TIDMAPEO
RNS Number : 4525T
abrdn Private Equity Opp Trst plc
15 November 2023
abrdn Private Equity Opportunities Trust plc
Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13
15 November 2023
abrdn Private Equity Opportunities Trust plc ("APEO" or "the
Company") announces its estimated net asset value ("NAV") at 31
October 2023
-- Estimated NAV at 31 October 2023 was 767.6 pence per share
(estimated NAV at 30 September 2023 was 769.4 pence per share), a
0.2% decrease from the month of September
-- Excluding new investments, 100.0% by value of portfolio dated
30 June 2023 (estimated NAV at 30 September 2023 was 100.0% dated
30 June 2023)
-- Third interim dividend of 4.0 pence per share paid on 27 October 2023
-- APEO paid GBP8.3 million of drawdowns to existing commitments
and received GBP2.5 million of distributions from fund investments
during the month of October
-- One new primary fund commitment and one new co-investment made in October
-- Outstanding commitments of GBP674.3 million at 31 October 2023
-- Liquid resources (cash balances plus undrawn credit
facilities) were GBP 219.2 million as at 31 October 2023
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 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 31 October
2023.
This is substantially unchanged from the estimated NAV at 30
September 2023, whereby 100.0% of the portfolio valuations,
excluding new investments, were also dated 30 June 2023, adjusted
for subsequent cashflows over the period to 30 September 2023.
Estimated NAV
At 31 October 2023, APEO's estimated NAV was 767.6 pence per
share (estimated net assets GBP1,180.1 million), representing a
0.2% per share decrease from the estimated NAV at 30 September 2023
of 769.4 pence per share (estimated net assets GBP1,183.0 million).
The 1.8 pence decrease in NAV per share reflected the third interim
dividend payment of 4.0 pence per share on 27 October 2023 at a
total cash cost of GBP6.1 million. This was partially offset by
gains arising from a 0.4% appreciation in the euro versus sterling
and a 0.6% appreciation in the dollar versus sterling during
October.
Drawdowns and distributions
APEO paid GBP8.3 million of drawdowns to existing commitments
and received GBP2.5 million of distributions from fund investments
and during the month of October. Including the funding of a new
co-investment, total net outflows from investment activity during
October amounted to GBP11.6 million.
Drawdowns during the period were across several of APEO's fund
investments, primarily to fund new underlying portfolio company
investments and management fees.
The distributions received generated realised gains and income
of GBP1.6 million.
As communicated in the September announcement, APEO also
received proceeds of EUR34.6 million during October following a
partial realisation of Action which was completed during
September.
Investment activity
A new primary commitment of EUR30.0 million was made to IK X, a
fund focusing primarily on investing in lower middle market
businesses in Northern Continental Europe across Business Services,
Consumer/Food, Healthcare and Industrials.
A EUR6.0 million co-investment was made alongside IK Partners
into an undisclosed company, which is a leading manufacturer of
frozen snacks in Europe, with a diversified business mix across
Retail, Out-of-Home and Industry.
Commitments
The Company had GBP674.3 million of outstanding commitments at
31 October 2023. The Manager believes that around GBP97.8 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 repaid a total of
GBP8.7 million to the credit facility during the month of October,
reducing the total drawn balance to GBP94.1 million at 31 October
2023. The remaining undrawn balance of the facility at 31 October
2023 was therefore GBP205.9 million.
In addition, the Company had cash balances of GBP13.3 million at
31 October 2023 . Liquid resources, calculated as the total of cash
balances and the undrawn balance of the credit facility, were
therefore GBP219.2 million as at 31 October 2023.
Update from the Manager
Private Equity merger & acquisition ("M&A") activity in
2023 has been relatively subdued when compared to levels seen in
recent years and this has impacted the cashflows of APEO's
portfolio of investments. October was no different in this regard,
with particularly low levels of distributions from APEO's fund
investments (GBP2.5 million), albeit drawdowns were relatively
modest too (GBP8.3 million), with the drawdown figure also
including amounts for the repayment of underlying fund credit
facilities that were used to finance investments originally made in
2022.
APEO's proactive partial realisation of its direct co-investment
in Action has proven to be helpful from a cash perspective at this
point in the market cycle. We would note that the disposals of
Action shares have been achieved at 100% of its most recent
quarterly valuation and it remains APEO's largest underlying
portfolio company at c.2.0% of the value of the portfolio at 31
October 2023.
On the new investment side, APEO has made two new investments
with IK Partners during the month, with both a fund commitment and
a direct co-investment. The relationship between IK and APEO
stretches back over two decades, with IK's focus on mid-market
buyout transactions in Northwestern Europe very much aligned with
APEO's long-term investment strategy.
Lastly, from a balance sheet perspective, we continue to believe
that APEO is well positioned, with GBP219.2 million of liquid
resources available. Outstanding commitments of GBP674.3 million
equate to an overcommitment ratio [i] of 38.6%, at the lower end of
our target range of 30-75%.
We look forward to providing an update on performance in next
month's November estimated NAV announcement, when we expect a large
portion of the portfolio valuation to be revised and dated 30
September 2023.
Future announcements
The Company is expecting to announce its estimated NAV at 30
November 2023 on or around 18 December 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
[i] Outstanding commitments less cash and cash equivalents and
undrawn loan facilities divided by estimated net assets.
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END
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