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abrdn Private Equity Opportunities Trust (FTSE 250:APEO) provides access to a diversified portfolio of private equity investments. The Trust’s investment objective is to achieve long-term total returns through holding a diversified portfolio of private equity funds and co-investments, a majority of which will have a European mid cap focus.

The Trust invests in private equity funds and co-investments run by established, leading private equity managers who have the expertise to source, grow and sell private companies, seeking to deliver attractive investment returns. The funds invest in mature businesses primarily through management buy-out transactions. The portfolio comprises around 50 active private equity funds, managed by a select group of fund managers, with an underlying portfolio of over 600 private companies.

The Trust’s investment objective is to achieve long-term total returns for its shareholders from both capital gain and dividends. The Trust currently offers a progressive dividend, paid quarterly. In the 12 month period ending 30 September 2022, the Trust paid total dividends of 14.4p per shares (up 5.9% YoY). In the same period, the trust grew NAV by 14.1% just over £1.1bn, though with the share price dropping in the period, the discount to NAV widened to 45.6%


  • Alan Devine (Chairman): Ex CEO Royal Bank of Scotland Shipping Group. 40 yrs+ experience in commercial & investment banking.
  • Diane Seymour-Williams (NED): Held senior positions at Deutsche AM Group over 23 yrs. NED Mercia Asset Management PLC & PraxisIFM Group Ltd
  • Calum Thomson (Snr Ind Dir): Qualified chartered accountant & audit partner at Deloitte LLP. NED, Diverse Income Trust plc, AVI Global Trust plc & Baring Emerging EMEA Opps plc.
  • Dugald Agble (NED): 20 yrs in PE with stints at Nomura Principal Finance Group (Terra Firma Capital Partners), Helios Investment Partners & 8 Miles.
  • Yvonne Stillhart (NED): Co-founding Senior Partner Akina AG, a Swiss PE manager. NED, UBS Asset Management Switzerland Ltd.


 30 Sep 2023
30 Sep 2022
Total capital gains on investments70,562147,940
Profit before finance costs & tax67,700146,596
Profit after taxation60,963143,611
Balance Sheet30 Sep 2023
30 Sep 2022
Cash 9,43630,341
Total current assets39,553
Revolving credit facility(100,883)

Total assets less current liabilities1,195,6431,158,052
NAV PerformanceFeb 2024Jan 2024Dec 2023Nov 2023Oct 2023Sep 2023Aug 2023July 2023
Monthly NAV Estimate (£~m)1,173.11,1511,173.41,170.61,180.11,1831,164.21,138.1
Monthly estimated NAV per share (pence)764.8p748.6p763.2p761.4p767.7769.4757.2740.2

Major Shareholders

  • Phoenix Group Holdings – 53.7%
  • Interactive investor – 5.0%
  • Hargreaves Lansdown – 3.7%
  • Oxfordshire County Council Pension Fund – 3.2%
  • Quilter Cheviot Investment Management – 3.0%

Media Coverage

Investment Week: “abrdn private equity trust share price struggles, NAV performance holds up” (Jan 2023)

“The £1.1bn abrdn private equity opportunities trust experienced net asset value growth in the year to end of September 2022, however, public sentiment hindered its share price performance, leading it underperforming its benchmark.”

Macro Indicators

RSM Global Private equity will remain active in 2023 (Feb 2023)
As we look into 2023, it’s remarkable the types of mixed messages that one receives about private equity (PE) and whether this group of investors will be active or not.

Uncertainty over where the economy is headed is understandably delaying some decisions…However, as was set out in our last market perspectives, about capital availability, there is a significant amount of capital available for private equity investors to deploy. Globally there is $1.2tn (near an all-time high) of what we call private equity ‘dry powder’ that must be deployed by these investors, and any slow down in their investment cadence could jeopardise their ability to invest all the funds that they have committed to do…we expect PE investors to continue to be active investors in 2023 and any companies seeking capital and strategic partners to navigate the current economic climate and make the most of the opportunities that it represents (there is always opportunity in a crisis!) should engage these potential partners.

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