abrdn Private Equity Opportunities Trust (LSE: APEO)

Currency in GBP

Last close As at 04/02/2023

GBP4.60

−19.00 (−3.97%)

Market capitalisation

GBP707m

abrdn Private Equity Opportunities Trust’s (formerly Standard Life Private Equity Trust) investment objective is to achieve long-term total returns through holding a diversified portfolio of private equity (PE) funds and direct investments into private companies alongside PE managers (co-investments), a majority of which will have a European focus.

Equity Analyst

Milosz Papst

Milosz Papst

Director, Financials

Key Management

  • Alan Gauld

    Fund manager

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 8.0 13.0 (13.2)
Relative 2.3 2.7 (14.1)
52 week high/low 562.0p/368.0p

Overview

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%.

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