Patria Private Equity Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

24 June 2024

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

·    Estimated NAV at 31 May 2024 was 776.4 pence per share (estimated NAV at 30 April 2024 was 763.1 pence per share)

·      Excluding new investments, 91.8% by value of portfolio dated 31 March 2024 (estimated NAV at 30 April 2024 was 97.3% dated 31 December 2023)

·      PPET paid £13.9 million of drawdowns to fund existing commitments and received £12.4 million of distributions during the month of May

·      Outstanding commitments of £637.1 million at 31 May 2024

·      Liquid resources (cash balances plus undrawn credit facilities) were £168.2 million as at 31 May 2024

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. In the case of PPET's valuation at 31 May 2024, excluding new investments, 91.8% by value 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 May 2024.

The remaining 8.2% by value of the portfolio valuations, excluding new investments, were dated 31 December 2023. The value of these investments is calculated as the 31 December 2023 valuation, adjusted for subsequent cashflows over the period to 31 May 2024. This is an update from the estimated NAV at 30 April 2024, whereby 97.3% of the portfolio valuations, excluding new investments, were dated 31 December 2023, adjusted for subsequent cashflows over the period to 30 April 2024.

Estimated NAV

At 31 May 2024, PPET's estimated NAV was 776.4 pence per share (estimated net assets £1,190.1 million), representing a 1.7% per share increase from the estimated NAV at 30 April 2024 of 763.1 pence per share (estimated net assets £1,170.1 million). The 13.3 pence increase in NAV reflected gains arising primarily from a 2.2% constant currency uplift in the valuation of investments as at 31 March 2024, partially offset by a 0.2% depreciation in the euro versus sterling and a 1.7% depreciation in the dollar versus sterling during May. The NAV movement also includes the effects of the Company's share buy-back program announced in January 2024 which is currently in effect.

The 2.2% constant currency quarterly uplift in the valuation of investments received to date from the reported estimated NAV at 31 March 2024 was due to a broad increase across the portfolio. PPET's primary fund, secondary and direct investment portfolios increased 1.6%, 2.7% and 3.9% in constant currency respectively over the quarter.

In terms of underlying portfolio companies, there was notable quarterly valuation uplifts of Wundex (wound care management business), NAMSA (service provider to medical device companies), Procemsa (vitamins and food supplements CDMO) and Action (non-food discount retailer) driven largely by earnings growth.

Drawdowns and distributions

PPET paid £13.9 million of drawdowns to fund existing commitments and received £12.4 million of distributions during the month of May. The distributions received generated realised gains and income of £3.1 million.

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 related to PAI Europe VIII (to fund Novataste, a global business in taste innovation, providing a range of value-add savoury ingredients and blends; and Looping, a pan-European leisure park operator) and Hg Saturn 3 (to fund GGW, a European insurance brokerage platform for small and medium-sized enterprises).

In addition, PPET funded a follow-on co-investment in Visma (provider of cloud-based, mission critical business software) which was committed to during December 2023 alongside lead investor Hg.

The distributions received generated realised gains and income of £3.1 million largely related to realisations in PPET's underlying portfolio of companies, the most notable relating to the sale of Consilium (a global provider of mission-critical safety technologies to the marine, energy, transport and building sectors) by Nordic Capital IX.

Investment activity

There were no new commitments to announce from the month of May.

Commitments

The Company had £637.1 million of outstanding commitments at 31 May 2024. The Manager believes that around £90.0 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 one repayment and one drawdown of the equivalent value in sterling from the facility during the month of May, with a total of £145.0 million drawn at 31 May 2024. The remaining undrawn balance of the facility at 31 May 2024 was therefore £155.0 million.

In addition, the Company had cash balances of £13.2 million at 31 May 2024. Liquid resources, calculated as the total of cash balances and the undrawn balance of the credit facility, were therefore £168.2 million as at 31 May 2024.

Future announcements

The Company is expecting to announce its interim results on or around 24 June 2024. Further details on the valuation of the portfolio as at 31 March 2023 will be provided in the interim results.

The Company is expecting to announce its estimated NAV at 30 June 2024 on or around 12 July 2024.

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.

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

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.

The Company intends to release regular estimated NAV updates around ten business days after each month end. A breakdown of PPET's portfolio can be obtained in the latest monthly factsheet, which is published on PPET's website at:

www.patriaprivateequitytrust.com