Patria Private Equity Trust posts portfolio growth as euro weakens

Patria Private Equity Trust PLC on Monday reported portfolio growth despite a challenging macroeconomic backdrop, as the euro weakens against the sterling.

The Edinburgh-based private equity investment trust said net asset value per share rose 0.7% to 869.0 pence at June 30 from 862.5p at March 31. Net asset value total return was 1.3%, up from 0.1% in the prior quarter.

Share price total return was 7.2%, outperforming the FTSE All-Share index, which returned 4.7%. PPET said portfolio returns were partly offset by the weakening of the euro against sterling, while a narrowing of the discount to net asset value supported share price performance.

The trust's portfolio return was 2.6% in constant currency terms, swinging from negative 0.3% in the previous quarter. In sterling, the portfolio return was 1.4%.

New investments totalled £52.8 million across three primary fund commitments and two secondary investments. Drawdowns were £57.7 million, while distributions fell to £24.5 million from £43.8 million in the prior quarter, reflecting lower realisation activity amid geopolitical instability and uncertainty in the software sector.

By geography, North America accounted for 24% of portfolio exposure, while the Nordic region and France each represented 16%. Information technology was the largest sector exposure at 24%, followed by health care at 22% and industrials at 19%.

Patria had net assets of £1.27 billion at June 30. Available resources, comprising cash and undrawn credit facilities, totalled £230.7 million, down from £276.7 million at March 31.

The company declared a third interim dividend of 4.6 pence per share, unchanged from the previous quarter.

Looking ahead, Patria expects meaningful realisation activity from its portfolio in the short term. It said the portfolio remains diversified, with 53% of underlying portfolio company value relating to investments made in the past four years. The trust said it expects these investments to support performance over the short to medium term.

Shares in Patria were down 0.7% to 593.76 pence per share on Monday morning.

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