abrdn Private Equity Opportunites Trust: NAV up at 31 December 2023

17th January 2024

At 31 December 2023, APEO’s estimated NAV was 763.2p per share with estimated net assets of £1,173.4m. The increase represents a 0.2% per share rise from the estimated NAV at 30 November 2023. 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.

APEO received £16.8 million of distributions from investments and paid £16.5 million of drawdowns to existing commitments during the month of December.

Distributions in the month generated realised gains and income of £5.2 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).

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.

The Company had £653.5 million of outstanding commitments at 31 December 2023. The Manager believes that around £94.7 million of the Company’s existing outstanding commitments are unlikely to be drawn.

In the TV clip below Alan Gauld, Senior Investment Director at APEO outlines the the major financial highlights from the period. He also presents the investment case for listed private equity and prospects for the Trust.