Patria Private Equity Trust - Improved confidence across European PE

Patria Private Equity Trust (PPET) delivered a robust 10.5% NAV total return (TR) over the 12 months to end-October 2025, and an even stronger share price TR of 19.6%, as a result of a narrowing discount to NAV, which is currently still slightly above the 10-year historical average (26.3% vs 25%, respectively). PPET maintained its strong long-term track record, with five- and 10-year NAV TRs to end-October 2025 of 14.9% and 14.5% per year, respectively. PPET's fund distributions in the last 12 months were lower than what we consider a normalised, through-the-cycle level, and were also below its fund drawdowns. However, the trust continues to exhibit a solid balance sheet, supported in part by the receipt of the remaining £98.2m in proceeds from the secondary sale made in 2024. As a result, PPET continues to execute its attractive dividend policy and further buybacks, and maintains a solid investment pace in terms of primary commitments and direct investments. It also carried out a secondary investment recently.

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