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
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).
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.