in December 2024.

Update from the Manager

On 24 February 2022, Russia launched a military offensive against Ukraine resulting in widespread sanctions on Russia and heightened security and cyber threats. The Company has no Russian, Belarussian or Ukrainian headquartered businesses in its portfolio of 595 separate underlying companies. In addition, following discussion with the private equity managers of the Company's portfolio, we estimate that these countries also relate to less than 1% of underlying portfolio company revenues.

The Manager therefore continues to believe that there is currently minimal direct risk to the Company. The Manager does however expect an indirect impact on our underlying portfolio, through for example, increased energy and raw material pricing. At this time, the expected impact on the Company's NAV cannot be determined.

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 interim results on or around 29 June 2022. Further details on the valuation of the portfolio as at 31 March 2022 will be provided at that time.

The Company is expecting to announce its estimated NAV at 30 June 2022 on or around 14 July 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)

Note:-

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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