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 coverage ratio, remained broadly stable versus end-2022. Its discount to NAV of 44% is wider than its 10-year average of 23% and the c 10% average discount for buyout portfolios traded in the secondary markets in H123.
