Patria Private Equity Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

28 October 2024

Patria Private Equity Trust plc ("PPET" or "the Company") announces its estimated net asset value ("NAV") at 30 September 2024

·      Estimated NAV at 30 September 2024 was 758.9 pence per share (estimated NAV at 31 August 2024 was 771.6 pence per share)

·      Excluding new investments, 99.3% by value of portfolio was dated 30 June 2024 (estimated NAV at 31 August 2024 was 97.1% dated 30 June 2024)

·      PPET received £29.2 million of distributions and paid £14.3 million of drawdowns to fund existing commitments during the month of September

·      Two new primary fund commitments and two new direct investments to announce from the month of September

·      A secondary transaction was signed during the month to sell 14 underlying fund investments

·      Outstanding commitments of £665.0 million at 30 September 2024

·      Liquid resources (cash balances plus undrawn credit facilities) were £187.8 million as at 30 September 2024

Estimated NAV

At 30 September 2024, PPET's estimated NAV was 758.9 pence per share (estimated net assets £1,159.6 million)[1], representing a 1.6% per share decrease from the estimated NAV at 31 August 2024 of 771.6 pence per share (estimated net assets £1,181.5 million). The 12.7 pence decrease in NAV per share reflected losses arising primarily from a 1.2% depreciation in the euro versus sterling and a 2.1% depreciation in the dollar versus sterling during September. The NAV movement also includes the positive effects of the Company's share buy-back program which is currently ongoing.

Drawdowns and distributions

PPET received £29.2 million of distributions and paid £14.3 million of drawdowns to fund existing commitments during the month of September.

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:

·    Altor Fund VI: primarily to fund Meltwater (a provider of digital media monitoring services for businesses) and Aira (a provider of clean energy-technology solutions to consumers);

·    PAI Fund VIII: primarily to fund Azets (a provider of accounting, tax, payroll, audit and advisory services to SMEs) and Alphia (a manufacturer of pet food in the U.S); and

·    Advent Global Technology II: to fund an undisclosed provider of enterprise asset management software solutions and further anticipated investment activity.

The distributions received generated realised gains and income of £13.2 million largely related to realisations in PPET's underlying portfolio of companies. Notable realisations in the portfolio during the month included the exits of:

·    Sunrise Medical (a global leader in assistive mobility solutions) by Nordic Capital CV1;

·    Dorna (an international sports management and marketing company) and Vitamin Well (a fast-growing functional food and beverage business) by Bridgepoint Europe VI;

·    Ontic (a global provider of OEM-licensed parts and services for mature aerospace platforms) by CVC Capital Partners VII; and

·    Nth Degree (an event management and experiential marketing company) by MSouth Equity Partners IV.

Investment activity

A €20.0 million primary fund commitment was made to Investindustrial VIII, a mid-market buy-out fund focused on niches within the industrials, consumer and healthcare services sectors, primarily in Southern Europe.

A €20.0 million primary fund commitment was made to Triton Fund 6, a mid-market buy-out fund focused on investing in companies that are operating below their full potential in the industrial technology, business services and healthcare sectors in Northwestern Europe.

A €10.0 million direct investment commitment was made alongside PAI Partners into Nutripure, a direct-to-consumer (D2C) French Sports Nutrition and Health & Wellness food supplements brand. The commitment was fully funded during the first week of October.

A €10.6 million direct investment was made alongside Latour Capital into Systra, a leading global consulting and transportation engineering company.

The Company has also completed the sale of 14 underlying fund investments in a secondary transaction, with the proceeds to be received at agreed future dates. Please refer to the separate announcement dated 23 October 2024 for more details. The valuation impact from the sale of these fund investments has been reflected within this estimated NAV.

Commitments

The Company had £665.0 million of outstanding commitments at 30 September 2024. The Manager believes that around £93.4 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 no repayments to or drawdowns from the facility during the month of September, with a total of £140.6 million drawn at 30 September 2024. The remaining undrawn balance of the facility at 30 September 2024 was therefore £159.4 million.

In addition, the Company had cash balances of £28.4 million at 30 September 2024. Liquid resources, calculated as the total of cash balances and the undrawn balance of the credit facility, were therefore £187.8 million as at 30 September 2024.

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.

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.