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

Patria Private Equity TrustAnnouncement

04/03/2025 07:15

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RNS Number : 1530Z  Patria Private Equity Trust PLC  04 March 2025

Patria Private Equity Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

4 March 2025

ESTIMATED NET ASSET VALUE AT 31 JANUARY 2025

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

·      Estimated NAV at 31 January 2025 was 783.9 pence per share
(estimated NAV at 31 December 2024 was 782.2 pence per share)

·      Excluding new investments, 98.0% by value of portfolio dated 30
September 2024 (estimated NAV at 31 December 2024 was 98.0% dated 30 September
2024)

·      Fourth interim dividend of 4.2 pence per share paid on 24 January
2025

·      PPET paid £10.7 million of drawdowns to existing investments and
£8.1 million to fund a new direct investment, while receiving £2.4 million
of distributions and £5.1 million of secondary proceeds during the month of
January

·      One new direct investment was made during the month of January

·      Outstanding commitments of £655.0 million at 31 January 2025

·      Short term resources (cash balances, deferred consideration and
undrawn credit facilities) were £297.4 million as at 31 January 2025

 

Estimated NAV

At 31 January 2025, PPET's estimated NAV was 783.9 pence per share (estimated
net assets £1,188.0 million) 1 , representing a 0.2% per share increase from
the estimated NAV at 31 December 2024 of 782.2 pence per share (estimated net
assets £1,187.4 million). The 1.7 pence increase in NAV per share reflected
gains arising primarily from a 1.2% appreciation in the euro and a 0.8%
appreciation in US dollar versus sterling during January, partially offset by
the fourth interim dividend payment of 4.2 pence per share on 24 January 2025.
The total payment made for the fourth interim dividend was £6.4 million.

Portfolio cashflows

PPET paid £10.7 million of drawdowns to existing investments and £8.1
million to fund a new direct investment, while receiving £2.4 million of
distributions and £5.1 million of secondary proceeds during the month of
January.

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:

·      Permira Growth Opportunities II (£6.9 million): to fund several
investments, including BioCatch (leading provider of behavioural biometrics
technology) and Versaterm (a public safety software platform to state, local
and municipal law enforcement agencies); and

·      Altor Fund VI (£1.2 million):to primarily fund Permascand (an
industrial technology company manufacturing catalytic coatings, electrodes and
cells for electrochemical applications) and Stegra (a greenfield project to
build a low-carbon, modern large-scale steel plant).

Of the total £2.4 million distributions received, realised gains and income
amounted to £0.8 million. Notable realisations in the portfolio during the
month included:

·      the full exit of Teamsystem (leading Italian provider of ERP and
business management software to SMEs) by Hg Capital 8; and

·      the partial exit of Septeo (provider of legal software in France)
by Hg Genesis 9.

In addition, PPET received a tranche of deferred proceeds amounting to £5.1
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 £94.1 million at 31 January 2025.
The remaining balance is to be received in September 2025.

 

Investment activity

A $10.0 million direct investment was made alongside WindRose Health Investors
into Soleo Health, a US headquartered business that provides comprehensive
infusion and specialty pharmacy services covering a broad range of disease
states, with a focus on chronic and complex conditions.

 

Commitments

The Company had £655.0 million of outstanding commitments at 31 January 2025.
The Manager believes that around £82.1 million of the Company's existing
outstanding commitments are unlikely to be drawn.

 

Credit facility and cash balances

At 31 January 2025, the Company had 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, which was due to
expire in December 2025. The Company drew a total of £20.9 million from the
facility during the month of January, increasing the total drawn balance to
£112.1 million at 31 January 2025. The remaining undrawn balance of the
facility at 31 January 2025 was therefore £187.9 million.

In addition, the Company had cash balances of £15.4 million at 31 January
2025. Short term resources, calculated as the total of cash balances, deferred
consideration and the undrawn balance of the credit facility, were therefore
£297.4 million as at 31 January 2025.

As previously announced, 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
265,000 ordinary shares into treasury during January. 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 co-investments is
based on the latest valuations reported by the managers of the funds and
co-investments in which the Company has interests. In the case of PPET's
valuation at 31 January 2025, excluding new investments, 98.0% by value 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 January 2025.

This is an update from the estimated NAV at 31 December 2024, whereby 98.0% of
the portfolio valuations, excluding new investments, were dated 30 September
2024, adjusted for subsequent cashflows over the period to 31 December 2024.

 

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