Patria Private Equity Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

29 November 2024

ESTIMATED NET ASSET VALUE AT 31 OCTOBER 2024

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

·      Estimated NAV at 31 October 2024 was 769.2 pence per share (estimated NAV at 30 September 2024 was 758.9 pence per share)

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

·      Third interim dividend of 4.2 pence per share paid on 25 October 2024 with the fourth interim dividend of 4.2 pence per share announced on 27 November 2024

·      PPET paid £25.2 million of drawdowns to fund existing commitments and received £16.8 million of distributions during the month of October

·      Outstanding commitments of £639.6 million at 31 October 2024

·      Short term resources (cash balances, deferred consideration and undrawn credit facilities) were £325.1 million as at 31 October 2024

Estimated NAV

At 31 October 2024, PPET's estimated NAV was 769.2 pence per share (estimated net assets £1,171.7 million) [1], representing a 1.4% per share increase from the estimated NAV at 30 September 2024 of 758.9 pence per share (estimated net assets £1,159.6 million).

The 10.3 pence increase in NAV per share reflected gains arising primarily from a 1.5% appreciation in the euro versus sterling and a 4.2% appreciation in the dollar versus sterling during October, partially offset by the third interim dividend payment of 4.2 pence per share (total payment of £6.4 million) on 25 October 2024. The NAV movement also includes the positive effects of the Company's share buy-back programme which is currently ongoing.

Drawdowns and distributions

PPET paid £25.2 million of drawdowns to fund existing commitments and received £16.8 million of distributions during the month of October.

Drawdowns included the funding of two previously announced direct investments, Nutripure and Systra, which amounted to £15.4 million.

Drawdowns were also made 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:

·    MED Platform II (£1.7 million): primarily to fund Instem (a leading supplier of IT applications to the early development healthcare market);

·    Advent Global Technology II (£1.6 million): primarily to fund Syspro (a leading global ERP software provider for the manufacturing and distribution industries); and

·    Triton Fund V (£1.3million): primarily to fund Wavelynx (a leader in the field of secure and open mobile-first identity and access control solutions).

The distributions received generated realised gains and income of £9.0 million largely related to realisations in PPET's underlying portfolio of companies. Notable realisations in the portfolio during the month included the exits of:

·    Mademoiselle Desserts (a leading European manufacturer of frozen pastries) by IK Partners, which resulted in a full realisation of PPET's direct investment position in addition to the receipt of proceeds from PPET's holding in IK Fund VIII, returning £11.4m in total proceeds. The business was sold to the Emmi Group and is a milestone for PPET, being the first full exit from the direct investment portfolio since the introduction of directs in 2019;

·    PowerSchool (a leading provider of cloud-based software for K-12 education) by Onex Partners IV; and

·    M Group (the UK's largest provider of essential infrastructure services and solutions) by PAI Europe VI.

Investment activity

There were no new commitments to announce for the month of October.

Commitments

The Company had £639.6 million of outstanding commitments at 31 October 2024. The Manager believes that around £83.9 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 October, with a total of £142.7 million drawn at 31 October 2024. The remaining undrawn balance of the facility at 31 October 2024 was therefore £157.3 million.

In addition, the Company had cash balances of £8.7 million at 31 October 2024. Furthermore, PPET will receive £159.1 million of proceeds during the next twelve months, relating to the recently announced secondary sale of 14 fund investments. Therefore, short-term resources, calculated as the total of cash balances, deferred consideration from secondary sales and the undrawn balance of the credit facility, were £325.1 million as at 31 October 2024.

Dividend

The Company announced the payment of a fourth interim dividend in respect of the financial year ended 30 September 2024 of 4.2 pence per ordinary share on 26 November 2024 to be paid on 24 January 2025 to shareholders on the register on 13 December 2024.

This takes the total dividend for the financial year to 16.8 pence per ordinary share, a 5% increase on the prior year and a 3.1% dividend yield.  This is the Company's tenth consecutive year of dividend increases.

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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.