Patria Private Equity Share Discussion Threads

[rambutan2] 22/11/2024 04:20

Presentation from earlier in the week:

[spangle93] 23/10/2024 22:11

Citywire take on today's annoucement

praised the transaction, with Winterflood’s Elliott Hardy calling the sale was a ‘sensible’ capital allocation decision. He added that selling at a discount was standard practice in secondary fund transactions, which should not be viewed the same as disposals of direct investments.

Stifel’s Iain Scouller said the disposal was more of a ‘portfolio tidy-up’ and was a helpful source of liquidity at a time when realisations have been slow for the private equity sector. He added that there could be some good opportunities for reinvestment as activity picks up.

‘Even following this sale, over 40% of the portfolio has a vintage of over four years plus, which continues to represent a future source of liquidity and gains,’ said Scouller.

‘The sale was baked into the June valuations and August NAV of 771.6p and so the discount remains 32%. This sale again highlights the disconnect between the share price and the NAV. We retain our “buy” recommendation.

[rambutan2] 04/10/2024 14:48

Aug nav, with all valuations now at june end quarter. I can smell a bit of optimism in the commentary and across the sector and suspect that we will see a drift up in valuations over the next two quarters.

[rambutan2] 24/6/2024 11:16

Well I'm sure that the chairman is delighted with that share price gain/discount shrinkage, as no doubt he's received plenty of (unfair) flack from shareholders about lack of action etc.

Whilst the nav, as with the whole sector, has only ticked up a tad, the underlying growth remains impressive. I suspect that managers have been conservative in mark ups and at some stage before too long good valuation gains will start to appear and shove up the nav.

[spangle93] 24/6/2024 10:20

Half year report is reasonably optimistic for the medium term, as I read it.

"I am delighted to present the Half-Yearly Report" seems to clash a bit with 2.0% NAV gain, but maybe the chairman has a low delight threshold.

Accretion from share buy-back scheme = 0.7p

Main change is the closing discount, as share price gain was 22.9%

[spangle93] 13/5/2024 06:56

Must be the name change - it was doing really well before that ;-)

The graph in the header looks so ugly

[dickiehh] 12/5/2024 11:44

Why the drop this week? Anyone any ideas?

[rambutan2] 01/5/2024 14:40

From today, new name but same team, but under a new manager, Patria

Alan Devine, the Company's Chair, said:

"As I mentioned at the Company's AGM in March, the Board has undertaken extensive due diligence in respect of the Transaction. We are delighted that the Transaction is not going to result in any changes to: (i) the Company's management and administration services; (ii) the Company's investment management process; or (iii) the personnel managing and servicing the Company.

The Company will now be known as Patria Private Equity Trust plc to align more closely to the Patria brand. This is an exciting period for the Company as we continue to rely upon the existing attributes of our Manager whilst also reaping the benefits of Patria's wider geographical reach and private equity experience thus enabling us to build upon the Company's growth and performance since its establishment in 2001.

The Board is excited for the next stage of the Company's journey, and what Patria's involvement will bring."

[rambutan2] 01/5/2024 14:30

www.patriaprivateequitytrust.com/

The investment objective is to achieve long-term total returns through holding a diversified portfolio of private equity funds and direct investments into private companies alongside private equity managers (“co-investments”), a majority of which will have a European focus.

Previous abrdn Private Equity Opps (APEO) thread:


Previous previous Standard Life Private Equity (SLPE) thread:


Link to the Private Equity thread:


The sector and up-to-date stats:


Annual Report to 30/09/23:


Costs (from 10/04/24 KID):
- 1.13% of direct costs (including the Annual Management Charge of 0.95% of net assets)
- 5.12% of indirect costs incurred in the underlying portfolio. Comprise of carried interest of 3.44%, underlying management fees of 1.31% and other expenses of 0.37%.

Shareholders are invited to email any feedback or questions to the Board at [e-mail]