Patria Private Equity Trust plc
Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13
2 October 2024
Patria Private Equity Trust plc ("PPET" or "the Company") announces its estimated net asset value ("NAV") at 31 August 2024
· Estimated NAV at 31 August 2024 was
· Excluding new investments, 97.1% by value of portfolio was dated 30 June 2024 (estimated NAV at 31 July 2024 was 98.8% dated 31 March 2024)
· PPET received
· PPET made an initial commitment of
· Outstanding commitments of
· Liquid resources (cash balances plus undrawn credit facilities) were £175.4 million as at 31 August 2024
Estimated NAV
At 31 August 2024, PPET's estimated NAV was
The 1.8% constant currency uplift in valuations was due to a broad increase across the portfolio. PPET's primary fund, secondary and direct investment portfolios increased 1.0%, 1.5% and 4.5% in constant currency respectively over the quarter.
In terms of underlying portfolio companies, there were notable quarterly valuation uplifts of:
· Wundex (wound care management business);
· HRworks (SaaS HR software provider);
· CDL (provider of comprehensive cardiac PET and nuclear medicine delivery solutions); and
· Funecap (funeral services and crematoria provider).
Drawdowns and distributions
PPET received
Drawdowns during the period were across several of PPET's fund investments, the most notable relating to Nordic Capital Evolution Fund primarily for the funding of Equipe, a leading provider of outpatient healthcare in
The distributions received generated realised gains and income of
· Multiversity (a leading Italian online higher education provider) by CVC Fund VII;
· Eres (a leading French financial technology player in the employee profit-sharing and retirement scheme markets) by IK Fund VIII;
· Acturis (a leading supplier of insurance software) and Audiotonix (a manufacturer of professional audio consoles) by Astorg VI; and
· ASM Global (a global leader in third-party venue and event management) by Onex Partners IV.
Investment activity
As part of the Company's broader secondaries strategy, PPET made an initial
Commitments
The Company had
Credit facility and cash balances
The Company has a
In addition, the Company had cash balances of
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
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.
[1] 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. At 31 August 2024, excluding new investments, 97.1% of the portfolio valuations were dated 30 June 2024. The value of the portfolio is therefore calculated as the 30 June 2024 valuation, adjusted for subsequent cashflows over the period to 31 August 2024.
This is an update from the estimated NAV at 31 July 2024, whereby 98.8% of the portfolio valuations, excluding new investments, were dated 31 March 2024, adjusted for subsequent cashflows over the period to 31 July 2024.
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