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

Patria Private Equity TrustAnnouncement

Tue 07:00

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RNS Number : 4981G  Patria Private Equity Trust PLC  29 April 2025

Patria Private Equity Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

 

29 April 2025

ESTIMATED NET ASSET VALUE AT 31 MARCH 2025

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

·      Estimated NAV at 31 March 2025 was 786.1 pence per share
(estimated NAV at 28 February 2025 was 780.1 pence per share)

·      Excluding new investments, 97.2% by value of portfolio dated 31
December 2024 (estimated NAV at 28 February 2025 was 50.8% dated 31 December
2024)

·      PPET received £14.9 million of distributions and paid £9.0
million of drawdowns to existing investments during the month of March

·      PPET made a further $50.0 million commitment to Patria Secondary
Opportunities Fund V

·      Outstanding commitments of £705.3 million at 31 March 2025

·      Short term resources (cash balances, deferred consideration and
undrawn credit facilities) were £383.7 million as at 31 March 2025

 

Estimated NAV

At 31 March 2025, PPET's estimated NAV was 786.1 pence per share (estimated
net assets £1,186.7 million) 1 , representing a 0.8% per share increase from
the estimated NAV at 28 February 2025 of 780.1 pence per share (estimated net
assets £1,179.9 million). The 6.0 pence increase in NAV per share reflected
gains arising primarily from a 1.3% appreciation in the euro versus sterling
during March, as well as a 0.6% constant currency uplift in the valuation of
investments which have been revalued as at 31 December 2024 since the previous
estimate NAV. The increase in NAV over March was partially offset by a 2.5%
depreciation in the US dollar during March.

Following the revaluation of the portfolio as at 31 December 2024 over
February and March, the full portfolio has seen a 1.4% constant currency
uplift over the quarter.

 

Performance

PPET's total return and comparator reference performance as at 31 March 2024
was as follows:

                                       1 year  3 years  5 years  10 years  Inception (2001)
 NAV Total Return 2  (#_ftn2)          2.4%    17.5%    105.4%   271.8%    1054.0%
 Share Price Total Return 3  (#_ftn3)  7.5%    18.6%    159.4%   252.7%    821.6%
 FTSE All-Share Index 4  (#_ftn4)      10.5%   23.3%    76.5%    81.7%     278.5%

 

Portfolio cashflows

PPET received £14.9 million of distributions and paid £9.0 million of
drawdowns to existing investments during the month of March.

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 (£4.1 million): to fund multiple investments,
including Anaqua (leading provider of innovation and intellectual property
management technology solutions and services) and Hargreaves Lansdown (UK's
largest investment platform for private investors); and

·    Hg Mercury IV (£1.3 million): Primarily to fund an additional
investment into Induver (leading independent corporate insurance broker in
Belgium)

Of the total £14.9 million distributions received, realised gains and income
amounted to £7.6 million. Notable realisations in the portfolio during the
month included the exits of:

·    Regnology (supervisory and regulatory technology platform for
financial institutions, regulators and tax authorities) by Nordic Capital X;

·    Nordic Tyre Group (leading independent wholesalers of tires and
wheels in Sweden and Finland) by Altor Fund IV; and

·    Citation (leading provider of compliance and quality-related
subscriptions solutions to the UK, Australia and Canada) by Hg Capital VIII

 

Investment activity

In March 2025, the Company increased its commitment to Patria Secondary
Opportunities Fund V ('SOF V') by making a further commitment of $50 million
to add to the initial commitment of $25.0 million made in August 2024.  As
previously noted, the Manager believes there are attraction opportunities
available in the secondaries market and this additional commitment will
further increase the Company's allocation in this segment of the market. As a
reminder, in order to avoid the Company being double-charged fees, the
investment in SOF V will be excluded from the NAV when calculating the
investment management fee of the Company.

 

Commitments

The Company had £705.3 million of outstanding commitments at 31 March 2025.
The Manager believes that around £87.2 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 £7.5 million from the facility during the
month of March, increasing the total drawn balance to £128 million at 31
March 2025. The remaining undrawn balance of the facility at 31 March 2025 was
therefore £272.0 million.

In addition, the Company had cash balances of £17.6 million at 31 March 2025.
Furthermore, PPET is also due £94.1 million of deferred consideration in
September 2025 from its recent secondary sale of a non-core portfolio of
investments. Therefore, short term resources, calculated as the total of cash
balances, deferred consideration and the undrawn balance of the credit
facility, were £383.7 million as at 31 March 2025.

 

Share Buybacks

Pursuant to the Company's share buyback programme, the Company bought back
290,000 ordinary shares into treasury during March. 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 details about PPET's NAV and investment diversification can be
found on PPET's website (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 March 2025, excluding new investments, 97.2% by value of the
portfolio valuations were dated 31 December 2024. The value of the portfolio
is therefore calculated as the 31 December 2024 valuation, adjusted for
subsequent cashflows over the period to 31 March 2025.

This is an update from the estimated NAV at 28 February 2025, whereby 50.8% of
the portfolio valuations, excluding new investments, were dated 31 December
2024, adjusted for subsequent cashflows over the period to 28 February 2025,
while 47.7% by value of the portfolio valuations excluding new investments,
were dated 30 September 2024, adjusted for subsequent cashflows over the
period to 28 February 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.

 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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