abrdn Pvt Equity - Estimated NAV at 31 October 2022

Patria Private Equity Trust

14/11/2022 07:00

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RNS Number : 1962G  abrdn Private Equity Opp Trst plc  14 November 2022

abrdn Private Equity Opportunities Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

 

14 November 2022

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

·      Estimated NAV at 31 October 2022 was 725.8 pence per share
(estimated NAV at 30 September 2022 was 747.2 pence per share)

·      Excluding new investments, 99.8% by value of portfolio dated 30
June 2022 (estimated NAV at 30 September 2022 was 99.8% dated 30 June 2022)

·      Third interim dividend of 3.6 pence per share paid on 28 October
2022

·      APEO received £29.7 million of distributions and paid £26.1
million of drawdowns during the month of October

·      Two new primary commitments made during October

·      Outstanding commitments of £690.9 million at 31 October 2022

·      Liquid resources (cash balances plus undrawn credit facilities)
were £264.1 million as at 31 October 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 October 2022, excluding new investments, 99.8% by value of the
portfolio valuations were dated 30 June 2022. The value of the portfolio is
therefore calculated as the 30 June 2022 valuation, adjusted for subsequent
cashflows over the period to 31 October 2022.

This is an update from the estimated NAV at 30 September 2022, whereby 99.8%
of the portfolio valuations, excluding new investments, were dated 30 June
2022, adjusted for subsequent cashflows over the period to 30 September 2022.

 

Estimated NAV

At 31 October 2022, APEO's estimated NAV was 725.8 pence per share (estimated
net assets £1,115.8 million), representing a 2.9% per share decrease from the
estimated NAV at 30 September 2022 of 747.2 pence per share (estimated net
assets £1,148.9 million). The 21.4 pence decrease in NAV per share reflected
losses arising primarily from a 2.2% depreciation in the euro versus sterling
during October, a 3.1% depreciation in the dollar versus sterling during
October, and the third interim dividend payment of 3.6 pence per share on 28
October 2022. The cash cost of the third interim dividend was £5.5 million.

 

Drawdowns and distributions

APEO received £29.7 million of distributions and paid £26.1 million of
drawdowns during the month of October. The distributions received generated
realised gains and income of £20.0 million.

 

Investment activity

A new primary commitment of €30.0 million was made to Altor VI, a mid-market
buyout fund with a strong sustainability focus, which targets businesses
across the Nordic and DACH regions.

A new primary commitment of €30.0 million was made to an undisclosed
manager, one of the leading growth/growth capital/growth buyout funds in
Europe and globally, focused primarily on European businesses which operate
principally in the Technology, Healthcare, Financial Services and
Sustainability sectors.

 

Commitments

The Company had £690.9 million of outstanding commitments at 31 October 2022.
The Manager believes that around £65.3 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 October, with a total of £61.0 million drawn at 31 October 2022. The
remaining undrawn balance of the facility at 31 October 2022 was therefore
£239.0 million.

In addition, the Company had cash balances of £25.1 million at 31 October
2022. Liquid resources, calculated as the total of cash balances and the
undrawn balance of the credit facility, were therefore £264.1 million as at
31 October 2022.

 

Update from the Manager

The latest update from the Manager is available within the Latest News section
of the Company website; www.abrdnpeot.co.uk.

 

Future announcements

The Company is expecting to announce its estimated NAV at 30 November 2022 on
or around 14 December 2022.

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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