REG - Patria Pvt Eq Trust. - Estimated NAV at 30 June 2025

Patria Private Equity TrustAnnouncement

08/08/2025 07:00

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RNS Number : 4972U  Patria Private Equity Trust PLC  08 August 2025

Patria Private Equity Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

 

08 August 2025

ESTIMATED NET ASSET VALUE AT 30 JUNE 2025

Patria Private Equity Trust plc ("PPET" or "the Company") announces its
estimated net asset value ("NAV") at 30 June 2025

·    Estimated NAV at 30 June 2025 was 790.3 pence per share (estimated
NAV at 31 May 2025 was 778.5 pence per share)

·      Excluding new investments, 95.1% by value of portfolio dated 31
March 2025 (estimated NAV at 31 May 2025 was 85.0% dated 31 March 2025)

·      PPET paid £25.8 million of drawdowns to existing investments and
£8.6 million towards new investments whilst receiving £25.8 million of
distributions during the month of June

·      PPET made one primary commitment and one direct investment in the
month of June

·      Outstanding commitments of £744.0 million at 30 June 2025

·      Short term resources (cash balances, deferred consideration and
undrawn credit facilities) were £343.8 million as at 30 June 2025

 

Estimated NAV

At 30 June 2025, PPET's estimated NAV was 790.3 pence per share (estimated net
assets £1,180.6 million) 1 , representing a 1.5% per share increase from the
estimated NAV at 31 May 2025 of 778.5 pence per share (estimated net assets
£1,170.7 million). The 11.8 pence increase in NAV per share reflected gains
arising primarily from a 1.7% appreciation in the euro versus sterling during
June, partially offset by a 1.6% depreciation in the US dollar versus sterling
during June. Furthermore, 0.3% of the NAV uplift was due to additional March
2025 valuations coming through during the month.

Performance

PPET's total return and comparator reference performance as at 30 June 2025
was as follows:

 Performance over the last        6 months  1 year        3 years       5 years       10 years      since inception
 NAV TR*                          2.1%      3.8%          14.4%         84.5%         265.3%        1060.0%
 Share Price*                     3.4%      7.4%          32.2%         130.4%        264.1%        828.8%
 FTSE All-Share Index             9.1%      11.2%         35.5%         67.3%         92.7%         295.1%

 Performance in the 12 months to            30 June 2025  30 June 2024  30 June 2023  30 June 2022  30 June 2021
 NAV TR*                                    3.8%          5.8%          4.9%          31.1%         36.0%
 Share Price*                               7.4%          21.9%         1.0%          3.1%          69.0%
 FTSE All-Share Index                       11.2%         13.0%         7.9%          1.6%          21.5%

* Assumes dividends are reinvested

 

Portfolio cashflows

PPET paid £25.8 million of drawdowns to existing investments and £8.6
million towards new investments, whilst receiving £25.8 million of
distributions during the month of June.

Distributions during the six months to 30 June 2025 were £58.0m versus
£47.8m in the same period in 2024, representing a 21% year-over-year
increase, with June being particularly strong driven by a partial exit within
PPET's direct portfolio (European Camping Group).

Drawdowns were made across several of PPET's fund investments, primarily to
fund new underlying portfolio company investments and management fees. Notable
drawdowns in the portfolio during the month included:

·    PAI Mid-Market Fund: investment in Beautynova (provider of haircare
products) and Nutripure (provider of health and wellness products);

·    Latour Capital IV: investment in Lynxeo (designer, producer and
supplier of cable solutions for critical infrastructure projects);

·    Investindustrial Growth III: to fund new investment into Delta tecnic
(formulates and produces tailor-made colour and additives masterbatches for a
variety of industries).

Of the total £25.8 million distributions received, realised gains and income
amounted to £12.6 million. Notable realisations in the portfolio during the
month included the exits of:

·    Partial exit of PPET's direct investment in European Camping Group
(leader in outdoor accommodation operating in over ten European countries), as
well as the position held through the PAI Europe VII fund;

·    Full exit of Kereis (provider of insurance brokerage services for
insurers and banking partners) by Bridgepoint Europe VI.

 

Investment activity

In the month of June PPET made a  €10 million direct investment along-side
PAI MMF I into Vamed Care, a provider of essential rehabilitation services to
over 100,000 patients in Germany, Austria, Switzerland, and the Czech
Republic.

A €30 million primary commitment was made to GEM Benelux VI, a buyout fund
with a focus on lower mid-market companies operating in the Benelux region.

 

Commitments

The Company had £744.0 million of outstanding commitments at 30 June 2025.
The Manager believes that around £89.8 million of the Company's existing
outstanding commitments are unlikely to be drawn.

 

Credit facility and cash balances

The Company has a £400.0 million syndicated revolving credit facility
provided by The Royal Bank of Scotland International Limited, Societe
Generale, State Street Bank International GmbH, State Street Bank & Trust
Company and Banco Santander, S.A. The facility is due to expire in February
2028. The Company drew a total of £27.4 million from the facility during the
month of June, increasing the total drawn balance to £173.9 million at 30
June 2025. The remaining undrawn balance of the facility at 30 June 2025 was
therefore £226.1 million.

In addition, the Company had cash balances of £21.3 million at 30 June 2025.
Furthermore, PPET is also due £96.4 million of deferred consideration in
September 2025 from its secondary sale of a non-core portfolio of investments.
Therefore, short term resources, calculated as the total of cash balances,
deferred consideration and the undrawn balance of the credit facility, were
£343.8 million as at 30 June 2025.

 

Share Buybacks

Pursuant to the Company's share buyback programme, the Company bought back
985,000 ordinary shares into treasury during June. The positive effect of the
buyback programme is reflected within the movement in NAV.

 

For further information please contact:

 

 Patria Private Equity Trust plc                          PPET.InvestorRelations@patria.com
 Alan Gauld (Lead Manager)

 Amber Sarafilovic (Marketing & Investor Relations)
 Paul Evitt (Company Secretary)

 Investec Bank plc                                        +44 (0)20 7597 4000
 Lucy Lewis
 Tom Skinner
 Denis Flanagan

 SEC Newgate                                              +44 (0)20 3757 6872
 Sally Walton                                             PPET@secnewgate.co.uk

 

Notes:-

Patria Private Equity Trust plc is an investment company managed by Patria
Capital Partners LLP, the ordinary shares of which are admitted to listing by
the UK Listing Authority and to trading on the Stock Exchange and which seeks
to conduct its affairs so as to qualify as an investment trust under sections
1158-1165 of the Corporation Tax Act 2010.

Additional detail about PPET's NAV and investment diversification can be found
on PPET's website (www.patriaprivateequitytrust.com
(file:///C%3A/Users/agauld/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/4HE5XQTE/www.patriaprivateequitytrust.com)
). Neither the contents of the Company's website nor the contents of any
website accessible from hyperlinks on the Company's website is incorporated
into, or forms part of, this announcement.

 

 1  PPET's valuation policy for private equity funds and direct investments is
based on the latest valuations reported by the managers of the funds and
direct investments in which the Company has interests. In the case of PPET's
valuation at 30 June 2025, excluding new investments, 95.1% by value of the
portfolio valuations were dated 31 March 2025. The value of the portfolio is
therefore calculated as the 31 March 2025 valuation, adjusted for subsequent
cashflows over the period to 30 June 2025.

This is an update from the estimated NAV at 31 May 2025, whereby 85.0% of the
portfolio valuations, excluding new investments, were dated 31 March 2025,
adjusted for subsequent cashflows over the period to 31 May 2025.

 

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