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.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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