abrdn Private Equity Opportunities Trust plc
Legal Entity Identifier (LEI):
2138004MK7VPTZ99EV13
19 March 2024
abrdn Private Equity Opportunities Trust plc
("APEO" or "the
Company") announces its estimated net asset value ("NAV") at 29
February 2024
· Estimated NAV at 29 February
2024 was 764.8 pence per share (estimated NAV at 31 January 2024
was 748.6 pence per share)
· Excluding new investments,
65.8% by value of portfolio dated 31 December 2023 (estimated NAV
at 31 January 2024 was 99.6% dated 30 September
2023)
· APEO paid £18.4 million of
drawdowns to fund commitments and co-investments, and received £4.1
million of distributions from fund investments during the month of
February
· One new primary investment
and one follow-on investment into an existing co-investment was
made during February
· Outstanding commitments of
£673.2 million at 29 February 2024
· Liquid resources (cash
balances plus undrawn credit facilities) were
£203.3 million as at 29 February
2024
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 29
February 2024, excluding new investments, 65.8% by value of the
portfolio valuations were dated 31 December 2023.
The value of the these investments is therefore
calculated as the 31 December 2023 valuation, adjusted for
subsequent cashflows over the period to 29 February
2024.
Of the remaining portfolio, 34.0% by
value of the portfolio valuations excluding new investments, were
dated 30 September 2023. The value of these investments is
calculated as the 30 September 2023 valuation, adjusted for
subsequent cashflows over the period to 29 February 2024. This is
an update from the estimated NAV at 31 January 2024, whereby 99.6%
of the portfolio valuations, excluding new investments, were dated
30 September 2023, adjusted for subsequent cashflows over the
period to 31 January 2024.
Estimated NAV
At 29 February 2024, APEO's
estimated NAV was 764.8 pence per share (estimated net assets
£1,173.1 million), representing a 2.2% per share increase from the
estimated NAV at 31 January 2024 of 748.6 pence per share
(estimated net assets £1,151.0 million). The 16.2 pence increase in
NAV per share reflected gains arising primarily from a 1.9%
constant currency uplift in the valuation of investments as at 31
December 2023 received to date and a 0.3% appreciation in the euro
versus sterling during February. The NAV accretion also includes
the effects of the Company's share buy-back program announced in
January 2024 which is currently in effect.
The 1.9% constant currency quarterly
uplift in the valuation of investments received to date from the
reported estimated NAV at 31 December 2023 was due to a broad
increase across the portfolio. APEO's primary fund, secondary and
co-investment portfolios increased 2.0%, 1.3% and 1.8% in constant
currency respectively over the quarter.
Drawdowns and distributions
APEO paid £6.8 million of drawdowns
to fund commitments and received £4.1 million of distributions from
fund investments during the month of February. Including the funding of co-investments committed to during
January and February, total net outflows from investment activity
in February amounted to £14.3 million.
Drawdowns during the period were
across several of APEO's fund investments, primarily to fund new
underlying portfolio company investments and management
fees.
The distributions received generated
realised gains and income of £2.7 million and largely related to
realisations in APEO's underlying portfolio of companies. The main
realisation during the month related to the sale of KeHE
Distributors (distributors of organic food products) by Towerbrook
Investors IV.
Investment activity
A new primary commitment of €15.0
million was made to Altor Climate Transition Fund, a fund focused
on decarbonising hard to abate industries across Northern
Europe.
A follow-on commitment of $1.0
million has been to a US-headquartered consumer business alongside
one of the Company's core private equity managers, the details of
which remain undisclosed due to confidentiality restrictions. This
follow-on commitment is subsequent to an initial investment of $5.0
million in December 2022.
Commitments
The Company had £673.2 million of
outstanding commitments at 29 February 2024. The Manager believes
that around £91.6 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 £17.1 million from the facility during the
month of February, increasing the total drawn balance to £111.2
million at 29 February 2024. The remaining undrawn balance of the
facility at 29 February 2024
was therefore £188.8 million.
In addition, the Company had cash
balances of £14.5 million at 29 February
2024. Liquid resources, calculated as the
total of cash balances and the undrawn balance of the credit
facility, were therefore £203.3 million as at 29 February 2024.
Future announcements
The Company is expecting to announce
its estimated NAV at 31 March 2024 on or around 15 April
2024.
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 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
