Patria Private Regulatory News (PPET)

Patria Private Equity Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

15 May 2024

Patria Private Equity Trust plc ("PPET" or "the Company") announces its estimated net asset value ("NAV") at 30 April 2024

· Estimated NAV at 30 April 2024 was 763.1 pence per share (estimated NAV at 31 March 2024 was 767.2 pence per share)

· Excluding new investments, 97.3% by value of portfolio dated 31 December 2023 (estimated NAV at 31 March 2024 was 97.3% dated 31 December 2023)

· First interim dividend of 4.2 pence per share paid on 26 April 2024

· PPET paid £14.8 million of drawdowns to fund existing commitments and received £4.7 million of distributions during the month of April

· Outstanding commitments of £649.0 million at 30 April 2024

· Liquid resources (cash balances plus undrawn credit facilities) were £170.5 million as at 30 April 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 April 2024, excluding new investments, 97.3% by value of the portfolio valuations were dated 31 December 2023. The value of the portfolio is therefore calculated as the 31 December 2023 valuation, adjusted for subsequent cashflows over the period to 30 April 2024.

This is unchanged from the estimated NAV at 31 March 2024, whereby 97.3% of the portfolio valuations, excluding new investments, were dated 31 December 2023, adjusted for subsequent cashflows over the period to 31 March 2024.

Estimated NAV

At 30 April 2024, PPET's estimated NAV was 763.1 pence per share (estimated net assets £1,170.1 million), representing a 0.5% per share decrease from the estimated NAV at 31 March 2024 of 767.2 pence per share (estimated net assets £1,176.6 million). The 4.1 pence decrease in NAV per share is primarly a reflection of the first interim dividend payment of 4.2 pence per share on 26 April 2024, partially offset by a 0.9% appreciation in the dollar versus sterling during April. The cash cost of the first interim dividend was £6.4 million. The NAV movement also includes the effects of the Company's share buy-back program announced in January 2024 which is currently in effect.

Drawdowns and distributions

PPET paid £14.8 million of drawdowns to existing commitments and received £4.7 million of distributions during the month of April.

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 Latour Capital IV (to fund European Digital Group, a B2B digital services provider) and Seidler Equity Partners VIII (to fund Quantum Storage Systems, a leading designer and manufacturer of industrial storage bins, shelving and organizational systems.).

In addition, PPET funded a secondary investment to a continuation fund committed to during March alongside a leading global healthcare private equity specialist, the details of which remain undisclosed at this time for confidentiality reasons.

The distributions received generated realised gains and income of £3.3 million largely related to realisations in PPET's underlying portfolio of companies, the most notable relating to the partial sale of Eleda (a market leader in infrastructure projects and services in Sweden) by Altor Fund V.

Investment activity

There were no new commitments to announce from the month of April.

Commitments

The Company had £649.0 million of outstanding commitments at 30 April 2024. The Manager believes that around £94.5 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 April, increasing the total drawn balance to £145.2 million at 30 April 2024. The remaining undrawn balance of the facility at 30 April 2024 was therefore £154.8 million.

In addition, the Company had cash balances of £15.7 million at 30 April 2024. Liquid resources, calculated as the total of cash balances and the undrawn balance of the credit facility, were therefore £170.5 million as at 30 April 2024.

Future announcements

The Company is expecting to announce its estimated NAV at 31 May 2024 on or around 18 June 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 or 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