PPET Patria Private Equity Trust Plc

Patria Private Equity Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

4 March 2025

ESTIMATED NET ASSET VALUE AT 31 JANUARY 2025

Patria Private Equity Trust plc ("PPET" or "the Company") announces its estimated net asset value ("NAV") at 31 January 2025

·      Estimated NAV at 31 January 2025 was 783.9 pence per share (estimated NAV at 31 December 2024 was 782.2 pence per share)

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

·      Fourth interim dividend of 4.2 pence per share paid on 24 January 2025

·      PPET paid £10.7 million of drawdowns to existing investments and £8.1 million to fund a new direct investment, while receiving £2.4 million of distributions and £5.1 million of secondary proceeds during the month of January

·      One new direct investment was made during the month of January

·      Outstanding commitments of £655.0 million at 31 January 2025

·      Short term resources (cash balances, deferred consideration and undrawn credit facilities) were £297.4 million as at 31 January 2025

Estimated NAV

At 31 January 2025, PPET's estimated NAV was 783.9 pence per share (estimated net assets £1,188.0 million)[1], representing a 0.2% per share increase from the estimated NAV at 31 December 2024 of 782.2 pence per share (estimated net assets £1,187.4 million). The 1.7 pence increase in NAV per share reflected gains arising primarily from a 1.2% appreciation in the euro and a 0.8% appreciation in US dollar versus sterling during January, partially offset by the fourth interim dividend payment of 4.2 pence per share on 24 January 2025. The total payment made for the fourth interim dividend was £6.4 million.

Portfolio cashflows

PPET paid £10.7 million of drawdowns to existing investments and £8.1 million to fund a new direct investment, while receiving £2.4 million of distributions and £5.1 million of secondary proceeds during the month of January.

Drawdowns were made across several of PPET's fund investments, primarily to fund new underlying portfolio company investments and management fees. Notable drawdowns in the portfolio during the month included:

·      Permira Growth Opportunities II (£6.9 million): to fund several investments, including BioCatch (leading provider of behavioural biometrics technology) and Versaterm (a public safety software platform to state, local and municipal law enforcement agencies); and

·      Altor Fund VI (£1.2 million):to primarily fund Permascand (an industrial technology company manufacturing catalytic coatings, electrodes and cells for electrochemical applications) and Stegra (a greenfield project to build a low-carbon, modern large-scale steel plant).

Of the total £2.4 million distributions received, realised gains and income amounted to £0.8 million. Notable realisations in the portfolio during the month included:

·      the full exit of Teamsystem (leading Italian provider of ERP and business management software to SMEs) by Hg Capital 8; and

·      the partial exit of Septeo (provider of legal software in France) by Hg Genesis 9.

In addition, PPET received a tranche of deferred proceeds amounting to £5.1 million in relation to the secondary sale transaction of 14 fund investments completed in September 2024. As a result, the balance of deferred proceeds receivable from the transaction amounted to £94.1 million at 31 January 2025. The remaining balance is to be received in September 2025.

Investment activity

A $10.0 million direct investment was made alongside WindRose Health Investors into Soleo Health, a US headquartered business that provides comprehensive infusion and specialty pharmacy services covering a broad range of disease states, with a focus on chronic and complex conditions.

Commitments

The Company had £655.0 million of outstanding commitments at 31 January 2025. The Manager believes that around £82.1 million of the Company's existing outstanding commitments are unlikely to be drawn.

Credit facility and cash balances

At 31 January 2025, the Company had 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, which was due to expire in December 2025. The Company drew a total of £20.9 million from the facility during the month of January, increasing the total drawn balance to £112.1 million at 31 January 2025. The remaining undrawn balance of the facility at 31 January 2025 was therefore £187.9 million.

In addition, the Company had cash balances of £15.4 million at 31 January 2025. Short term resources, calculated as the total of cash balances, deferred consideration and the undrawn balance of the credit facility, were therefore £297.4 million as at 31 January 2025.

As previously announced, on 27 January 2025, PPET announced an extension of its syndicated revolving multi-credit facility agreement which took effect on 3 February 2025. The credit facility has been extended by three years, with the amount available increased from £300.0 million to £400.0 million. Banco Santander, S.A. and State Street Bank & Trust Company joined the current syndicate of banks as new lenders. This additional £100.0 million, available from 3 February 2025, will be reflected within short term resources from that date.

Share Buybacks

Pursuant to the Company's share buyback programme, the Company bought back 265,000 ordinary shares into treasury during January. The positive effect of the buyback programme is reflected within the movement in NAV.

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Notes:-

Patria Private Equity Trust plc is an investment company managed by Patria Capital Partners LLP, the ordinary shares of which are admitted to listing by the UK Listing Authority and to trading on the Stock Exchange and which seeks to conduct its affairs so as to qualify as an investment trust under sections 1158-1165 of the Corporation Tax Act 2010.

Additional detail about PPET's NAV and investment diversification can be found on PPET's website (www.patriaprivateequitytrust.com). Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website is incorporated into, or forms part of, this announcement.