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

Patria Private Equity TrustAnnouncement

15/08/2024 07:00

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RNS Number : 4848A  Patria Private Equity Trust PLC  15 August 2024

Patria Private Equity Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

 

15 August 2024

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

·      Estimated NAV at 31 July 2024 was 762.8 pence per share
(estimated NAV at 30 June 2024 was 774.0 pence per share)

·      Excluding new investments, 98.8% by value of portfolio dated 31
March 2024 (estimated NAV at 30 June 2024 was 96.1% dated 31 March 2024)

·      Second interim dividend of 4.2 pence per share paid on 26 July
2024

·      PPET paid £15.2 million of drawdowns to fund existing
commitments and received £8.6 million of distributions during the month of
July

·      One follow-on co-investment completed during the month of July

·      Outstanding commitments of £620.3 million at 31 July 2024

·      Liquid resources (cash balances plus undrawn credit facilities)
were £159.5 million as at 31 July 2024

 

Estimated NAV

At 31 July 2024, PPET's estimated NAV was 762.8 pence per share (estimated net
assets £1,167.9 million) 1  (#_ftn1) , representing a 1.4% per share decrease
from the estimated NAV at 30 June 2024 of 774.0 pence per share (estimated net
assets £1,186.4 million). The 11.2 pence per share decrease reflected losses
arising primarily from a 0.6% depreciation in the euro versus sterling and a
1.6% depreciation in the dollar versus sterling during July, in addition to
the second interim dividend payment of 4.2 pence per share (£6.4 million) on
26 July 2024. The NAV movement also includes the positive effects of the
Company's share buy-back program announced in January 2024 which is currently
ongoing.

 

Drawdowns and distributions

PPET paid £15.2 million of drawdowns to fund existing commitments and
received £8.6 million of distributions during the month of July. Including
the funding of a follow-on co-investment, total net outflows from investment
activity amounted to £9.1 million in July.

Drawdowns during the period were 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:

·    Hg Saturn 3: primarily to fund Visma, a provider of cloud-based,
mission critical business software; and Iris, a leading global provider of
mission-critical software and services in accountancy, payroll, HR and
education; and

·    MED Platform II: to fund Jeisys Medical Inc, a leading developer,
manufacturer, and supplier of energybased devices for anti-ageing and
disease-fighting indications, as part of a tendor offer to take the company
private; and another new portfolio company which remains undisclosed for the
time being.

The distributions received generated realised gains and income of £5.2
million largely related to realisations in PPET's underlying portfolio of
companies, the most notable relating to the sale of SportGroup (a leading
designer, manufacturer and installer of artificial surfaces serving the global
sports flooring, leisure and landscaping and industrial markets to over 70
countries globally) by Equistone V.

 

Investment activity

A follow-on investment of €3.0m was made to PPET's existing co-investment in
Goodlife, a leading manufacturer of frozen snacks in Europe, for the
acquisition of Audens Group Solutions, a leading manufacturer in the Iberian
frozen food market. The combination will result in a highly complementary
group producing and selling innovative frozen food snacks and meal components
across Europe.

 

Commitments

The Company had £620.3 million of outstanding commitments at 31 July 2024.
The Manager believes that around £92.6 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 drew a net total of £1.7 million from the facility during the month
of July, increasing the total drawn balance to £153.3 million at 31 July
2024. The remaining undrawn balance of the facility at 31 July 2024 was
therefore £146.7 million.

In addition, the Company had cash balances of £12.8 million at 31 July 2024.
Liquid resources, calculated as the total of cash balances and the undrawn
balance of the credit facility, were therefore £159.5 million as at 31 July
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  (#_ftnref1) 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 July
2024, excluding new investments, 98.8% of the portfolio valuations were dated
31 March 2024. The value of the portfolio is therefore calculated as the 31
March 2024 valuation, adjusted for subsequent cashflows over the period to 31
July 2024.

This is an update from the estimated NAV at 30 June 2024, whereby 96.1% of the
portfolio valuations, excluding new investments, were dated 31 March 2024,
adjusted for subsequent cashflows over the period to 30 June 2024.

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