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