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from Edison Investment Research Limited (LON:KEFI)

Edison issues report on Patria Private Equity Trust (PPET)

Edison Investment Research Limited
Edison issues report on Patria Private Equity Trust (PPET)

24-Oct-2024 / 12:25 GMT/BST
The issuer is solely responsible for the content of this announcement.


 

London, UK, 24 October 2024

 

Edison issues report on Patria Private Equity Trust (PPET)

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

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.

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The issuer is solely responsible for the content of this announcement.


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2015571  24-Oct-2024 

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