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. According to Edison Group, this, together with solid exit activity (£210.2m distributions) at an average 20% uplift to carrying values two quarters prior, helped offset lower public valuation multiples.
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