Patria Private Equity Trust reports July 2025 NAV of 795.4p per share

Patria Private Equity Trust plc (LON:PPET) has announced its estimated net asset value (NAV) at 31 July 2025

·      Estimated NAV at 31 July 2025 was 795.4 pence per share (estimated NAV at 30 June 2025 was 790.3 pence per share)

·      Excluding new investments, 95.1% by value of portfolio dated 31 March 2025 (estimated NAV at 30 June 2025 was 95.1% dated 31 March 2025)

·      Second interim dividend of 4.4 pence per share paid on 25 July 2025

·      PPET paid £21.0 million of drawdowns and received £11.1 million of distributions during the month of July

·      PPET made one primary fund commitment and one secondary investment in the month of July

·      Outstanding commitments of £770.6 million at 31 July 2025

·      Short term resources (cash balances, deferred consideration and undrawn credit facilities) were £323.4 million as at 31 July 2025

Estimated NAV

At 31 July 2025, PPET’s estimated NAV was 795.4 pence per share (estimated net assets £1,186.2 million)^[1], representing a 0.6% per share increase from the estimated NAV at 30 June 2025 of 790.3 pence per share (estimated net assets £1,180.6 million). The 5.1 pence increase in NAV per share reflected gains arising primarily from a 1.0% appreciation in the euro versus sterling and a 3.4% appreciation in the US dollar versus sterling during July, partially offset by the second interim dividend payment of 4.4 pence per share on 25 July 2025. The total payment made for the second interim dividend was £6.6 million.

Performance

Patria Private Equity Trust’s total return and comparator reference performance as at 31 July 2025 was as follows:

Portfolio cashflows

PPET paid £21.0 million of drawdowns and received £11.1 million of distributions during the month of July.

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:

·    FPCI Iron Institutionals AgilaCapital: to fund a new investment in an undisclosed e-procurement software business;

·    GEM Benelux VI: to fund a new investment into Merba (European market leader in private label chocolate chip cookies); and

·    Hg Mercury 4: to fund a new investment into Ctaima (a provider of software and specialised services for contractor management, health & safety, ESG and compliance).

Of the total £11.1 million distributions received, realised gains and income amounted to £5.3 million. Notable realisations in the portfolio during the month included:

·    Partial realisation of PPET’s direct investment in CFC (technology-led insurance platform which is a global leader and category innovator in high growth and attractive emerging risks), as well as the position held through Vitruvian IV; and

·    Full realisation of KM Packaging (global operating manufacturer of caps and closure solutions) from capiton VI.

Investment activity

In the month of July, a €10.0 million commitment was made to Iron Institutionals AgilaCapital, a continuation fund investing in an undisclosed e-procurement software business, alongside AgilaCapital.

A €30.0 million primary commitment was made to PAI Mid-Market II, a buyout fund with a focus on lower mid-market companies across Europe in the food and consumer, healthcare, and business services sectors.

Commitments

The Company had £770.6 million of outstanding commitments at 31 July 2025. The Manager believes that around £91.9 million of the Company’s existing outstanding commitments are unlikely to be drawn.

Credit facility and cash balances

The Company has a £400.0 million syndicated revolving credit facility provided by The Royal Bank of Scotland International Limited, Societe Generale, State Street Bank International GmbH, State Street Bank & Trust Company and Banco Santander, S.A. The facility is due to expire in February 2028. The Company drew a total of £18.2 million from the facility during the month of July, increasing the total drawn balance to £193.6 million at 31 July 2025. The remaining undrawn balance of the facility at 31 July 2025 was therefore £206.4 million.

In addition, the Company had cash balances of £19.7 million at 31 July 2025. Furthermore, PPET is also due £97.3 million of deferred consideration in September 2025 from its secondary sale of a non-core portfolio of investments. Therefore, short term resources, calculated as the total of cash balances, deferred consideration and the undrawn balance of the credit facility, were £323.4 million as at 31 July 2025.

Share Buybacks

Pursuant toPatria Private Equity Trust’s share buyback programme, the Company bought back 255,000 ordinary shares into treasury during July. The positive effect of the buyback programme is reflected within the movement in NAV.

^[1] PPET’s valuation policy for private equity funds and direct investments is based on the latest valuations reported by the managers of the funds and direct investments in which the Company has interests. In the case of PPET’s valuation at 31 July 2025, excluding new investments, 95.1% by value of the portfolio valuations were dated 31 March 2025. The value of the portfolio is therefore calculated as the 31 March 2025 valuation, adjusted for subsequent cashflows over the period to 31 July 2025.

This is an update from the estimated NAV at 30 June 2025, whereby 95.1% of the portfolio valuations, excluding new investments, were dated 31 March 2025, adjusted for subsequent cashflows over the period to 30 June 2025.

^[2] NAV Total Return assumes reinvesting any dividends in the NAV of the Company on the date on which that dividend goes ex-dividend.

^[3] Share Price Total Return assumes reinvesting any dividends in the share price of the Company on the date on which that dividend goes ex-dividend. Source: London Stock Exchange Group Workspace

^[4] Comparator Index – The Company is not managed with direct reference to any index or its constituents. Source: London Stock Exchange Group Workspace