パトリア・プライベート・エクイティ・トラスト — 回復する欧州PEへの厳選されたエクスポージャー

Patria Private Equity Trust (PPET) delivered a 10.6% NAV total return (TR) in sterling terms in FY25 (ended September 2025), despite the tariff-induced macroeconomic uncertainty that resulted in muted private equity (PE) activity in the first half of 2025. Its FY25 performance was supported by an 8.0% portfolio return, fx tailwinds, as well as NAV-accretive buybacks. This allowed the trust to maintain its strong long-term performance of 13.9% per year over five and 10 years, ahead of public European equites and its PE peer group average. PPET’s balance sheet was strengthened last year by the remaining £98.2m in proceeds from the £180m secondary sale it announced in October 2024. The trust maintained a robust level of new investment commitments in FY25, at £300m (or 25% of opening NAV), including significant commitments to lower mid-market strategies prioritised by the manager. The trust’s shares are currently available at a 28% discount to NAV.