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

Patria Private Equity TrustAnnouncement

09/07/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250709:nRSI2293Qa&default-theme=true

RNS Number : 2293Q  Patria Private Equity Trust PLC  09 July 2025

Patria Private Equity Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

 

09 July 2025

ESTIMATED NET ASSET VALUE AT 31 MAY 2025

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

·    Estimated NAV at 31 May 2025 was 778.5 pence per share (estimated NAV
at 30 April 2025 was 784.0 pence per share)

·      Excluding new investments, 85.0% by value of portfolio dated 31
March 2025 (estimated NAV at 30 April 2025 was 98.0% dated 31 December 2024)

·      PPET paid £10.8 million of drawdowns to existing investments and
£5.1 million to new investments whilst receiving £6.5 million of
distributions during the month of May

·      PPET made one primary commitment and a one co-investment in the
month of May

·      Outstanding commitments of £737.9 million at 31 May 2025

·      Short term resources (cash balances, deferred consideration and
undrawn credit facilities) were £361.3 million as at 31 May 2025

 

Estimated NAV

At 31 May 2025, PPET's estimated NAV was 778.5 pence per share (estimated net
assets £1,170.7 million) 1 , representing a 0.7% per share decrease from the
estimated NAV at 30 April 2025 of 784.0 pence per share (estimated net assets
£1,179.6 million). The 5.5 pence decrease in NAV per share reflected losses
arising primarily from a 1.1% depreciation in the euro versus sterling during
May, partially offset by a 0.6% constant currency uplift in the valuation of
investments which have been revalued as at 31 March 2025.

 

Performance

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

 Performance over the last        6 months  1 year  3 years  5 years  10 years  since inception
 NAV TR*                          1.0%      3.0%    16.5%    104.4%   272.9%    1042.6%
 Share Price*                     8.9%      0.8%    28.9%    126.6%   265.1%    834.8%
 FTSE All-Share Index             7.3%      9.4%    26.8%    69.0%    80.7%     293.2%

 Performance in the 12 months to            May 25  May 24   May 23   May 22    May 21
 NAV TR*                                    3.0%    5.8%     6.9%     29.1%     36.6%
 Share Price*                               0.8%    38.4%    -7.6%    10.8%     58.5%
 FTSE All-Share Index                       9.4%    15.4%    0.4%     8.3%      23.1%

* Assumes dividends are reinvested.

Portfolio cashflows

PPET paid £10.8 million of drawdowns to existing investments and £5.1
million to new investments, whilst receiving £6.5 million of distributions
during the month of May.

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:

·      Arbor VI (£3.5 million): to fund a new investment into Rubix
(Food ingredient and innovation company that specializes in flavour and
functional solutions for restaurants and food manufacturers);

·      Bowmark VII (£2.6 million): primary to fund a follow on
investment into Eque2 (providing fully integrated cloud solutions to manage
end to end lifecycle of construction projects)

 

Of the total £6.5 million distributions received, realised gains and income
amounted to £3.5 million. Notable realisations in the portfolio during the
month included the partial or full exits of:

·      Max Matthiessen (leading financial advisors within pensions,
insurance, and investments in the Nordic Region) by Nordic Capital Fund IX;

·      CDL Holdings Company LLC (provider of cardiac and high energy PET
radioisotope delivery solutions to independent practices and hospitals) by
Excellere Partners Fund IV and from PPET's direct investment position.

 

Investment activity

In the month of May PPET made a primary commitment of $25.0 million to Hg
Saturn 4, a buyout fund focused on software and tech-enabled services.

A €6.0 million direct investment was also made alongside Latour Capital into
Rollakin, a leading French company specialising in the online distribution of
mechanical transmission parts.

Commitments

The Company had £737.9 million of outstanding commitments at 31 May 2025. The
Manager believes that around £93.7 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 £4.2 million from the facility during the
month of May, increasing the total drawn balance to £144.2 million at 31 May
2025. The remaining undrawn balance of the facility at 31 May 2025 was
therefore £255.8 million.

In addition, the Company had cash balances of £10.8 million at 31 May 2025.
Furthermore, PPET is also due £94.7 million of deferred consideration in
September 2025 from its 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
£361.3 million as at 31 May 2025.

 

Share Buybacks

Pursuant to the Company's share buyback programme, the Company bought back
75,000 ordinary shares into treasury during May. 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 May 2025, excluding new investments, 85.0% by value of the
portfolio valuations were dated 31 March 2025. The value of the portfolio is
therefore calculated as the 31 March 2025 valuation, adjusted for subsequent
cashflows over the period to 31 May 2025.

This is an update from the estimated NAV at 30 April 2025, whereby 98.0% of
the portfolio valuations, excluding new investments, were dated 31 December
2024, adjusted for subsequent cashflows over the period to 30 April 2025.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NAVUPUAWMUPAGCR