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

Patria Private Equity TrustAnnouncement

29/11/2024 07:00

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RNS Number : 0865O  Patria Private Equity Trust PLC  29 November 2024

Patria Private Equity Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

 

29 November 2024

ESTIMATED NET ASSET VALUE AT 31 OCTOBER 2024

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

·      Estimated NAV at 31 October 2024 was 769.2 pence per share
(estimated NAV at 30 September 2024 was 758.9 pence per share)

·      Excluding new investments, 99.3% by value of portfolio dated 30
June 2024 (estimated NAV at 30 September 2024 was 99.3% dated 30 June 2024)

·      Third interim dividend of 4.2 pence per share paid on 25 October
2024 with the fourth interim dividend of 4.2 pence per share announced on 27
November 2024

·      PPET paid £25.2 million of drawdowns to fund existing
commitments and received £16.8 million of distributions during the month of
October

·      Outstanding commitments of £639.6 million at 31 October 2024

·      Short term resources (cash balances, deferred consideration and
undrawn credit facilities) were £325.1 million as at 31 October 2024

 

Estimated NAV

At 31 October 2024, PPET's estimated NAV was 769.2 pence per share (estimated
net assets £1,171.7 million)  1  (#_ftn1) , representing a 1.4% per share
increase from the estimated NAV at 30 September 2024 of 758.9 pence per share
(estimated net assets £1,159.6 million).

The 10.3 pence increase in NAV per share reflected gains arising primarily
from a 1.5% appreciation in the euro versus sterling and a 4.2% appreciation
in the dollar versus sterling during October, partially offset by the third
interim dividend payment of 4.2 pence per share (total payment of £6.4
million) on 25 October 2024. The NAV movement also includes the positive
effects of the Company's share buy-back programme which is currently ongoing.

 

Drawdowns and distributions

PPET paid £25.2 million of drawdowns to fund existing commitments and
received £16.8 million of distributions during the month of October.

Drawdowns included the funding of two previously announced direct investments,
Nutripure and Systra, which amounted to £15.4 million.

Drawdowns were also 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:

·    MED Platform II (£1.7 million): primarily to fund Instem (a leading
supplier of IT applications to the early development healthcare market);

·    Advent Global Technology II (£1.6 million): primarily to fund Syspro
(a leading global ERP software provider for the manufacturing and distribution
industries); and

·    Triton Fund V (£1.3million): primarily to fund Wavelynx (a leader in
the field of secure and open mobile-first identity and access control
solutions).

The distributions received generated realised gains and income of £9.0
million largely related to realisations in PPET's underlying portfolio of
companies. Notable realisations in the portfolio during the month included the
exits of:

·    Mademoiselle Desserts (a leading European manufacturer of frozen
pastries) by IK Partners, which resulted in a full realisation of PPET's
direct investment position in addition to the receipt of proceeds from PPET's
holding in IK Fund VIII, returning £11.4m in total proceeds. The business was
sold to the Emmi Group and is a milestone for PPET, being the first full exit
from the direct investment portfolio since the introduction of directs in
2019;

·    PowerSchool (a leading provider of cloud-based software for K-12
education) by Onex Partners IV; and

·    M Group (the UK's largest provider of essential infrastructure
services and solutions) by PAI Europe VI.

 

Investment activity

There were no new commitments to announce for the month of October.

 

Commitments

The Company had £639.6 million of outstanding commitments at 31 October 2024.
The Manager believes that around £83.9 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 made no repayments to or drawdowns from the facility during the month
of October, with a total of £142.7 million drawn at 31 October 2024. The
remaining undrawn balance of the facility at 31 October 2024 was therefore
£157.3 million.

In addition, the Company had cash balances of £8.7 million at 31 October
2024. Furthermore, PPET will receive £159.1 million of proceeds during the
next twelve months, relating to the recently announced secondary sale of 14
fund investments. Therefore, short-term resources, calculated as the total of
cash balances, deferred consideration from secondary sales and the undrawn
balance of the credit facility, were £325.1 million as at 31 October 2024.

Dividend

The Company announced the payment of a fourth interim dividend in respect of
the financial year ended 30 September 2024 of 4.2 pence per ordinary share on
26 November 2024 to be paid on 24 January 2025 to shareholders on the register
on 13 December 2024.

This takes the total dividend for the financial year to 16.8 pence per
ordinary share, a 5% increase on the prior year and a 3.1% dividend yield.
This is the Company's tenth consecutive year of dividend increases.

For further information please contact:

 

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

 Amber Sarafilovic (Marketing & IR)
 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
(file:///C%3A/Users/agauld/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/4HE5XQTE/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 direct
investments is based on the latest valuations reported by the managers of the
funds and direct investments in which the Company has interests. At 31 October
2024, excluding new investments, 99.3% of the portfolio valuations were dated
30 June 2024. The value of the portfolio is therefore calculated as the 30
June 2024 valuation, adjusted for subsequent cashflows over the period to 31
October 2024.

This is an unchanged from the estimated NAV at 30 September 2024, whereby
99.3% of the portfolio valuations, excluding new investments, were dated 30
June 2024, adjusted for subsequent cashflows over the period to 30 September
2024.

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