Edison issues report on Patria Private Equity Trust (PPET)

London, UK, 20 December 2024

Edison issues report on Patria Private Equity Trust (PPET)

Edison issues report on Patria Private Equity Trust (LSE: PPET).

Patria Private Equity Trust’s (PPET’s) distributions from its primary fund investments have increased recently, supported by a revival in private equity (PE) deal activity. Its portfolio valuations continue to be validated by uplifts upon exits, which in the nine months to end-June 2024 averaged 23.3% (in line with the long-term average of 25%). Valuations and liquidity were also assisted by the successful £180m secondary sale in October 2024 at a limited 5% discount to carrying value. While PPET’s 12-month NAV total return (TR) to end-October 2024 (based largely on end-June 2024 valuations) was muted at c 2% (broadly in line with peers), it posted five-year and 10-year NAV TRs of 15.0% and 14.6% pa, respectively. This was well ahead of listed equities in the UK and continental Europe and also above the MSCI World Index’s TR of c 13% pa in sterling terms. However, PPET’s current discount to NAV is 28% (above the 10-year average of 24%).

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