Patria Private Equity Trust plc
Legal Entity Identifier (LEI):
2138004MK7VPTZ99EV13
17 July 2024
Patria Private Equity Trust plc ("PPET" or "the Company")
announces its estimated net asset value ("NAV") at 30 June
2024
·
Estimated NAV at
30 June 2024 was 774.0 pence per share (estimated NAV at 31 May
2024 was 776.4 pence per share)
· Excluding new investments,
96.1% by value of portfolio dated 31 March 2024 (estimated NAV at
31 May 2024 was 91.8% dated 31 March 2024)
· PPET paid £12.8 million of
drawdowns to fund existing commitments and received £10.8 million
of distributions during the month of June
· PPET undertook a partial
realisation of its fund investment in Advent International Global
Private Equity VIII during June, returning €16.1 million in
proceeds
· Exit of Mademoiselle Desserts
announced from PPET's direct investment portfolio
· One new primary commitment
completed in the month of June
· Outstanding commitments of
£639.7 million at 30 June 2024
· Liquid resources (cash
balances plus undrawn credit facilities) were
£177.9 million as at 30 June
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
June 2024, excluding new investments, 96.1% 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 30 June 2024.
This is an update from the estimated
NAV at 31 May 2024, whereby 91.8% of the portfolio valuations,
excluding new investments, were dated 31 March 2024, adjusted for
subsequent cashflows over the period to 31 May 2024.
Estimated NAV
At 30 June 2024, PPET's estimated
NAV was 774.0 pence per share (estimated net assets £1,186.4
million), representing a 0.3% per share decrease from the estimated
NAV at 31 May 2024 of 776.4 pence per share (estimated net assets
£1,190.1 million). The 2.4 pence decrease in NAV per share
reflected losses arising primarily from a 0.6% depreciation in the
euro versus sterling during June, partially offset by a 0.7%
appreciation in the dollar versus sterling during June and
a 0.1% constant currency uplift in the valuation
of investments as at 31 March 2024 received since the last
announcement.
Drawdowns and distributions
PPET paid £12.8 million of drawdowns
to fund existing commitments and received £10.8 million of
distributions during the month of June.
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
Nordic Capital Fund XI (to fund multiple portfolio companies, the
most notable being Zafin, a banking software company), Nordic
Capital Evolution Fund (to fund Hjo Installation, a Swedish based
company providing multidisciplinary installation services and
solutions; and Helmsauer, a commercial insurance broker based in
Germany) and Hg Mercury 4 (to fund GTreasury, a leading provider of treasury software solutions
for global finance teams).
The distributions received generated
realised gains and income of £7.4 million largely related to realisations in PPET's underlying portfolio
of companies, the most notable relating to the sale of Barentz (a
global specialty ingredients distributor for the food,
pharmaceutical, personal care and animal nutrition markets) by
Cinven Fund VI, and RENK Group AG (a listed company which is a
global manufacturer of mission-critical drive solutions) by Triton
Fund V.
PPET also undertook a realisation of
50% of its commitment in Advent International Global Private Equity
VIII ("Advent VIII") during June, returning €16.1 million in
proceeds. The realisation was achieved via a secondary sale
process and brings PPET's remaining commitment to Advent VIII in
line with the portfolio average.
On 5 July 2024, IK Partners
announced that it had entered into exclusivity to sell Mademoiselle
Desserts, a leading European manufacturer of frozen pastries, to
the Emmi Group. Mademoiselle Desserts was the first direct
investment made by PPET in 2019 (alongside IK Partners) and will
represent the first exit from our direct investment portfolio.
Financial terms of the transaction have not been
disclosed.
Investment activity
A new primary commitment of $20.0
million was made to a well-established and high-quality manager in
North America that specialises in the food and beverage sector.
Further details of this commitment cannot be disclosed due to
confidentiality restrictions.
Commitments
The Company had £639.7 million of
outstanding commitments at 30 June 2024. The Manager believes that
around £93.9 million of the Company's existing outstanding
commitments are unlikely to be drawn.
Credit facility and cash balances
The Company has a £300.0 million
syndicated revolving credit facility provided by The Royal Bank of
Scotland International Limited, Societe Generale and State Street
Bank International GmbH, and it expires in December 2025. The
Company drew a total of £8.5 million from the facility during the
month of June, increasing the total drawn balance to £152.6 million
at 30 June 2024. The remaining undrawn balance of the facility
at 30 June 2024 was
therefore £147.4 million.
In addition, the Company had cash
balances of £30.5 million at 30 June
2024. Liquid resources, calculated as the
total of cash balances and the undrawn balance of the credit
facility, were therefore £177.9 million as at 30 June 2024.
Future announcements
The Company is expecting to announce
its estimated NAV at 31 July 2024 on or around 14 August
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
