Annual Financial Report

HIGHLIGHTS TO 30 SEPTEMBER 2023

• NAV Performance – NAV TR for the year to 30 September 2023 was 5.4% (year to 30 September 2022: 14.1%). The valuation of the underlying portfolio increased by 9.4% during the period excluding FX movements) (year to 30 September 2022: 10.5%).
• Investment Activity – APEO made seven new primary investments, one diversified secondary investment, three new direct investments and two follow-on investments in existing direct investments.
• Realisations – The portfolio generated £202.9 million realisations (distributions and secondary sales) during the year, with distributions from fund investments of £149.9 million (30 September 2022: £209.8 million).
• Outstanding Commitments – Outstanding commitments at the year-end amounted to £652.0 million (30 September 2022: £678.9 million). The over-commitment ratio of 35.2% at year-end (30 September 2022: 42.8%) was at the lower end of the Company’s target range (30-75%).
• Balance Sheet – During the year, the Company’s revolving credit facility was increased to £300 million in size (from £200 million) and extended in duration by a year (to December 2025).
• Acquisition of the Manager by Patria Investments Ltd (“Patria”) – During 2023, abrdn plc announced the conditional sale of abrdn Private Equity, including APEO’s Manager, to Patria. The transaction is expected to close in the first half of 2024. Patria is a leading alternative investment firm listed on Nasdaq, with over 30 years of history and combined assets under management of $28.2 billion, and a global presence with offices in ten cities across four continents.

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