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

Patria Private Equity TrustAnnouncement

05/02/2026 07:02

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RNS Number : 7517R  Patria Private Equity Trust PLC  05 February 2026

Patria Private Equity Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

 

5 February 2026

ESTIMATED NET ASSET VALUE AT 31 DECEMBER 2025

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

 ·         Estimated NAV at 31 December 2025 was 840.2 pence per share (estimated NAV at
           30 November 2025 was 844.7 pence per share)

 ·         Excluding new investments, 96.3% of portfolio value was dated 30 September
           2025 (estimated NAV at 30 November 2025 was 95.6% dated 30 September 2025)

 ·         PPET received £27.7 million of distributions and paid £18.0 million of
           drawdowns during the month of December

 ·         PPET completed one follow-on direct investment and the transfer of remaining
           interests acquired through Project Captain during the month of December

 ·         Outstanding commitments of £734.3 million at 31 December 2025

 ·         Short term resources (cash balances, deferred consideration and undrawn credit
           facilities) were £277.4 million as at 31 December 2025

 

Estimated NAV

At 31 December 2025, PPET's estimated NAV was 840.2 pence per share (estimated
net assets £1,248.5 million) 1 , representing a 0.5% per share decrease from
the estimated NAV at 30 November 2025 of 844.7 pence per share (estimated net
assets £1,255.2 million). The 4.5 pence decrease in NAV per share reflected
losses arising primarily from a 0.3% depreciation in the euro versus sterling
during December.

 

Performance

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

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

                                                                                                 Since

                                  6 months                                                       Inception
 NAV Total Return 2               4.6%       8.3%         17.0%        68.6%        263.1%       1145.9%
 Share Price Total Return 3       11.0%      14.8%        48.7%        79.6%        304.9%       931.0%
 FTSE All-Share Index 4           13.7%      24.0%        46.5%        73.9%        123.4%       349.1%

 Performance in the 12 months to             31 Dec 2025  31 Dec 2024  31 Dec 2023  31 Dec 2022  31 Dec 2021
 NAV Total Return(2)                         8.3%         4.8%         5.1%         15.5%        31.4%
 Share Price Total Return(3)                 14.8%        21.5%        6.6%         -18.9%       49.0%
 FTSE All-Share Index(4)                     24.0%        9.5%         7.9%         0.3%         18.3%

 

Investment activity

Following its announcement in November 2025, a further eleven interests
relating to the Project Captain secondary transaction were transferred to the
Company, at a cost of £7.0 million paid in part during December, with the
remainder paid post month-end.

A follow-on commitment of £0.3 million was made to the direct investment in
Boost AI, a company that specialises in conversational AI solutions for an
array of different sectors. The commitment was fully funded during December.

Portfolio cashflows

PPET paid £18.0 million of drawdowns during December, of which £8.7 million
related to primary investments, £8.9 million related to secondary funds and
£0.3 million related to the direct investments.

Notable drawdowns in the primary investments portfolio during the month
included:

 ·         Great Hill Equity Partners VIII: to fund an investment in Motion Picture, a
           global provider of public performance licenses for audiovisual content; and
 ·         Latour Capital IV: to fund an investment into Visco, a French business
           specialised in ultra-high precision machining of material parts and components
           for critical applications.

 

PPET received £27.7 million of distributions during December, of which £16.7
million related to primary funds, £6.7 million related to secondaries and
£4.4 million related to direct investments.

Notable realisations during December included:

·    Hg Mercury 4: proceeds from the exit of GTreasury, a provider of
comprehensive treasury management solutions;

·    CDL: dividend proceeds from CDL Nuclear Technologies, a provider of
comprehensive cardiac PET (positron emission tomography) and nuclear medicine
delivery solutions to independent cardiology practices and hospitals in the
US; and

·    TI IV R1 CF Exit: receipt of deferred consideration following the
sale of R1 RCM by Towerbrook in late 2024.

Commitments

The Company had £734.3 million of outstanding commitments at 31 December
2025. The Manager believes that around £98.9 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 drew a total of £13.5 million from the facility during the month
of December, increasing the total drawn balance to £163.3 million at 31
December 2025. The remaining undrawn balance of the facility at 31 December
2025 was therefore £236.7 million.

In addition, the Company had cash balances of £40.7 million at 31 December
2025. Accordingly, short term resources, calculated as the total of cash
balances, deferred consideration and the undrawn balance of the credit
facility, were £277.4 million as at 31 December 2025.

 

Share Buybacks

The Company did not purchase any of its own shares during December.

 

For further information please contact:

 

 Patria Private Equity Trust plc                      PPET.InvestorRelations@patria.com
 Alan Gauld (Lead Manager)

 Rebecca Matts (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. In the case of PPET's
valuation at 31 December 2025, excluding new investments, 96.3% of portfolio
valuations were dated 30 September 2025. The value of the portfolio is
therefore calculated as the 30 September 2025 valuation, adjusted for
subsequent cashflows over the period to 31 December 2025.

This is an update from the estimated NAV at 30 November 2025, whereby 95.6% of
the portfolio valuations, excluding new investments, were dated 30 September
2025, adjusted for subsequent cashflows over the period to 30 November 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 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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