abrdn Private Equity Opportunities Trust - Returns and buyback help narrow the discount
abrdn Private Equity Opportunities Trust (APEO) achieved a 5.4% NAV total return (TR) in FY23 (to end-September 2023) despite muted private equity (PE) deal activity and foreign exchange headwinds (its portfolio value was up 9.4% excluding fx). We believe that APEO’s expansion into direct investments since 2019 has shown promising results so far, with a rise in value by a strong 18.5% in FY23. APEO’s balance sheet remains solid with a coverage ratio of c 33% at end-January 2024, as net capital calls from its fund investments were offset by the partial exit of Action (at 100% of NAV). APEO recently launched a buyback programme, which was well received by the market (share price up c 10% since the announcement). Still, APEO trades at a 29% discount to NAV versus a 10-year average of 23%.Standard Life Private Equity Trust carries on business as an investment trust. The principal focus of Co. is to invest in private equity funds and to manage exposure through the primary and secondary funds markets. Co. invests only in private equity funds, but occasionally may hold direct private equity investments or quoted securities as a result of distributions in specie from its portfolio of fund investments. Co. board has contractually delegated the management of the investment portfolio to the manager, SL Capital Partners LLP.
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