Patria Private Equity Trust plc
Legal Entity Identifier (LEI):
2138004MK7VPTZ99EV13
24 June 2024
Patria Private Equity Trust plc ("PPET" or "the Company")
announces its estimated net asset value ("NAV") at 31 May
2024
·
Estimated NAV at
31 May 2024 was 776.4 pence per share (estimated NAV at 30 April
2024 was 763.1 pence per share)
· Excluding new investments,
91.8% by value of portfolio dated 31 March 2024 (estimated NAV at
30 April 2024 was 97.3% dated 31 December 2023)
· PPET paid £13.9 million of
drawdowns to fund existing commitments and received £12.4 million
of distributions during the month of May
· Outstanding commitments of
£637.1 million at 31 May 2024
· Liquid resources (cash
balances plus undrawn credit facilities) were
£168.2 million as at 31 May
2024
PPET's valuation policy for private
equity funds and co-investments is based on the latest valuations
reported by the managers of the funds and co-investments in which
the Company has interests. In the case of PPET's valuation at 31
May 2024, excluding new investments, 91.8% by value of the
portfolio valuations were dated 31 March 2024. The value of the portfolio is therefore calculated as the 31
March 2024 valuation, adjusted for subsequent cashflows over the
period to 31 May 2024.
The remaining 8.2% by value of the
portfolio valuations, excluding new investments, were dated 31
December 2023. The value of these investments is calculated as the
31 December 2023 valuation, adjusted for subsequent cashflows over
the period to 31 May 2024. This is an update from the estimated NAV
at 30 April 2024, whereby 97.3% of the portfolio valuations,
excluding new investments, were dated 31 December 2023, adjusted
for subsequent cashflows over the period to 30 April
2024.
Estimated NAV
At 31 May 2024, PPET's estimated NAV
was 776.4 pence per share (estimated net assets £1,190.1 million),
representing a 1.7% per share increase from the estimated NAV at 30
April 2024 of 763.1 pence per share (estimated net assets £1,170.1
million). The 13.3 pence increase in NAV reflected gains arising
primarily from a 2.2% constant currency uplift in the valuation of
investments as at 31 March 2024, partially offset by a 0.2%
depreciation in the euro versus sterling and a 1.7% depreciation in
the dollar versus sterling during May. The NAV movement also
includes the effects of the Company's share buy-back program
announced in January 2024 which is currently in effect.
The 2.2% constant currency quarterly
uplift in the valuation of investments received to date from the
reported estimated NAV at 31 March 2024 was due to a broad increase
across the portfolio. PPET's primary fund, secondary and direct
investment portfolios increased 1.6%, 2.7% and 3.9% in constant
currency respectively over the quarter.
In terms of underlying portfolio
companies, there was notable quarterly valuation uplifts of Wundex
(wound care management business), NAMSA (service provider to
medical device companies), Procemsa (vitamins and food supplements
CDMO) and Action (non-food discount retailer) driven largely by
earnings growth.
Drawdowns and distributions
PPET paid £13.9 million of drawdowns
to fund existing commitments and received £12.4 million of
distributions during the month of May. The
distributions received generated realised gains and income of £3.1
million.
Drawdowns during the period were
across several of PPET's fund investments, primarily to fund new
underlying portfolio company investments and management fees.
Notable drawdowns in the portfolio during the month related to PAI
Europe VIII (to fund Novataste, a global business in taste
innovation, providing a range of value-add savoury ingredients and
blends; and Looping, a pan-European leisure park operator) and Hg
Saturn 3 (to fund GGW, a European insurance
brokerage platform for small and medium-sized
enterprises).
In addition, PPET funded a follow-on
co-investment in Visma (provider of
cloud-based, mission critical business software) which was
committed to during December 2023 alongside lead investor
Hg.
The distributions received generated
realised gains and income of £3.1 million largely related to realisations in PPET's underlying portfolio
of companies, the most notable relating to the sale of Consilium (a
global provider of mission-critical safety technologies to the
marine, energy, transport and building sectors) by Nordic Capital
IX.
Investment activity
There were no new commitments to
announce from the month of May.
Commitments
The Company had £637.1 million of
outstanding commitments at 31 May 2024. The Manager believes that
around £90.0 million of the Company's existing outstanding
commitments are unlikely to be drawn.
Credit facility and cash balances
The Company has a £300.0 million
syndicated revolving credit facility provided by The Royal Bank of
Scotland International Limited, Societe Generale and State Street
Bank International GmbH, and it expires in December 2025. The
Company made one repayment and one drawdown of the equivalent value
in sterling from the facility during the month of May, with a total
of £145.0 million drawn at 31 May 2024. The remaining undrawn
balance of the facility at 31 May
2024 was therefore £155.0
million.
In addition, the Company had cash
balances of £13.2 million at 31 May
2024. Liquid resources, calculated as the
total of cash balances and the undrawn balance of the credit
facility, were therefore £168.2 million as at 31 May 2024.
Future announcements
The Company is expecting to announce
its interim results on or around 24 June 2024. Further details on
the valuation of the portfolio as at 31 March 2023 will be provided
in the interim results.
The Company is expecting to announce
its estimated NAV at 30 June 2024 on or around 12 July
2024.
Additional detail about PPET's NAV
and investment diversification can be found on PPET's website
(www.patriaprivateequitytrust.com).
Neither the contents of the Company's website nor the contents of
any website accessible from hyperlinks on the Company's website is
incorporated into, or forms part of, this announcement.
For
further information please contact Alan Gauld and Amber Sarafilovic
at Patria Capital Partners LLP (via SEC Newgate at
PPET@secnewgate.co.uk)
Notes:-
Patria Private Equity Trust plc is an
investment company managed by Patria Capital Partners LLP, the
ordinary shares of which are admitted to listing by the UK Listing
Authority and to trading on the Stock Exchange and which seeks to
conduct its affairs so as to qualify as an investment trust under
sections 1158-1165 of the Corporation Tax Act 2010.
The Company intends to release
regular estimated NAV updates around ten business days after each
month end. A breakdown of PPET's portfolio can be obtained in the
latest monthly factsheet, which is published on PPET's website
at:
www.patriaprivateequitytrust.com
