abrdn Private Equity Opp Trst plc Estimated NAV at 31 October 2022 (1962G)

TIDMAPEO

RNS Number : 1962G

abrdn Private Equity Opp Trst plc

14 November 2022

abrdn Private Equity Opportunities Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

14 November 2022

abrdn Private Equity Opportunities Trust plc ("APEO" or "the Company") announces its estimated net asset value ("NAV") at 31 October 2022

-- Estimated NAV at 31 October 2022 was 725.8 pence per share (estimated NAV at 30 September 2022 was 747.2 pence per share)

-- Excluding new investments, 99.8% by value of portfolio dated 30 June 2022 (estimated NAV at 30 September 2022 was 99.8% dated 30 June 2022)

   --      Third interim dividend of 3.6 pence per share paid on 28 October 2022 

-- APEO received GBP29.7 million of distributions and paid GBP26.1 million of drawdowns during the month of October

   --      Two new primary commitments made during October 
   --      Outstanding commitments of GBP690.9 million at 31 October 2022 

-- Liquid resources (cash balances plus undrawn credit facilities) were GBP 264.1 million as at 31 October 2022

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 2022, excluding new investments, 99.8% by value of the portfolio valuations were dated 30 June 2022. The value of the portfolio is therefore calculated as the 30 June 2022 valuation, adjusted for subsequent cashflows over the period to 31 October 2022.

This is an update from the estimated NAV at 30 September 2022, whereby 99.8% of the portfolio valuations, excluding new investments, were dated 30 June 2022, adjusted for subsequent cashflows over the period to 30 September 2022.

Estimated NAV

At 31 October 2022, APEO's estimated NAV was 725.8 pence per share (estimated net assets GBP1,115.8 million), representing a 2.9% per share decrease from the estimated NAV at 30 September 2022 of 747.2 pence per share (estimated net assets GBP1,148.9 million). The 21.4 pence decrease in NAV per share reflected losses arising primarily from a 2.2% depreciation in the euro versus sterling during October, a 3.1% depreciation in the dollar versus sterling during October, and the third interim dividend payment of 3.6 pence per share on 28 October 2022. The cash cost of the third interim dividend was GBP5.5 million.

Drawdowns and distributions

APEO received GBP29.7 million of distributions and paid GBP26.1 million of drawdowns during the month of October. The distributions received generated realised gains and income of GBP20.0 million.

Investment activity

A new primary commitment of EUR30.0 million was made to Altor VI, a mid-market buyout fund with a strong sustainability focus, which targets businesses across the Nordic and DACH regions.

A new primary commitment of EUR30.0 million was made to an undisclosed manager, one of the leading growth/growth capital/growth buyout funds in Europe and globally, focused primarily on European businesses which operate principally in the Technology, Healthcare, Financial Services and Sustainability sectors.

Commitments

The Company had GBP690.9 million of outstanding commitments at 31 October 2022. The Manager believes that around GBP65.3 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 October, with a total of GBP61.0 million drawn at 31 October 2022. The remaining undrawn balance of the facility at 31 October 2022 was therefore GBP239.0 million.

In addition, the Company had cash balances of GBP25.1 million at 31 October 2022 . Liquid resources, calculated as the total of cash balances and the undrawn balance of the credit facility, were therefore GBP264.1 million as at 31 October 2022.

Update from the Manager

The latest update from the Manager is available within the Latest News section of the Company website; www.abrdnpeot.co.uk.

Future announcements

The Company is expecting to announce its estimated NAV at 30 November 2022 on or around 14 December 2022.

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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November 14, 2022 02:00 ET (07:00 GMT)