Patria Private Equity Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

 

HALF YEARLY FINANCIAL REPORT FOR THE SIX MONTHS ENDED 31 MARCH 2026

 

Continued earnings growth in the PPET portfolio
driving NAV total return of 3.1% despite challenging market conditions.

 

 

Patria Private Equity Trust (the 'Company' or 'PPET'), a FTSE 250 investment company focused on the private equity mid-market today announces its half year results for the financial year ending 31 March 2026.

 

HIGHLIGHTS

·      NAV - NAV Total Return ('NAV TR') for the six months to 31 March 2026 was 3.1%.

·      Proposed Dividend Per Share - 18.4 pence, representing a 4.5% increase and the 12th consecutive year of dividend growth.

·      Cash Flows - Realisations of £125.6 million and drawdowns of £95.6 million for the period.

·      New Investments - 10 new investments and commitments totalling £175.9 million during the period.

·      Outstanding Commitments - Outstanding commitments amounted to £824.9 million and the overcommitment ratio was 39.4% for the period, within the Manager's long-term target range.

·      Balance Sheet and Liquidity - available resources of £276.7 million as of the end of the period (comprising cash and undrawn credit facility).

 

NOTABLE MILESTONES AND BOARD ENGAGEMENT

·      First ever Capital Markets Event successfully delivered on 1 June 2026.

·      The Company celebrated its 25^th anniversary by closing the London Stock Exchange on 1 June 2026.

·      Seamless Chair of the Board transition with Duncan Budge succeeding Alan Devine on 25 March 2026.

·      Since the Board commenced share buybacks in January 2024, 7.0 million Ordinary Shares were bought back, adding 10.8 pence to NAV per share for remaining shareholders.

·      Committed to maintaining the value of the dividend in real terms.

 

FOCUS ON THE EUROPEAN MID-MARKET

PPET focuses on the private equity mid-market, targeting long-term total returns through capital growth and quarterly dividends. The Company offers everyday investors exposure to a diverse underlying portfolio of mid-market private companies that are not otherwise publicly available. PPET has primarily invested in European investments since inception in 2001 and partners with a carefully selected group of market-leading private equity managers, investing in their funds and directly alongside them into private companies. Europe is the home of the 'primary buyout', where private equity firms buy from founders or families and can add genuine operational value to help these businesses grow, and is a deep, complex market which is well-suited to the specialist local private equity managers that PPET partners with. By investing in PPET, investors get exposure to a portfolio that includes more than 700 separate private companies, with the benefits of daily liquidity, quarterly dividends and no performance fee.

 

DUNCAN BUDGE, CHAIRMAN OF PPET, COMMENTED:

"PPET celebrated its 25-year anniversary on 29 May 2026, representing an important milestone for the Company, marked by a Capital Markets Event for all stakeholders. The Company's longevity is a testament to its long-term relevance and performance.  Since inception, PPET has delivered an annualised share price total return of 9.6% I wish to thank our shareholders for their continued support in the evolution of PPET."

 

ALAN GAULD, LEAD PORTFOLIO MANAGER OF PPET, COMMENTED:

"PPET continues to deliver NAV Total Return growth for shareholders, with the long-term fundamentals supporting European mid-market private equity despite the macroeconomic headwinds. Our portfolio continues to demonstrate revenue and earnings resilience, and we continue to see a healthy pipeline of opportunities across primary funds, secondaries and direct investments.  I am confident in the Company's ability to continue to navigate near-term uncertainty and deliver attractive long-term returns."

 

 

 

 

KEY PERFORMANCE INDICATORS

 

	Six months to	Six months to
	31 March 2026	31 March 2025
Share Price Total Return*	5.5%	5.9%
NAV Total Return*	3.1%	2.6%
	As at	As at
	31 March 2026	30 September 2025
Net Gearing*	9.7%	8.4%
Overcommitment Ratio*	39.4%	33.8%

* Considered to be an alternative performance measure. 

 

 

 

FINANCIAL HIGHLIGHTS

 

	Six months to 31 March 2026	Twelve months to 30 September 2025	Six months to 31 March 2025
NAV Per Share	862.5p	845.5p	791.8p
Portfolio Return (in local Currency)*	2.7%	8.0%	1.9%
Total Dividend Per Share (Annualised)^	18.4p	17.6p	17.6p
Share Price Discount to NAV*	33.1%	34.4%	29.5%
Net Assets	£1,265.9m	£1,256.7m	£1,195.2m
Ongoing Charges Ratio (Annualised)*	1.09%	1.08%	1.07%

^* Considered to be an Alternative Performance Measure.
^{^} Forecast dividend per share for the financial year to 30 September 2026.    

 

CHAIR'S STATEMENT

 

Introduction

I am pleased to present my first Chairʼs Statement for Patria Private Equity Trust plc ('PPETʼ or 'the Companyʼ) for the six months ended 31 March 2026. Having succeeded Alan Devine as Chair following our Annual General Meeting on 25 March 2026, I would first like to acknowledge Alanʼs outstanding contribution to the Company over more than a decade of Board service, including four years as Chair. During his tenure, PPETʼs share price rose by more than 165.1%, and the Company successfully evolved its strategy to place greater emphasis on the European mid-market. He leaves the Board with our sincere thanks and best wishes.

 

PPET celebrated its 25-year anniversary in May 2026, an important milestone for the Company, which we marked with a Capital Markets Event for stakeholders in June. The Companyʼs longevity is testament to its long-term relevance and performance: since inception, PPET has delivered an annualised Share Price Total Return of 9.6%, with shareholders who have been invested since launch having seen a ten-fold increase in their investment.

 

I present this Half-Yearly Report at a time that has been eventful for financial markets and the wider world. Against this backdrop, PPET is once again demonstrating the resilience of its high-quality, well diversified, mid-market portfolio.

 

Geopolitical and Market Context

The period under review has been marked by significant global disruption. In late February 2026, US and Israeli military operations against Iran escalated sharply, resulting in the closure of the Strait of Hormuz to commercial shipping. The Strait carries approximately one fifth of global oil and gas trade, and the de facto blockade drove energy prices sharply higher, contributing to renewed inflationary pressures across Europe and North America. As a result, global equity markets have been volatile during the period.

 

From a private equity perspective, these developments have slowed the pace of the M&A recovery in 2026. Most notably, the uncertainty created by this situation has once again reduced exit activity and adversely affected valuations at 31 March 2026, as declines in public markets have fed through into private equity valuations.

 

Alongside these geopolitical tensions, software has also been in focus following the declines in listed software stocks in February 2026. Approximately 20% of PPETʼs portfolio comprises software, the majority of which is B2B vertical software. We continue to believe these businesses are well placed to capture market share by enhancing their products through AI developments. However, volatility in public market software valuations because of recent AI developments has also weighed on private equity software valuations and exits. The Manager has provided further information on PPETʼs software exposure in the Investment Manager's Report.

Share Price and NAV Performance

During the six months to 31 March 2026, PPET delivered a NAV total return of 3.1% (31 March 2025: 2.6%) and a share price total return of 5.5% (31 March 2025: 5.9%). NAV per share increased to 862.5 pence (30 September 2025: 845.5 pence), reflecting continued earnings growth across the underlying portfolio which, on a constant-currency basis, delivered a portfolio return of approximately 2.7% during the period (31 March 2025: 1.9%).

 

The share price discount to NAV narrowed slightly to 33.1% at 31 March 2026 (30 September 2025: 34.4%). The Board remains focused on narrowing the discount over the long term through continued NAV growth, a progressive quarterly dividend, active buybacks, increased marketing activity and, as market conditions improve, greater realisation activity.

 

The underlying portfolio has continued to perform well operationally, with average revenue and EBITDA growth across the top 100 portfolio companies of approximately 13.7% and 13.4%, respectively, over the twelve months to 31 March 2026. This reflects the quality and resilience of the businesses in which PPET is invested - typically established, profitable mid-market companies with multiple avenues for earnings growth.

 

New Investments

PPET continues to invest in a disciplined and consistent manner through market cycles, capturing exposure to attractive new vintage years while prudently managing the balance sheet. During the six months to 31 March 2026, the Company made new commitments totalling approximately £175.9 million (31 March 2025: £136.2 million) across:

 

·      Five new primary fund commitments;

·      One secondary investment;

·      Three new direct investments into private companies;

·      One commitment to a Patria-managed fund focused on direct investments; and

·      One follow-on commitment into an existing direct investment.

 

PPET committed €43.2 million during the period to Patria Co-investment Partnership Fund I ("PCPFˮ), a fund focused on European mid-market direct investments. Managed by Patria, PCPF is expected to enhance PPETʼs access to direct investment opportunities and support more consistent capital deployment in this area, while also enabling PPET to benefit from the broader opportunity set sourced by its Investment Manager. Going forward, PPET will pursue direct investments both directly and through PCPF.

 

As PCPF is also managed by Patria, commitments to the fund are excluded from the calculation of PPETʼs 95 basis point management fee, thereby avoiding double charging. In addition, as a cornerstone investor in PCPF, PPET has secured a favourable underlying fee arrangement. As a result, direct investments made via PCPF will incur lower total fees than direct investments made directly by PPET.

 

Outstanding commitments increased during the period to £824.9 million (30 September 2025: £759.3 million), reflecting strong new investment deployment. The overcommitment ratio stood at 39.4% at 31 March 2026 (30 September 2025: 33.8%), within the Managerʼs long-term target range of 30%-65%.

 

Cashflows

Realisations during the period totalled £125.6 million (31 March 2025: £108.0 million). Within this, PPET fully exited its direct investment in Uvesco, a leading Spanish grocery chain, alongside the lead investor, PAI Partners, generating proceeds of £15.1 million. Uvesco was PPETʼs fourth-largest company at the time of sale, and this marks the second full exit from its direct investment portfolio.

 

PPET also undertook a partial sale of its direct investment in Action, generating proceeds of £19.1 million. As with its previous partial Action sale in 2023, the Investment Manager took advantage of a liquidity window to right-size PPETʼs investment while maintaining exposure to future upside. The realisation was achieved at 100% of the 31 December 2025 valuation. PPET's remaining position in Action through its direct investment is valued at £19.5 million as at 31 March 2026.

 

Drawdowns were £95.6 million (31 March 2025: £107.0 million), as newly committed funds began deploying into attractive opportunities and PPET made new direct investments in Omilia (conversational AI software), AlphaPet (pet food brand platform) and Bluu Unit (refrigeration, air conditioning and ventilation services).

 

Liquidity and Balance Sheet

PPETʼs balance sheet remains robust. At 31 March 2026, the Company had £276.7 million (30 September 2025: £294.2 million) of short-term resources, comprising cash balances and undrawn capacity under its £400 million revolving credit facility. Net gearing was approximately 9.7% (30 September 2025: 8.4%), reflecting increased use of the credit facility as new investment opportunities were funded. The Board continues to monitor balance sheet headroom closely in the current environment and believes PPETʼs liquidity position provides both financial resilience and the flexibility to capitalise on market dislocations as they arise.

Dividends and Share Buybacks

The Board remains fully committed to maintaining the real value of the dividend. PPETʼs dividend has increased every year for eleven consecutive years. The Board is proud of this record and this has been recognised by our inclusion in the AICʼs list of 'Next Generation Dividend Heroesʼ.

 

For the financial year ending 30 September 2026, the Board intends to increase the total dividend to 18.4 pence per share (FY25: 17.6 pence per share), representing a 4.5% increase and marking the twelfth consecutive year of dividend growth. The first interim dividend of 4.6 pence per share was paid to shareholders in April 2026. The second interim dividend of 4.6 pence per share is expected to be paid in July 2026, with further payments planned for October 2026 and January 2027.

 

The Board has continued its programme of accretive share buybacks, purchasing a further 1.9 million shares during the six months to 31 March 2026 (31 March 2025: 1.8 million) at a total cost of approximately £11.3 million (31 March 2025: £10.0 million). Since the programme commenced in January 2024, total buybacks amount to approximately 7.0 million shares, adding a cumulative 10.8 pence to NAV per share for remaining shareholders. The Board regards buybacks as an effective means both of enhancing NAV per share for continuing shareholders and of supporting the share price during periods of market uncertainty.

 

Corporate Governance and Board Changes

As noted in my introduction, I assumed the role of Chair of the Board at the conclusion of the AGM on 25 March 2026. I joined the Board in February 2025 and have had the benefit of working alongside the previous Chair Alan Devine during a period of strategic progress and market challenge. I look forward to working with my fellow Board members and the Investment Manager as we continue to focus on governance, long-term value creation and the best interests of PPET shareholders.

 

Outlook

Looking ahead, the Board is cautiously optimistic. The long-term case for European mid-market private equity remains compelling, underpinned by the significant pool of family and founder-owned businesses across the region, despite a more challenging geopolitical and market backdrop.

 

In the near term, uncertainty is most notably centred on developments in the Middle East. The Board and the Investment Manager will continue to monitor the situation closely and assess any potential implications for the portfolio. To date, the principal impact has been on private equity M&A activity, particularly exit markets, and we remain focused on evaluating the potential consequences for PPETʼs cash distributions.

 

Against this backdrop, PPET is well positioned. The portfolio comprises more than 700 underlying private companies, the majority of which are profitable, cash-generative and hold leading positions within their respective market niches.

 

These businesses continue to demonstrate organic earnings growth. The direct investment portfolio is also maturing, with several companies progressing into later stages of development, while PPETʼs balance sheet provides both flexibility and resilience to pursue new investment opportunities without compromising existing commitments.

 

We remain focused on delivering sustainable long-term value for shareholders through continued NAV growth, a progressive dividend, and active management of the share price discount. As Chair of PPET, I look forward to building on the Companyʼs strong 25-year track record alongside my fellow Board members and the Investment Manager.

 

Duncan Budge
Chair of the Board
Patria Private Equity Trust plc
26 June 2026

 

 

 

INTERIM MANAGEMENT REPORT AND DIRECTORS' RESPONSIBILITY STATEMENT

 

Principal Risks and Uncertainties

The Board has an ongoing process for identifying, evaluating and managing the principal risks, emerging risks and uncertainties of the Company.

 

The principal risks faced by the Company relate to its investment activities and are set out in the Annual Report for the year ended 30 September 2025 (the '2025 Annual Report').

 

They comprise the following risk categories:

•  Valuation

•  Currency

•  Overcommitment

•  Investment selection

•  Climate

•  Liquidity

•  Credit

•  Operational

•  Market for Listed Private Equity Trusts

 

The Board continues to closely monitor the political and economic uncertainties which could affect the global economy and financial markets, which include, but are not limited to, the potential further impact of internal conflicts and election cycles, disruptions to global supply chains and increases in the cost of living, persistent inflation, high interest rates and the impact of climate change on the portfolio held by the Company and its Subsidiary.

 

These factors are addressed in the risk categories set out above and further details on how they are managed and mitigated are provided in the 2025 Annual Report.

 

The Board will continue to assess these risks on an ongoing basis.

 

In all other respects, the Company's principal risks, emerging risks and uncertainties have not changed materially since the date of the 2025 Annual Report.

 

Going Concern

In accordance with the Financial Reporting Council's Guidance on Risk Management, Internal Control and Related Financial and Business Reporting, the Directors have undertaken a rigorous review of the Company's ability to continue as a going concern as a basis for preparing the financial statements.

 

At each Board meeting, the Directors review the Company's latest management accounts and other financial information. Following a review of the latest management accounts and other financial information, the Directors believe that the Company can meet obligations as they fall due.

 

The commitments to investments across the Company, as well as those held by the Subsidiary, are reviewed at each Board meeting, together with its financial resources, including cash held and its borrowing capability. Cash flow scenarios are also presented and discussed at each meeting as well as periodic presentation of severe but plausible stress testing and downside liquidity modelling scenarios with varying degrees of decline in investment valuations, decreased investment distributions and increased call rates.

 

Having reviewed these matters, the Directors believe that the Company has adequate financial resources to continue its operational existence for the foreseeable future and for at least 12 months from the date of this Half Yearly Report. Accordingly, they continue to adopt the going concern basis in preparing the Half Yearly Report.

 

Related Party Transactions

There have been no material changes in the related party transactions reported in the 2025 Annual Report. Details of the Company's parent undertaking, related parties and transactions with the Manager

are set out in Note 14 to the Financial Statements.

 

Directors' Responsibility Statement

The Directors are responsible for preparing the Half Yearly Report, in accordance with applicable laws and regulations.

The Directors confirm that, to the best of their knowledge:

•  The condensed set of financial statements has been prepared in accordance with IAS 34, and gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Company;

•  The Interim Management Report, together with the Chair's Statement and Investment Manager's Report, includes a fair review of the information required by DTR4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the year; and

•  The financial statements include a fair review of the information required by DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the financial year and that have materially affected the financial position or performance of the Company during that period, and any changes in the related party transactions described in the last Annual Report that could do so.

 

The Half Yearly Financial Report was approved by the Board and the above Directors' Responsibility Statement was signed on its behalf by the Chair.

 

For Patria Private Equity Trust plc

Duncan Budge

Chair

26 June 2026

 

 

 

INVESTMENT STRATEGY

 

PPET's investment objective is to achieve long-term total returns through investing in and managing a diverse portfolio of private equity investments, principally focused on the European mid-market.

 

Investment Policy

The Company seeks to achieve its investment objective by, principally: (i) committing to private equity funds, both on a primary basis (at a fundʼs inception) and a secondary basis (by acquiring fund positions from other investors during a fundʼs life); and (ii) making direct investments (via co-investments and single company secondaries) into private companies alongside mid-market focused private equity managers.

 

The Company expects that the value of fund investments will represent around 65-80% of the total value of investments and that the value of direct investments will represent 20-35% of the total value of investments. No single fund investment or direct investment may exceed 15% of the Companyʼs total value of investments at the time of investment.

 

Investments made by the Company are typically with or alongside private equity managers with whom the Manager has an established relationship and has conducted full due diligence on.

 

Whilst the significant majority of investments will have a European focus, the Company's policy is to maintain a diversified portfolio by country, industry sector, maturity and number of underlying investments. The Company may also hold quoted securities as a result of distributions in specie from its portfolio of fund investments. The Company's policy is normally to dispose of such assets as soon as practicable where they are held on an unrestricted basis.

 

As an investor in private equity funds, the Company follows an overcommitment strategy by making commitments which exceed its uninvested capital. This allows the Company to maximise the proportion of invested assets, allowing efficient use of the Company's resources.

 

In making such commitments, the Manager, together with the Board, will take into account the uninvested capital, the value and timing of expected and projected cash flows to and from the portfolio and, from time to time, may use borrowings to meet drawdowns. The Board has agreed that the overcommitment ratio should sit within the range of 30% to 65% over the long term.

 

The Companyʼs maximum borrowing capacity, defined in its Articles of Association, is an amount equal to the aggregate of the amount paid up on the issued share capital of the Company and the amount standing to the credit of the reserves of the Company. However, it is expected that borrowings would not normally exceed 30% of the Companyʼs net assets at the time of drawdown.

 

The Companyʼs non-sterling currency exposure is principally to the euro and US dollar. The Company does not seek to hedge this exposure into sterling, although any borrowings in euros and other currencies in which the Company is invested would have such a hedging effect.

 

Cash held pending investment may be invested in short-dated government bonds, money-market instruments, bank deposits or other similar investments. Cash held pending investment may also be invested in other listed investment companies or trusts. The Company will not invest more than 15% of its total assets in such listed equities. The investment limits described above are all measured at the time of investment.

 

 

 

Portfolio Construction Approach

Investments made by PPET are typically with or alongside private equity firms with whom the Manager has an established relationship of more than ten years. As at 31 March 2026, PPET directly held 103 separate fund investments (30 September 2025: 88) comprising primary funds and fund secondaries, as well as 45 separate direct investments (30 September 2025: 41). Through its portfolio of directly held investments, the Company indirectly has exposure to a diverse range of underlying portfolio companies, as well as additional underlying fund of fund and direct interests. At 31 March 2026, PPETʼs underlying portfolio included exposure to 724 separate underlying private companies (30 September 2025: 675).

 

PPET predominantly invests in European mid-market companies. Around 75% (30 September 2025: 75%) of the total value of underlying portfolio company exposure is invested in European domiciled operating companies and the Board expects this to remain the case over the longer term, with a weighting towards North Western Europe. This has been PPETʼs geographic focus since its inception in 2001 and where it has a strong, long-term track record. However, PPET also selectively seeks exposure to North American mid-market companies, as a means to access emerging growth or investment trends that cannot be fully captured by investing in Europe alone.

 

PPET has a well-balanced portfolio in terms of non-cyclical and cyclical exposure. Currently the largest single sector exposures are Technology and Healthcare, which each represent 23% of the total value of underlying private company exposure¹ (30 September 2025: 23% and 22%) and it is expected that no single sector will be more than 30% of the portfolio over the longer term.

 

Environmental, Social and Governance ('ESGʼ) is a strategic priority for the Board and the Manager. PPET aims to be an active, long-term responsible investor and ESG is a fundamental component of PPETʼs investment process. Further detail on the Managerʼs approach to ESG can be found in the Annual Report to 30 September 2025.

 

¹ Excludes underlying fund and co-investments indirectly held through the Company portfolio.

 

INVESTMENT MANAGERS' REVIEW

 

Performance

NAV Total Return ('NAV TRʼ) for the six months ended 31 March 2026 was 3.1% (31 March 2025: 2.6%), despite a challenging macroeconomic backdrop with heightened market volatility and uncertainty. The portfolio return (in constant currency) during the period was 2.7% (31 March 2025: 1.9%), primarily reflecting continued revenue and earnings growth across the portfolio. NAV per share increased to 862.5p (30 September 2025: 845.5p), with net assets rising to £1,265.9 million (30 September 2025: £1,256.7 million).

 

Portfolio performance remained the key contributor to NAV TR during the period, primarily driven by earnings growth across the portfolio. Looking at the top 100 underlying portfolio companies, which are the main value drivers and equate to 59.1% of portfolio NAV, the average revenue and EBITDA growth was 13.7% and 13.4% respectively in the 12 months to 31 March 2026.

 

This is illustrative of the resilience in the portfolio, given the challenging market conditions during that time, including the introduction of US tariffs, the beginning of the Iran War and continued macroeconomic uncertainty. Focusing on the same cohort of companies, the median valuation multiple was 13.4x EBITDA at 31 March 2026, compared with 13.7x EBITDA as at 30 September 2025.

 

Performance (pence per share)

	Pence per share
NAV as at 1 October 2025	845.5
Portfolio performance	+31.0
Dividends paid	(8.8)
Management fee, administration and finance costs	(8.3)
Accretion arising from share buy-back scheme	+3.2
Net return from other assets and liabilities	(0.1)
NAV as at 31 March 2026	862.5

 

Top Companies Performance

 

Top companies	% of portfolio	Median valuation multiple	Media leverage multiple	Average LTM Revenue growth	Average LTM EBITDA growth
10	14.4%	14.6x	3.9x	15.4%	21.2%
30	31.1%	15.3x	4.5x	17.3%	14.7%
50	41.8%	13.5x	3.8x	14.8%	12.9%
100	59.1%	13.4x	4.0x	13.7%	13.4%

LTM = Last 12 months.

Exits of underlying portfolio companies during the six-month period were at an average valuation uplift of 4.8% compared to the unrealised value two quarters prior (31 March 2025: 18.9%).The headline realised return from the portfolio exits equated to 1.8 times cost (31 March 2025: 2.6 times cost).

 

Investment Activity

Primary Funds

£85.3 million was committed to five new primary funds during the period (31 March 2025: £80.9 million into four new primary funds). PPETʼs primary fund strategy is to partner with private equity firms, principally in the European mid-market, that have genuine sector expertise and operational value creation capabilities.

 

Investment		£m	Description
Hg Mercury 5		26.1	Lower mid-market fund focused on B2B software and tech-enabled services.
Triton Smaller Mid-Cap III		21.7	Pan-European lower mid-market fund focused on majority buyouts in Business Services, Industrial and Healthcare sectors.
One Peak IV		14.7	Pan-European growth fund focused on the technology sector.
Expedition Growth Capital III		14.1	Specialist growth equity firm focused on rapidly growing software and AI companies that have achieved traction with little or no external funding.
Hg Genesis 11		8.7	Upper mid-market fund focused on B2B software and tech-enabled services.

 

 

While four of the five primary fund commitments during the period relate to strategies focused on the technology sector, this is coincidental rather than a deliberate increase in longer term technology exposure. Hg, One Peak and Expedition are three of our highest conviction sector-specialist managers that provide technology exposure. We expect the remainder of 2026 to be focused mainly on primary fund strategies outside of the technology sector to maintain PPETʼs well-diversified underlying sector exposure.

 

Secondaries

PPET acquired £33.0 million of original commitments through a new secondary investment during the period (31 March 2025: £38.8 million into one new secondary investment). This related to final tranches of the Project Captain secondary transaction, which involved the purchase of a portfolio of thirteen fund interests and one direct investment.

 

In addition, PPET gained exposure to six new secondary investments in the period via its commitment to Patria Secondary Opportunities Fund V ('SOF Vʼ). Early performance from SOF V has been strong, supported by attractive entry pricing and continued NAV growth from underlying investments. The portfolio is developing well, is well-diversified by both sector and geography and has a strong lower mid-market orientation. As intended, SOF V has provided PPET with more consistent deployment into attractive secondary opportunities.

 

Direct Investments

PPET committed £57.5 million (31 March 2025: £16.2 million) into investment strategies relating to direct investments. This comprised three new direct investments into private companies (£20.5 million), one follow-on investment in an existing direct investment (£0.3 million) and a fund commitment to Patria Co-investment Partnership Fund I (£36.8 million), which is focused on direct investments (31 March 2025: two new direct investments and one follow-on investment).

 

Patria Co-investment Partnership Fund I ('PCPFʼ) is a fund focused on European mid-market direct investments. Managed by Patria, PCPF is expected to enhance PPETʼs access to direct investment opportunities and support more consistent capital deployment in this area, while also enabling PPET to benefit from the broader opportunity set sourced by its Manager. Going forward, PPET will make direct investments both directly and through PCPF.

 

As PCPF is also managed by Patria, value in the fund is excluded from the calculation of PPETʼs 95 basis point management fee, thereby avoiding double charging. In addition, as a cornerstone investor in PCPF, PPET has secured a favourable underlying fee arrangement.

 

Investment		£m	Description
Patria Co-investment Partnership Fund I		36.8	Fund focused on direct investment opportunities in the European mid-market.
Omilia		10.0	Provider of mission-critical speech-to-speech conversational AI solutions.
AlphaPet		6.1	Digital-led brand platform for premium pet food across Europe.
Bluu Unit		4.4	German heating, ventilation and air conditioning (HVAC) business which installs and maintains commercial HVAC systems, with a focus on sustainability.
Boost.ai (follow-on investment)		0.3	Provider of conversational AI solutions for regulated sectors.

 

Portfolio

The underlying portfolio consists of over 700 private companies, largely within the European mid-market. At 31 March 2026, 17 (30 September 2025: 19) companies equated to more than 1% of net assets, with the largest single exposure being PPETʼs investment in Wundex, equating to 2.6% (30 September 2025: Action, 3.1%).

 

Geographic Exposure¹

The portfolio is well diversified, which means that there isn't a reliance on any single private equity manager, company, geographic region, sector or vintage to drive performance. At 31 March 2026, 75% of underlying private companies were headquartered in Europe (30 September 2025: 75%). PPETʼs underlying portfolio remains largely oriented to Northwestern Europe, with only 10% (30 September 2025: 9%) of underlying portfolio company exposure in Southern Europe and Central and Eastern Europe.

 

PPET is well diversified by region across Northwestern Europe, with the Nordics being PPETʼs largest European exposure at 16% (30 September 2025: 16%). North America equates to 24% (30 September 2025: 24%) of the total, with exposure to the region obtained through European private equity managers that have expanded their operations into North America and US-headquartered lower mid-market sector-specialist private equity managers.

 

Geography of the Underlying Portfolio as at 31 March 2026

 

	Exposure %
North America	24
Nordics	16
France	15
United Kingdom	12
Germany	12
Other Europe	7
Benelux	6
Italy	4
Spain	3
Other ex-Europe	1

 

¹ Based on the latest available information from underlying managers. Figures represent percentage of total value of underlying private company exposure. Geographic exposure is defined as the geographic region where underlying portfolio companies are headquartered.

 

Sector Exposure¹

From a sector point of view, the portfolio remained well balanced at 31 March 2026. The portfolio continues to have a tilt toward Technology and Healthcare which represent a combined 46% of underlying portfolio company exposure (30 September 2025: 45%). Industrials (including B2B services), Consumer (both staples and discretionary) and Financials also make up material proportions of the portfolio.

 

Given recent developments, speculation around the impact of AI on software companies has increased and this contributed to the significant, and largely indiscriminate, decline in listed software valuations during the period to 31 March 2026. Correspondingly, given private equity valuations are benchmarked in part to comparable listed company valuations, PPET saw a decline in the valuations of its software portfolio during the period despite these businesses continuing to exhibit strong underlying growth, in general.

 

The Investment Managerʼs view on software can be found in detail in a white paper called 'AI software is not born equalʼ and can be found on the Managerʼs website under 'News and Insightsʼ. In short, the Manager believes that AI will reshape the software industry and create bifurcation between 'winnersʼ and 'losersʼ within the sector. All businesses will be forced to adapt to changes brought on by AI. The Investment Manager suggests those which will prove to be 'winnersʼ will be companies which share one or more of the following characteristics: they serve large, complex customers with high switching costs; they sit on proprietary or regulated data that cannot be replicated; they operate in verticals where domain expertise and trust matter; and they are currently actively embedding AI into their products rather than waiting to be disrupted by it.

 

Sector Exposure as at 31 March 2026
		Exposure %
Information Technology		23
Healthcare		23
Industrials		19
Consumer discretionary		11
Consumer staples		9
Financials		8
Materials		4
Energy		1
Utilities		1
Communication services		1

 

¹Based on the latest available information from underlying managers. Figures represent percentage of total value of underlying portfolio company exposure. Excludes underlying fund and direct investments which are indirectly held through the Company's portfolio.

 

PPET has 19.5% of portfolio NAV in software companies, the vast majority of this is in B2B vertical software and in companies that demonstrate the characteristics noted above. PPETʼs exposure is also well diversified by company, with PPETʼs single largest company exposure being in Visma at 2.0%. Only two software companies (Visma and Access) equate to more than 1% of underlying private company exposure.

 

Underlying Information Technology Exposure as at 31 March 2026
By Subsector	Exposure1 %
Software	19.5
Services	2.2
Hardware	0.9
Other	0.6
Information Technology Exposure	23.3
By Company
Company	% of Net Assets %	Underlying Manager
Visma	2.1	HgCapital
Access Group	1.1	HgCapital
HRworks	1.1	Maguar Capital
Omilia	1.0	Expedition Growth Capital
Workwave	0.9	HgCapital
Undisclosed2	0.9	One Peak Partners
Undisclosed2	0.8	AgilaCapital/ HgCapital
Regnology	0.6	Nordic Capital
Raith	0.6	Capiton AG
Litera	0.5	HgCapital

 

¹Figures represent percentage of total value of underlying private company exposure

2 Due to confidentiality reasons, the name of the underlying private company cannot be disclosed

 

Maturity Analysis^1,2

The Manager does not try to time the market, instead aiming for consistent exposure across vintage years. Usually, there is an even split of portfolio companies at the underlying level that are approaching maturity (held for more than four years) and companies typically still in the value creation phase (held for less than four years). However, with the slowdown in the private equity exit market since 2022/23, PPETʼs portfolio contains a higher inventory of 'matureʼ investments, with 61% being in vintages of four years or more (30 September 2025: 62%). This creates a stock of businesses which are theoretically ripe for exit when market conditions improve and should help to underpin distributions once exit markets re-open.

 

 

 

 

Holding Period	%
1 year	12
2 years	16
3 years	11
4 years	16
5 years	22
>5 years	23

 

¹ Based on the latest available information from underlying managers. Figures represent % of total value of underlying private company exposure.

² The holding period is the length of time that an underlying portfolio company has been held since its initial investment date by the Company.

 

Commitments

PPET made new commitments totalling £175.9 million (31 March 2025: £136.2 million) during the six months to 31 March 2026. Specifically, PPET made five new primary fund commitments (£85.3 million), completed one secondary transaction (£33.0 million), one commitment to a Patria-managed fund focused on direct investments (£36.8 million), three new direct investments into private companies (£20.5 million) and one follow-on commitment into an existing direct investment (£0.3 million).

 

Outstanding commitments increased to £824.9 million (30 September 2025: £759.3 million), on the back of strong new investment deployment during the period. The first half of the financial year was a strong period of new deployment and we expect the second half to be less active on a relative basis. The overcommitment ratio increased to 39.4% (30 September 2025: 33.8%), remaining within the target range of 30%-65%.

 

Outstanding Commitment Movement between 1 October 2025 and 31 March 2026

	£million
Outstanding commitments as at 1 October 2025	759.3
Fund investment Drawdowns	(70.1)
Direct Investment funding	(17.1)
New primary and direct investments	+142.8
Secondary outstanding commitment acquired	+4.6
Cancelled commitments	(13.3)
Recallable transactions	+11.4
Foreign exchange impact	+7.3
Outstanding commitments as at 31 March 2025	824.9

 

Cashflows

The portfolio generated net positive cashflow during the period, driven by stronger realisation activity and a measured pace of deployment.

 

Drawdowns

Drawdowns totalled £95.6 million during the period (31 March 2025: £107.0 million). £71.6 million related to existing fund commitments (31 March 2025: £67.0 million), whilst the remaining £24.0 million related to deployment into new direct investments and fund secondaries (31 March 2025: £32.8 million), which is fully under the control of the Manager.

 

Fund drawdowns have remained steady compared to prior year. Levels of drawdowns were below expectations in both years due to heightened market volatility suppressing M&A activity, with tariff-related disruption in the first half of 2025 and geopolitical developments in the first half of 2026. Notably large drawdowns in the period related to the following underlying portfolio companies:

 

·      Virospack (Investindustrial Growth III SCSp): a leading producer of packaging for the cosmetics industry.

·      Furlani Foods (Arbor Fund VI): a manufacturer of frozen and ambient garlic bread products in North America.

·      TradingHub (Nordic Capital XI LP): a leading provider of trade surveillance technology for global financial institutions.

·      Sulo (Latour Capital IV FPCI): a leading waste management business, mainly operating across France.

·      Piovan (Investindustrial VIII SCSp): a leader in the industrial automation industry.

 

Private equity funds usually have credit facilities to finance new investments initially before drawing the capital from investors. We estimate that PPET had around £125.0 million held on these underlying fund credit facilities at 31 March 2026 (30 September 2025: £128.7 million), and we expect that this will be largely drawn over the next 12 months.

 

 

 

 

 

 

The largest drawdowns during the period were as follows:

	Amount - £million
Expedition Continuation I LP (Direct investment in Omilia)	9.2
Patria SOF V SCSp	7.7
Investindustrial Growth III SCSp	6.4
AlphaPet Ventures GmbH (Direct investment in Alphapet)	6.1
Arbor Fund VI	5.8
Nordic Capital XI LP	5.0
Latour Capital IV FPCI	4.7
Investindustrial VIII SCSp	4.2
IK X	4.1
Andean Social Infrastructure Fund I LP (Secondary)	3.3
Other	39.1

 

Realisations

We define realisations as distributions from underlying investments and secondary sales made by the Manager. Realisations amounted to £125.6 million during the period (31 March 2025: £108.0 million). Breaking this figure down, distributions from the portfolio amounted to £106.5 million (31 March 2025: £81.3 million) and secondary sales amounted to £19.1 million (31 March 2025: £26.7 million).

 

Secondary sales during the period related to the partial realisation of PPETʼs direct investment in Action, generating proceeds of £19.1 million. As with its previous partial Action sale in 2023, the Manager took advantage of a liquidity window to right-size PPETʼs investment while maintaining exposure to future upside. The realisation was achieved at 100% of the 31 December 2025 valuation. PPET's remaining position in Action through its direct investment is valued at £19.5 million as at 31 March 2026.

 

During the period, PPET realised its second full exit from the direct investment portfolio with the sale of Uvesco, a premium food grocer in Spain, to a consortium of institutional investors from the Basque region. This crystallised £15.1m of proceeds for PPET and delivered a strong return after a 4-year hold, having invested alongside the lead investor, PAI Partners, in 2022.

 

Other notable realisations during the period included:

·      Froneri (PAI Europe VII / PAI Strategic Partnerships SCSp): a leading global ice cream manufacturer and distributor.

·      R1 RCM (Towerbrook IV / TI IV R1 CF Exit): a provider of patient experience solutions to the healthcare sector.

·      Etraveli (CVC VI): a global online travel agency service platform.

·      Clario (Nordic Capital Fund IX): a leading provider of digital solutions in the clinical trial industry.

·      Ahlsell (CVC Capital Partners VII): a leading technical products wholesaler in the Nordic region.

 

The largest realisations during the period were as follows:

 

	Amount - £million
Uvesco Co-invest (direct investment in Uvesco)	15.1
PAI Strategic Partnerships SCSp	14.6
TI IV R1 CF Exit	6.7
CVC VI	6.6
PAI Europe VII	5.8
Nordic Capital Fund IX	4.8
CVC Capital Partners VII	4.3
Hg Mercury 4	3.9
PAI Mid-Market Fund SCSp	3.9
Nordic Capital VIII	2.9
Secondary sale (Action)	19.1
Other	37.9

Balance Sheet & Liquidity

The Company maintained a strong liquidity position with £276.7 million of available resources (cash and undrawn credit facility) at 31 March 2026 (30 September 2025: £294.2 million). Net gearing was approximately 9.7% (30 September 2025: 8.4%), reflecting increased use of the credit facility as new investment opportunities were pursued.

 

Outlook

Looking ahead, we share the Board's cautiously optimistic outlook for PPET. The long-term fundamentals supporting European mid-market private equity remain intact; however, the broader macroeconomic and geopolitical environment continues to present challenges. We believe these conditions reinforce the importance of active ownership and disciplined investment deployment throughout the cycle.

 

In the near term, uncertainty persists at the macro level, particularly regarding geopolitical developments in the Middle East and the impact of AI on software businesses. This uncertainty continues to weigh on private equity transaction activity, and we expect exit markets to remain subdued in the second half of the year. Against this backdrop, our focus remains on actively managing the portfolio to optimise value and performance, while also evaluating opportunities to accelerate liquidity through secondary sales, where appropriate.

 

Encouragingly, PPETʼs underlying portfolio continues to demonstrate resilience. Most of its portfolio companies remain profitable, cash-generative, and well positioned within their respective sectors, with many continuing to deliver organic earnings growth. This includes the direct investment portfolio, where several assets are progressing into later stages of maturity and are well placed for exit once market conditions improve.

 

From an investment perspective, we continue to see a healthy pipeline of opportunities across primary funds, secondaries, and direct investments. Importantly, the current environment is creating attractive opportunities at relatively favourable pricing levels in certain segments. With a well-diversified portfolio and a robust balance sheet, PPET is well positioned to deploy capital selectively while maintaining the flexibility to meet existing commitments.

 

Overall, we remain confident in the Companyʼs ability to navigate near-term uncertainty and deliver attractive long-term returns. Our focus remains firmly on driving sustainable NAV growth through disciplined capital deployment, active portfolio management, and continued partnerships with high-quality mid-market managers across Europe.

 

Alan Gauld
Lead Investment Manager and Managing Director

26 June 2026

 

TEN LARGEST INVESTMENTS

at 31 March 2026

 

 

1   3.5% of NAV (30 September 2025: 3.1%)			Altor					Invests in mid-market companies in the Nordics and DACH regions, often with a sustainability angle. Altor principally focuses on niches within the Industrial, Business Services, Financial Services and Consumer sectors.
			Fund size: €2.6bn Strategy: Mid-market buyouts EV of investments: €150m-€1bn Geography: Northern Europe Website: www.altor.com					Altor Fund V			31/03/26				30/09/25
								Value (£'000)			44,488				38,721
								Cost (£'000)			32,383				31,206
								Commitment (€'000)			43,000				43,000
								Income (£'000)*			9				112
2   2.6% of NAV (30 September 2025: 2.6%)			Structured Solutions IV					A diversified secondary transaction comprising large cap buyout funds in Europe and the US.
			Fund size: $125m Strategy: Various EV of investments: $500m-$5bn Geography: Europe and North America					Structured Solutions IV Primary Holdings			31/03/26				30/09/25
								Value (£'000)			32,376				33,187
								Cost (£'000)			29,312				29,887
								Commitment (€'000)			62,500				62,500
								Income (£'000)*			-				-
3   2.5% of NAV (30 September 2025: 2.5%)			Altor					Invests in mid-market companies in the Nordics and DACH regions, often with a sustainability angle. Altor principally focuses on niches within the Industrial, Business Services, Financial Services and Consumer sectors.
			Fund Size: €2.6bn Strategy: Mid-market buyouts EV of investments: €150m-€1bn Geography: North America Website: www.altor.com					Altor Fund IV			31/03/26			30/09/25
								Value (£'000)			31,787			31,764
								Cost (£'000)			31,110			30,384
								Commitment (€'000)			55,000			55,000
								Income (£'000)*			-			51
4   2.5% of NAV (30 September 2025: 2.2%)			Triton					Targets mid-market companies that are operating below their full potential in the industrials, business services and healthcare sectors in Northern and Western Europe.
			Fund Size: €5.3bn Strategy: Mid-market buyouts EV of investments: €150m-€750m Geography: Northern and Western Europe Website: www.triton-partners.com					Triton Fund V			31/03/26			30/09/25
								Value (£'000)			31,542			27,645
								Cost (£'000)			16,846			17,511
								Commitment (€'000)			30,000			30,000
								Income (£'000)*			-			-
5   2.3% of NAV (30 September 2025: 2.7%)			Nordic Capital					Focuses on investing in and developing medium-sized companies often with a Nordic origin and sustainability angle, that offer potential for value creation through revenue growth, margin expansion, improved capital management and strategic re-positioning.
			Fund Size: €4.3bn Strategy: Mid to large buyouts EV of investments: €200m-€800m Geography: Northern Europe (Global in Healthcare Website: www.nordiccapital.com					Nordic Capital Fund IX			31/03/26			30/09/25
								Value (£'000)			28,819			34,372
								Cost (£'000)			21,796			23,947
								Commitment (€'000)			30,000			30,000
								Income (£'000)*			-			-
6   2.3% of NAV (30 September 2025: 2.1%)			American Industrial Partners					Invests in North American-headquartered industrial companies, using the firm's deep operational and engineering capabilities to transform acquired companies
			Fund Size: $3.1bn Strategy: Industrials buyout EV of investments: $100m-$2bn Geography: North America Website: www.americanindustrial.com					American Industrial Partners VII			31/03/26			30/09/25
								Value (£'000)			28,744			26,875
								Cost (£'000)			15,796			16,371
								Commitment ($'000)			20,000			20,000
								Income (£'000)*			285			818
7   2.3% of NAV (30 September 2025: 1.9%)			Wundex					Wundex is a specialised home care provider for patients with chronic wounds serving the German market. The business enables faster and more effective wound treatment outside of a hospital setting.
			Fund Size: €33.0m Sector: Healthcare Year of investment: 2021 Geography: Germany Website: www.wundex.com					Capiton VI Wundex Co-Investment			31/03/26			30/09/25
								Value (£'000)			28,715			24,490
								Cost (£'000)			2,914			2,917
								Commitment (€'000)			10,000			10,000
								Income (£'000)*			-			-
8   2.2% of NAV (30 September 2024: 1.7%)			Nordic Capital					Invests in mid-market to large-sized companies principally in the healthcare and technology and payments sectors, but with some exposure to financial services and business services. Invests mainly in Northern Europe but can also make select investments in the US.
			Fund Size: $9bn Strategy: Mid to large buyouts EV of investments: $300m-$2bn Geography: Europea and North America Website: www.nordiccapital.com					Nordic Capital Fund XI			31/03/26			30/09/25
								Value (£'000)			28,027			21,503
								Cost (£'000)			22,312			17,781
								Commitment (€'000)			30,000			30,000
								Income (£'000)*			-			-

 

9   2.2% of NAV (30 September 2025: 2.1%)			Investindustrial					Targets mid-market companies within the Industrial Manufacturing, Healthcare & Services and Consumer sectors, with a particular focus on Southern Europe utilising Investindustrialʼs global platform to accelerate value creation and international expansion.
			Fund Size: €3.8bn Strategy: Mid-market buyout EV of investments: $100m-$1.5bn Geography: Southern Europe Website: www.investindustrial.com					Investindustrial VII			31/03/26			30/09/25
								Value (£'000)			27,406			26,861
								Cost (£'000)			15,527			15,353
								Commitment (€'000)			25,000			25,000
								Income (£'000)*			-			-
10   2.1% of NAV (30 September 2025: 2.0%)			Vitruvian					Vitruvian is a European mid-market growth buyout firm that focuses on control-oriented investments in high-growth, technology-enabled businesses. While its primary emphasis is on Europe, the firm is increasingly adopting a global approach, including selective investments in the United States and Asia.
			Fund Size: €4.1bn Strategy: Growth buyouts EV of investments: €100m-€750m Geography: Europe, selectively US and Asia Website: www.vitruvianpartners.com					Vitruvian IV			31/03/26			30/09/25
								Value (£'000)			26,309			24,327
								Cost (£'000)			18,813			20,769
								Commitment (€'000)			25,000			25,000
								Income (£'000)*			-			-
	Notes:
	Performance information has been prepared by PPET and has not been approved by the General Partners of the funds or any of their Associates. * Income figures are for the six month period to 31 March 2026 and six month period to 31 March 2025 respectively. The Companyʼs position in Wundex is held through Capiton VI Wundex Co-Investment, a special purpose vehicle managed by Capiton AG as co-investment lead.

 

 

INVESTMENT PORTFOLIO

at 31 March 2026

 

Vintage	Investment	Fund/ Direct	No. of Investments	Outstanding Commitments £'000	Cost £'000		Company Valuation £'000	Subsidiary Valuation £'000	Net Multiple		% of NAV
2019	Altor Fund V	Fund	18	2,140	32,383		44,488		1.6x		3.5
2021	Structured Solutions IV Primary Holdings	Fund	57	10,331	29,312		32,376		1.4x		2.6
2014	Altor Fund IV	Fund	14	7,309	31,110		31,787		1.7x		2.5
2019	Triton Fund V	Fund	19	6,450	16,846		31,542		1.9x		2.5
2018	Nordic Capital Fund IX	Fund	11	3,903	21,796		28,819		1.7x		2.3
2019	American Industrial Partners VII	Fund	17	2,834	15,796		28,744		1.9x		2.3
2021	Capiton VI Wundex Co-Investment	Direct	1	3,222	2,914		28,715		5.8x		2.3
2022	Nordic Capital Fund XI	Fund	16	3,276	22,312		28,027		1.2x		2.2
2020	Investindustrial VII	Fund	13	6,964	15,527		27,406		1.6x		2.2
2020	Vitruvian IV	Fund	26	3,084	18,813		26,309		1.4x		2.1
2021	Nordic Capital Evolution Fund	Fund	11	4,075	21,699		25,979		1.2x		2.1
2021	IK Partnership II	Fund	6	611	20,357		25,471		1.3x		2.0
2021	Triton Smaller Mid-Cap Fund II	Fund	13	9,053	11,813		24,433		1.9x		1.9
2020	IK IX	Fund	14	567	19,363		23,704		1.3x		1.9
2020	Nordic Capital X	Fund	16	5,985	19,182		23,581		1.4x		1.9
2019	PAI Europe VII	Fund	15	3,228	17,204		22,518		1.6x		1.8
2021	Excellere Partners Fund IV	Fund	6	14,872	12,461		22,453		1.6x		1.8
2022	Advent International Global Private Equity X	Fund	35	8,698	17,241		21,306		1.2x		1.7
2021	Advent Technology II-A	Fund	20	7,047	17,561		20,642		1.2x		1.6
2019	3i 2020 Co-investment 1 SCSp	Direct	1	-	3,186		19,542		7.4x		1.5
2022	ArchiMed - Med Platform 2	Fund	8	9,442	15,271		19,186		1.2x		1.5
2020	MPI-COI-NAMSA SLP	Direct	1	91	6,776		19,079		2.5x		1.5
2021	Permira Growth Opportunities II	Fund	17	9,557	18,698		18,793		1.0x		1.5
2015	Exponent Private Equity Partners III, LP	Fund	7	2,434	19,674		18,554		1.7x		1.5
2021	MI NGE S.L.P.	Direct	1	843	8,153		18,379		2.3x		1.5
2023	Investindustrial Growth III	Fund	8	11,065	14,955		17,966		1.2x		1.4
2020	Seidler Equity Partners VII L.P.	Fund	7	290	13,788		16,423		1.3x		1.3
2022	Hg Saturn 3	Fund	7	12,471	14,827		16,087		1.1x		1.3
2017	CVC Capital Partners VII	Fund	25	2,309	9,394		15,815		2.0x		1.2
2020	PAI Mid-Market Fund SCSp	Fund	10	4,713	13,983		15,561		1.3x		1.2
2017	Hg Capital 8	Fund	3	173	2,545		13,972		2.6x		1.1
2021	WindRose Health Investors Fund VI	Fund	11	3,457	9,965		13,901		1.3x		1.1
2021	MPI-COI-PROLLENIUM SLP	Direct	1	1,399	7,175		13,813		1.9x		1.1
2022	PAI Europe VIII	Fund	11	15,035	10,851		13,647		1.3x		1.1
2022	Altor Fund VI	Fund	11	12,501	11,988		13,151		1.3x		1.0
2014	CVC VI	Fund	18	771	12,618		12,992		2.1x		1.0
2025	Vitrea 2 Co-Invest SCSp	Direct	1	-	7,117			12,947	1.8x		1.0
2022	Hg Genesis 10	Fund	13	14,310	11,757		12,749		1.1x		1.0
2013	Nordic Capital VIII	Fund	8	6,075	13,053		12,738		1.6x		1.0
2025	Expedition Continuation I LP	Direct	1	1,228	9,145			12,613	1.4x		1.0
2023	Maguar Continuation Fund I GmbH & Co. KG	Direct	1	644	5,499		12,440		2.0x		1.0
2023	Latour Capital IV	Fund	6	12,109	13,864		12,219		0.9x		1.0
2023	Hg Mercury 4	Fund	8	18,041	9,814		11,922		1.3x		0.9
2025	WR Riviera Co-Invest, LP	Direct	1	-	8,082		11,907		1.5x		0.9
2019	MSouth Equity Partners IV	Fund	13	970	8,402		11,718		1.7x		0.9
2021	Eurazeo Payment Luxembourg Fund SCSp	Direct	1	891	8,000		11,556		1.4x		0.9
2024	Nutripure Co-Invest SCSp	Direct	1	-	7,601		11,266		1.5x		0.9
2020	Hg Saturn 2	Fund	7	3,226	8,600		11,127		1.3x		0.9
2020	Hg Genesis 9	Fund	12	3,508	7,566		11,127		1.4x		0.9
2023	One Peak Co-invest III LP	Direct	1	-	9,434		10,924		1.2x		0.9
2023	Seidler Equity Partners VIII, L.P.	Fund	6	3,898	11,364		10,818		1.0x		0.9
2024	Patria SOF V SCSp	Fund	21	49,101	7,720		10,754		1.4x		0.8
2023	Vitruvian V	Fund	23	16,751	9,173		10,729		1.2x		0.8
2016	IK Fund VIII	Fund	5	2,140	8,272		10,451		1.8x		0.8
2021	Great Hill Equity Partners VIII	Fund	14	3,379	12,032		10,449		0.9x		0.8
2022	Arbor Co-Investment LP	Direct	1	-	8,374		10,221		1.2x		0.8
2023	Capiton Quantum GmbH & Co	Fund	2	737	3,857		9,998		2.6x		0.8
2019	Bridgepoint Europe VI	Fund	15	542	8,269		9,991		1.4x		0.8
2020	Capiton VI	Fund	8	3,516	12,270		9,946		2.0x		0.8
2024	Latour Co-Invest Systra	Direct	1	2,155	6,775		9,873		1.5x		0.8
2021	VIP SIV I LP	Direct	1	4,667	5,080		9,873		2.0x		0.8
2014	PAI Europe VI	Fund	11	1,453	5,044		9,847		1.8x		0.8
2023	IK IX Luxco 15 S.a.r.l.	Direct	1	-	7,773		9,844		1.3x		0.8
2021	CDL Coinvestment SPV	Direct	1	-	-		9,797		2.9x		0.8
2020	Hg Vardos Co-invest L.P.	Direct	1	-	4,245		9,775		2.2x		0.8
2020	Patria SOF IV Feeder LP	Fund	50	2,200	6,191			9,418	1.6x		0.7
2024	Arbor Fund VI	Fund	3	5,679	9,309		9,228		1.0x		0.7
2021	Latour Co-invest Funecap	Direct	1	-	4,288		9,004		1.8x		0.7
2022	Leviathan Holdings, L.P.	Direct	1	4	4,864		8,686		1.8x		0.7
2021	ArchiMed III	Fund	9	5,727	7,304		8,601		1.2x		0.7
2020	Hg Mercury 3	Fund	10	4,441	3,819		8,152		1.7x		0.6
2024	MED BIO FPCI	Fund	2	2,573	6,382		8,079		1.3x		0.6
2022	One Peak Growth III	Fund	14	4,620	8,337		7,951		1.0x		0.6
2024	Agora Continuation Fund	Direct	1	2,549	5,847		7,869		1.3x		0.6
2019	Great Hill Partners VII	Fund	18	-	7,430		7,749		1.6x		0.6
2018	Investindustrial Growth Fund	Fund	3	4,620	11,517		7,596		2.1x		0.6
2021	IK Co-invest Questel	Direct	1	-	8,658		7,593		0.9x		0.6
2020	Vitruvian III	Fund	24	1,104	4,537		7,545		2.3x		0.6
2023	IK X Fund	Fund	8	19,182	6,936		7,370		1.1x		0.6
2019	Vitruvian I CF LP	Fund	3	7,960	5,411		7,331		1.3x		0.6
2025	FPCI Iron Institutionals AgilaCapital	Fund	1	810	6,413		7,102		1.1x		0.6
2023	Ourvita Build-Up SCSp	Direct	1	2,189	5,126		6,877		1.3x		0.5
2013	TowerBrook Investors IV	Fund	6	9,813	10,474		6,634		2.2x		0.5
2017	Andean Social Infrastructure Fund I LP	Fund	6	565	3,240			6,397	2.0x		0.5
2024	Investindustrial VIII	Fund	8	11,110	6,228		6,278		1.0x		0.5
2026	AlphaPet Ventures GmbH	Direct	0	-	6,059			6,115	1.0x		0.5
2023	Hg Vega Co-Invest L.P.	Direct	1	-	4,801		6,116		1.3x		0.5
2021	bd-capital Partners Chase LP	Direct	1	-	4,300		5,943		1.4x		0.5
2024	Latour Co-Invest EDG	Direct	1	904	8,085		5,642		0.7x		0.4
2021	Nordic Capital WH1 Beta, L.P.	Direct	1	58	4,130		5,599		1.3x		0.4
2024	Bowmark Capital Partners VII, L.P.	Fund	3	18,149	6,851		5,597		0.8x		0.4
2025	GEM Benelux Fund VI	Fund	3	20,728	5,455			5,429	1.0x		0.4
2025	SEP VIII Vamos Co-Invest Holdings, L.P.	Direct	1	-	5,174			5,302	1.0x		0.4
2024	Exponent Herriot Co-Investment Partners, LP	Direct	1	834	3,458		5,190		1.5x		0.4
2025	Latour Co-Invest Rollakin	Direct	1	-	5,052		5,170		1.0x		0.4
2021	MPI-COI-SUAN SLP	Direct	1	30	6,572		4,371		0.7x		0.3
2017	TrueNoord CF L.P.	Fund	1	-	3,033			4,093	1.3x		0.3
2021	Bengal Co-Invest SCSp	Direct	1	1,756	6,809		3,966		0.6x		0.3
2023	Latour Co-invest Funecap II	Direct	1	-	2,952		3,759		1.3x		0.3
2023	Montefiore Investment VI	Fund	4	14,136	3,284		3,642		1.1x		0.3
2025	PAI Strategic Partnerships II	Direct	1	5,041	3,699			3,589	1.0x		0.3
2022	AV Invest B3 FPCI	Direct	1	-	5,097		3,431		0.7x		0.3
2023	ECG 2 Co-Invest S.L.P.	Direct	1	-	2,394		3,429		1.4x		0.3
2025	FPCI ALMA AGILACAPITAL	Fund	1	714	1,984		3,101		1.6x		0.2
2017	Onex Partners IV LP	Fund	6	361	6,404		2,972		1.3x		0.2
2015	Capiton V	Fund	5	133	7,042		2,734		0.9x		0.2
2016	Aberdeen Property Secondaries Partners II SCSp	Fund	4	553	1,204			2,350	1.6x		0.2
2024	IK Partnership Fund III	Fund	2	10,084	2,976		2,347		0.8x		0.2
2021	ECG Co-invest SLP	Direct	1	-	121		2,121		2.2x		0.2
2021	Hg Isaac Co-Invest LP	Direct	1	54	7,576		1,885		0.2x		0.1
2026	TSM II C Investment C L.P.	Direct	1	2,581	1,816			1,862	1.0x		0.1
2026	OP IV Leaf Redemption LP	Fund	0	-	1,459		1,466		1.0x		0.1
2024	Altor ACT I (No. 1) AB	Fund	4	10,542	2,532		1,421		0.6x		0.1
2024	Triton Fund 6 SCSp	Fund	4	16,893	159		1,406		2.0x		0.1
2023	Montefiore Expansion I	Fund	3	7,496	1,227		1,309		1.1x		0.1
2021	GPMS Omega Holdco Limited	Direct	1	8	4,268		1,222		0.3x		0.1
2016	Maj Invest Equity 5 K/S	Fund	8	25	648			1,122	1.7x		0.1
2021	Hg Riley Co-Invest LP	Direct	1	-	6,836		917		0.1x		0.1
2008	CVC V	Fund	1	436	4,310		899		2.4x		0.1
2022	Hark Cayman Feeder III, LP	Fund	13	1,149	621			830	1.2x		0.1
2001	CVC III	Fund	1	395	3,338		746		2.7x		0.1
2014	Aberdeen Global Infrastructure Partners II LP	Fund	4	-	705			734	1.2x		0.1
2022	American Industrial Partners V	Fund	5	31	555		623		1.4x		0.0
2019	Gilde Buy-Out Fund IV	Fund	1	-	2,262		497		1.2x		0.0
2008	HIPEP VI - Cayman Partnership Fund L.P.	Fund	40	78	163			371	2.3x		0.0
2007	Mesirow Financial Private Equity Partnership Fund IV, L.P.	Fund	35	133	114			281	2.5x		0.0
2025	ECG 4 Co-Invest SCSp	Direct	1	40	209		254		1.2x		0.0
2007	HarbourVest Partners VIII - Cayman Venture Fund L.P.	Fund	16	4	15			86	5.3x		0.0
2025	Hg Saturn 4	Fund	2	18,863	93		85		0.9x		0.0
2025	Latour Small Cap I	Fund	2	25,818	379		56		0.1x		0.0
2012	IK Fund VII	Fund	1	1,746	3,839		49		2.0x		0.0
2019	PAI Strategic Partnerships SCSp	Fund	1	56	100		24		2.2x		0.0
2005	Mesirow Financial Private Equity Partnership Fund III, L.P.	Fund	0	24	-			17			0.0
2007	HarbourVest Partners VIII - Cayman Buyout Fund L.P.	Fund	0	33	1			3	3.7x		0.0
2007	Dover Street VII Cayman Fund L.P.	Fund	0	81	1			2	1.9x		0.0
2015	Nordic Capital CV1 Alpha, LP	Fund	0	-	6,742		1		1.4x		0.0
2025	Expedition Growth Capital III	Fund	0	13,979	-		-
2026	Hg Genesis 11	Fund	0	8,737	-		-
2026	Hg Mercury 5	Fund	0	26,211	-		-
2025	IK Small Cap Fund IV	Fund	3	21,679	162		-		0.0x		0.0
2025	Impilo Fund II	Fund	1	26,211	-		-
2024	NORDIC CAPITAL EVO II BETA, SCSp	Fund	2	26,211	-		-
2026	One Peak Growth IV SCSp	Fund	0	14,853	-		-
2025	PAI Mid-Market Fund II	Fund	1	26,211	-		-
2026	Patria PCPF I LP	Direct	1	36,958	-		-
2026	Triton Smaller Mid-Cap Fund III SCSP	Fund	0	21,843	-		-
2022	Uvesco Co-invest	Direct	1	2,205	-		-		2.1x		0.0
2025	Windrose Health Investor VII	Fund	3	15,166	-		-
Total			1,031	824,918	1,085,096		1,316,855	73,561			109.1
Non-portfolio assets and liabilities							(100,599)	(23,908)				(9.1)
Net assets of the Company excluding Subsidiary										1,216,256
Net assets of the Subsidiary										49,653
Net assets										1,265,909		100.0

 

 

 

¹ This column represents the valuation of the portfolio directly held by the Company, excluding the value of its Subsidiary, as well as non-portfolio assets and liabilities held within the Condensed Statement of Financial Position.

² This column represents the valuation of the portfolio held by the Company's Subsidiary, PPET Investments Limited. The total value of the Subsidiary's portfolio less its non-portfolio assets and liabilities represents the net valuation of the Subsidiary as held by the Company on the Condensed Statement of Financial Position.

³ The net multiple has been calculated by the Manager in Sterling on the basis of the total realised and unrealised return for the interest held in each fund and direct investments. These figures have not been reviewed or approved by the relevant fund or its manager.

⁴ The 1,031 underlying investments represent holdings in 724 separate underlying private companies, 208 underlying fund investments and 38 underlying direct investments.

 

CONDENSED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

 

		Six months ended 31 March 2026			Six months ended 31 March 2025
	Notes	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000
Total capital gains on investments	8	-	41,422	41,422	-	32,697	32,697
Currency gains		-	15	15	-	395	395
Income	4	4,139	-	4,139	4,277	-	4,277
Investment management fee	5	(298)	(5,656)	(5,954)	(276)	(5,242)	(5,518)
Other expenses		(906)	-	(906)	(915)	-	(915)
Profit before finance costs and taxation		2,935	35,781	38,716	3,086	27,850	30,936
Finance costs		(292)	(5,120)	(5,412)	(251)	(4,312)	(4,563)
Profit before taxation		2,643	30,661	33,304	2,835	23,538	26,373
Taxation		249	-	249	(416)	-	(416)
Profit after taxation		2,892	30,661	33,553	2,419	23,538	25,957
Earnings per share - basic and diluted	7	1.95p	20.70p	22.65p	1.59p	15.51p	17.10p

The total column is the Income Statement of the Company for the respective financial periods prepared in accordance with UK-adopted international accounting standards. The supplementary revenue return and capital return columns are presented in accordance with the Statement of Recommended Practice issued by the Association of Investment Companies ("AIC SORP").

There are no items of other comprehensive income, therefore, this statement is the single statement of comprehensive income of the Company.

All revenue and capital items in the above statement are derived from continuing operations.

No operations were acquired or discontinued in the period.

The accompanying notes form an integral part of these Financial Statements.

 

 

CONDENSED STATEMENT OF FINANCIAL POSITION (UNAUDITED)

 

	Notes	As at 31 March 2026  £'000	As at 30 September 2025 £'000
Non-current assets
Investments	8	1,366,508	1,371,157
		1,366,508	1,371,157
Current assets
Receivables	9	25,171	4,952
Cash		16,591	110,069
Total current assets		41,762	115,021
Current liabilities
Payables		(3,929)	(3,899)
Borrowings	10	(138,432)	(225,555)
Net current liabilities		(100,599)	(114,433)
Net assets		1,265,909	1,256,724
Capital and reserves
Called-up share capital		307	307
Share premium account		86,485	86,485
Special reserve		51,503	51,503
Capital redemption reserve		94	94
Capital reserves		1,127,520	1,118,335
Revenue reserve		-	-
Total shareholders' funds		1,265,909	1,256,724
Net assets per equity share	11	862.5p	845.5p

 

The accompanying notes form an integral part of these Financial Statements.

The Financial Statements of Patria Private Equity Trust plc, registered number SC216638 were approved and authorised for issue by the Board of Directors on 26 June 2026 and were signed on its behalf by Duncan Budge, Chair.

Duncan Budge

Chair

26 June 2026

 

 

CONDENSED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

 

For the six months ended 31 March 2026	Notes	Called-up share capital £'000	Share premium account £'000	Special reserve £'000	Capital redemption reserve £'000	Capital reserves £'000	Revenue reserve £'000	Total £'000
Balance at 01 October 2025		307	86,485	51,503	94	1,118,335	-	1,256,724
Profit after taxation		-	-	-	-	30,661	2,892	33,553
Dividends paid	6	-	-	-	-	(10,190)	(2,892)	(13,082)
Repurchase of shares into treasury		-	-	-	-	(11,286)	-	(11,286)
Balance at 31 March 2026		307	86,485	51,503	94	1,127,520	-	1,265,909
For the six months ended 31 March 2025
Balance at 01 October 2024		307	86,485	51,503	94	1,053,715	-	1,192,104
Profit after taxation		-	-	-	-	23,538	2,419	25,957
Dividends paid	6	-	-	-	-	(10,382)	(2,419)	(12,801)
Repurchase of shares into treasury		-	-	-	-	(10,018)	-	(10,018)
Balance at 31 March 2025		307	86,485	51,503	94	1,056,853	-	1,195,242

The accompanying notes form an integral part of these Financial Statements.

 

 

 

CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED)	Notes	For the six months ended 31 March 2026 £'000		For the six months ended 31 March 2025 £'000
Operating activities
Profit before taxation		33,304		26,373
Adjusted for:
Finance costs		5,412		4,563
Gains on sale of investments	8	(56,715)		(53,870)
Impairment of investment holdings	8	15,102		20,708
Currency gains		(15)		(395)
Increase in non-investment related receivables		(20,085)		(3)
Increase / (decrease) in payables		219		(627)
Overseas withholding tax credit/(charge)		249		(416)
Net cash outflow from operating activities		(22,529)		(3,667)
Investing activities
Purchase of investments	8	(71,449)		(107,137)
Proceeds from sales of investments	8	117,711		140,642
Net cash inflow from investing activities		46,262		33,505
Financing activities
Revolving credit facility - amounts drawn	10	22,316		45,225
Revolving credit facility - amounts repaid	10	(108,545)		(58,114)
Commitment and amortised fees paid		(2,390)		(1,641)
Interest paid		(4,179)		(3,254)
Ordinary dividends paid	6	(13,082)		(12,801)
Repurchase of shares into treasury		(11,172)		(10,018)
Net cash outflow from financing activities		(117,052)	(40,603)
Net decrease in cash		(93,319)	(10,765)
Cash at the beginning of the period		110,069	28,358
Currency losses on cash		(159)	(5)
Cash at the end of the period		16,591	17,588

The accompanying notes form an integral part of these Financial Statements.

 

NOTES TO THE FINANCIAL STATEMENTS

 

1. Financial Information

The financial information for the year ended 30 September 2025 within the report is considered non-statutory as defined in sections 434-436 of the Companies Act 2006. The financial information for the six months ended 31 March 2026 and 31 March 2025 has not been audited. The financial information for the year ended 30 September 2025 has been extracted from the published accounts that have been delivered to the Registrar of Companies and on which the report of the auditor was unqualified under section 498 of the Companies Act 2006.

 

2. Basis of preparation and going concern

The Condensed Financial Statements for the six months ended 31 March 2026 have been prepared in accordance with the Companies Act 2006 and UK-adopted international accounting standards. The Company also adopts the recommendations as outlined in the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trustsʼ issued by the Association of Investment Companies ('AIC SORPʼ). The Financial Statements have been also prepared on the assumption that approval as an investment trust will continue to be granted.

 

The Condensed Financial Statements for the six months ended 31 March 2026 have been prepared using the same accounting policies as the preceding annual financial statements. This is available at www.patriaprivateequitytrust.com or on request from the Company Secretary.

 

The Condensed Financial Statements have been prepared on the going concern basis and on the basis that approval as an investment trust company will continue to be met. The Directors have made an assessment of the Companyʼs ability to continue as a going concern and are satisfied that there are adequate resources to continue in operational existence for a period of at least 12 months from the date when these Financial Statements were approved.

 

In making the assessment, the Directors have considered the likely impacts of geopolitical and economic uncertainties, the investment portfolio, which is held by both the Company and through its direct subsidiary, PPET Investments Limited ("the Subsidiaryˮ) and the Companyʼs operations. These include, but are not limited to, the potential further impact of internal conflicts and election cycles, disruptions to global supply chains and increases in the cost of living, persistent inflation, high interest rates and the impact of climate change on the portfolio.

 

At each Board meeting, the Directors review the Companyʼs latest management accounts and other financial information. Following a review of the latest management accounts and other financial information, the Directors believe that the Company can meet obligations as they fall due. The commitments to investments across the Company, as well as those held by the Subsidiary, are reviewed at each Board meeting, together with its financial resources, including cash held and its borrowing capability. Cash flow scenarios are also presented and discussed at each meeting as well as severe but plausible stress testing and downside liquidity modelling scenarios with varying degrees of decline in investment valuations, decreased investment distributions and increased call rates.

 

In the event of a downside scenario, the Company can take steps to limit or mitigate the impact on the Statement of Financial Position by drawing on its borrowings, being a £400.0 million multi-currency revolving credit facility, as well as pausing on new commitments. It could also look to raise additional credit or capital, sell assets to increase liquidity and reduce its overcommitment ratio. After due consideration of the Statement of Financial Position, the activities of the Company, its assets, liabilities, commitments and financial resources, the Directors have concluded that the Company has adequate resources to continue in operation for at least 12 months from the approval of the condensed Financial Statements for the six months ended 31 March 2026. For this reason, they consider it appropriate to continue to adopt the going concern basis in preparing the Financial Statements.

 

3. Exchange rates

Rates of exchange to sterling were:

 

	As at	As at
	31 March 2026	30 September 2025
Euro	1.1446	1.1457
US Dollar	1.3187	1.3463

 

4. Income

 

	Six months ended	Six months ended
	31 March 2026 £'000	March 2025 £'000
Income from investments
Dividends from investments	3,163	2,883
Interest from investments	920	1,229
	4,083	4,112
Other Income
Interest from cash	56	165
Total Income	4,139	4,277

 

5. Investment Management Fees

 

	Six months ended 31 March 2026			Six months ended 31 March 2025
	Revenue	Capital	Total	Revenue		Capital		Total
	£'000	£'000	£'000	£'000		£'000		£'000
Investment management fee	298	5,656	5,954	276		5,242		5,518
The Manager of the Company is Patria Capital Partners LLP. In order to comply with the Alternative Investment Fund Managers Directive, the Company appointed Patria Capital Partners LLP as its Alternative Investment Fund Manager from 1 July 2014.
The quarterly calculated investment management fee payable to the Manager is 0.95% per annum of the NAV of the Company, adjusted for any Patria-managed investments held either directly by the Company or indirectly through its Subsidiary, which are charged at nil. The investment management fee is allocated 95% to the realised capital reserve - gains/(losses) on disposal and 5% to the revenue account. The management agreement between the Company and the Manager is terminable by either party on 12 monthsʼ written notice.
Investment management fees due to the Manager as at 31 March 2026 amounted to £2,354,000 (30 September 2025: £1,809,000).
6. Dividend on ordinary shares
					Six months ended 31 March 2026 £'000		Six months ended 31 March 2025 £'000
Dividends relating to the six months ended 31 March 2026:
2026 first interim dividend of 4.60p (2025: 4.40p) per Ordinary Share paid on 28 April 2026 (2025: paid on 25 April 2025)					6,759		6,655
2026 second interim dividend of 4.60p (2025: 4.40p) per Ordinary Share will be paid on 31 July 2026 (2025: paid on 25 July 2025)					6,727		6,588
Total					13,486		13,243
Dividends relating to the year ended 30 September 2025:
2025 third interim dividend of 4.40p (2024: 4.20p) per Ordinary Share paid on 24 October 2025 (2024: paid on 25 October 2024)					6,544		6,421
2025 fourth interim dividend of 4.40p (2024: 4.40p) per Ordinary Share paid on 23 January 2026 (2024: paid on 24 January 2025)					6,538		6,380
Total					13,082		12,801

 

7. Earnings per share - basic and diluted
			Six months ended					Six months ended
			31 March 2026					31 March 2025
				p	£'000		p			£'000
The net return per ordinary share is based on the following figures:
Revenue net return		1.95			2,892		1.59			2,419
Capital net return		20.70			30,661		15.51			23,538
Total net return		22.65			33,553		14.56			22,331
Weighted average number of ordinary shares in issue, excluding those held in treasury:				148,161,886					151,797,658
There are no diluting elements to the earnings per share calculation in the six months ended 31 March 2026 (2025: none).

 

8. Investments
	Six months ended  31 March 2026 Unquoted Investments								Year ended 30 September 2025 Unquoted Investments
	£'000								£'000
Fair value through profit or loss:
Opening market value	1,371,157								1,177,106
Opening investment holding gains	(320,896)								(260,069)
Opening book cost	1,050,261								917,037
Movements in the period/year:
Purchases of Investments	71,449								234,243
Sales of Investments	(117,711)								(174,028)
	1,003,999								977,252
Gains on sale of investments	56,715								73,009
Closing book cost	1,060,714								1,050,261
Closing investment holding gains	305,794								320,896
Closing market value	1,366,508								1,371,157
The purchase of investments relates to capital investment through both contributions made to underlying investments and the secondary purchase of investments during the period. All amounts are deemed at cost.   The sale of investments relates to capital proceeds received from underlying investment distributions and the secondary sale of investments during the period.   The total capital gain on investments of £41,422,000 (2025: £32,697,000) per the Condensed Statement of Comprehensive Income for the six months ended 31 March 2026 also includes transaction costs of £191,000 (2025: £465,000).
9. Receivables
				As at				As at
				31 March 2026				30 September 2025
				£'000				£'000
Due from related parties				25,032				4,719
Prepayments				121				66
Interest receivable				10				36
Other receivables				8				131
Total				25,171				4,952
The amounts due from related parties relate to amounts loaned to the subsidiary PPET Investments Limited. These amounts are expected to be converted to equity by the end of the current financial period.
10. Borrowings
		As at 31 March 2026						As at 30 September 2025
		£'000						£'000
Borrowings		138,432						225,555
The Company has a £400.0 million syndicated revolving credit facility. The facility is provided by The Royal Bank of Scotland International Limited, Societe Generale, State Street Bank International GmbH, State Street Bank & Trust Company and Banco Santander, S.A. On 29 January 2026, Banco Santander, S.A. transferred part of their commitment to State Street Bank & Trust Company, who have increased their commitment. The facility is due to expire in February 2028, with options to extend for up to a further two years.   The interest rate on each loan drawn within the facility is calculated as the margin of 2.6% plus the defined reference rate, dependent on the currency drawn. The commitment fee payable on non-utilisation is between 0.8% and 0.9% per annum, depending on the level of utilisation.   At 31 March 2026, £141,103,000 (30 September 2025: £227,377,000) had been drawn down. Inclusive of the borrowings balance is £2,670,000 of unamortised fees which partially offsets the total amount of the facility balance drawn as at 31 March 2026 (2025: £1,823,000).

 

Analysis of changes in net debt

 

Six month ended 31 March 2026:	As at 30 September 2025 £'000	Cashflows £'000	Operating non-cash charges1 £'000	As at 31 March 2026 £'000
Cash	110,069	(93,319)	(159)	16,591
Borrowings	(225,555)	86,229	894	138,432
Net debt	(115,486)	(7,091)	734	155,023

 

Six month ended 31 March 2025:	As at 30 September 2024** £'000	Cashflows £'000	Operating non-cash charges1  £'000	As at 31 March 2025 £'000
Cash	28,358	(10,765)	(5)	17,588
Borrowings	(139,803)	12,889	1,025	(125,889)
Net debt	(111,445)	2,124	1,020	(108,301)

 

1 Other non-cash charges relate to foreign currency movements as well as the amortisation of capitalised arrangement fees which are included against the borrowings balance.

 

As part of the amended facility, security has been granted to the lenders over certain balances of the Company. This security may be utilised under certain conditions of the agreement, namely the event of default of the Company as a borrower. In the event of default arising, the lenders would be entitled to set-off assets of the Company against past due obligations, being loans drawn under the facility.

 

As at 31 March 2026, the assets subject to security under the agreement are the cash balances of the Company of £16,591,000 (30 September 2025: £110,069,000) and the value of shares held in PPET Investments Limited, being £49,653,000 (30 September 2025: £39,711,000).

 

As at 31 March 2026 and 30 September 2025, the Company was not in default under the terms of facility, therefore no amounts were subject to set-off under the terms of the agreement.

 

 

11. Net asset value per equity share
	As at 31 March 2026	As at 30 September 2025
Basic and diluted:
Ordinary shareholders' funds	£1,265,909,190	£1,256,723,980
Number of ordinary shares in issue	153,746,294	153,746,294
Number of shares excluding those held in treasury	146,776,166	148,644,166
Net asset value per ordinary share	862.5p	845.5p
The net assets per Ordinary Share and the ordinary shareholders' funds are calculated in accordance with the Companyʼs Articles of Association.   There are no diluting elements to the net assets per equity share calculation in the six months ended 31 March 2026 (2025: none).

 

12. Commitments and contingent liabilities
	As at 31 March 2026	As at 30 September 2025
	£'000	£'000
Undrawn commitments to investments	626,540	689,459
This represents commitments made to fund and direct investments which remain undrawn at the respective reporting dates. The undrawn commitments will be paid by the Company upon the request of the investment general partner or manager, in line with the terms per each underlying agreement.

 

13. Investment in Subsidiaries

As at 5 March 2025, the Company became the sole investor in PPET Investments Limited (the 'Subsidiaryʼ), a Qualifying Asset Holding Company. The purpose of the Subsidiary is to hold investments on behalf of the Company as security for its multicurrency revolving credit facility.   As at 31 March 2026, the Company holds 2,998 (30 September 2025: 2,998) shares in the subsidiary, at a price of £0.0001. The number of shares represents all forms of equity, both voting and non-voting, that is issued by the subsidiary.   During the period ended 31 March 2026, additional share premium of £Nil (30 September 2025: £30,020,000) was paid by the Company with respect of the shares issued.   Details of the Subsidiary are as follows:   Investment Registered Office Ownership Interest Direct / Indirect Holdings Share Class PPET Investments Limited New Clarendon House, 114-116 George Street, Edinburgh, EH2 4LH 100% Direct Ordinary Shares     As per the accounting policies of the Company, which are detailed in the published accounts for the year ended 30 September 2025, the Subsidiary is not consolidated and is held within investments on the Statement of Financial Position, recognised at FVPL.

 

14. Parent Undertaking, Related Party Transactions and Transactions with the Manager

The ultimate parent undertaking of the Company is Standard Life plc (formerly Phoenix Group Holdings plc). The results of the Company are incorporated into the group Financial Statements of Standard Life plc, which will be available to download from the website www.standardlifeplc.com.   Phoenix Life Limited ('PLLʼ, which is 100% owned by Standard Life plc) and the Company have entered into a relationship agreement which provides that, for so long as PLL and its Associates exercise, or control the exercise, of 30% or more of the voting rights of the Company, PLL and its Associates will not seek to enter into any transaction or arrangement with the Company which is not conducted at armʼs length and on normal commercial terms, take any action that would have the effect of preventing the Company from carrying on an independent business as its main activity or from complying with its obligations under the Listing Rules or propose or procure the proposal of any shareholder resolution which is intended or appears to be intended to circumvent the proper application of the Listing Rules. During the period ended 31 March 2026, PLL received dividends from the Company totalling £7,249,000 (31 March 2025: £6,919,000).   During the period ended 31 March 2026, the Manager charged management fees totalling £5,954,000 (31 March 2025: £5,518,000) to the Company in the normal course of business. The balance of management fees outstanding at 31 March 2026 was £2,354,000 (30 September 2025: £1,809,000).   GPMS Corporate Secretary Limited, which shared the same ultimate parent as the Manager during the period ended 31 March 2026, received fees for the provision of Company Secretarial services of £47,000 (31 March 2025: £45,000) during the period. The balance of secretarial fees outstanding at 31 March 2026 was £24,000 (30 September 2025: £Nil).   Patria Private Equity (Europe) Limited, which shared the same ultimate parent as the Manager during the period ended 31 March 2026, received fees following settlement of local US tax related liabilities on behalf of the Company of £55,000 (31 March 2025: £76,000) during the period.   The Company has a $75,000,000 commitment to Patria SOF V SCSp, whose portfolio advisor shares the same ultimate parent of the Manager. As at 31 March, capital contributions of £7,720,000 have been paid (30 September 2025: £Nil).   The Company has an investment in a subsidiary, PPET Investments Limited, details of which are in Note 13. A balance of £25,032,000 (30 September 2025: £4,719,000) is currently owed by the Subsidiary to the Company at 31 March 2026, as disclosed in Note 9.   The total emoluments of the Directors, including fees, expenses and Employer's national insurance during the period to 31 March 2026 was £236,000 (31 March 2025: £156,000). As at 31 March 2026, there was £2,000 (31 March 2025: £2,000) payable to the Directors.   No other related party transactions were undertaken during the six months ended 31 March 2026.

 

 

 

15. Fair Value hierarchy

IFRS 13 requires an entity to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following classifications:   - Level 1: The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date. - Level 2: Inputs other than quoted prices included within Level 1 that are observable (ie, developed using market data) for the asset or liability, either directly or indirectly. - Level 3: Inputs are unobservable (ie for which market data is unavailable) for the asset or liability.   The movement in level 3 investments is shown in Note 8 ('Unquoted Investmentsʼ).   The Companyʼs investments, measured at fair value in the Statement of Financial Position, are grouped into the following categories in the fair value hierarchy:

 

As at 31 March 2026
Financial assets at fair value through profit or loss			Level 1 £'000		Level 2 £'000		Level 3 £'000	Total £'000
Unquoted investments			-		-		1,366,508	1,366,508
Net fair value			-		-		1,366,508	1,366,508
As at 30 September 2025:
Financial assets at fair value through profit or loss			Level 1 £'000		Level 2 £'000		Level 3 £'000	Total £'000
Unquoted investments			-		-		1,371,157	1,371,157
Net fair value			-		-		1,371,157	1,371,157

 

The recognition and measurement policies for financial instruments measured at fair value through profit or loss are consistent with those disclosed in the annual report for the year ended 30 September 2025.

 

ALTERNATIVE PERFORMANCE MEASURES ("APMs")

 

APMs are numerical measures of the Companyʼs current, historical or future performance, financial position or cash flows, other than financial measures defined or specified in the applicable financial framework. The Companyʼs applicable financial framework includes UK adopted international accounting standards and the Association of Investment Companies Statement of Recommended Practice ('AIC SORPʼ).

 

The APMs are considered by the Board and the Manager to be the most relevant basis for shareholders in assessing the overall performance of the Company and for comparing the performance of the Company to its peers, taking into account industry practice. Definitions and reconciliations to IFRS measures are provided in the main body of the report or in this Glossary, where appropriate. The APMs are highlighted with an *.

 

In selecting these APMs, the Directors considered the key objectives and expectations of typical investors in an investment trust such as PPET. Where applicable, an APM may also include the activities of the subsidiary, PPET Investments Limited, on a lookthrough basis.

 

Annualised NAV Total Return

Annualised NAV total return is calculated as the return of the net asset value ('NAVʼ) per share compounded on a monthly basis, based on reported NAV per share. This is inclusive of all dividends received during the period stated and assumes all dividends are reinvested in the month they are received and generate the same return as NAV per share during each reporting period.

 

Since inception, PPET has delivered an annualised NAV total return of 10.8%.

 

Discount

The amount by which the market price per share is lower than the net asset value ('NAV') per share of an investment trust. The discount is normally expressed as a percentage of the NAV per share.

 

		As at 31 March 2026		As at 30 September 2025
Share price (p)	a		577.0	555.0
Net Asset Value per share (p)	b		862.5	845.5
Discount (%)	c = (b-a) / b		33.1	34.4

 

Dividend yield (annualised)*

The total dividend per Ordinary Share in respect of the financial year divided by the share price, expressed as a percentage, calculated at the year-end date of the Company.

 

			As at 31 March 2026	As at 30 September 2025
Dividend per share (p)	a	18.4^		17.6
Share price (p)	b	577.0		555.0
Dividend yield (%)	c = a / b	3.2		3.2

^ Based on forecast dividend per share for the financial year to 30 September 2026 against share price at 31 March 2026.

 

NAV per Share

 

				As at 31 March 2026		As at 30 September 2025
Net assets (£000's)			a		1,265,909	1,256,724
Number of ordinary shares in issue excluding those held in treasury			b		146,776,166	148,644,166
NAV per share (p)			c = a / b		862.5	845.5

 

NAV Total Return ('NAV TR')

NAV TR shows how the net asset value ("NAVˮ) has performed over a period of time in percentage terms, taking into account both capital returns and dividends paid to shareholders. This does not assume dividend re-investment.

 

		Six months ended 31 March 2026	Year ended 30 September 2025
Opening net asset value per share (p)	a	845.5	780.1
Closing net asset value per share (p)	b	862.5	845.5
Price Movement	c=(b/a)-1	2.0%	8.4%
Dividend income return	d	1.1%	2.2%
NAV TR	e=c+d	3.1%	10.6%

Net Gearing

Net gearing refers to the ratio of the Company's debt less cash to its equity capital. The Company may borrow money to invest in additional investments for its portfolio.

 

		As at 31 March 2026 £'000	As at 30 September 2025 £'000
Debt drawn (£'000s)	a	141,103	227,377
Cash (£'000s)	b	17,828	121,545
Net assets (£'000s)	c	1,265,909	1,256,724
Net gearing ratio	d = (a -b) / c	9.7%	8.4%

 

Ongoing charges ratio ('OCR')

The ongoing charges ratio is calculated as management fees and all other recurring operating expenses that are payable by the Company, excluding the costs of purchasing and selling investments, performance fees, finance costs, taxation, nonrecurring costs, and the costs of any share buyback transactions, expressed as a percentage of the average NAV during the period. The ongoing charges ratio has been calculated in accordance with the applicable guidance issued by the Association of Investment Companies.

 

		Six months ended 31 March 2026 £'000	Year ended 30 September 2025 £'000
Investment management fee	a	5,954	11,083
Company Administrative expenses	b	906	1,999
Company only ongoing charges	c=a+b	6,859	13,082
Subsidiary administrative charges	d	57	49
Annualised ongoing charges	e = c+d	13,883*	13,131
Average net assets	f	1,269,680	1, 212,139
Ongoing charges ratio	g=e/f	1.09%	1.08%

* The interim ongoing charges figure above is calculated using actual costs and charges to 31 March 2026 annualised for the full financial year.

 

Overcommitment ratio

Outstanding commitments of the Company and Subsidiary, less cash, the value of undrawn debt facilities and any deferred consideration from secondary sales, divided by portfolio NAV.

 

Six months ended 31 March 2026			Company £'000	Subsidiary £'000	Total £'000
Undrawn commitments		a	626,540	198,378	824,918
Less cash and cash equivalent		b	(16,591)	(1,237)	(17,828
Less undrawn debt facility		c	(258,897)	-	(258,897)
Net outstanding commitments		d = a -b -c			548,192
Portfolio NAV1		e	1,316,855	73,561	1,390,417
Overcommitment ratio		f = d / e			39.4%

 

¹ With respect of the Company, this excludes the net assets of the Subsidiary, which is considered in the subsequent section.

 

Year ended 30 September 2025			Company £'000	Subsidiary £'000	Total £'000
Undrawn commitments		a	689,459	69,858	759,317
Less cash and cash equivalent		b	(110,069)	(11,476)	(121,545)
Less undrawn debt facility		c	(172,623)	-	(172,623)
Net outstanding commitments		d = a -b -c			465,149
Portfolio NAV1		e	1,331,446	43,412	1,374,858
Overcommitment ratio		f = d / e			33.8%

 

¹ With respect of the Company, this excludes the net assets of the Subsidiary, which is considered in the subsequent section.

Portfolio Return (in constant currency)

The unrealised movement in the valuation of investments held by the Company and by the Subsidiary on a look through basis, excluding the impact of cashflows and foreign exchange movements during the period.

 

 

 

 

 

 

 

Share price total return

Share price total return shows the return derived from the combination of share price movements during the period and dividends received. It does not assume dividend re-investment.

			Six months ended 31 March 2026	Year ended 30 September 2025
Opening share price per share (p)	a	555.0		535.0
Closing share price per share (p)	b	577.0		555.0
Price Movement	c = (b / a)-1	4.0%		3.7%
Dividend income return	d	1.5%		3.2%
Shareholder total return	e = c + d	5.5%		7.0%

 

 

For Patria Private Equity Trust plc

GPMS Corporate Secretary Limited, Company Secretary

 

For further information, please contact:
Patria Investments
GPMS Corporate Secretary Limited	[email protected]
Alan Gauld, Lead Manager	[email protected]
Rebecca Matts, Marketing & Investor Relations	[email protected]
Investec Bank plc
Denis Flanagan
	[email protected]
SEC Newgate
Sally Walton	+44 (0)20 3757 6872 [email protected]

 

* Neither the Company's website nor the content of any website accessible from hyperlinks on it (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.