Estimated NAV at 31 March 2022

RNS Number : 1028J

abrdn Private Equity Opp Trst PLC

25 April 2022

 

abrdn Private Equity Opportunities Trust plc (formerly Standard Life Private Equity Trust plc)

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

25 April 2022

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

· Estimated NAV at 31 March 2022 was 706.1 pence per share (actual NAV at 31 December 2021 was 705.2 pence per share)

· APEO received £34.8 million of distributions and paid £32.7 million of drawdowns during the month of March

· One new primary commitment and three new co-investments to announce from the month of March

· Outstanding commitments of £625.0 million at 31 March 2022

· Cash balances were £26.6 million at 31 March 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 March 2022, excluding new investments, 97.0% by value of the portfolio valuations were dated 31 December 2021. The value of the portfolio is therefore calculated as the 31 December 2021 valuation, adjusted for subsequent cashflows over the period to 31 March 2022.

This is an update from the estimated NAV at 28 February 2022, whereby 32.5% of the portfolio valuations, excluding new investments, were dated 30 September 2021, adjusted for subsequent cashflows over the period to 28 February 2022. The remainder of the portfolio, excluding new investments, was based on valuations dated 31 December 2021, adjusted for subsequent cashflows over the period to 28 February 2022.

Estimated NAV

At 31 March 2022, APEO's estimated NAV was 706.1 pence per share (estimated net assets £1,085.6 million), representing a 0.1% per share increase from the actual NAV at 31 December 2021 of 705.2 pence per share (actual net assets £1,084.2 million). The 0.9 pence increase in NAV per share reflected gains arising primarily from a 0.6% appreciation in the euro versus sterling over January to March, in addition to the fourth interim dividend payment of 3.4 pence per share, which was paid on 28 January 2022. The cash cost of the fourth interim dividend was £5.2 million.

Drawdowns and distributions

APEO received £34.8 million of distributions and paid £32.7 million of drawdowns during the month of March. The distributions received generated realised gains and income of £17.2 million.

Investment activity

During the month of March, a new primary commitment of €30.0 million was made to Advent International Global Private Equity X, a fund which focuses on attractive niches within business and financial services, healthcare, industrial, retail and technology sectors.

A €30.0 million primary commitment was made to a currently undisclosed healthcare specialist fund, focused on European and North American mid-market companies.

A €10.0 million co-investment has been made into ACT, the largest specialist intermediary in the environmental certification market globally, headquartered in the Netherlands. The co-investment was made alongside sponsor Bridgepoint.

A €10.0 million co-investment has been made into Uvesco, a leading food retail operator in the North of Spain. The co-investment was made alongside sponsor PAI.

A £9.0 million co-investment has also been made into CFC, a unique tech-led insurance platform, who are a global leader and category innovator in the cyber market. The co-investment was made alongside sponsor Vitruvian Partners.

Commitments

The Company had £625.0 million of outstanding commitments at 31 March 2022. The Manager believes that around £46.2 million of the Company's existing outstanding commitments are unlikely to be drawn.

Balance sheet and credit facility

The Company had cash balances of £26.6 million at 31 March 2022 .

The Company made no repayments to or drawdowns from its syndicated revolving credit facility during the month of March, with a total of £24.4 million drawn at 31 March 2022. The remaining undrawn balance of the facility at 31 March 2022 was therefore £175.6 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 estimated NAV at 30 April 2022 on or around 16 May 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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