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

Patria Private Equity TrustAnnouncement

04/11/2025 07:00

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RNS Number : 0009G  Patria Private Equity Trust PLC  04 November 2025

Patria Private Equity Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

 

4 November 2025

ESTIMATED NET ASSET VALUE AT 30 SEPTEMBER 2025

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

·      Estimated NAV at 30 September 2025 was 821.7 pence per share
(estimated NAV at 31 August 2025 was 813.4 pence per share)

·      Excluding new investments, 99.5% by value of portfolio dated 30
June 2025 (estimated NAV at 31 August 2025 was 98.8% dated 31 March 2025)

·      PPET paid £26.8 million of drawdowns and received £12.4 million
of distributions during September

·      PPET completed one new primary fund commitment, one direct
investment, and one secondary transaction during the month

·      Outstanding commitments of £761.0 million at 30 September 2025

·      Short term resources (cash balances and undrawn credit
facilities) were £295.0 million at 30 September 2025

 

Estimated NAV

At 30 September 2025, PPET's estimated NAV was 821.7 pence per share
(estimated net assets £1,221.4 million) 1 , representing a 1.0% per share
increase from the estimated NAV at 31 August 2025 of 813.4 pence per share
(estimated net assets £1,210.1 million). The 8.3 pence increase in NAV per
share is principally due to gains arising from a 0.7% appreciation in the euro
versus sterling during the month of September.

 

Performance

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

 Performance over the last        6 months  1 year       3 years      5 years      10 years     Since

                                                                                                Inception
 NAV Total Return 2               4.9%      7.6%         15.6%        81.3%        270.3%       1112.7%
 Share Price Total Return 3       1.0%      7.0%         49.3%        103.5%       266.7%       831.2%
 FTSE All-Share Index 4           11.6%     16.2%        50.0%        84.1%        118.3%       322.2%

 Performance in the 12 months to            30 Sep 2025  30 Sep 2024  30 Sep 2023  30 Sep 2022  30 Sep 2021
 NAV Total Return(2)                        7.6%         0.8%         5.1%         21.6%        37.9%
 Share Price Total Return(3)                7.0%         24.9%        11.7%        -15.1%       60.6%
 FTSE All-Share Index(4)                    16.2%        13.4%        13.8%        -4.0%        27.9%

 

Investment activity

In September, the Company made a €10 million direct investment in Froneri, a
global ice cream manufacturer, via an investment vehicle called PAI Strategic
Partnerships II. Froneri has been an existing PPET portfolio company since
2013 and this new direct investment is part of a broader transaction led by
PAI Partners, ADIA and Goldman Sachs Alternatives. The transaction also
involved PPET receiving €15.7m of proceeds during October 2025, so is in
effect both a realisation and a partial reinvestment in Froneri.

During the month, PPET signed an agreement to acquire a portfolio of fourteen
fund investments and one direct investment in a secondary transaction, with a
total consideration of £27 million. As at 30 September 2025, three
investments from this transaction had formally transferred to PPET, at a
combined cost of £10 million. The remainder of these investments are expected
to transfer to PPET over the course of Q4 2025.

A $20 million primary fund commitment was made to Windrose Health Investors
VII, a sector specialist fund focused on enhancing efficiency and quality of
the healthcare sector.

 

Portfolio cashflows

PPET paid £26.8 million of drawdowns during September, of which £17.8
million related to the primary fund portfolio, £0.2 million related to
interests acquired in prior secondary transactions and £8.8 million related
to direct investments. The latter included PPET's direct investment in Froneri
and the direct investment made alongside Seidler Equity Partners in August.

 

 

Notable primary fund drawdowns during the month included:

·    Archimed - Platform 2: to fund an investment in ZimVie, a US-
headquartered business that develops, manufactures, and distributes
regenerative biomaterials and implants for the dental industry, and to
partially repay the subscription line facility used for the fund's investment
in Ceva in May 2025.

·    IK Partnership Fund III: to fund a new investment into Octime, a
French software developer specialising in workforce management software.

PPET received £12.4 million of distributions during September, of which £9.0
million related to the primary fund portfolio and £3.4 million related to
interests acquired in prior secondary transactions.

Notable realisations during the month included:

·    Triton Fund V: proceeds from the continued sell down of listed shares
in RENK, a German manufacturer of drivetrain technology, following the
business's IPO in 2023.

·    Vitruvian I CF: partial exit of Benify, a HR technology company
providing a benefit and rewards platform.

 

Commitments

The Company had £761.0 million of outstanding commitments at 30 September
2025. The Manager believes that around £93.0 million of these 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.

During September, the Company drew £31.2 million from the facility,
increasing the total drawn balance to £226.5 million at 30 September 2025.
The remaining undrawn balance of the facility at 30 September 2025 was
therefore £173.5 million.

In addition, the Company had cash balances of £121.5 million at 30 September
2025. This includes £98.2 million of deferred consideration received during
the month following the secondary sale of a non-core portfolio of investments
in 2024. Accordingly, short term resources, calculated as the total of cash
balances and the undrawn balance of the credit facility, were £295.0 million
as at 30 September 2025.

 

Share Buybacks

Pursuant to the Company's share buyback programme, the Company bought back
117,000 ordinary shares into treasury during September. The positive impact of
these buybacks is reflected in the movement in NAV for the month.

 

Correction relating to the 31 August 2025 estimated NAV statement

In the Company's previous announcement of the Estimated NAV at 31 August 2025,
the movements for the second quarter constant currency performance across
primary, secondary and direct investments were incorrectly stated. The
performance for the quarter was in fact driven by uplifts of 1.7%, 5.4% and
5.4% across each strategy respectively, rather than 0.5%, 2.9% and 2.4% as
previously disclosed. This correction has no impact on the reported NAV per
share or net assets previously announced.

 

 

For further information please contact:

 

 Patria Private Equity Trust plc  PPET.InvestorRelations@patria.com
 Alan Gauld (Lead Manager)
 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
(https://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 underlying managers. For the
Company's valuation at 30 September 2025, and excluding new investments, 99.5%
of the portfolio valuations by value were dated 30 June 2025. The portfolio
value has therefore been calculated using the 30 June 2025 valuations,
adjusted for subsequent cashflows over the period to 30 September 2025.

This is an update from the estimated NAV at 31 August 2025, whereby 98.8% of
the portfolio valuations, excluding new investments, were dated 30 June 2025,
adjusted for subsequent cashflows over the period to 31 August 2025.

 

 2  NAV Total Return assumes reinvesting any dividends in the NAV of the
Company on the date on which that dividend goes ex-dividend and assumes
monthly compounding.

 3  Share Price Total Return assumes reinvesting any dividends in the share
price of the Company on the date on which that dividend goes ex-dividend.
Source: London Stock Exchange Group Workspace

 4  Comparator Index - The Company is not managed with direct reference to any
index or its constituents. Source: London Stock Exchange Group Workspace

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