Patria Private Equity Trust plc
Legal Entity Identifier (LEI):
2138004MK7VPTZ99EV13
15 May 2024
Patria Private Equity Trust plc ("PPET" or "the Company")
announces its estimated net asset value ("NAV") at 30 April
2024
· Estimated NAV at 30 April
2024 was 763.1 pence per share (estimated NAV at 31 March 2024 was
767.2 pence per share)
· Excluding new investments,
97.3% by value of portfolio dated 31 December 2023 (estimated NAV
at 31 March 2024 was 97.3% dated 31 December
2023)
· First interim dividend of 4.2
pence per share paid on 26 April 2024
· PPET paid £14.8 million of
drawdowns to fund existing commitments and received £4.7 million of
distributions during the month of April
· Outstanding commitments of
£649.0 million at 30 April 2024
· Liquid resources (cash
balances plus undrawn credit facilities) were
£170.5 million as at 30 April
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 30
April 2024, excluding new investments, 97.3% by value of the
portfolio valuations were dated 31 December 2023.
The value of the portfolio is therefore calculated
as the 31 December 2023 valuation, adjusted for subsequent
cashflows over the period to 30 April 2024.
This is unchanged from the estimated
NAV at 31 March 2024, whereby 97.3% of the portfolio valuations,
excluding new investments, were dated 31 December 2023, adjusted
for subsequent cashflows over the period to 31 March
2024.
Estimated NAV
At 30 April 2024, PPET's estimated
NAV was 763.1 pence per share (estimated net assets £1,170.1
million), representing a 0.5% per share decrease from the estimated
NAV at 31 March 2024 of 767.2 pence per share (estimated net assets
£1,176.6 million). The 4.1 pence decrease in NAV per share is
primarly a reflection of the first interim dividend payment of 4.2
pence per share on 26 April 2024, partially offset by a 0.9%
appreciation in the dollar versus sterling during April. The cash
cost of the first interim dividend was £6.4 million. The NAV
movement also includes the effects of the Company's share buy-back
program announced in January 2024 which is currently in
effect.
Drawdowns and distributions
PPET paid £14.8 million of drawdowns
to existing commitments and received £4.7 million of distributions
during the month of April.
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
Latour Capital IV (to fund European Digital Group, a B2B digital
services provider) and Seidler Equity Partners VIII (to fund
Quantum Storage Systems, a leading designer and
manufacturer of industrial storage bins, shelving and
organizational systems.).
In addition, PPET funded a
secondary investment to a continuation fund
committed to during March alongside a leading global healthcare
private equity specialist, the details of which remain undisclosed
at this time for confidentiality reasons.
The distributions received generated
realised gains and income of £3.3 million largely related to realisations in PPET's underlying portfolio
of companies, the most notable relating to the partial sale of
Eleda (a market leader in infrastructure projects and services in
Sweden) by Altor Fund V.
Investment activity
There were no new commitments to
announce from the month of April.
Commitments
The Company had £649.0 million of
outstanding commitments at 30 April 2024. The Manager believes that
around £94.5 million of the Company's existing outstanding
commitments are unlikely to be drawn.
Credit facility and cash balances
The Company has a £300.0 million
syndicated revolving credit facility provided by The Royal Bank of
Scotland International Limited, Societe Generale and State Street
Bank International GmbH, and it expires in December 2025. The
Company drew a total of £8.5 million from the facility during the
month of April, increasing the total drawn balance to £145.2
million at 30 April 2024. The remaining undrawn balance of the
facility at 30 April 2024
was therefore £154.8 million.
In addition, the Company had cash
balances of £15.7 million at 30 April
2024. Liquid resources, calculated as the
total of cash balances and the undrawn balance of the credit
facility, were therefore £170.5 million as at 30 April 2024.
Future announcements
The Company is expecting to announce
its estimated NAV at 31 May 2024 on or around 18 June
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 or 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