REG - abrdn Pvt Equity - Estimated NAV at 31 March 2024
17/04/2024 07:00
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RNS Number : 8513K abrdn Private Equity Opp Trst plc 17 April 2024
abrdn Private Equity Opportunities Trust plc
Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13
17 April 2024
abrdn Private Equity Opportunities Trust plc ("APEO" or "the Company")
announces its estimated net asset value ("NAV") at 31 March 2024
· Estimated NAV at 31 March 2024 was 767.2 pence per share
(estimated NAV at 29 February 2024 was 764.8 pence per share)
· Excluding new investments, 97.3% by value of portfolio dated 31
December 2023 (estimated NAV at 29 February 2024 was 65.8% dated 31 December
2023)
· APEO paid £24.3 million of drawdowns to fund commitments and
co-investments, and received £12.7 million of distributions from fund
investments during the month of March
· One new co-investment and one new secondary transaction completed
during March
· Outstanding commitments of £662.6 million at 31 March 2024
· Liquid resources (cash balances plus undrawn credit facilities)
were £190.7 million as at 31 March 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 31 March 2024, excluding new investments, 97.3% by value of the
portfolio valuations were dated 31 December 2023. The value of the portfolio
is therefore calculated as the 31 December 2023 valuation, adjusted for
subsequent cashflows over the period to 31 March 2024.
This is an update from the estimated NAV at 29 February 2024, whereby 65.8% of
the portfolio valuations, excluding new investments, were dated 31 December
2023, adjusted for subsequent cashflows over the period to 29 February 2024.
Estimated NAV
At 31 March 2024, APEO's estimated NAV was 767.2 pence per share (estimated
net assets £1,176.6 million), representing a 0.3% per share increase from the
estimated NAV at 29 February 2024 of 764.8 pence per share (estimated net
assets £1,173.1 million). The 2.4 pence increase in NAV per share reflected
gains arising primarily from a 0.5% constant currency uplift in the valuation
of investments as at 31 December 2023 received since the last announcement,
partially offset by a 0.2% depreciation in the euro versus sterling during
March. The NAV accretion also includes the effects of the Company's share
buy-back program announced in January 2024 which is currently in effect.
Drawdowns and distributions
APEO paid £20.8 million of drawdowns to existing commitments and received
£12.7 million of distributions during the month of March. Including the
funding of a new co-investment, total net outflows from investment activity in
March amounted to £11.6 million.
Drawdowns during the period were across several of APEO's fund investments,
primarily to fund new underlying portfolio company investments and management
fees. Notable drawdowns in the portfolio during the month related to IK
Partnership II (to fund Valoria Capital, a fast growing acquisition platform
for independent financial advisors, and A-Safe, a global leader in industrial
safety barriers), American Industrial Partners VII (to fund the acquisition of
Veoneer, a leading global manufacturer of automotive electronic safety systems
for passenger vehicles, and Aquaship, an aquaculture service company) and
Nordic Capital Fund XI (to fund the acquisition of Corpuls, a leading provider
of high quality and innovative products for professional users in emergency
situations, and Foxway, a leading circular tech services provider in Europe).
The distributions received generated realised gains and income of £7.1
million and largely related to realisations in APEO's underlying portfolio of
companies. Notable realisations related to the partial sale of RENK Group (a
global manufacturer of mission-critical drive solutions) by Triton Fund V
following its IPO in February 2024, and the sale of shares by Advent
International GPE VIII in three of its listed portfolio companies following
respective IPOs in 2021.
Investment activity
A €5.0 million co-investment was made alongside Exponent into Chanelle
Pharma, a leading manufacturer of generic animal and human health products
headquartered in Ireland.
A €10.4 million secondary investment was made to a continuation fund
alongside a leading global healthcare private equity specialist, the details
of which remain undisclosed at this time for confidentiality reasons.
Commitments
The Company had £662.6 million of outstanding commitments at 31 March 2024.
The Manager believes that around £91.9 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 £25.6 million from the facility during the month of
March, increasing the total drawn balance to £136.7 million at 31 March 2024.
The remaining undrawn balance of the facility at 31 March 2024 was therefore
£163.3 million.
In addition, the Company had cash balances of £27.4 million at 31 March 2024.
Liquid resources, calculated as the total of cash balances and the undrawn
balance of the credit facility, were therefore £190.7 million as at 31 March
2024.
Future announcements
The Company is expecting to announce its estimated NAV at 30 April 2024 on or
around 14 May 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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