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Overview

Patria Private Equity Trust (LON: PPET), formerly known as abrdn Private Equity Opportunities Trust plc provides access to a diversified portfolio of private equity investments. The Trust’s investment objective is to achieve long-term total returns through holding a diversified portfolio of private equity funds and co-investments, a majority of which will have a European mid cap focus.

The Trust invests in private equity funds by making primary commitments and secondary purchases, and it makes “direct” investments into private companies via co-investments and single-asset secondaries

Patria is a leading alternative investment firm with over 35 years of specialized experience across a range of sectors.With over U$40 billion pro forma assets under management and a global presence, Patria has delivered attractive and consistent returns in long-term investment opportunities.

www.patriaprivateequitytrust.com

Directors

  • Alan Devine (Chairman): Ex CEO Royal Bank of Scotland Shipping Group. 40 yrs+ experience in commercial & investment banking.
  • Diane Seymour-Williams (NED): Held senior positions at Deutsche AM Group over 23 yrs. NED Mercia Asset Management PLC & PraxisIFM Group Ltd
  • Calum Thomson (Snr Ind Dir): Qualified chartered accountant & audit partner at Deloitte LLP. NED, Diverse Income Trust plc, AVI Global Trust plc & Baring Emerging EMEA Opps plc.
  • Dugald Agble (NED): 20 yrs in PE with stints at Nomura Principal Finance Group (Terra Firma Capital Partners), Helios Investment Partners & 8 Miles.
  • Yvonne Stillhart (NED): Co-founding Senior Partner Akina AG, a Swiss PE manager. NED, UBS Asset Management Switzerland Ltd.

Financials

 30 Sep 2023
£~000
30 Sep 2022
£~000
Total capital gains on investments70,562147,940
Profit before finance costs & tax67,700146,596
PBT61,547144,371
Profit after taxation60,963143,611
EPS39.65p93.41p
Balance Sheet30 Sep 2023
£~000
30 Sep 2022
£~000
Investments1,261,9951,192,380
Cash 9,43630,341
Total current assets39,553
31,397
Revolving credit facility(100,883)

(62,012)
Total assets less current liabilities1,195,6431,158,052
NAV PerformanceFeb 2024Jan 2024Dec 2023Nov 2023Oct 2023Sep 2023Aug 2023July 2023
Monthly NAV Estimate (£~m)1,173.11,1511,173.41,170.61,180.11,1831,164.21,138.1
Monthly estimated NAV per share (pence)764.8p748.6p763.2p761.4p767.7769.4757.2740.2

Major Shareholders

  • Phoenix Group Holdings – 56.4%
  • Interactive investor – 4.9%
  • Hargreaves Lansdown – 3.7%
  • Oxfordshire County Council Pension Fund – 3.1%
  • Quilter Cheviot Investment Management – 3.0%

Media Coverage

Investment Week: “Patria Investments’ Alan Gauld: FCA review is an opportunity to dispel private equity valuation myths” (Sep 2024)

The topic of private equity valuations has always generated a debate, particularly so over the last couple of years. While some commentators from outside the private equity sector have questioned private market valuations, our experience is that valuation process and governance in the private equity buyout space have long been robust and have materially improved since valuation methods were first developed decades ago. Buyout firms are still typically selling businesses at a meaningful valuation uplift, yet the misconceptions regarding valuations still, frustratingly, haunt the industry.

Macro Indicators

RSM Global Private equity will remain active in 2023 (Feb 2023)
As we look into 2023, it’s remarkable the types of mixed messages that one receives about private equity (PE) and whether this group of investors will be active or not.

Uncertainty over where the economy is headed is understandably delaying some decisions…However, as was set out in our last market perspectives, about capital availability, there is a significant amount of capital available for private equity investors to deploy. Globally there is $1.2tn (near an all-time high) of what we call private equity ‘dry powder’ that must be deployed by these investors, and any slow down in their investment cadence could jeopardise their ability to invest all the funds that they have committed to do…we expect PE investors to continue to be active investors in 2023 and any companies seeking capital and strategic partners to navigate the current economic climate and make the most of the opportunities that it represents (there is always opportunity in a crisis!) should engage these potential partners.

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