reports
Edison issues report on Patria Private Equity Trust (PPET)
Edison Investment Research Limited Edison issues report on Patria Private Equity Trust (PPET) 24-Oct-2024 / 12:25 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 24 October 2024 Edison issues report on Patria Private Equity Trust (PPET) Edison issues report on Patria Private Equity Trust (LSE: PPET) Patria Private Equity Trust (PPET) has announced that it has completed a secondary sale of a portfolio of 14 older vintage and non-core investments for c €216m (c £180m or 13% of PPET’s end-August 2024 NAV). This represents a minor ...
- Pedro Fonseca
Patria Private Equity Trust - Completes a successful £180m secondary s...
Patria Private Equity Trust (PPET) has announced that it has completed a secondary sale of a portfolio of 14 older vintage and non-core investments for c €216m (c £180m or 13% of PPET’s end-August 2024 NAV). This represents a minor 5% discount to the carrying value of the sold assets at end-March 2024 (H124) and translates into a robust 1.9x multiple on invested capital and a 16% internal rate of return (IRR). We consider this good news for PPET for several reasons. The sale should allow the tru...
Edison issues report on Patria Private Equity Trust (PPET)
Edison Investment Research Limited Edison issues report on Patria Private Equity Trust (PPET) 25-Jun-2024 / 13:06 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 25 Juni 2024 Edison issues report on Patria Private Equity Trust (PPET) to view the full report. All reports published by Edison are available to download free of charge from its website Edison is authorised and regulated by the . Edison is not an adviser or broker-dealer and does not provide investment advice. Edison’s reports are not solicitations to buy or sell ...
- Pedro Fonseca
Patria Private Equity Trust - H124 NAV TR of 2% amid still muted marke...
Patria Private Equity Trust (PPET) reported a modest 2.0% NAV per share total return in H124 (ending March 2024) as exit activity in private equity markets remained subdued, suggesting continued buyer cautiousness. Meanwhile, PPET’s share price total return was a strong 22.9% in H124, with the narrowing discount to NAV assisted by, among other things, PPET’s buyback programme (see our March 2024 note for details). Given the trust’s current balance sheet headroom, the board targets an annual divi...
- Sarah Godfrey
Private Equity: Stick or twist? Avoiding the ‘pig in the python'
After a period of record fundraising and with more than $1tn of ‘dry powder' on the sidelines awaiting investment, private equity (PE) has had a more difficult time in the past two years as inflation and interest rates have increased. The IPO market has been subdued following strong years in 2020 and 2021, challenging the traditional PE model, which relies on a steady cycle of exits in order to fund existing commitments and make new investments. One leading US private equity investor has likened...
- David Johnson
- James Carthew
abrdn Private Equity Opportunities – On the way to greener pastures?
Despite navigating through what its managers considered to be challenging conditions in 2023, abrdn Private Equity Opportunities (APEO) was able to report both positive NAV growth and double-digit share price returns in its recently published annual results. APEO’s discount has narrowed by more than 10% in recent months, so that it is trading on a 28.9% discount currently, narrowing from about 45% last October. These figures were generated over a period that saw a slowdown in activity in Europea...
Edison issues update on abrdn Private Equity Opportunities Trust (APEO...
Edison Investment Research Limited Edison issues update on abrdn Private Equity Opportunities Trust (APEO): Returns and buyback help narrow the discount 04-March-2024 / 14:07 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 4 März 2024 Edison issues update on abrdn Private Equity Opportunities Trust (APEO): 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 exch...
- Pedro Fonseca
abrdn Private Equity Opportunities Trust - Returns and buyback help na...
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 c...
Edison issues update on abrdn Private Equity Opportunities Trust (APEO...
Edison Investment Research Limited Edison issues update on abrdn Private Equity Opportunities Trust (APEO): Resilient NAV and stable balance sheet 25-Oct-2023 / 11:34 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 25 October 2023 Edison issues update on abrdn Private Equity Opportunities Trust (APEO): Resilient NAV and stable balance sheet abrdn Private Equity Opportunities Trust (APEO) posted a 12-month NAV TR of 5.1% to end-September 2023 amid persistently muted exit activity across PE markets and FX headwinds from stronger st...
- Pedro Fonseca
abrdn Private Equity Opportunities Trust - Resilient NAV and stable ba...
abrdn Private Equity Opportunities Trust (APEO) posted a 12-month NAV TR of 5.1% to end-September 2023 amid persistently muted exit activity across PE markets and FX headwinds from stronger sterling. APEO’s drawdowns continue to outpace distributions, but the 12-month net capital calls were more than offset by the proceeds APEO received from the partial sale of its co-investment in non-food discount retailer Action. As a result, APEO’s balance sheet headroom, as measured by its commitment covera...
- David Johnson
- Matthew Read
abrdn Private Equity Opportunities Trust – Unrecognised success
Given that abrdn Private Equity Opportunities Trust (APEO) is one of a limited number of ways in which investors can access a diverse pool of private equity managers, and that it has also produced long-term returns ahead of comparable equity indices and its peer group average, it might be reasonable to think that its shares would trade reasonably close to NAV. However, that is clearly not the case currently. APEO continues to trade on a stubbornly wide discount of 42.0%, possibly due to investor...
- David Johnson
- Matthew Read
abrdn Private Equity Opportunities Trust – Unrecognised success
Given that abrdn Private Equity Opportunities Trust (APEO) is one of the few ways in which the average investor can access a diverse pool of private equity managers, and has produced impressive long-term returns well ahead of comparable equity indices and its peer group average, one might expect its shares to trade close to NAV. However, that is clearly not the case currently. APEO continues to trade on a stubbornly wide discount of 42.0%, due to investors’ fears around valuations or market outl...
- Pedro Fonseca
abrdn Private Equity Opportunities Trust - Coping well with the tough ...
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 e...
- Pedro Fonseca
abrdn Private Equity Opportunities Trust - So far so good
abrdn Private Equity Opportunities Trust (APEO) reported a robust 14.1% NAV total return (TR) in FY22 (ended September), as underlying portfolio valuations were up by 10.5% excluding the FX impact (with co-investments particularly strong) and a higher US$/£ rate. Earnings momentum remained high with LTM revenue and EBITDA across APEO’s top 50 holdings at 22.7% and 23.8% in FY22, respectively. This, together with solid exit activity (£210.2m distributions) at an average 20% uplift to carrying val...
- James Carthew
ATST ALLIANCE TRUST PLC
GCL GEIGER COUNTER
SLPE STANDARD LIFE PRIVATE EQUITY TRUST
FCSS FIDELITY CHINA SPECIAL SITUATIONS PLC
JII JPMORGAN INDIAN INV TRUST
PCT POLAR CAPITAL TECHNOLOGY TRUST PLC
MTE MONTANARO EUROPEAN SMALLER C.TST
ANII ABERDEEN NEW INDIA INVESTMENT TRUST
SDV CHELVERTON UK DIVIDEND TRUST
BGUK BAILLIE GIFFORD UK GROWTH FUND PLC
GIF GULF INVESTMENT FUND
PCFT POLAR CAPITAL GLOBAL FINANCIALS TRUST
SMT SCOTTISH MORTGAGE INVESTMENT TRUST PLC
RICA RUFFER INVESTMENT COMPANY
BHMG BH MACRO (GBP)
VNH VIETNAM HOLDING
WTAN WITAN INVESTMENT CO. PLC
CHRY CHRYSALIS INVESTMENTS
EBOX TRITAX EUROBOX GBP
MTU MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC
CBA CEIBA INVESTMENTS
ATT ALLIANZ TECHNOLOGY TRUST PLC
CIN CITY OF LONDON GROUP PLC
API ABRDN PROPERTY INCOME TRUST
- James Carthew
ATST ALLIANCE TRUST PLC
GCL GEIGER COUNTER
SLPE STANDARD LIFE PRIVATE EQUITY TRUST
FCSS FIDELITY CHINA SPECIAL SITUATIONS PLC
JII JPMORGAN INDIAN INV TRUST
PCT POLAR CAPITAL TECHNOLOGY TRUST PLC
MTE MONTANARO EUROPEAN SMALLER C.TST
ANII ABERDEEN NEW INDIA INVESTMENT TRUST
SDV CHELVERTON UK DIVIDEND TRUST
BGUK BAILLIE GIFFORD UK GROWTH FUND PLC
GIF GULF INVESTMENT FUND
PCFT POLAR CAPITAL GLOBAL FINANCIALS TRUST
SMT SCOTTISH MORTGAGE INVESTMENT TRUST PLC
RICA RUFFER INVESTMENT COMPANY
BHMG BH MACRO (GBP)
VNH VIETNAM HOLDING
WTAN WITAN INVESTMENT CO. PLC
CHRY CHRYSALIS INVESTMENTS
EBOX TRITAX EUROBOX GBP
MTU MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC
CBA CEIBA INVESTMENTS
ATT ALLIANZ TECHNOLOGY TRUST PLC
CIN CITY OF LONDON GROUP PLC
API ABRDN PROPERTY INCOME TRUST
- Pedro Fonseca
abrdn Private Equity Opportunities Trust - Valuations holding up, bala...
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 ...
- James Carthew
- Jayna Rana
- Matthew Read
abrdn Private Equity Opportunities Trust - Laying the foundations for ...
abrdn Private Equity Opportunities (APEO) has recently been trading at discounts to NAV in excess of 40%, way above its long-term average of around 16-17%, suggesting that the market is pricing in an NAV fall comparable to that seen during the GFC. Alan Gauld, APEO’s lead portfolio manager, thinks this is nonsensical, and we agree. Private equity has changed immeasurably since the crisis and APEO’s portfolio is focused on managers invested in cash generative businesses that are able to finance t...
- James Carthew
- Jayna Rana
- Matthew Read
abrdn Private Equity Opportunities Trust - Laying the foundations for ...
abrdn Private Equity Opportunities (APEO) has recently been trading at discounts to NAV in excess of 40%, way above its long-term average of around 16-17%, perhaps suggesting that the market is pricing in an NAV fall comparable to that seen during the GFC. Alan Gauld, APEO’s lead portfolio manager, thinks this is nonsensical. He comments that private equity has changed immeasurably since the crisis and APEO’s portfolio is focused on managers invested in cash generative businesses that are able t...
- Pedro Fonseca
abrdn Private Equity Opportunities Trust - Wider discount to NAV amid ...
Abrdn Private Equity Opportunities Trust (APEO) posted a 6.8% NAV total return (TR) in H122 (ending March 2022), which was a function of a robust return in late 2021 (in calendar Q421 at 5.2%, driven by profitable exits). The NAV TR between end-December 2021 and end-June 2022 stands at 2.4%, but its latest NAV is still largely based on end-March 2022 valuations and does not capture the subsequent sell-off in public equities. APEO’s manager acknowledges that macro headwinds are likely to exert pr...
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