Research from QuotedData
abrdn Private Equity Opportunities Trust - Research from QuotedData
8 September 2022
Laying the foundations for future returns
abrdn Private Equity Opportunities (APEO) has recently been trading at discounts to net asset value ( NAV ) in excess of 40%, way above its long-term average of around 16-17%, suggesting that the market is pricing in an NAV fall comparable to that seen during the global financial crisis.
Alan Gauld, APEO's lead portfolio manager, thinks that the discount is nonsensical, and we agree. The listed private equity sector has changed immeasurably since the crisis and APEO's portfolio is focused on managers of funds invested in cash generative businesses that are able to finance their growth. Add in APEO expanding its direct co-investment side (17% of NAV as at 31 March 2022), an increased focused on sector specialist managers that are better able to add value, conservative
valuations for private equity positions and a focus on the mid-market where there is less competition, and the current discount adds to an already compelling opportunity.
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