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

Patria Private Equity TrustAnnouncement

11/02/2025 07:15

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RNS Number : 5790W  Patria Private Equity Trust PLC  11 February 2025

Patria Private Equity Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

 

11 February 2025

ESTIMATED NET ASSET VALUE AT 31 DECEMBER 2024

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

·      Estimated NAV at 31 December 2024 was 782.2 pence per share
(estimated NAV at 30 November 2024 was 783.2 pence per share)

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

·      PPET received £27.8 million of distributions and £58.3 million
in secondary sale proceeds, while paying £19.8 million of drawdowns to fund
existing commitments and £5.9 million to fund a new direct investment during
the month of December

·      Two new primary fund commitments, one new direct investment and
one follow-on direct investment were made in the month of December

·      Outstanding commitments of £658.1 million at 31 December 2024

·      Short term resources (cash balances, deferred consideration and
undrawn credit facilities) were £324.5 million as at 31 December 2024 and
were further enhanced  in February following the announced increase in the
Company's credit facility

 

Estimated NAV

At 31 December 2024, PPET's estimated NAV was 782.2 pence per share (estimated
net assets £1,187.4 million)  1 , representing a 0.1% per share decrease from
the estimated NAV at 30 November 2024 of 783.2 pence per share (estimated net
assets £1,191.2 million). The small decrease in NAV per share reflected
losses arising from a 0.5% depreciation in the euro versus sterling, partially
offset by a 1.5% appreciation in the dollar versus sterling during December.

 

Portfolio cashflows

PPET received £27.8 million of distributions and £58.3 million in secondary
sale proceeds, while paying £19.8 million of drawdowns to fund existing
commitments and £5.9 million to fund a new direct investment during the month
of December.

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 Fund XI (£3.3 million): primarily to fund Surgical
Information Systems (a leading software provider for Ambulatory Surgery
Centres) and One Inc (a leading digital payments network for the insurance
sector);

·    Great Hill Equity Partners VIII (£2.8 million): primarily to fund
Intuitive Health (a national operator of freestanding hybrid emergency
department and urgent care centres) and Vivup & Perkbox (providers of
market leading solutions for the public and private employee benefits
sectors); and

·    Advent Technology II (£2.3 million): primarily to fund Nuvei (a
leading global payments processing company) and Volue (a leading supplier of
software and data solutions to the energy and infrastructure sectors).

Of the total £27.8 million distributions received, realised gains and income
amounted to £21.4 million. Notable realisations in the portfolio during the
month included the exits of:

·    Gritec (Germany's largest solution provider of turnkey technical
buildings and stations for energy, water & industrial infrastructure) by
Capiton VI;

·    team.blue (a leading digital enabler for companies and entrepreneurs
in Europe) by HgCapital 8; and

·    Comax France (a French provider of grid power and storage services
supporting energy transition) by Investindustrial VII.

In addition, PPET received the first tranche of deferred proceeds amounting to
£58.3 million in relation to the secondary sale transaction of 14 fund
investments completed in September 2024. As a result, the balance of deferred
proceeds receivable from the transaction amounted to £98.0 million at 31
December 2024, with £5.1 million received post month end in January 2025 and
the remainder to be received in September 2025.

 

Investment activity

A €30.0 million primary fund commitment was made to Nordic Capital Evolution
Fund II, a lower mid-market buy-out fund with a focus on companies across the
healthcare, financial services, tech & payments and services &
industrial tech sectors, primarily in Northern Europe.

A €30.0 million primary fund commitment was made to Impilo Fund II, a lower
mid-market buy-out fund targeting product focused companies in the Pharma,
MedTech, Specialist Pharma Services and Healthcare sectors, primarily in the
Nordic region.

A €10.0 million direct investment was made alongside Hivest Capital Partners
into Agora Makers, a leading specialist in the design and manufacture of
public street lighting and street furniture based in France.

A €0.3 million follow-on commitment was made alongside Nordic Capital into
one of PPET's existing direct investments, Boost.ai, a global leader in
conversational AI for Fortune 1000 companies.

 

Commitments

The Company had £658.1 million of outstanding commitments at 31 December
2024. The Manager believes that around £80.8 million of the Company's
existing outstanding commitments are unlikely to be drawn.

 

Credit facility and cash balances

The Company had a £300.0 million syndicated revolving credit facility
provided by The Royal Bank of Scotland International Limited, Société
Générale and State Street Bank International GmbH, due to expire in December
2025. The Company repaid a total of £57.9 million to the credit facility in
December 2024, reducing the total drawn balance to £90.1 million at 31
December 2024. The remaining undrawn balance of the credit facility at 31
December 2024 was therefore £209.9 million.

In addition, the Company had cash balances of £16.6 million at 31 December
2024. Furthermore, PPET will receive £98.0 million of deferred proceeds by
September 2025, relating to the secondary sale of 14 fund investments
completed in September 2024, having received the first tranche of £58.3
million during December 2024. 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 £324.5 million as at 31
December 2024.

Following the month-end, on 27 January 2025, PPET announced an extension of
its syndicated revolving multi-credit facility agreement which took effect on
3 February 2025.  The credit facility has been extended by three years, with
the amount available increased from £300.0 million to £400.0 million. Banco
Santander, S.A. and State Street Bank & Trust Company joined the current
syndicate of banks as new lenders.  This additional £100.0 million,
available from 3 February 2025, will be reflected within short term resources
from that date.

 

Share Buybacks

Pursuant to the Company's share buyback programme, the Company bought back
270,000 ordinary shares into treasury during December 2024. 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
(https://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 31 December 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
31 December 2024.

This is unchanged from the estimated NAV at 30 November 2024, whereby 98.0% of
the portfolio valuations, excluding new investments, were dated 30 September
2024, adjusted for subsequent cashflows over the period to 30 November 2024.

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