Estimated NAV at 31 July 2024

Patria Private Equity Trust PLC

15 August 2024

 

Patria Private Equity Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

15 August 2024

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

·      Estimated NAV at 31 July 2024 was 762.8 pence per share (estimated NAV at 30 June 2024 was 774.0 pence per share)

·      Excluding new investments, 98.8% by value of portfolio dated 31 March 2024 (estimated NAV at 30 June 2024 was 96.1% dated 31 March 2024)

·      Second interim dividend of 4.2 pence per share paid on 26 July 2024

·      PPET paid £15.2 million of drawdowns to fund existing commitments and received £8.6 million of distributions during the month of July

·      One follow-on co-investment completed during the month of July

·      Outstanding commitments of £620.3 million at 31 July 2024

·      Liquid resources (cash balances plus undrawn credit facilities) were £159.5 million as at 31 July 2024

Estimated NAV

At 31 July 2024, PPET's estimated NAV was 762.8 pence per share (estimated net assets £1,167.9 million)[1], representing a 1.4% per share decrease from the estimated NAV at 30 June 2024 of 774.0 pence per share (estimated net assets £1,186.4 million). The 11.2 pence per share decrease reflected losses arising primarily from a 0.6% depreciation in the euro versus sterling and a 1.6% depreciation in the dollar versus sterling during July, in addition to the second interim dividend payment of 4.2 pence per share (£6.4 million) on 26 July 2024. The NAV movement also includes the positive effects of the Company's share buy-back program announced in January 2024 which is currently ongoing.

Drawdowns and distributions

PPET paid £15.2 million of drawdowns to fund existing commitments and received £8.6 million of distributions during the month of July. Including the funding of a follow-on co-investment, total net outflows from investment activity amounted to £9.1 million in July.

Drawdowns during the period were 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:

·    Hg Saturn 3: primarily to fund Visma, a provider of cloud-based, mission critical business software; and Iris, a leading global provider of mission-critical software and services in accountancy, payroll, HR and education; and

·    MED Platform II: to fund Jeisys Medical Inc, a leading developer, manufacturer, and supplier of energybased devices for anti-ageing and disease-fighting indications, as part of a tendor offer to take the company private; and another new portfolio company which remains undisclosed for the time being.

The distributions received generated realised gains and income of £5.2 million largely related to realisations in PPET's underlying portfolio of companies, the most notable relating to the sale of SportGroup (a leading designer, manufacturer and installer of artificial surfaces serving the global sports flooring, leisure and landscaping and industrial markets to over 70 countries globally) by Equistone V.

Investment activity

A follow-on investment of €3.0m was made to PPET's existing co-investment in Goodlife, a leading manufacturer of frozen snacks in Europe, for the acquisition of Audens Group Solutions, a leading manufacturer in the Iberian frozen food market. The combination will result in a highly complementary group producing and selling innovative frozen food snacks and meal components across Europe.

Commitments

The Company had £620.3 million of outstanding commitments at 31 July 2024. The Manager believes that around £92.6 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 drew a net total of £1.7 million from the facility during the month of July, increasing the total drawn balance to £153.3 million at 31 July 2024. The remaining undrawn balance of the facility at 31 July 2024 was therefore £146.7 million.

In addition, the Company had cash balances of £12.8 million at 31 July 2024. Liquid resources, calculated as the total of cash balances and the undrawn balance of the credit facility, were therefore £159.5 million as at 31 July 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 July 2024, excluding new investments, 98.8% of the portfolio valuations were dated 31 March 2024. The value of the portfolio is therefore calculated as the 31 March 2024 valuation, adjusted for subsequent cashflows over the period to 31 July 2024.

This is an update from the estimated NAV at 30 June 2024, whereby 96.1% of the portfolio valuations, excluding new investments, were dated 31 March 2024, adjusted for subsequent cashflows over the period to 30 June 2024.

 

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