Edison Investment Research - Standard Life Private Equity Trust (SLPE) Patria Private Equity Trust - Completes a successful £180m secondary sale

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Edison Investment Research

Pedro Fonseca

Patria Private Equity Trust - Completes a successful £180m secondary sale

Patria Private Equity Trust (PPET) has announced that it has completed a secondary sale of a portfolio of 14 older vintage and non-core investments for c €216m (c £180m or 13% of PPET’s end-August 2024 NAV). This represents a minor 5% discount to the carrying value of the sold assets at end-March 2024 (H124) and translates into a robust 1.9x multiple on invested capital and a 16% internal rate of return (IRR). We consider this good news for PPET for several reasons. The sale should allow the trust to repay part, or all, of the currently drawn portion of its credit facility within the next 12 months. It should also provide PPET with additional dry powder for new investments and dividends or buybacks and streamline its portfolio to increase its focus on the private equity (PE) mid-market.

24/10/2024 1 EN

Underlying

Standard Life Private Equity Trust

Standard Life Private Equity Trust carries on business as an investment trust. The principal focus of Co. is to invest in private equity funds and to manage exposure through the primary and secondary funds markets. Co. invests only in private equity funds, but occasionally may hold direct private equity investments or quoted securities as a result of distributions in specie from its portfolio of fund investments. Co. board has contractually delegated the management of the investment portfolio to the manager, SL Capital Partners LLP.

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GB0030474687 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Pedro Fonseca

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Patria Private Equity Trust - Completes a successful £180m secondary sale

Edison issues report on Patria Private Equity Trust (PPET)

Edison issues report on Patria Private Equity Trust (PPET)

Games Workshop Group - A notable acceleration in Q225

Altron - Further margin expansion in H125

Sayona Mining - Catching up with majors

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