REG - Patria Pvt Eq Trust. - Estimated NAV at 31 August 2025

Patria Private Equity TrustAnnouncement

02/10/2025 07:00

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RNS Number : 6952B  Patria Private Equity Trust PLC  02 October 2025

Patria Private Equity Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

 

2 October 2025

ESTIMATED NET ASSET VALUE AT 31 AUGUST 2025

Patria Private Equity Trust plc ("PPET" or "the Company") announces its
estimated net asset value ("NAV") at 31 August 2025

·      Estimated NAV at 31 August 2025 was 813.4 pence per share
(estimated NAV at 31 July 2025 was 795.4 pence per share)

·      Excluding new investments, 98.8% by value of portfolio dated 30
June 2025 (estimated NAV at 31 July 2025 was 95.1% dated 31 March 2025)

·      PPET paid £16.7 million of drawdowns and received £10.0 million
of distributions during the month of August

·      PPET made one direct investment in the month of August

·      Outstanding commitments of £760.9 million at 31 August 2025

·      Short term resources (cash balances, deferred consideration and
undrawn credit facilities) were £312.6 million as at 31 August 2025

 

Estimated NAV

At 31 August 2025, PPET's estimated NAV was 813.4 pence per share (estimated
net assets £1,210.1 million) 1  (#_ftn1) , representing a 2.3% per share
increase from the estimated NAV at 31 July 2025 of 795.4 pence per share
(estimated net assets £1,186.2 million). The 18.0 pence increase in NAV per
share reflected gains arising primarily from a 2.9% constant currency uplift
in the valuation of investments which have been revalued as at 30 June 2025,
supported by a 0.2% appreciation in the euro versus sterling partially offset
against the 2.1% fall in the US dollar versus sterling in August.

The 2.9% constant currency uplift in valuations was due to a broad increase
across the portfolio. PPET's primary fund, secondary, and direct investments
have so far increased 0.5%, 2.9% and 2.4% in constant currency respectively
over the quarter. The 30 September 2025 estimated NAV of the Company is
expected to outline the full impact of the 30 June 2025 revaluation of the
portfolio.

 

Performance

PPET's total return and comparator reference performance as at 31 August 2025
was as follows:

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

                                                                                                      Inception

                                       6 months
 NAV Total Return 2  (#_ftn2)          6.0%       9.0%         18.6%        98.2%        272.3%       1100.3%
 Share Price Total Return 3  (#_ftn3)  (0.8%)     2.2%         41.6%        104.8%       275.9%       815.5%
 FTSE All-Share Index 4  (#_ftn4)      7.1%       12.6%        38.6%        77.7%        108.5%       314.5%

 Performance in the 12 months to                  31 Aug 2025  31 Aug 2024  31 Aug 2023  31 Aug 2022  31 Aug 2021
 NAV Total Return(2)                              9.0%         3.5%         5.3%         19.9%        40.0%
 Share Price Total Return(3)                      2.2%         34.3%        3.1%         (1.5%)       46.8%
 FTSE All-Share Index(4)                          12.6%        17.0%        5.2%         1.0%         26.9%

 

Portfolio cashflows

PPET paid £16.7 million of drawdowns and received £10.0 million of
distributions during the month of August.

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:

·    Investindustrial Growth III: to fund an investment in Ourvita, an
Italian-headquartered company focusing on the development and manufacturing of
vitamins and food supplements; and

·    GEM Benelux VI: to fund a new investment into Tricorp, a Dutch
business making modern workwear.

Of the total £10.0 million distributions received, realised gains and income
amounted to £2.2 million. Notable realisations in the portfolio during the
month included:

·    Full realisation of exit of Amplitude Surgical (global surgical
technology for lower-limb orthopaedics) from PAI Mid-Market Fund; and

·    Proceeds from Hanab (multi-utility service provider for
infrastructure and telecommunications based in Germany) from Triton Fund 6.

 

Investment activity

In the month of August, a $7 million commitment was made alongside Seidler
Equity Partners to a youth development business, with further details not yet
disclosed publicly.

 

Commitments

The Company had £760.9 million of outstanding commitments at 31 August 2025.
The Manager believes that approximately £93.0 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 made no repayments to or drawdowns from the facility during
the month of August, with a total of £193.9 million drawn at 31 August 2025.
The remaining undrawn balance of the facility at 31 August 2025 was therefore
£206.1 million.

In addition, the Company had cash balances of £9.0 million at 31 August 2025.
Furthermore, PPET is also due £97.5 million of deferred consideration in
September 2025 from its secondary sale of a non-core portfolio of investments
in 2024. Therefore, short term resources, calculated as the total of cash
balances, deferred consideration and the undrawn balance of the credit
facility, were £312.6 million as at 31 August 2025.

 

Share Buybacks

Pursuant to the Company's share buyback programme, the Company bought back
375,000 ordinary shares into treasury during August. 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  (#_ftnref1) 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 31 August 2025, excluding new investments, 98.8% by
value of the portfolio valuations were dated 30 June 2025. The value of the
portfolio is therefore calculated as the 30 June 2025 valuation, adjusted for
subsequent cashflows over the period to 31 August 2025.

This is an update from the estimated NAV at 31 July 2025, whereby 95.1% of the
portfolio valuations, excluding new investments, were dated 31 March 2025,
adjusted for subsequent cashflows over the period to 31 July 2025.

 

 2  (#_ftnref2) NAV Total Return assumes reinvesting any dividends in the NAV
of the Company on the date on which that dividend goes ex-dividend.

 3  (#_ftnref3) 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  (#_ftnref4) 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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