Patria Private Equity Trust plc
Legal Entity Identifier (LEI):
2138004MK7VPTZ99EV13
28 October 2024
Patria Private Equity Trust plc ("PPET" or "the Company")
announces its estimated net asset value ("NAV") at 30 September
2024
· Estimated NAV at 30 September
2024 was 758.9 pence per share (estimated NAV at 31 August 2024 was
771.6 pence per share)
· Excluding new investments,
99.3% by value of portfolio was dated 30 June 2024 (estimated NAV
at 31 August 2024 was 97.1% dated 30 June 2024)
· PPET received £29.2 million
of distributions and paid £14.3 million of drawdowns to fund
existing commitments during the month of
September
· Two new primary fund
commitments and two new direct investments to announce from the
month of September
· A secondary transaction was
signed during the month to sell 14 underlying fund
investments
· Outstanding commitments of
£665.0 million at 30 September 2024
· Liquid resources (cash
balances plus undrawn credit facilities) were
£187.8 million as at 30 September
2024
Estimated NAV
At 30 September 2024, PPET's
estimated NAV was 758.9 pence per share (estimated net assets
£1,159.6 million)[1], representing a 1.6% per
share decrease from the estimated NAV at 31 August 2024 of 771.6
pence per share (estimated net assets £1,181.5 million). The 12.7
pence decrease in NAV per share reflected losses arising primarily
from a 1.2% depreciation in the euro versus sterling and a 2.1%
depreciation in the dollar versus sterling during September. The
NAV movement also includes the positive effects of the Company's
share buy-back program which is currently ongoing.
Drawdowns and distributions
PPET received £29.2 million of
distributions and paid £14.3 million of drawdowns to fund existing
commitments during the month of September.
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
included:
·
Altor Fund VI: primarily to fund Meltwater (a
provider of digital media monitoring services for businesses) and
Aira (a provider of clean energy-technology solutions to
consumers);
·
PAI Fund VIII: primarily to fund Azets (a provider
of accounting, tax, payroll, audit and advisory services to SMEs)
and Alphia (a manufacturer of pet food in the U.S); and
·
Advent Global Technology II: to fund an
undisclosed provider of enterprise asset management software
solutions and further anticipated investment activity.
The distributions received generated
realised gains and income of £13.2 million largely related to
realisations in PPET's underlying portfolio of companies. Notable
realisations in the portfolio during the month included the exits
of:
·
Sunrise Medical (a global leader in assistive
mobility solutions) by Nordic Capital CV1;
·
Dorna (an international sports management and
marketing company) and Vitamin Well (a fast-growing functional food
and beverage business) by Bridgepoint Europe VI;
·
Ontic (a global provider of OEM-licensed parts and
services for mature aerospace platforms) by CVC Capital Partners
VII; and
·
Nth Degree (an event management and experiential
marketing company) by MSouth Equity Partners IV.
Investment activity
A €20.0 million primary fund
commitment was made to Investindustrial VIII, a mid-market buy-out
fund focused on niches within the industrials, consumer and
healthcare services sectors, primarily in Southern
Europe.
A €20.0 million primary fund
commitment was made to Triton Fund 6, a mid-market buy-out fund
focused on investing in companies that are operating below their
full potential in the industrial technology, business services and
healthcare sectors in Northwestern Europe.
A €10.0 million direct investment
commitment was made alongside PAI Partners into Nutripure, a
direct-to-consumer (D2C) French Sports Nutrition and Health &
Wellness food supplements brand. The commitment was fully funded
during the first week of October.
A €10.6 million direct investment
was made alongside Latour Capital into Systra, a leading global
consulting and transportation engineering company.
The Company has also completed the
sale of 14 underlying fund investments in a secondary transaction,
with the proceeds to be received at agreed future dates. Please
refer to the separate announcement dated 23 October 2024 for more
details. The valuation impact from the sale of these fund
investments has been reflected within this estimated
NAV.
Commitments
The Company had £665.0 million of
outstanding commitments at 30 September 2024. The Manager believes
that around £93.4 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 no repayments to or drawdowns from the facility during
the month of September, with a total of £140.6 million drawn at 30
September 2024. The remaining undrawn balance of the facility
at 30 September 2024 was therefore £159.4 million.
In addition, the Company had cash
balances of £28.4 million at 30 September
2024. Liquid resources, calculated as the
total of cash balances and the undrawn balance of the credit
facility, were therefore £187.8 million as at 30 September 2024.
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.
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.
