Estimated NAV at 31 August 2024

Patria Private Equity Trust PLC

02 October 2024

 

Patria Private Equity Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

2 October 2024

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

·      Estimated NAV at 31 August 2024 was 771.6 pence per share (estimated NAV at 31 July 2024 was 762.8 pence per share)

·      Excluding new investments, 97.1% by value of portfolio was dated 30 June 2024 (estimated NAV at 31 July 2024 was 98.8% dated 31 March 2024)

·      PPET received £20.7 million of distributions and paid £2.7 million of drawdowns to fund existing commitments during the month of August

·      PPET made an initial commitment of $25.0 million to Patria Secondary Opportunities Fund V ('SOF V')

·      Outstanding commitments of £634.1 million at 31 August 2024

·      Liquid resources (cash balances plus undrawn credit facilities) were £175.4 million as at 31 August 2024

Estimated NAV

At 31 August 2024, PPET's estimated NAV was 771.6 pence per share (estimated net assets £1,181.5 million)[1], representing a 1.2% per share increase from the estimated NAV at 31 July 2024 of 762.8 pence per share (estimated net assets £1,167.9 million). The 8.8 pence per share increase reflected gains arising primarily from a 1.8% constant currency uplift in the valuation of investments as at 30 June 2024, partially offset by a 2.3% depreciation in the dollar versus sterling during August.

The 1.8% constant currency uplift in valuations was due to a broad increase across the portfolio. PPET's primary fund, secondary and direct investment portfolios increased 1.0%, 1.5% and 4.5% in constant currency respectively over the quarter.

In terms of underlying portfolio companies, there were notable quarterly valuation uplifts of:

·    Wundex (wound care management business);

·    HRworks (SaaS HR software provider);

·    CDL (provider of comprehensive cardiac PET and nuclear medicine delivery solutions); and

·    Funecap (funeral services and crematoria provider).

Drawdowns and distributions

PPET received £20.7 million of distributions and paid £2.7 million of drawdowns to fund existing commitments during the month of August.

Drawdowns during the period were across several of PPET's fund investments, the most notable relating to Nordic Capital Evolution Fund primarily for the funding of Equipe, a leading provider of outpatient healthcare in the Netherlands; and BRP Systems, a leading Nordic ERP platform for the gym and fitness industry.

The distributions received generated realised gains and income of £12.0 million largely related to realisations in PPET's underlying portfolio of companies. Notable realisations in the portfolio during the month included the exits of:

·    Multiversity (a leading Italian online higher education provider) by CVC Fund VII;

·    Eres (a leading French financial technology player in the employee profit-sharing and retirement scheme markets) by IK Fund VIII;

·    Acturis (a leading supplier of insurance software) and Audiotonix (a manufacturer of professional audio consoles) by Astorg VI; and

·    ASM Global (a global leader in third-party venue and event management) by Onex Partners IV.

Investment activity

As part of the Company's broader secondaries strategy, PPET made an initial $25.0 million commitment to Patria Secondary Opportunities Fund V ('SOF V'). SOF V is a new fund managed by Patria Private Equity (Europe) Limited, a related party of PPET's Manager. SOF V targets secondary transactions in the private equity lower and mid-market across Europe and North America. This is PPET's first investment into a fund led by a related party of its Manager, and Board consent was obtained in accordance with the terms of the Company's Investment Management Agreement. To avoid the Company being double-charged fees, the investment in SOF V will be excluded from the NAV when calculating the PPET investment management fee.

Commitments

The Company had £634.1 million of outstanding commitments at 31 August 2024. The Manager believes that around £93.3 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 repaid a total of £10.9 million to the credit facility during the month of August, reducing the total drawn balance to £142.3 million at 31 August 2024. The remaining undrawn balance of the facility at 31 August 2024 was therefore £157.7 million.

In addition, the Company had cash balances of £17.7 million at 31 August 2024. Liquid resources, calculated as the total of cash balances and the undrawn balance of the credit facility, were therefore £175.4 million as at 31 August 2024.

For further information please contact Alan Gauld and Amber Sarafilovic at Patria Capital Partners LLP (via SEC Newgate at [e-mail])

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). 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.

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[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. At 31 August 2024, excluding new investments, 97.1% 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 August 2024.

This is an update from the estimated NAV at 31 July 2024, whereby 98.8% of the portfolio valuations, excluding new investments, were dated 31 March 2024, adjusted for subsequent cashflows over the period to 31 July 2024.

 

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