abrdn Private Equity Opportunities says that its estimated net asset value at 31 May 2022 was 715.2p, up from 704.3p at end April 2022. The trust funded £24.0m of drawdowns and received £6.1m of distributions during the month of May. The distributions received generated realised gains and income of £3.7m.
It made one new primary commitment to bring its outstanding commitments to £664.6m as at 31 May 2022. A new primary commitment of €15.0m was made to One Peak Growth III, a growth fund which targets rapidly growing technology and tech-enabled companies in Europe.
The trust’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 it has interests. In the case of the valuation at 31 May 2022, excluding new investments, 90.6% by value of the portfolio valuations were dated 31 March 2022. The value of the portfolio is therefore calculated as the 31 March 2022 valuation, adjusted for subsequent cashflows over the period to 31 May 2022. [That is important as it captures much of the market falls that occurred early in 2022.]
This is an update from the estimated NAV at 30 April 2022, whereby 97.0% of the portfolio valuations, excluding new investments, were dated 31 December 2021, adjusted for subsequent cashflows over the period to 30 April 2022.
The 10.9p increase in NAV per share reflected gains arising from a 0.9% uplift in the valuation of investments as at 31 March 2022, in addition to a 1.1% appreciation in the euro versus sterling during May. [Sterling weakness is helping the valuations of funds with assets overseas and the pound is continuing to slide.]
The company had £664.6m of outstanding commitments at 31 May 2022. The manager believes that around £56.4m of these are unlikely to be drawn (usually because these fixed-life funds are past their investing phase and are instead focused on harvesting profits).
The company had cash balances of £20.0m at 31 May 2022 and drew a total of £12.5m from its syndicated revolving credit facility during the month of May, increasing the total drawn balance to £37.0m at 31 May 2022. The remaining undrawn balance of the facility at 31 May 2022 was therefore £163.0m. The facility is provided by Citi, Societe Generale and State Street Bank International, and it expires in December 2024.
The company is expecting to announce its interim results on or around 29 June 2022. Further details on the valuation of the portfolio as at 31 March 2022 will be provided at that time.
The company is expecting to announce its estimated NAV at 30 June 2022 on or around 14 July 2022.
APEO : abrdn Private Equity Opportunities end May update shows NAV uplift