abrdn Private Equity Opportunities Trust plc
Legal Entity Identifier (LEI):
2138004MK7VPTZ99EV13
16 February 2024
abrdn Private Equity Opportunities Trust plc
("APEO" or "the
Company") announces its estimated net asset value ("NAV") at 31
January 2024
· Estimated NAV at 31 January
2024 was 748.6 pence per share (estimated NAV at 31 December 2023
was 763.2 pence per share)
· Excluding new investments,
99.6% by value of portfolio dated 30 September 2023 (estimated NAV
at 31 December 2023 was 95.9% dated 30 September
2023)
· Fourth interim dividend of
4.0 pence per share paid on 26 January 2024
· Share buyback programme
announced on 25 January 2024
· APEO paid £8.8 million of
drawdowns to existing commitments and received £3.1 million of
distributions from fund investments during the month of
January
· One new primary investment,
one new co-investment and one follow-on investment into an existing
co-investment were made during January
· Outstanding commitments of
£675.6 million at 31 January 2024
· Liquid resources (cash
balances plus undrawn credit facilities) were
£220.1 million as at 31 January
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
January 2024, excluding new investments, 99.6% by value of the
portfolio valuations were dated 30 September 2023.
The value of the portfolio is therefore calculated
as the 30 September 2023 valuation, adjusted for subsequent
cashflows over the period to 31 January 2024.
This is an update from the estimated
NAV at 31 December 2023, whereby 95.9% of the portfolio valuations,
excluding new investments, were dated 30 September 2023, adjusted
for subsequent cashflows over the period to 31 December
2023.
Estimated NAV
At 31 January 2024, APEO's estimated
NAV was 748.6 pence per share (estimated net assets £1,151.0
million), representing a 1.9% per share decrease from the estimated
NAV at 31 December 2023 of 763.2 pence per share (estimated net
assets £1,173.4 million). The 14.6 pence decrease in NAV per share
reflected losses arising primarily from a 1.6% depreciation in the
euro versus sterling during January in addition to the fourth
interim dividend payment of 4.0 pence per share on 26 January 2024.
The cash cost of the fourth interim dividend was £6.1
million.
Drawdowns and distributions
APEO paid £8.8 million of drawdowns
and received £3.1 million of distributions during the month of
January.
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 included Altor V (to fund a follow-on
investment in FLSmidth, a technology and service provider to the
global mining and cement industries) and Vitruvian IV (to
predominantly fund Twinkl, an online learning content
platform).
The distributions received generated
realised gains and income of £1.5 million and largely related to
realisations in APEO's underlying portfolio of companies. The main
realisation during the month related to the sale of Planasa (a
global leader in the agri-tech sector) by Sixth Cinven Fund. In
addition, Advent International GPE VIII sold portions of its
shareholdings in three of its listed portfolio companies, following
IPOs in 2021.
Investment activity
A new primary commitment of £25.0
million was made to Bowmark VII, a high-quality and longstanding
mid-market manager focused on the UK software and services
sector.
A €10.5 million co-investment was
made alongside Latour Capital into European Digital Group (EDG),
which is an integrated services provider in the digital
transformation and digital marketing segments. Initial funding is
due to be made in February 2024.
A follow-on commitment of €4.4
million has been to a European-headquartered technology business in
the healthcare sector, the details of which are undisclosed due to
confidentiality restrictions. This follow-on commitment is
subsequent to an initial investment of €6.0 million in March 2023.
Funding for this deal is also due to be made in February
2024.
Commitments
The Company had £675.6 million of
outstanding commitments at 31 January 2024. The Manager believes
that around £91.6 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 £4.3 million from the facility during the
month of January, increasing the total drawn balance to £93.8
million at 31 January 2024. The remaining undrawn balance of the
facility at 31 January 2024
was therefore £206.2 million.
In addition, the Company had cash
balances of £13.9 million at 31 January
2024. Liquid resources, calculated as the
total of cash balances and the undrawn balance of the credit
facility, were therefore £220.1 million as at 31 January 2024.
Share buyback programme
On 25 January 2024, APEO announced
the commencement of a share buyback programme. As outlined in
the announcement, the Board intends to use a portion of proceeds
realised from the most recent sale of APEO's direct co-investment
in Action. The Board believes that the ability to recycle a
significant portion of these proceeds, which were realised at 100%
of Action's 30 June 2023 valuation, into buying APEO shares at a
significant discount to NAV is a compelling use of APEO's capital
and provides immediate NAV accretion to APEO's
shareholders.
Future announcements
The Company is expecting to announce
its estimated NAV at 29 February 2024 on or around 14 March
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