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
· 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
· PPET undertook a partial realisation of its fund investment in Advent International Global Private Equity VIII during June, returning
· Exit of Mademoiselle Desserts announced from PPET's direct investment portfolio
· One new primary commitment completed in the month of June
· Outstanding commitments of
· 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
Drawdowns and distributions
PPET paid
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
The distributions received generated realised gains and income of
PPET also undertook a realisation of 50% of its commitment in Advent International Global Private Equity VIII ("Advent VIII") during June, returning
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
Commitments
The Company had
Credit facility and cash balances
The Company has a
In addition, the Company had cash balances of
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
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
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