Patria Private Equity Trust plc (PPET) has announced a significant extension to its syndicated revolving multi-credit facility agreement, effective from 3 February 2025. The extension, which adds three years to the Loan Facility’s term, increases the available funds from £300 million to £400 million. This move brings two new lenders into the syndicate—Banco Santander, S.A. and State Street Bank & Trust Company—who join existing providers The Royal Bank of Scotland International Limited (London Branch), Société Générale, London Branch, and State Street Bank International GmbH.

NatWest Markets plc will continue its role as facility agent and will also take on the additional responsibility of acting as security agent for the syndicate.

Under the revised agreement, the Loan Facility’s maturity has been extended to 3 February 2028, with the option to extend for up to two additional years. As of 31 December 2024, the facility was drawn to £90.1 million, leaving an undrawn balance of £209.9 million. With the expanded facility, the undrawn balance will increase to £309.9 million.

The financial terms include a margin of 2.6% on drawn funds and a commitment fee on non-utilized amounts ranging from 0.8% to 0.9%, depending on utilization. Additionally, an annual fee of 0.35% will be payable.

Alan Devine, Chair of the Board, emphasized the importance of the enhanced facility in supporting the trust’s investment strategy. “PPET continues to have a strong pipeline of investment opportunities to support portfolio growth in primary funds, fund secondaries, and direct investments. The extended Loan Facility enables PPET’s Manager to manage the Company’s cash flows and, if needed, draw on the sums available to take advantage of new investment opportunities. The Board is delighted with the continued support from RBSI, Société Générale, and State Street, and welcomes Banco Santander to the syndicate.”

Below is an interview with Alan Gauld, a Senior Investment Director at the Trust, who provides an overview of PPET’s investment strategy and objectives