REG - abrdn Pvt Equity - Estimated NAV at 29 February 2024

abrdn Private Equity Opportunities TrustAnnouncement

19/03/2024 07:00

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RNS Number : 3068H  abrdn Private Equity Opp Trst plc  19 March 2024

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

 

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