REG - Patria Pvt Eq Trust. - Estimated NAV at 31 August 2024

Patria Private Equity TrustAnnouncement

02/10/2024 07:00

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RNS Number : 5289G  Patria Private Equity Trust PLC  02 October 2024

Patria Private Equity Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

 

2 October 2024

Patria Private Equity Trust plc ("PPET" or "the Company") announces its
estimated net asset value ("NAV") at 31 August 2024

·      Estimated NAV at 31 August 2024 was 771.6 pence per share
(estimated NAV at 31 July 2024 was 762.8 pence per share)

·      Excluding new investments, 97.1% by value of portfolio was dated
30 June 2024 (estimated NAV at 31 July 2024 was 98.8% dated 31 March 2024)

·      PPET received £20.7 million of distributions and paid £2.7
million of drawdowns to fund existing commitments during the month of August

·      PPET made an initial commitment of $25.0 million to Patria
Secondary Opportunities Fund V ('SOF V')

·      Outstanding commitments of £634.1 million at 31 August 2024

·      Liquid resources (cash balances plus undrawn credit facilities)
were £175.4 million as at 31 August 2024

 

Estimated NAV

At 31 August 2024, PPET's estimated NAV was 771.6 pence per share (estimated
net assets £1,181.5 million) 1 , representing a 1.2% per share increase from
the estimated NAV at 31 July 2024 of 762.8 pence per share (estimated net
assets £1,167.9 million). The 8.8 pence per share increase reflected gains
arising primarily from a 1.8% constant currency uplift in the valuation of
investments as at 30 June 2024, partially offset by a 2.3% depreciation in the
dollar versus sterling during August.

The 1.8% constant currency uplift in valuations was due to a broad increase
across the portfolio. PPET's primary fund, secondary and direct investment
portfolios increased 1.0%, 1.5% and 4.5% 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);

·    HRworks (SaaS HR software provider);

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

·    Funecap (funeral services and crematoria provider).

 

Drawdowns and distributions

PPET received £20.7 million of distributions and paid £2.7 million of
drawdowns to fund existing commitments during the month of August.

Drawdowns during the period were across several of PPET's fund investments,
the most notable relating to Nordic Capital Evolution Fund primarily for the
funding of Equipe, a leading provider of outpatient healthcare in the
Netherlands; and BRP Systems, a leading Nordic ERP platform for the gym and
fitness industry.

The distributions received generated realised gains and income of £12.0
million largely related to realisations in PPET's underlying portfolio of
companies. Notable realisations in the portfolio during the month included the
exits of:

·    Multiversity (a leading Italian online higher education provider) by
CVC Fund VII;

·    Eres (a leading French financial technology player in the employee
profit-sharing and retirement scheme markets) by IK Fund VIII;

·    Acturis (a leading supplier of insurance software) and Audiotonix (a
manufacturer of professional audio consoles) by Astorg VI; and

·    ASM Global (a global leader in third-party venue and event
management) by Onex Partners IV.

 

Investment activity

As part of the Company's broader secondaries strategy, PPET made an initial
$25.0 million commitment to Patria Secondary Opportunities Fund V ('SOF V').
SOF V is a new fund managed by Patria Private Equity (Europe) Limited, a
related party of PPET's Manager. SOF V targets secondary transactions in the
private equity lower and mid-market across Europe and North America. This is
PPET's first investment into a fund led by a related party of its Manager, and
Board consent was obtained in accordance with the terms of the Company's
Investment Management Agreement. To avoid the Company being double-charged
fees, the investment in SOF V will be excluded from the NAV when calculating
the PPET investment management fee.

 

Commitments

The Company had £634.1 million of outstanding commitments at 31 August 2024.
The Manager believes that around £93.3 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 repaid a total of £10.9 million to the credit facility during the
month of August, reducing the total drawn balance to £142.3 million at 31
August 2024. The remaining undrawn balance of the facility at 31 August 2024
was therefore £157.7 million.

In addition, the Company had cash balances of £17.7 million at 31 August
2024. Liquid resources, calculated as the total of cash balances and the
undrawn balance of the credit facility, were therefore £175.4 million as at
31 August 2024.

 

For further information please contact Alan Gauld and Amber Sarafilovic at
Patria Capital Partners LLP (via SEC Newgate at PPET@secnewgate.co.uk
(mailto: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 co-investments is
based on the latest valuations reported by the managers of the funds and
co-investments in which the Company has interests. At 31 August 2024,
excluding new investments, 97.1% of the portfolio valuations were dated 30
June 2024. The value of the portfolio is therefore calculated as the 30 June
2024 valuation, adjusted for subsequent cashflows over the period to 31 August
2024.

This is an update from the estimated NAV at 31 July 2024, whereby 98.8% of the
portfolio valuations, excluding new investments, were dated 31 March 2024,
adjusted for subsequent cashflows over the period to 31 July 2024.

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