TIDMAPEO
RNS Number : 8949Z
abrdn Private Equity Opp Trst plc
17 January 2024
abrdn Private Equity Opportunities Trust plc
Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13
17 January 2024
abrdn Private Equity Opportunities Trust plc ("APEO" or "the
Company") announces its estimated net asset value ("NAV") at 31
December 2023
-- Estimated NAV at 31 December 2023 was 763.2 pence per share
(estimated NAV at 30 November 2023 was 761.4 pence per share), a
0.2% increase from the month of November
-- Excluding new investments, 95.9% by value of portfolio dated
30 September 2023 (estimated NAV at 30 November 2023 was 95.9%
dated 30 September 2023)
-- APEO received GBP16.8 million of distributions from
investments and paid GBP16.5 million of drawdowns to existing
commitments during the month of December
-- One follow-on commitment into an existing co-investment made during December
-- Outstanding commitments of GBP653.5 million at 31 December 2023
-- Liquid resources (cash balances plus undrawn credit
facilities) were GBP 230.9 million as at 31 December 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 December 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 31
December 2023.
This is substantially unchanged from the estimated NAV at 30
November 2023, whereby 95.9% of the portfolio valuations, excluding
new investments, were dated 30 September 2023, adjusted for
subsequent cashflows over the period to 30 November 2023.
Estimated NAV
At 31 December 2023, APEO's estimated NAV was 763.2 pence per
share (estimated net assets GBP1,173.4 million), representing a
0.2% per share increase from the estimated NAV at 30 November 2023
of 761.4 pence per share (estimated net assets GBP1,170.6 million).
The 1.8 pence increase in NAV per share reflected gains arising
primarily from a 0.5% appreciation in the euro versus sterling
during December, partially offset by a 0.7% depreciation in the
dollar versus sterling during December.
Drawdowns and distributions
APEO received GBP16.8 million of distributions from investments
and paid GBP16.5 million of drawdowns to existing commitments
during the month of December.
Distributions in the month generated realised gains and income
of GBP5.2 million and largely related to realisations in APEO's
underlying portfolio of companies. Notable realisations related to
the full sales of Meadow Foods (a B2B player in sustainable dairy,
confectionery and plant-based ingredients) by Exponent Private
Equity Partners Fund III and Aspia (provider of technology-enabled
accounting, payroll, tax and advisory services) by IK Fund VIII. A
partial sale of Burger King France (a Quick Service Restaurant
chain) by Bridgepoint Europe Fund V also closed during the month.
In addition, Advent International GPE VIII sold shares in two of
its listed portfolio companies, following respective IPOs in
2021.
Drawdowns were largely used for new and follow-on investments in
the underlying portfolio, as well as fund management fees and
expenses. Notable drawdowns in the portfolio during the month
related to Investindustrial Growth Fund III (to fund a follow-on
investment in Arterex, a medical device contract manfacturing
platform) and IK Fund IX (to fund the acquisition of Medica Group,
a provider of teleradiology and imaging solutions).
Investment activity
A $6.0m follow-on commitment has been made to APEO's existing
co-investment holding in Visma (a provider of cloud-based, mission
critical business software), alongside lead investor Hg.
Commitments
The Company had GBP653.5 million of outstanding commitments at
31 December 2023. The Manager believes that around GBP94.7 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 December,
reducing the total drawn balance to GBP91.0 million at 31 December
2023. The remaining undrawn balance of the facility at 31 December
2023 was therefore GBP209.0 million.
In addition, the Company had cash balances of GBP21.9 million at
31 December 2023 . Liquid resources, calculated as the total of
cash balances and the undrawn balance of the credit facility, were
therefore GBP230.9 million as at 31 December 2023.
Future announcements
The Company is expecting to announce its annual results on 31
January 2024. 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
January 2024 on or around 14 February 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
NAVBFMFTMTJBBRI
(END) Dow Jones Newswires
January 17, 2024 02:00 ET (07:00 GMT)
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