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| TIDM | APEO |
| Share Price | £612.080.33% |
| Market Cap | £94.10bn |
Edison issued an update on abrdn Private Equity Opportunities Trust (APEO) on 18 July 2023, reporting a 12-month NAV total return of 7.0% to end-May 2023. In the calendar year to end-May 2023, APEO's capital calls amounted to £74.0m, while distributions were £54.1m. APEO held £243.4m in undrawn credit facilities and cash at end-May 2023, which covered 35% of its outstanding investment commitments.
| Date | 18 Jul 2023 |
| Time | 12:11:42 |
| Category | Miscellaneous |
| ID | 4004G |
London, UK, 18 July 2023
Edison issues update on abrdn Private Equity Opportunities Trust
abrdn Private Equity Opportunities Trust (APEO) posted a 12-month NAV total return (TR) to end-May 2023 of 7.0%, supported by continued strong portfolio earnings momentum (up 28.7% over the 12 months to end-March 2023 for APEO's top 50 holdings). Muted global M&A volumes continue to weigh on private equity (PE) exit activity, with APEO's capital calls in the calendar year to end-May 2023 (£74.0m) outpacing distributions (£54.1m). That said, APEO's undrawn credit facility and cash of £243.4m at end-May 2023 provide it with decent near-term balance sheet headroom, as these cover 35% of APEO's outstanding investment commitments (which should be drawn gradually in the coming years).
APEO offers a quality exposure to the PE mid-market through a portfolio of investments managed by carefully selected, top-tier European general partners (GPs) with solid sector expertise (the 12 'core' GPs make up 57% of APEO's NAV). This high-conviction strategy has proved successful over the mid- to long-term with APEO's five-year and 10-year NAV TR to end-May 2023 at 17% and 15% pa, respectively, ahead of the MSCI Europe Small Cap Index TR of 2.5% and 9.5%, respectively, and broadly in line with its close PE peers. Moreover, its combined 52% exposure to less cyclical sectors such as technology (typically profitable B2B software), healthcare and consumer staples, together with the wide c 39% discount to NAV, may offer some downside protection in the current environment.
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