abrdn Private Equity Opportunities Trust

LSE: APEO

Market Cap£633m

Last Close 412p

APEO’s investment objective is to achieve long-term total returns through holding a diversified portfolio of private equity funds and direct investments into private companies alongside private equity managers (‘co-investments’), a majority of which will have a European focus.

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Investment summary

abrdn Private Equity Opportunities Trust (APEO) has so far successfully navigated the challenging macro environment, reporting an NAV total return (TR) from end-2021 to end-September 2022 (based on NAV estimate) of 7.5%. Distributions from underlying funds remain firm with c £210m in FY22 (ending September), largely covering APEO’s FY22 capital calls (c £250m) and fully covering them in CY22 year to date. However, APEO recently upsized its credit facility to £300m (from £200m previously), which improved its commitment coverage ratio to c 39% and its balance sheet headroom as it sees some softening in private equity (PE) exit activity. The larger credit facility also supports APEO’s new investments after a solid pace was maintained in FY22 at £338m (ie 33% of opening NAV versus 26% on average in FY17–21). APEO continues to pay a quarterly dividend, currently 3.6p (up c 6% y-o-y), which implies an annualised yield of 3.3%.

Content on abrdn Private Equity Opportunities Trust
abrdn Private Equity Opportunities Trust – executive interview
Investment companies | Edison TV | 1 September 2022
abrdn Private Equity Opportunities Trust – Wider discount to NAV amid macro risks
Investment companies | research Review | 8 August 2022
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Sector
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Share price graph
Price performance
%
1m
3m
12m
Actual (1.0) (4.0) (17.6)
Relative* (7.3) (7.0) (19.9)
52-week high/low 582.0p/368.0p
*% relative to local index
Key management
Alan Gauld Fund manager

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