abrdn Pvt Equity - Estimated NAV at 31 December 2022

Patria Private Equity Trust

18/01/2023 07:00

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RNS Number : 0268N  abrdn Private Equity Opp Trst plc  18 January 2023

abrdn Private Equity Opportunities Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

 

18 January 2023

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

·      Estimated NAV at 31 December 2022 was 742.0 pence per share
(estimated NAV at 30 November 2022 was 730.4 pence per share)

·      Excluding new investments, 98.8% by value of portfolio dated 30
September 2022 (estimated NAV at 30 November 2022 was 95.9% dated 30 September
2022)

·      APEO received £19.4 million of distributions and paid £17.5
million of drawdowns during the month of December

·      One follow on co-investment and one new co-investment was made
during the month of December

·      Outstanding commitments of £709.7 million at 31 December 2022

·      Liquid resources (cash balances plus undrawn credit facilities)
were £257.8 million as at 31 December 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 December 2022, excluding new investments, 98.8% by value of
the portfolio valuations were dated 30 September 2022. The value of the
portfolio is therefore calculated as the 30 September 2022 valuation, adjusted
for subsequent cashflows over the period to 31 December 2022.

This is an update from the estimated NAV at 30 November 2022, whereby 95.9% of
the portfolio valuations, excluding new investments, were dated 30 September
2022, adjusted for subsequent cashflows over the period to 30 November 2022.

 

Estimated NAV

At 31 December 2022, APEO's estimated NAV was 742.0 pence per share (estimated
net assets £1,140.7 million), representing a 1.6% per share increase from the
estimated NAV at 30 November 2022 of 730.4 pence per share (estimated net
assets £1,123.0 million). The 11.6 pence increase in NAV per share reflected
gains arising primarily from a 2.6% appreciation in the euro versus sterling
during December, partially offset by a 1.0% depreciation in the dollar versus
sterling during December.

 

Drawdowns and distributions

APEO received £19.4 million of distributions and paid £17.5 million of
drawdowns during the month of December. The distributions received generated
realised gains and income of £13.7 million.

 

Investment activity

A €3.0 million follow on investment has been made into European Camping
Group in order to fund the strategic acquisition of Vacanceselect, a French
headquartered peer in the outdoor accommodation market which, similar to
European Camping Group, has campsites across Europe including France, Italy,
Spain and Croatia.

A $5.0 million co-investment has been made into 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.

 

Commitments

The Company had £709.7 million of outstanding commitments at 31 December
2022. The Manager believes that around £81.3 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 made no repayments to or drawdowns from the facility during the month
of December, with a total of £62.5 million drawn at 31 December 2022. The
remaining undrawn balance of the facility at 31 December 2022 was therefore
£237.5 million.

In addition, the Company had cash balances of £20.3 million at 31 December
2022. Liquid resources, calculated as the total of cash balances and the
undrawn balance of the credit facility, were therefore £257.8 million as at
31 December 2022.

 

Future announcements

The Company is expecting to announce its estimated NAV at 31 January 2023 on
or around 14 February 2023.

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 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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