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
