REG - Patria Pvt Eq Trust. - Estimated NAV at 30 November 2024

Patria Private Equity TrustAnnouncement

08/01/2025 07:00

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RNS Number : 4658S  Patria Private Equity Trust PLC  08 January 2025

Patria Private Equity Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

 

8 January 2025

ESTIMATED NET ASSET VALUE AT 30 NOVEMBER 2024

Patria Private Equity Trust plc ("PPET" or "the Company") announces its
estimated net asset value ("NAV") at 30 November 2024

·      Estimated NAV at 30 November 2024 was 783.2 pence per share
(estimated NAV at 31 October 2024 was 769.2 pence per share)

·      Excluding new investments, 98.0% by value of portfolio dated 30
September 2024 (estimated NAV at 31 October 2024 was 99.3% dated 30 June 2024)

·      PPET received £11.1 million of distributions and paid £8.7
million of drawdowns during the month of November

·      Outstanding commitments of £624.6 million at 30 November 2024

·      Short term resources (cash balances, deferred consideration and
undrawn credit facilities) were £325.6 million as at 30 November 2024

 

Estimated NAV

At 30 November 2024, PPET's estimated NAV was 783.2 pence per share (estimated
net assets £1,191.2 million)  1 , representing a 1.8% per share increase from
the estimated NAV at 31 October 2024 of 769.2 pence per share (estimated net
assets £1,171.7 million). The 14.0 pence per share increase reflected gains
arising primarily from a 2.3% constant currency uplift in the valuation of
investments as at 30 September 2024, partially offset by a 1.6% depreciation
in the euro versus sterling during November. The NAV movement also includes
the positive effects of the Company's share buy-back programme which is
currently ongoing.

The 2.3% constant currency uplift in valuations was due to a broad increase
across the portfolio. PPET's primary fund, secondary and direct investment
portfolios increased 2.2%, 2.8% and 2.2% in constant currency respectively
over the quarter.

 

 

In terms of underlying portfolio companies, there were notable quarterly
valuation uplifts of:

·    Wundex (wound care management business);

·    Action (non-food discount retailer);

·    CDL (provider of comprehensive cardiac PET and nuclear medicine
delivery solutions); and

·    Chanelle Pharma (manufacturer of generic animal and human health
products).

 

Drawdowns and distributions

PPET received £11.1 million of distributions and paid £8.7 million of
drawdowns during the month of November.

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:

·    Nordic Capital Evolution Fund (£3.4 million): primarily to fund
Sensio (a leading provider in smart monitoring technology for elderly and
other social care settings in the Nordics);

·    CVC Fund VII (£1.6 million): primarily to fund Cooper Consumer
Health (a leading European independent over-the-counter drug manufacturer and
distributor) and Recordati (a listed Italian company that develops and
commercialises medicines for common and rare diseases); and

·    Hg Mercury 4 (£1.4 million): primarily to fund CINC Systems (a
leading cloud-based software company serving the community association
management sector).

The distributions received generated realised gains and income of £4.1
million largely related to realisations in PPET's underlying portfolio of
companies. Notable realisations in the portfolio during the month included the
exits of:

·    Sunbelt (a leading modular manufacturer and designer of commercial
custom and fleet building solutions) by MSouth Equity Partners IV;

·    Zabka (a leading convenience retailer in Poland which listed on the
Warsaw Stock Exchange in October 2024) by CVC Fund VI; and

·    CDL (provider of comprehensive cardiac PET and nuclear medicine
delivery solutions) by Excellere which resulted in the partial realisation of
PPET's direct investment position.

 

Investment activity

There were no new commitments to announce from the month of November.

 

Commitments

The Company had £624.6 million of outstanding commitments at 30 November
2024. The Manager believes that around £81.7 million of the Company's
existing outstanding commitments are unlikely to be drawn.

 

Credit facility and cash balances

The Company has a £300.0 million syndicated revolving credit facility
provided by The Royal Bank of Scotland International Limited, Societe Generale
and State Street Bank International GmbH, and it expires in December 2025. The
Company drew a total of £8.3 million from the facility during the month of
November, increasing the total drawn balance to £148.7 million at 30 November
2024. The remaining undrawn balance of the facility at 30 November 2024 was
therefore £151.3 million.

In addition, the Company had cash balances of £17.3 million at 30 November
2024. Furthermore, PPET will receive £157.0 million of proceeds during the
next twelve months, relating to the recently announced secondary sale of 14
fund investments. Therefore, short-term resources, calculated as the total of
cash balances, deferred consideration from secondary sales and the undrawn
balance of the credit facility, were £325.6 million as at 30 November 2024.

 

Share Buybacks

Pursuant to the Company's share buyback programme, the Company bought back
245,000 ordinary shares into treasury during November 2024.

 

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
(http://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. At 30 November 2024,
excluding new investments, 98.0% of the portfolio valuations were dated 30
September 2024. The value of the portfolio is therefore calculated as the 30
September 2024 valuation, adjusted for subsequent cashflows over the period to
30 November 2024.

This is an update from the estimated NAV at 31 October 2024, whereby 99.3% of
the portfolio valuations, excluding new investments, were dated 30 June 2024,
adjusted for subsequent cashflows over the period to 31 October 2024.

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