Estimated NAV at 31 May 2023

abrdn Private Equity Opp Trst plc

20 June 2023

 

abrdn Private Equity Opportunities Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

20 June 2023

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

·      Estimated NAV at 31 May 2023 was 749.9 pence per share (estimated NAV at 30 April 2023 was 738.1 pence per share), a 1.6% increase from the month of April

·      Excluding new investments, 89.7% by value of portfolio dated 31 March 2023 (estimated NAV at 30 April 2023 was 97.4% dated 31 December 2022)

·      APEO received £10.3 million of distributions and paid £6.3 million of drawdowns during the month of May

·      Two new primary fund commitments made in May

·      APEO undertook a partial realisation of its position in Action, returning €5.2 million in cash proceeds

·      Outstanding commitments of £697.2 million at 31 May 2023

·      Liquid resources (cash balances plus undrawn credit facilities) were £243.4 million as at 31 May 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 May 2023, excluding new investments, 89.7% by value of the portfolio valuations were dated 31 March 2023. The value of the portfolio is therefore generally calculated as the 31 March 2023 valuation, adjusted for subsequent cashflows over the period to 31 May 2023.

The remaining 10.3% by value of the portfolio valuations, excluding new investments, were dated 31 December 2022. The value of these investments is calculated as the 31 December 2022 valuation, adjusted for subsequent cashflows over the period to 31 May 2023.This is an update from the estimated NAV at 30 April 2023, whereby 97.4% of the portfolio valuations, excluding new investments, were dated 31 December 2022, adjusted for subsequent cashflows over the period to 30 April 2023.

Estimated NAV

At 31 May 2023, APEO's estimated NAV was 749.9 pence per share (estimated net assets £1,153.0 million), representing a 1.6% per share increase from the estimated NAV at 30 April 2023 of 738.1 pence per share (estimated net assets £1,134.8 million). The 11.8 pence increase in NAV per share reflected gains arising primarily from a 3.0% constant currency uplift in the valuation of investments as at 31 March 2023 received to date and a 1.4% appreciation in the dollar versus sterling during May, partially offset by a 2.1% depreciation in the euro versus sterling during February.

The 3.0% constant currency uplift in the valuation of investments to date was driven by APEO's co-investment portfolio, which increased by 4.3% constant currency over the quarter to 31 March 2023, with notable quarterly uplifts in Action, CDL and CFC. In addition, APEO's primary fund investments portfolio has generated an increase of 2.8% in constant currency over the same period.

Drawdowns and distributions

APEO received £10.3 million of distributions and paid £6.3 million of drawdowns during the month of May. The distributions received generated realised gains and income of £8.7 million.

Investment activity

Two new primary commitments of €20.0m and €10.0m were made to Montefiore VI and Montefiore Expansion I respectively, which are primarily focused on investing in companies in the French services sector. Target sub-sectors include B2B Services, Digital and IT Services, B2C Healthcare Services and Tourism & Leisure.

During the month of May a further partial realisation in Action was completed, following the transactions previously reported in April. The transaction realised €5.2 million of cash proceeds at a value equivalent to 100% of 31 December 2022 NAV. Following the partial realisations across April and May, Action remains the largest underlying portfolio company in APEO's portfolio with a remaining value of £50.0 million, equivalent to 4.1% of total portfolio NAV as at 31 May 2023.

Commitments

The Company had £697.2 million of outstanding commitments at 31 May 2023. The Manager believes that around £83.3 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 repaid a total of £4.5 million to the credit facility during the month of May, reducing the total drawn balance to £78.4 million at 31 May 2023. The remaining undrawn balance of the facility at 31 May 2023 was therefore £221.6 million.

In addition, the Company had cash balances of £21.8 million at 31 May 2023. Liquid resources, calculated as the total of cash balances and the undrawn balance of the credit facility, were therefore £243.4 million as at 31 May 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 interim results on or around 28 June 2023. Further details on the valuation of the portfolio as at 31 March 2023 will be provided at that time.

The Company is expecting to announce its estimated NAV at 30 June 2023 on or around 14 July 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