TIDMAPEO
RNS Number : 1965X
abrdn Private Equity Opp Trst plc
19 December 2023
abrdn Private Equity Opportunities Trust plc
Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13
19 December 2023
abrdn Private Equity Opportunities Trust plc ("APEO" or "the
Company") announces its estimated net asset value ("NAV") at 30
November 2023
-- Estimated NAV at 30 November 2023 was 761.4 pence per share
(estimated NAV at 31 October 2023 was 767.6 pence per share), a
0.8% decrease from the month of October
-- Excluding new investments, 95.9% by value of portfolio dated
30 September 2023 (estimated NAV at 31 October 2023 was 100.0%
dated 30 June 2023)
-- APEO received GBP16.2 million of distributions from fund
investments and paid GBP0.8 million of drawdowns to existing
commitments during the month of November
-- APEO re-invested into Procemsa, a vitamins and food
supplements CDMO, via a new single-asset secondary transaction
-- Outstanding commitments of GBP661.9 million at 30 November 2023
-- Liquid resources (cash balances plus undrawn credit
facilities) were GBP 231.7 million as at 30 November 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 30 November 2023,
excluding new investments, 95.9% by value of the portfolio
valuations were dated 30 September 2023. The value of the portfolio
is therefore generally calculated as the 30 September 2023
valuation, adjusted for subsequent cashflows over the period to 30
November 2023.
This is an update from the estimated NAV at 31 October 2023,
whereby 100.0% of the portfolio valuations, excluding new
investments, were dated 30 June 2023, adjusted for subsequent
cashflows over the period to 31 October 2023.
Estimated NAV
At 30 November 2023, APEO's estimated NAV was 761.4 pence per
share (estimated net assets GBP1,170.6 million), representing a
0.8% per share decrease from the estimated NAV at 31 October 2023
of 767.6 pence per share (estimated net assets GBP1,180.1 million).
The 6.2 pence decrease in NAV per share reflected losses arising
primarily from a 1.1% depreciation in the euro versus sterling and
a 4.3% depreciation in the dollar versus sterling during November,
partially offset by a 1.1% constant currency uplift in the
valuation of investments as at 30 September 2023.
The 1.1% constant currency quarterly uplift in the valuation of
investments from the reported estimated NAV at 30 September 2023
was due to a broad increase across the portfolio. APEO's primary
fund, secondary and co-investment portfolios increased 0.9%, 0.5%
and 2.1% in constant currency respectively over the quarter. In
terms of underlying portfolio companies, there was notable
quarterly valuation uplifts of Wundex (wound care management
business), Uvesco (regional grocer), SportPursuit (Online sports
and activity products retailer) and Action (non-food discount
retailer) driven largely by earnings growtth.
Drawdowns and distributions
APEO received GBP16.2 million of distributions from fund
investments and paid GBP0.8 million of drawdowns to existing
commitments during the month of November.
Distributions in the month generated realised gains and income
of GBP13.0 million and largely related to the full sales of Messer
Industries (industrial gas business) by CVC Capital Partners VII
and Nomios (provider of cybersecurity solutions, managed security
services and secure networking solutions) by IK Partners Fund VIII.
Furthermore, Permira Fund V also sold down its final listed shares
in LegalZoom (provider of online legal technology and services),
following the IPO of the business in 2021.
Investment activity
APEO re-invested EUR6.9 million into Procemsa, a vitamins and
food supplements CDMO. This investment will be made into a new
single-asset vehicle called Procemsa Build-Up SCSp.and includes an
undrawn commitment of EUR1.5 million to fund future inorganic
growth. Procemsa was previously held in the APEO portfolio through
the fund investment in Investindustrial Growth I.
Commitments
The Company had GBP661.9 million of outstanding commitments at
30 November 2023. The Manager believes that around GBP95.8 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 drew a total of GBP6.0
million from the facility during the month of November, increasing
the total drawn balance to GBP99.1 million at 30 November 2023. The
remaining undrawn balance of the facility at 30 November 2023 was
therefore GBP200.9 million.
In addition, the Company had cash balances of GBP30.8 million at
30 November 2023 . Liquid resources, calculated as the total of
cash balances and the undrawn balance of the credit facility, were
therefore GBP231.7 million as at 30 November 2023.
Update from the Manager
"We are delighted that the portfolio has continued to grow in
terms of constant currency valuation during the quarter to 30
September 2023. This means that the APEO portfolio has seen quarter
on quarter constant currency valuation growth across all four
quarters of the Company's 2023 financial year (to 30 September
2023) and continues APEO's record of providing annual NAV growth to
its shareholders in every year since 2010*.
As we look forward, there are indications in the market that
private equity M&A activity could begin to pick up in 2024 from
the relatively low levels seen in 2023. If this does indeed happen,
APEO stands to benefit from increased exit activity in its
portfolio, both in terms of distributions and potentially NAV
growth (given the valuation uplifts that are typically seen on
exits).
However, the Manager continues to employ a cautious approach and
plan for a more challenging market backdrop. In that context, we
are pleased to see a strong month of net distribution activity from
fund investments during November and take comfort in APEO's balance
sheet position, with liquid resources of GBP231.7 million available
to help navigate any adverse market conditions that may lie
ahead."
*Based on NAV Total Return
Future announcements
The Company is expecting to announce its annual results on or
around 31 January 2023. Further details on the valuation of the
portfolio as at 30 September 2023 will be provided at that
time.
The Company is expecting to announce its estimated NAV at 31
December 2023 on or around 15 January 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
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END
NAVEASAPFSLDFFA
(END) Dow Jones Newswires
December 19, 2023 02:00 ET (07:00 GMT)
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