Patria Private Equity Trust Overview and Financial Data

Patria Private Equity Trust is a unique investment opportunity that allows individuals to invest in private equity funds.

It was established in 2016 to provide investors with access to a diversified portfolio of private equity funds.

Patria Private Equity Trust is listed on the Irish Stock Exchange and the London Stock Exchange, making it accessible to a wide range of investors.

The trust has a total net asset value of €1.3 billion, as of the end of 2020.

Patria Private Equity Trust has a strong track record of performance, with its NAV per share almost doubling over the last five years and almost tripling over the last 10.

According to Figure 17, its 5-year NAV total return performance is an impressive 100.4%, significantly outperforming its listed European small cap peers.

PPET's underlying portfolio has reported robust NAV growth, generating returns of 8.8% in local currency terms, despite the depreciation of the euro against sterling.

Here's a summary of PPET's performance over different time periods:

PPET's share price has also been supported by proactive measures from its board, including the implementation of a share buyback programme in January 2024.

The price of Patria Private Equity Trust Plc (PPET) is based on estimated NAV, but it will be updated with actual NAV when available. This means we can't rely on exact figures, but we can get an idea of the trends.

The share price discount to NAV narrowed at the start of 2024, coinciding with the announcement of PPET's share buyback programme. This is a positive sign for investors.

Here's a rough idea of how the price has changed over time:

Note that these figures are based on the previous close price, and past performance is not an indication of future performance. It's essential to keep this in mind when making investment decisions.

PPET reported NAV per share of 782.2p and total NAV of £1.2bn as of 31 December 2024. This is up 2.4% on a per-share basis from the previous report.

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The cumulative total return performance of Patria Private Equity Trust Plc (PPET) as of 31 January 2025 is a key indicator of its investment success. PPET's NAV has almost doubled over the last five years and almost tripled over the last 10.

Figure 17 provides a clear breakdown of PPET's cumulative total return performance over various periods. Here are the key takeaways from the figure:

PPET's NAV has consistently outperformed the LPX Europe, MSCI Europe, and MSCI Europe Small Cap indices over the past 5 and 10 years. This is a testament to the success of PPET's highly diversified approach to private equity investing.

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PPET pays a base management fee of 0.95% per annum of its total net assets, with the total investment management fee for the year ended 30 September 2024 being £11.4m.

The ongoing charges ratio (OCR) was 1.06%, in line with the previous year. The investment management fee is allocated based on a 90:10 capital/revenue split.

GPMS Corporate Secretary Limited and IQ EQ Administration Services (UK) Ltd provide company secretarial services and administrative services to PPET, respectively, with fees adjusted annually in line with the retail price index (RPI).

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The fees and costs associated with PPET are transparent and competitive. The investment management fee is 0.95% per annum of the total net assets.

This fee is broken down into a base management fee and other costs. The base management fee is also 0.95% per annum, allocated on a 90:10 capital/revenue split.

PPET's investment management agreement does not include a performance fee, which means investors won't be charged extra for good performance. This is a key consideration for investors who want to avoid performance-related fees.

The total investment management fee for the year ended 30 September 2024 was £11.4m, a slight increase from the previous year's £11.2m. The ongoing charges ratio (OCR) was 1.06%, in line with the previous year.

The investment management fee is paid to Patria, the manager of PPET. The fee is adjusted annually in line with the retail price index (RPI), a measure of inflation. This ensures that the fee remains competitive and aligned with the manager's costs.

Here's a breakdown of the key costs associated with PPET:

Overall, PPET's fees and costs are competitive and transparent, making it an attractive option for investors who want to minimize their costs while still achieving good returns.

PPET pays dividends in January, April, July, and October of each year.

The quarterly dividend rate has increased by 5% year-on-year, with a current rate of 4.2p per share.

For the year to 30 September 2024, PPET paid a total dividend of 16.8p per share, representing a 5.0% increase on the previous financial year.

This dividend consisted of four quarterly payments of 4.2p per share, providing a steady stream of income for shareholders.

As of 11 February 2024, the dividend yield for PPET was 3.0%, indicating a relatively attractive return on investment for shareholders.

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PPET has a simple capital structure with just one class of ordinary shares. This means there's no complexity in its shareholder base.

As of 31 January 2024, there were 151,566,166 shares in issue. This is a significant number, and it's interesting to note how this affects the company's decision-making processes.

One shareholder, Phoenix Group Holdings, owns over 50% of PPET's shares. This level of ownership can have a significant impact on the company's direction.

However, under an agreement between Phoenix Group Holdings and the trust, it has agreed not to seek to exercise its vote nor take actions that would prevent PPET from carrying on an independent business. This is a significant protection for minority shareholders.

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Patria Private Equity Trust is a UK-based investment trust that was incorporated in 2001. The company's investment objective is to achieve long-term total returns through a diversified portfolio of private equity funds and direct investments.

The trust provides investors with exposure to private equity funds and private companies, mainly in Europe. It commits to private equity funds on a primary basis and acquires private equity fund interests in the secondary market.

Here are some key facts about Patria Private Equity Trust:

The trust is managed by Patria Capital Partners LLP, and its lead manager is Alan Gauld, a senior investment director with extensive experience in private equity.

Patria Private Equity Trust plc is a United Kingdom-based investment trust with a clear investment objective: to achieve long-term total returns through a diversified portfolio of private equity funds and direct investments.

The company provides investors with exposure to private equity funds and private companies, mainly in Europe, allowing them to tap into the growth potential of the region.

Patria Private Equity Trust plc was incorporated in 2001, and since then, it has been committed to delivering long-term returns to its investors.

The company's investment manager is Patria Capital Partners LLP, which oversees the trust's investment strategy and portfolio.

Here are some key facts about the company:

The company is headquartered in Edinburgh, Scotland, and can be contacted via phone at +44 131 245 0055 or through its website, https://patriaprivateequitytrust.com/.

The board of directors at PPET is made up of five non-executive directors, all of whom are considered independent of the investment manager.

These directors are responsible for overseeing the company's operations and making key decisions. They are all highly experienced individuals with a wealth of knowledge in their respective fields.

Here are the details of each director:

The longest-serving director is Alan Devine, who has been a member of the board for 10.7 years.

PPET's financial year-end is 30 September.

The company releases its annual results in January, so you can expect to see the latest annual report around this time.

Interim results are typically released in June, giving you an update on the company's progress halfway through the financial year.

PPET usually pays dividends in January, April, July, and October of each year.

The Net Asset Value (NAV) is a crucial metric for investors. It's the total value of a fund's assets minus its liabilities.

The estimated NAV of a particular fund is 794.17p, while the latest actual NAV is 813.40p, as of 31 August 2025.

The NAV frequency for this fund is monthly.

Here are the top 10 holdings in the fund, listed in order of their weight:

The premium/discount for this fund is -29.36% as of 31 August 2025.

PPET's financial year-end is 30 September.

The company usually pays dividends in January, April, July, and October of each year.

Interim results are typically released in June.

The most recent annual results were released in January.

The most recent AGM was held on 27 March 2024.

As of 30 September 2024, PPET has a broadly similar country and sector allocation to when it was last published.

PPET remains well diversified across regions and sectors, but it still shows a strong preference for northern Europe.

Northern Europe takes up a significant portion of PPET's geographic exposure, reflecting its focus on this region.

PPET also shows a preference for less-cyclical businesses, such as those in healthcare, technology, consumer staples, and high-end industrials.

Business-to-business services and industrial tech are examples of high-end industrials that PPET has a strong interest in.

PPET's outstanding commitments have been decreasing, with a significant drop from £665.0m in September 2024 to £658.1m in December 2024.

The over-commitment ratio has also decreased, from 37.7% in September 2024 to 28.1% in December 2024.

This is down from the long-term average and the bottom-end of its target range of 30% to 65%.

Here's a breakdown of PPET's outstanding commitments over the past few years:

PPET has a target range for outstanding commitments, which is 30% to 65% of net assets. The current over-commitment ratio of 28.1% is at the low end of this range, indicating that PPET has a significant amount of flexibility to make new commitments.

Patria Private Equity Trust's investment strategy focuses on achieving long-term total returns through a diversified portfolio of private equity funds and direct investments in private companies.

The trust aims to allocate 35% of its portfolio to direct investments, which should reduce its underlying fees. This shift in allocation reflects the trust's good performance and portfolio changes.

The trust's portfolio is comprised of 15 core European private equity firms, which make up 69% of the fund's NAV as of 30 September 2024.

Patria Private Equity Trust's investment objective is to achieve long-term total returns through a diversified portfolio of private equity funds and direct investments.

The trust targets returns of 1.7x cost/15% IRR on primary transactions as a minimum. This is achieved through six to eight new primary fund commitments of around €30-35m each year.

PPET's portfolio is well-diversified by vintage, with 40% of the underlying portfolio over four years old. This allows for greater flexibility and reduces concentration risk.

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The trust has a broadly similar country and sector allocation to when we last published. A strong preference for northern Europe and less-cyclical businesses is still evident.

PPET's portfolio is allocated as follows:

The trust has made nine new direct investments over 2024, including investments in European Digital Group, Chanelle Pharma, and Clean Biologics.

Our portfolio has experienced a significant shift in valuations over the past 12 months. The average valuations of the top 10 and top 30 companies have increased by 2.2x and 2.0x respectively, while the valuation of the top 50 fell by 0.5x.

This increase in valuations may be attributed to the expected recovery in European private equity activity, which has led to higher bid prices for companies. As a result, higher-quality companies can command a higher multiple, making them more valuable.

The portfolio has also seen a reduction in overall leverage, with the average debt level of its top 50 holdings decreasing by 0.5x since our last note. This reduction in debt is a positive trend, indicating that the portfolio is becoming more stable.

Here's a breakdown of the top 50 holdings' valuation multiples:

Distributions have once again exceeded drawdowns, indicating that the portfolio is performing well. This is a positive sign, as it suggests that the portfolio is generating more income than expected.

Patria Private Equity Trust has a market capitalization of around €1.4 billion, making it a significant player in the private equity market.

The trust is listed on the Euronext Growth Oslo stock exchange, giving investors access to a liquid market.

Patria Private Equity Trust has a net asset value (NAV) of approximately €1.3 billion, providing a solid foundation for its investment activities.

The trust's investment strategy focuses on Nordic private equity, with a target investment size of €50 million to €100 million per company.

Patria Private Equity Trust aims to generate returns through a combination of capital appreciation and dividend payments, providing a stable income stream for investors.

The trust has a dividend yield of around 5-6%, making it an attractive option for income-focused investors.

Patria Private Equity Trust has a strong track record, with a net return on investment of around 15% per annum since its inception in 2015.

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As a shareholder, it's essential to know the basics about the directors who oversee Patria Private Equity Trust (PPET). The longest-serving director is Alan Devine, who has been providing 10.7 years of service as chair.

The average length of service for all directors is 6.5 years. This suggests that PPET has a relatively stable board, with most directors having been in their roles for several years.

Each director is paid an annual fee, with the average fee being £53,800. The highest annual fee is £74,000, paid to Alan Devine.

Here's a breakdown of the average director's compensation:

At the last AGM in March 2024, shareholders approved an increase in the limit for the aggregate fees paid to directors from £350,000 to £450,000. This change will provide headroom for future succession planning.

Before investing in Patria Private Equity Trust, it's essential to review the Key Information Document (KID).

This document provides critical information about the trust, including its investment objectives, risks, and costs. You should read it carefully to make an informed decision.

To stay up-to-date with the trust's governance, you can refer to the Important Documents section, where you'll find the Key Information Document (KID).

The board of directors at PPET is comprised of experienced individuals with varying levels of service. Alan Devine, the chair, has provided 10.7 years of service.

The average length of service for the directors is 6.5 years, indicating a good balance of veteran and new members. This average is calculated based on the years of service of each director.

Here's a breakdown of the directors' service length:

All directors stand for re-election annually, ensuring that the board remains up-to-date and accountable. This process helps to maintain the integrity and effectiveness of the board.

Before investing, it's crucial to read the Key Information Document (KID). This document provides essential information about the investment, helping you make an informed decision.

In some cases, this document may be the only one you need to review before investing. However, it's always a good idea to double-check and make sure you're familiar with the terms and conditions.

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The Key Information Document (KID) is a requirement for certain types of investments, so it's always a good idea to check if it's applicable to your situation.

Here are some key documents to keep in mind:

Remember, reading the right documents can save you a lot of trouble in the long run.