REG - abrdn Pvt Equity - Estimated NAV at 31 December 2023
17/01/2024 07:00
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RNS Number : 8949Z abrdn Private Equity Opp Trst plc 17 January 2024
abrdn Private Equity Opportunities Trust plc
Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13
17 January 2024
abrdn Private Equity Opportunities Trust plc ("APEO" or "the Company")
announces its estimated net asset value ("NAV") at 31 December 2023
· Estimated NAV at 31 December 2023 was 763.2 pence per share
(estimated NAV at 30 November 2023 was 761.4 pence per share), a 0.2% increase
from the month of November
· Excluding new investments, 95.9% by value of portfolio dated 30
September 2023 (estimated NAV at 30 November 2023 was 95.9% dated 30 September
2023)
· APEO received £16.8 million of distributions from investments
and paid £16.5 million of drawdowns to existing commitments during the month
of December
· One follow-on commitment into an existing co-investment made
during December
· Outstanding commitments of £653.5 million at 31 December 2023
· Liquid resources (cash balances plus undrawn credit facilities)
were £230.9 million as at 31 December 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 December 2023, excluding new investments, 95.9% by value of
the portfolio valuations were dated 30 September 2023. The value of the
portfolio is therefore generally calculated as the 30 September 2023
valuation, adjusted for subsequent cashflows over the period to 31 December
2023.
This is substantially unchanged from the estimated NAV at 30 November 2023,
whereby 95.9% of the portfolio valuations, excluding new investments, were
dated 30 September 2023, adjusted for subsequent cashflows over the period to
30 November 2023.
Estimated NAV
At 31 December 2023, APEO's estimated NAV was 763.2 pence per share (estimated
net assets £1,173.4 million), representing a 0.2% per share increase from the
estimated NAV at 30 November 2023 of 761.4 pence per share (estimated net
assets £1,170.6 million). The 1.8 pence increase in NAV per share reflected
gains arising primarily from a 0.5% appreciation in the euro versus sterling
during December, partially offset by a 0.7% depreciation in the dollar versus
sterling during December.
Drawdowns and distributions
APEO received £16.8 million of distributions from investments and paid £16.5
million of drawdowns to existing commitments during the month of December.
Distributions in the month generated realised gains and income of £5.2
million and largely related to realisations in APEO's underlying portfolio of
companies. Notable realisations related to the full sales of Meadow Foods (a
B2B player in sustainable dairy, confectionery and plant-based ingredients) by
Exponent Private Equity Partners Fund III and Aspia (provider of
technology-enabled accounting, payroll, tax and advisory services) by IK Fund
VIII. A partial sale of Burger King France (a Quick Service Restaurant chain)
by Bridgepoint Europe Fund V also closed during the month. In addition, Advent
International GPE VIII sold shares in two of its listed portfolio companies,
following respective IPOs in 2021.
Drawdowns were largely used for new and follow-on investments in the
underlying portfolio, as well as fund management fees and expenses. Notable
drawdowns in the portfolio during the month related to Investindustrial Growth
Fund III (to fund a follow-on investment in Arterex, a medical device contract
manfacturing platform) and IK Fund IX (to fund the acquisition of Medica
Group, a provider of teleradiology and imaging solutions).
Investment activity
A $6.0m follow-on commitment has been made to APEO's existing co-investment
holding in Visma (a provider of cloud-based, mission critical business
software), alongside lead investor Hg.
Commitments
The Company had £653.5 million of outstanding commitments at 31 December
2023. The Manager believes that around £94.7 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 £8.7 million to the credit facility during the
month of December, reducing the total drawn balance to £91.0 million at 31
December 2023. The remaining undrawn balance of the facility at 31 December
2023 was therefore £209.0 million.
In addition, the Company had cash balances of £21.9 million at 31 December
2023. Liquid resources, calculated as the total of cash balances and the
undrawn balance of the credit facility, were therefore £230.9 million as at
31 December 2023.
Future announcements
The Company is expecting to announce its annual results on 31 January 2024.
Further details on the valuation of the portfolio as at 30 September 2023 will
be provided at that time.
The Company is expecting to announce its estimated NAV at 31 January 2024 on
or around 14 February 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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