FTSE 250 Patria Private Equity Trust, has released its annual report for the 12 month period ending 30 September 2024. In challenging conditions the Trust delivered a NAV Total Return for the of 2.4%. or 8.8% in local currency. During the period the trust oversaw ealisations of £292.3 million and drawdowns of £163.7 million. 17 new investments were made totalling £195.8 million during the year.

Commenting on the discount to NAV, Chairman Alan Devine said:

“PPET’s share price discount to NAV at 30 September 2024 was 31.4% (30 September 2023: 43.2%) and compares to 35.1% of the weighted average of PPET’s close peer group. Whilst the Board is pleased with the narrowing of the discount during the year, we continue to believe PPET’s discount is too wide and remain focused on initiatives to help narrow it even further.

The Board announced a share buyback programme in January 2024. During the year to 30 September 2024, PPET had bought back 940,128 of its Ordinary Shares into treasury, equating to an aggregate investment of £4.9 million. The programme, which is being funded by a portion of the proceeds from the partial sale of PPET’s direct investment in Action, was instigated by the Board to take advantage of PPET’s share price discount and provide a compelling investment for PPET shareholders. The buyback programme has also had the added impact of contributing to the short-term demand for PPET shares and consequently helping to drive share price performance during the period, adding 1.6 pence per share to our NAV. Since 30 September 2024, the Company has bought back a further 1,240,000 shares.

Going forward, the Board will continue to monitor the programme closely and the evolution of PPET’s share price. We are certainly not content with the current rating, despite it currently being narrower than similar private equity investment trusts, and will continue to assess ways to generate buy-side demand for PPET’s shares and create value for existing shareholders.”

News in full

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