Patria Private Equity Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

8 January 2025

ESTIMATED NET ASSET VALUE AT 30 NOVEMBER 2024

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

·      Estimated NAV at 30 November 2024 was 783.2 pence per share (estimated NAV at 31 October 2024 was 769.2 pence per share)

·      Excluding new investments, 98.0% by value of portfolio dated 30 September 2024 (estimated NAV at 31 October 2024 was 99.3% dated 30 June 2024)

·      PPET received £11.1 million of distributions and paid £8.7 million of drawdowns during the month of November

·      Outstanding commitments of £624.6 million at 30 November 2024

·      Short term resources (cash balances, deferred consideration and undrawn credit facilities) were £325.6 million as at 30 November 2024

Estimated NAV

At 30 November 2024, PPET's estimated NAV was 783.2 pence per share (estimated net assets £1,191.2 million) [1], representing a 1.8% per share increase from the estimated NAV at 31 October 2024 of 769.2 pence per share (estimated net assets £1,171.7 million). The 14.0 pence per share increase reflected gains arising primarily from a 2.3% constant currency uplift in the valuation of investments as at 30 September 2024, partially offset by a 1.6% depreciation in the euro versus sterling during November. The NAV movement also includes the positive effects of the Company's share buy-back programme which is currently ongoing.

The 2.3% constant currency uplift in valuations was due to a broad increase across the portfolio. PPET's primary fund, secondary and direct investment portfolios increased 2.2%, 2.8% and 2.2% 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);

·    Action (non-food discount retailer);

·    CDL (provider of comprehensive cardiac PET and nuclear medicine delivery solutions); and

·    Chanelle Pharma (manufacturer of generic animal and human health products).

Drawdowns and distributions

PPET received £11.1 million of distributions and paid £8.7 million of drawdowns during the month of November.

Drawdowns were 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:

·    Nordic Capital Evolution Fund (£3.4 million): primarily to fund Sensio (a leading provider in smart monitoring technology for elderly and other social care settings in the Nordics);

·    CVC Fund VII (£1.6 million): primarily to fund Cooper Consumer Health (a leading European independent over-the-counter drug manufacturer and distributor) and Recordati (a listed Italian company that develops and commercialises medicines for common and rare diseases); and

·    Hg Mercury 4 (£1.4 million): primarily to fund CINC Systems (a leading cloud-based software company serving the community association management sector).

The distributions received generated realised gains and income of £4.1 million largely related to realisations in PPET's underlying portfolio of companies. Notable realisations in the portfolio during the month included the exits of:

·    Sunbelt (a leading modular manufacturer and designer of commercial custom and fleet building solutions) by MSouth Equity Partners IV;

·    Zabka (a leading convenience retailer in Poland which listed on the Warsaw Stock Exchange in October 2024) by CVC Fund VI; and

·    CDL (provider of comprehensive cardiac PET and nuclear medicine delivery solutions) by Excellere which resulted in the partial realisation of PPET's direct investment position.

Investment activity

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

Commitments

The Company had £624.6 million of outstanding commitments at 30 November 2024. The Manager believes that around £81.7 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 total of £8.3 million from the facility during the month of November, increasing the total drawn balance to £148.7 million at 30 November 2024. The remaining undrawn balance of the facility at 30 November 2024 was therefore £151.3 million.

In addition, the Company had cash balances of £17.3 million at 30 November 2024. Furthermore, PPET will receive £157.0 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 £325.6 million as at 30 November 2024.

Share Buybacks

Pursuant to the Company's share buyback programme, the Company bought back 245,000 ordinary shares into treasury during November 2024. 

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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.