Edison Investment Research - Standard Life Private Equity Trust (SLPE) Patria Private Equity Trust - H124 NAV TR of 2% amid still muted markets

Report

Edison Investment Research

Pedro Fonseca

Patria Private Equity Trust - H124 NAV TR of 2% amid still muted markets

Patria Private Equity Trust (PPET) reported a modest 2.0% NAV per share total return in H124 (ending March 2024) as exit activity in private equity markets remained subdued, suggesting continued buyer cautiousness. Meanwhile, PPET’s share price total return was a strong 22.9% in H124, with the narrowing discount to NAV assisted by, among other things, PPET’s buyback programme (see our March 2024 note for details). Given the trust’s current balance sheet headroom, the board targets an annual dividend of 16.8p for FY24, up 5% versus FY23.

25/06/2024 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 - H124 NAV TR of 2% amid still muted markets

Edison issues report on Patria Private Equity Trust (PPET)

Private Equity: Stick or twist? Avoiding the ‘pig in the python'

Pan African Resources - Analysing H224 and looking forward to FY25

Greencoat Renewables - Efficient capital allocation and increasing demand

Henderson International Income Trust - Buying into the rapid spread of technology

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