REG - Patria Pvt Eq Trust. - Net Asset Value(s)

Patria Private Equity TrustAnnouncement

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RNS Number : 4544Z  Patria Private Equity Trust PLC  07 April 2026

Patria Private Equity Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

 

07 April 2026

ESTIMATED NET ASSET VALUE AT 28 FEBRUARY 2026

Patria Private Equity Trust plc ("PPET" or "the Company") announces its
estimated net asset value ("NAV") at 28 February 2026

·      Estimated NAV at 28 February 2026 was 868.0 pence per share
(estimated NAV at 31 January 2026 was 829.2 pence per share)

·      Excluding new investments, 83.8% by value of portfolio dated 31
December 2025 (estimated NAV at 31 January 2026 was 96.3% dated 30 September
2025)

·      PPET received £27.9 million of distributions and paid £14.2
million of drawdowns during the month of February

·      PPET completed two new direct investments and one new primary
fund investment in the month of February

·      Outstanding commitments of £820.2 million at 28 February 2026

·      Short term resources (cash balances and undrawn credit
facilities) were £264.7 million as at 28 February 2026

 

Estimated NAV

At 28 February 2026, PPET's estimated NAV was 868.0 pence per share (estimated
net assets £1,278.4 million) 1 , representing a 4.7% increase from the
estimated NAV at 31 January 2026 of 829.2 pence per share (estimated net
assets £1,228.5 million). The 38.8 pence increase in NAV per share reflected
gains partially arising from a 3.5% constant currency uplift in the valuation
of investments revalued as at 31 December 2025. This valuation uplift was
further supported by an appreciation of 0.9% in the euro versus sterling and
1.9% appreciation in the US dollar versus sterling during February.

The 3.5% constant currency uplift in valuations was due to a broad increase
across the portfolio. PPET's primary fund, secondary and direct investment
portfolios have so far increased 3.5%, 4.0% and 3.1% in constant currency,
respectively, over the quarter.

 

Investment activity

PPET made a €5 million direct investment alongside Triton Partners into Bluu
Unit, a German heating, ventilation and air conditioning ('HVAC') business
which installs, maintains commercial HVAC systems with a focus on being more
environmentally friendly.

In the month of February, PPET also made a €25 million primary investment
into Triton Smaller Mid-Cap III, a Pan-European lower mid-market fund focused
on majority buyouts in Business Services, Industrial Tech, and Healthcare
sectors.

During the month, PPET committed €42 million to Patria Co‑Investment
Partnership Fund I ('PCPF'), a fund focused on European mid‑market
co‑investments. Managed by Patria, PCPF is expected to enhance PPET's access
to co‑investment opportunities and support more consistent capital
deployment, while also enabling PPET to benefit from the broader opportunity
set sourced by its Manager. Going forward, PPET will pursue co‑investments
both directly and through PCPF.

As PCPF is managed by Patria, commitments to the fund are excluded from the
calculation of PPET's 95 basis point management fee, thereby avoiding double
charging. In addition, as a cornerstone investor in PCPF, PPET has secured a
favourable underlying fee arrangement. As a result, co‑investments made via
PCPF will incur lower total fees than co-investments made directly by PPET.

 

Portfolio cashflows

PPET paid £14.2 million of drawdowns during the month of February, of which
£11.8 million related to primary funds, £0.6 million related to secondary
investments and £1.8 million related to direct investments.

Notable drawdowns in the primary fund portfolio during the month include:

·    Arbor VI: to fund a new investment into Furlani Foods, a leading
North American manufacturer of frozen food and related baked goods; and

·    Latour Capital IV: to fund a follow-on investment into Sulo, a
manufacturer and distributor of waste management solutions across Western
Europe, headquartered in Paris, France.

PPET received £27.9 million of distributions during the month of February, of
which £8.2 million related to primary funds, £2.4 million related to
secondary investments and £17.3 million related to direct investments.

Notable realisations during the month included:

·    IK IX: proceeds from the full exit of Innovad, a UK headquartered
company specialising in animal nutrition and health solutions; and

·    PAI Mid-Market Fund & Uvesco Co-invest: proceeds from full exit
of Uvesco, a leading food distribution company based in Gipuzkoa, Spain.

 

Commitments

The Company had £820.2 million of outstanding commitments at 28 February
2026. The Manager believes that around £93.0 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. The
facility is 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 made no repayments to or drawdowns from the facility during the
month of February, with a total of £163.9 million drawn at 28 February 2026.
The remaining undrawn balance of the facility at 28 February 2026 was
therefore £236.1 million.

In addition, the Company had cash balances of £28.6 million at 28 February
2026. Accordingly, short term resources, calculated as the total of cash
balances and the undrawn balance of the credit facility, were £264.7 million
as at 28 February 2026.

 

Share Buybacks

Pursuant to the Company's share buyback programme, the Company bought back
869,000 ordinary shares into treasury during February at a total cost of £5.3
million. The positive effect of the buyback programme is reflected in the
movement in NAV for the month.

 

Change to Quarterly Reporting

Following engagement with PPET's company broker and the investment trust
analyst community, the Board has decided to change PPET's reporting frequency
from monthly estimated NAV announcements to quarterly NAV announcements.
Accordingly, the estimated NAV announcement for the month ending 31 March 2026
will be PPET's final monthly NAV announcement before the transition to
quarterly reporting.

The Board and the Manager believe that this will allow PPET to report in a
more relevant and detailed way, with updates better aligned to the valuation
cycle of the portfolio. To ensure shareholders continue to receive timely
updates on key developments, the Company also intends to provide announcements
during the quarter where appropriate, including in relation to material new
investments and significant realisations.

 

For further information please contact:

 

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

 Amber Sarafilovic (Marketing & Investor Relations)

 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
(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  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. In the case of PPET's
valuation at 28 February 2026, excluding new investments, 83.8% by value of
the portfolio valuations were dated 31 December 2025. The value of the
portfolio is therefore calculated as the 31 December 2025 valuation, adjusted
for subsequent cashflows over the period to 28 February 2026.

This is an update from the estimated NAV at 31 January 2026, whereby 96.3% of
the portfolio valuations, excluding new investments, were dated 30 September
2025, adjusted for subsequent cashflows over the period to 31 January 2026.

 

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