TIDMAPEO
RNS Number : 4202Q
abrdn Private Equity Opp Trst plc
18 October 2023
abrdn Private Equity Opportunities Trust plc
Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13
18 October 2023
abrdn Private Equity Opportunities Trust plc ("APEO" or "the
Company") announces its estimated net asset value ("NAV") at 30
September 2023
-- Estimated NAV at 30 September 2023 was 769.4 pence per share
(estimated NAV at 31 August 2023 was 757.2 pence per share), a 1.6%
increase from the month of August
-- Excluding new investments, 100.0% by value of portfolio dated
30 June 2023 (estimated NAV at 31 August 2023 was 96.7% dated 30
June 2023)
-- APEO paid GBP16.3 million of drawdowns to existing
commitments and received GBP10.8 million of distributions from fund
investments during the month of September
-- APEO undertook a partial realisation of its co-investment in
Action during September, returning EUR34.6 million in proceeds
which were received during October
-- Outstanding commitments of GBP650.0 million at 30 September 2023
-- Liquid resources (cash balances plus undrawn credit
facilities) were GBP 207.1 million as at 30 September 2023
-- Statement regarding the conditional sale of the Investment
Manager to Patria Investments Ltd
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 30 September 2023,
excluding new investments, 100.0% by value of the portfolio
valuations were dated 30 June 2023. The value of the portfolio is
therefore generally calculated as the 30 June 2023 valuation,
adjusted for subsequent cashflows over the period to 30 September
2023.
This is an update from the estimated NAV at 31 August 2023,
whereby 96.7% of the portfolio valuations, excluding new
investments, were dated 30 June 2023, adjusted for subsequent
cashflows over the period to 31 August 2023.
Estimated NAV
At 30 September 2023, APEO's estimated NAV was 769.4 pence per
share (estimated net assets GBP1,183.0 million), representing a
1.6% per share increase from the estimated NAV at 31 August 2023 of
757.2 pence per share (estimated net assets GBP1,164.2 million).
The 12.2 pence increase in NAV per share reflected gains arising
primarily from a 1.3% appreciation in the euro versus sterling and
a 3.7% appreciation in the dollar versus sterling during
September.
Drawdowns and distributions
APEO paid GBP16.3 million of drawdowns to existing commitments
and received GBP10.8 million of distributions from fund investments
during the month of September.
Drawdowns during the period were across several of APEO's fund
investments, primarily to fund new underlying portfolio company
investments and management fees.
The distributions received generated realised gains and income
of GBP3.6 million. The most notable distribution related to Nordic
Capital Fund IX, where the Fund sold its position in Macrobond, a
global provider of software and macroeconomic and financial data,
to Francisco Partners.
Partial realisation of Action
During the month of September a further partial realisation in
Action was completed, following the transactions previously
reported in April and May. The transaction realised EUR34.6 million
of proceeds which were received during October at a value
equivalent to 100% of 30 June 2023 NAV.
As a reminder, APEO has been an investor in Action since 2011,
initially through 3i Eurofund V and then as a co-investor alongside
3i, Action's lead investor. Following the partial realisation,
Action remains the largest underlying portfolio company in APEO's
portfolio with a remaining value of GBP24.6 million, equivalent to
1.9% of total portfolio NAV as at 30 September 2023.
Investment activity
There were no new commitments to announce from the month of
September.
Commitments
The Company had GBP650.0 million of outstanding commitments at
30 September 2023. The Manager believes that around GBP94.3 million
of the Company's existing outstanding commitments are unlikely to
be drawn.
Credit facility and cash balances
The Company has a GBP300.0 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 September, with
a total of GBP102.4 million drawn at 30 September 2023. The
remaining undrawn balance of the facility at 30 September 2023 was
therefore GBP197.6 million.
In addition, the Company had cash balances of GBP9.5 million at
30 September 2023 . Liquid resources, calculated as the total of
cash balances and the undrawn balance of the credit facility, were
therefore GBP207.1 million as at 30 September 2023.
Statement regarding the Investment Manager
The Board of APEO notes the announcement made by abrdn plc
("abrdn") in respect of the conditional sale (the "Transaction") of
its European-headquartered Private Equity business ("abrdn Private
Equity"), including abrdn Capital Partners LLP ("abrdn Capital
Partners"), to Patria Investments Ltd ("Patria"), a global
alternative asset manager established in Latin America.
abrdn Capital Partners is the Company's investment manager and
Alternative Investment Fund Manager (AIFM). The Board has been
discussing the proposed Transaction with abrdn, the Company's
investment management team and with Patria. The Board has received
assurances from abrdn and Patria that the Company's investment
management team will remain unchanged should the Transaction
proceed. abrdn has also confirmed that appropriate arrangements
will be put in place to maintain the existing administration and
other services currently provided by abrdn or third party service
providers.
The Board is evaluating the impact of the Transaction on the
Company and its management team and is continuing to have
constructive discussions with Patria. No changes will be made to
the Company's existing management and administration arrangements
prior to the Transaction completing. The Board will provide an
update to APEO's shareholders on the progress of the Transaction in
due course. For further information, please refer to the
announcement dated 16 October 2023.
Future announcements
The Company is expecting to announce its estimated NAV at 31
October 2023 on or around 14 November 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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END
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October 18, 2023 02:00 ET (06:00 GMT)
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