Patria Private Equity Trust : Interim Report to 31 March 2024

Patria Private Equity Trust plc

Half(Formerly abrdn Private Equity Opportunities Trust plc) -Yearly

Report

2024

31 March 2024 patriaprivateequitytrust.com

Company number: SC216638

H A L F - Y E A R LY R E P O R T 2 0 2 4	3

Overview

Introduction to Patria	2
Who we are	4
Our Philosophy	10

Half Yearly Report

Investment Manager's Review

Financial Statements

Corporate Information

patriaprivateequitytrust.com

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Overview

Overview

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Investment Manager's Review

Financial Statements

Corporate Information

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Overview

Introduction to Patria	2
Who we are	4
Our Philosophy	10

Half Yearly Report

Investment Manager's Review

Financial Statements

Corporate Information

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I N T R O D U C T I O N T O PAT R I A

Introducing Patria

Crafting unique investment opportunities for our clients and building a legacy in the regions where we operate.

Patria Investments Limited ('Patria'), which acquired the Company's Manager in April 2024, is a leading alternative investment firm with over 35 years of specialised experience in key resilient sectors. Patria has been listed on the NASDAQ index since 2021. Its unique approach combines its knowledge of investment leaders, sector experts and companies' managers, with on-the-ground local experience. With over U$40 billion pro forma assets under management and a global presence, provides attractive and consistent returns in long-term investment opportunities, while creating sustainable value for

the regions where it operates.

Asset Classes:

Private Equity, Infrastructure, Credit, Public Equities,

Global Private Market Solutions, and Real Estate.

Main sectors:

Agribusiness, Power & Energy, Healthcare, Logistics & Transportations,

Food & Beverage and Digital & Tech Services.

Investment Regions:

Latin America, Europe and US.

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US$40bn	12 Offices
Patria pro forma AUM	global presence
35	April 2024
years of experience	acquired the Manager of Patria
	Private Equity Trust plc

Overview

HalfInvestmentYearly ReManagr'sportReview

Investment Manager's Review

Financial Statements

Corporate Information

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Overview

Introduction to Patria	2
Who we are	4
Our Philosophy	10

Half Yearly Report

Investment Manager's Review

Financial Statements

Corporate Information

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W H O W E A R E

Patria Private Equity Trust plc* ('PPET')

is an investment trust with a premium listing on the London Stock Exchange.

PPET provides investors with exposure to leading private equity funds and private companies, mainly in Europe. It invests in private equity funds by making primary commitments and secondary purchases, and it makes 'direct' investments into private companies via co-investments and single-asset secondaries. Its investment objective is to achieve long-term total returns for investors and

Overview

Launched	FTSE 250
2001	company

£1.2bn	European
net asset value	mid-market
("NAV")*	focused

• As at 31 March 2024

5

Private equity

funds and

direct

investments

Quarterly

dividend

Overview

HalfInvestmentYearly ReManagr'sportReview

Investment Manager's Review

patriaprivateequitytrust.com

its policy is to maintain a broadly diversified portfolio by country, industry sector, maturity and number of underlying investments.

Patria Capital Partners LLP*, a wholly owned subsidiary of Patria Investments Limited, is PPET's alternative investment fund manager ('AIFM') and Manager (the 'Investment Manager' or the 'Manager').

• formerly abrdn Private Equity Opportunities Trust plc and abrdn Capital Partners LLP respectively

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Overview		Investment Manager's Review	Corporate Information
Introduction to Patria	2	The Manager	22	Alternative Performance Measures		Financial
Who we are	4	Investment Manager's Review	24	and Glossary of Terms	58
Our Philosophy	10	Ten Largest Investments	38	Investor Information	62	Statements
Half Yearly Report		Investment Portfolio	40	Contact Addresses	64
	Financial Statements
Chair's Statement	12	(unaudited)

Interim Management Report and
Directors' Responsibility Statement	16	Condensed Statement of
			Comprehensive Income (unaudited) 46
Investment Strategy	18
			Condensed Statement of
			Financial Position (unaudited)	47

Condensed Statement of		Corporate
Condensed Statement of
Changes in Equity (unaudited)	48
Cash Flows (unaudited)	49	Information
Notes to the Financial Statements	50

H A L F - Y E A R LY R E P O R T 2 0 2 4

Overview

Introduction to Patria

2

6

W H O W E A R E CONTINUED

Investment objective

PPET Total Return* Growth Relative to the FTSE All-Share, its Comparator Index

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PPET NAV total return*

PPET total shareholder return*

FTSE All-Share total return

Overview

Who we are	4
Our Philosophy	10

Half Yearly Report

Investment Manager's Review

Financial Statements

Corporate Information

patriaprivateequitytrust.com

PPET's 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, a majority of which will have a European focus.

Notable Figures at 31 March 2024

11.1%	74%	3.6%
Annualised net asset	Underlying portfolio	Annual dividend yield*
value ('NAV') total	companies head-	at 30 September 2023
return* ('NAV TR')	quartered in Europe
since inception in 2001

95bps	22%	31.8%
On NAV (p.a.) Flat	Of the portfolio NAV	Share price discount*
management fee;	is now in 'direct'	to NAV
no performance fee	investments
charged by the Manager

• Considered to be an Alternative Performance Measure. Further details can be found on pages 58 and 59. For definitions, please see Glossary on pages 60 and 61.

Since inception

Ten years

Five years

Three years

One year

0

11.1

9.9

5.5

15.1

13.8

5.8

15.4

12.7

5.4

18.7

10.5

8.0

7.5

8.4

5%

10%

15%

20%

% of total return

34.4

25%

30%

35%

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Overview

Introduction to Patria	2
Who we are	4
Our Philosophy	10

Half Yearly Report

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W H O W E A R E CONTINUED

A diversified portfolio of private equity funds and direct investments into private companies, principally focused on the European mid-market.

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Overview

HalfInvestment

Investment Manager's Review

Financial Statements

Corporate Information

PPET partners with a carefully selected group of leading private equity firms

F U N D I N V E S T M E N T S

PPET commits to funds managed

by these firms, either from the fund's inception (a primary fund) or by buying a fund position from another investor part way through the fund's life

(a fund secondary)

The funds invest into	This approach creates
private companies	an underlying portfolio
	of 714 separate private
	companies, well balanced
	by sector, geography
	and maturity.1

22%

Information technology

19%

Healthcare

19%

Industrials

Yearly Rer'sManagportReview

Investment Manager's Review

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D I R E C T I N V E S T M E N T S

PPET invests directly into private companies alongside the lead private equity investor, either through a co-investment or a single asset secondary investment

14%

Consumer discretionary

10%

Consumer staples

9%

Financials

7%

Other

1. Based on the latest available information from underlying managers. Figures represent percentage of total value of underlying portfolio company exposure.

Financial Statements

Corporate Information

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Overview

Introduction to Patria	2
Who we are	4

10	11
O U R P H I L O S O P H Y

The key pillars that have guided our business for more than two decades and differentiate us.

Overview

Our Philosophy

10

Half Yearly Report

Investment Manager's Review

Financial Statements

Corporate Information

Access

PPET gives investors access to high-quality private equity managers and private companies, within a market that can be complex to navigate

Read more about Access in our Annual Report 2023

>3,900

With over >3,900 private equity firms in Europe*, identifying the best opportunities can be daunting

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Expertise	The Manager has longstanding, specialist	>20 years
	knowledge in European markets	The senior investment manager team has
		on average over 20 years' experience
	Read more about Expertise in our Annual Report 2023	investing in European Private Equity

Investment Manager's Review

Focus

PPET has a carefully selected portfolio of some of the best investments in mid-market private equity

Read more about Focus in our Annual Report 2023

14 core relationships

PPET partners with 14 core relationships, which are some of the leading private equity firms in the market

Financial Statements

Consistency

PPET has a history and track record of more than two decades, based on the foundation of rigorous and disciplined investment analysis. Whilst the name has changed, the Trust's management, strategy, and European focus will all remain the same.

11.1%

PPET's annualised NAV TR† since inception in 2001 is 11.1%

Corporate

patriaprivateequitytrust.com

Read more about Consistency in our Annual Report 2023

• Source: Preqin, as at 31 December 2023.

† Considered to be an Alternative Performance Measure. Further details can be found on pages 58 and 59.

Information

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C H A I R ' S

S TAT E M E N T

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Overview

Overview

Half Yearly Report

Chair's Statement	12
Interim Management Report and
Directors' Responsibility Statement	16
Investment Strategy	18

Investment Manager's Review

Financial Statements

Corporate Information

"Over the six months to 31 March 2024, the share price total return increased by 22.9%."

Performance Highlights

N A V T R * +

Six months ended 31 March 2024

2.0%

Year ended 30 September 2023	5.4%
F T S E A L L - S H A R E I N D E X
T O TA L R E T U R N
SIx months ended 31 March 2024
6.9%
Year ended 30 September 2023	13.8%
S H A R E P R I C E
As at 31 March 2024
535.0p
As at 30 September 2023	442.0p

Alan Devine

Chair

S H A R E P R I C E T O TA L R E T U R N * +

Six months ended 31 March 2024

22.9%

Year ended 30 September 2023

11.7%

N E T A S S E T V A L U E

As at 31 March 2024

£1,203.7m

As at 30 September 2023

£1,195.6m

E X P E N S E R AT I O * +

Six months ended 31 March 2024

1.06%

Year ended 30 September 2023

1.06%

Introduction

I am delighted to present the Half-Yearly Report for Patria Private Equity Trust plc ('PPET' or 'the Company'), for the six months to 31 March 2024 (the 'Period').

Whilst the past six months have continued to be relatively subdued in terms of private equity market activity, carrying on from where we left off at the end of the last financial year, I was delighted to see PPET's strong share price performance. During the Period, PPET delivered a share price total return of 22.9%, assuming dividend reinvestment. I believe that the buyback programme introduced by the Board in January 2024 has helped to support the improved performance of the share price up to 31 March 2024.

PPET has also continued to perform resiliently from an investment point of view, demonstrating the effectiveness of its investment strategy and the quality of its underlying portfolio of growing, cash generative, mid-market private companies.

Manager and Name Change

In October 2023, abrdn plc ('abrdn') announced the sale of its European-headquartered Private Equity business, which included the Company's investment manager, then called abrdn Capital Partners LLP and now called Patria Capital Partners LLP, to an indirect subsidiary of Patria Investments Limited ('Patria'), a global alternative asset manager listed on the NASDAQ index.

The Board undertook extensive due diligence on the proposed transaction with abrdn, Patria and PPET's Manager, to fully understand the impact of the sale, and what it meant for PPET's shareholders.

After several months of detailed work and the completion of the due diligence exercise, I am delighted that the Board was able to consent to the transaction by waiving the 'Manager Change of Control' provisions set out in PPET's Investment Management Agreement. During our work, the Board received assurances from Patria and the Manager that there will be: (i) no change to the management and administration services which are provided to PPET; (ii) no change to PPET's investment management process; and (iii) no change to the personnel managing PPET.

Importantly, we also received comfort that the transaction will be cost neutral for PPET - there are not expected to be additional costs to shareholders because of it.

The sale completed at the end of April 2024, at which point the Company changed its name from abrdn Private Equity Opportunities Trust plc to Patria Private Equity Trust plc.

The share price discount to NAV at 31 March 2024 narrowed to 30.8%.

I know I speak for the entire Board when I say that we are excited to continue to work with PPET's management team and begin working with the wider team at Patria. I believe this transaction will prove to be in the best interests of PPET shareholders, with a re-energised management team backed by a supportive, private markets-specialist in Patria. We have included further information on Patria and its capabilities on page 2 of the interim accounts.

Share Price and Investment Performance During the Period, PPET's share price total return was 22.9% and the share price discount to NAV at 31 March 2024 narrowed to 31.8% (30 September 2023: 43.2%), with the discount ranging between 26.8% and 45.4%. The share price total return outperformed the total return from the FTSE All-ShareIndex, PPET's comparator index, of 6.9%. PPET's share price total return has now outperformed the FTSE All-ShareIndex over 1, 3, 5 and 10 years, and since the inception of the Company in 2001.

As mentioned earlier, the Board announced a buyback programme in January 2024. As at 31 March 2024, PPET had bought back 385,491 of its ordinary shares into treasury, equating to an aggregate investment of £2.0m. The programme, which is being funded by a portion of the proceeds from the partial sale of PPET's direct investment in Action, was instigated by the Board to take advantage of PPET's share price discount and provide a compelling investment for PPET shareholders. However, the programme has also had the added impact of contributing to the short-term demand for PPET shares and consequently helping to drive share price performance during the period.

Turning to the performance of PPET's investment portfolio, PPET has delivered resilient NAV performance during the Period, with a NAV per share total return of 2.0% and net assets at £1,203.7 million. The sharp rise in interest rates in 2022 and 2023 caused uncertainty in the private equity market, with buyers and sellers differing in price expectations and dealmaking activity falling from the record highs seen in 2021 and H1 2022. In that context, PPET's strong performance is testament to PPET's investment strategy, which has remained consistently focused on partnering with a focused cohort of high-quality private

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• Considered to be an Alternative Performance Measure. Further details can be found on pages 58 and 59.
  + A Key Performance Indicator by which the performance of the Manager is measured by the Board.
  For definitions, please see Glossary on pages 60 and 61.

equity firms, predominately in the European mid-market.

Information

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C H A I R ' S S TAT E M E N T CONTINUED

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Overview

Overview

Half Yearly Report

Chair's Statement	12
Interim Management Report and
Directors' Responsibility Statement	16
Investment Strategy	18

Investment Manager's Review

Financial Statements

Corporate Information

patriaprivateequitytrust.com

PPET has paid an enhanced quarterly dividend since 2016.

PPET's underlying portfolio of private companies consists of businesses that are often amongst the market leaders in resilient, less cyclical sub-sectors and, importantly, the vast majority are growing, profitable and cash generative. For example, the top 50 portfolio companies by value in PPET, which equate to 38.2% of NAV, experienced average earning growth over the last twelve months ('LTM') of 22.4% at 31 March 2024.

Further detail on the performance of the underlying portfolio of investments during the period can be found in the Investment Manager's Review on page 24.

Commitments, Investments and Distributions

PPET continues to employ a consistent, long-term approach to new investment activity and capture exposure to the latest vintages of private equity investments, whilst also being prudent and considering the current market conditions. During the Period, PPET made new commitments totalling £108.2 million (31 March 2023: £140.8 million). Specifically, PPET made three new primary fund commitments (£63.9 million), four new direct investments into private companies (£25.7 million), three follow-on investments in existing direct investments (£9.7 million) and committed to one secondary investment (£8.8 million).

Direct investments have continued to grow as a proportion of the portfolio, reaching a portfolio of 30 separate underlying companies and 22% of portfolio NAV (30 September 2023: 26 separate underlying companies and 19% of portfolio NAV). Direct investments often do not attract any underlying fees (whereas private equity funds do) and therefore they have the potential to act as a tailwind to PPET's performance.

PPET overcommits to funds to ensure the most efficient use of its resources, optimise returns and to obtain exposure to the best managers in the mid-market, an approach employed since inception. Outstanding commitments at the Period- end amounted to £663.8 million (30 September 2023: £652.0 million) and are expected to be largely drawn over the next five years. The value of outstanding commitments in excess of liquid resources as a percentage of portfolio value (referred to as the 'over-commitment ratio') was 35.9% at 31 March 2024 (30 September 2023: 35.2%), at the lower end of the Manager's long-term target range of 30%-75%.

PPET received £61.0 million of distributions from investments during the Period (31 March 2023: £83.6 million), a decrease on prior year and a consequence of lower private

equity market activity, particularly in relation to exits. The realised return from the distributions equated to 2.3 times cost (31 March 2023: 2.6 times). Total drawdowns during the Period fell to £86.9 million (31 March 2023: £104.4 million). Whilst drawdowns were higher than amounts received as distributions, it is worth noting that £27.7 million of drawdowns related to new direct investments and fund secondaries (31 March 2023: £20.6 million), where deployment is directly under the Manager's control and discretion.

Liquidity and Bank Facility

From a balance sheet point of view, PPET remains in a comfortable position, with cash and cash equivalents of £27.4 million (30 September 2023: £9.4 million) and £163.3 million remaining undrawn of its £300.0 million revolving credit facility ('RCF') as at 31 March 2024 (30 September 2023: £197.7 million).

Whilst the Company has been more reliant upon its credit facility during the last six months, this was a conscious move to further fund and expand its direct investment book. The direct investment portfolio was introduced in 2019, is still maturing and to date has required upfront cash investment. As it reaches a more mature state, it will become a generator of cash as exits are realised. The Manager believes there will be a number of exits from the direct investment portfolio over the next 12-24 months, which will provide PPET with the opportunity to reduce amounts drawn on the RCF should it be deemed appropriate to do so.

The RCF matures in December 2025, and the Board continues to monitor the size and terms of PPET's debt facility.

Dividends

PPET has paid an enhanced quarterly dividend since 2016, and the Board remains committed to maintaining the value of the dividend in real terms. The dividend is effectively a regular return of capital to shareholders at NAV and I am acutely aware that this is an important feature of PPET for many of its shareholders.

PPET intends to make a total dividend for the year to

30 September 2024 of 16.8 pence per share, representing an increase of 5.0% on the 16.0 pence per share paid for the year to 30 September 2023. PPET has already paid one quarterly dividend of 4.2 pence per share so far this year and the Board has announced a second interim dividend of

4.2 pence per share which will be paid on 26 July 2024 to shareholders on the register on 21 June 2024.

Other Corporate Changes

As I mentioned earlier, PPET changed its name at the end of April. At that time, our company secretarial contract was novated from abrdn Holdings Limited to GPMS Corporate Secretary Limited, an indirect subsidiary of Patria. We also, temporarily, changed registered office to that of our legal advisers, Dickson Minto, at 16 Charlotte Square, Edinburgh, EH2 4DF. We plan to align our registered office with Patria once it has established its permanent Edinburgh office later this year.

Industry Activity

The Board monitors industry activity and, in particular, has closely followed the debate on cost disclosures. The Board fully supports changes to the current regulatory regime and believes that PPET is penalised by current regulation. The inclusion of costs embedded in our underlying investee funds in the overall PPET costs is misleading to investors. PPET's costs appear to be prohibitively high which has led to some platforms, most notably the Fidelity platform, blocking new investors into PPET shares. The Board has sought to engage with Fidelity on its rationale for the blocking and no answers have been forthcoming which

is extremely disappointing. The Board takes this very seriously and is engaged with the wider investment trust industry to continue to put pressure on the government and regulators to address the situation. However, in light of the forthcoming UK General Election, the Board is concerned that any progress made to date, could be subject to delay.

The Board is also aware of industry concerns around valuation, and the expected FCA Valuation Review. The Board engages with the Manager on valuation processes and procedures regularly. The Board believes the rigorous valuation processes employed by the Manager, and scrutinised by the Board, ensures that the PPET published NAV figure is accurate and reflective of the fair value of the underlying portfolio.

Outlook

Market conditions remain challenging with continued levels of uncertainty and risk. That said, the Board and the Manager remain optimistic about the remainder of the year given the improving signs of sentiment, especially the value creation activities of Funds to generate both deal opportunities and distributions. It is evident that Funds are having to think more clearly about margin expansion to help drive more exits and to create the value-add necessary to

access the estimated $1.2 billion of dry powder funding that will help drive more exits. Further, greater clarity on interest rates in both in Europe and US will improve credit conditions, and allow buyers and sellers to price assets with greater certainty to support investor confidence. Our portfolio holds good quality companies, and overall, the Board and the Manager believe that PPET is well-positioned to benefit from improving market conditions alongside

the hands-on portfolio management and value creation activities of Funds.

As mentioned, PPET's investment objective has been consistent over the last two decades, being centred on partnering with a carefully selected group of leading private equity managers, principally in the European mid- market. I do not foresee a material change to that going forward, albeit I expect PPET's focus within the mid-market will continue to evolve more towards the lower end, i.e. companies with an enterprise value at entry of between €100m and €500m. We believe that there is an abundance of attractive private companies in this segment, with clear value creation opportunities and less reliance on leverage and IPOs to generate returns.

It also remains my expectation that direct investments will continue to grow as a proportion of the PPET portfolio, even with the expectation of liquidity coming from that part of the portfolio over the coming year. This increase in exposure should further capture the benefits of their underlying lower costs compared to Funds. Furthermore, the secondary market in private equity is becoming larger and more strategically important with every passing year, and I expect PPET's Manager to continue be active there, both on the buy and sell-side.

Lastly, the Board will continue to monitor the evolution of the PPET share price and, in the event of further sizeable distributions from the portfolio, may look to extend

the current buyback programme. As mentioned, I am encouraged by the Manager's transition to Patria, and the value that it can potentially bring to PPET. The Board and I are looking forward to actively working with both the Manager and the broader Patria team to drive further value for PPET shareholders.

Alan Devine

Chair,

21 June 2024

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I N T E R I M M A N A G E M E N T R E P O R T A N D

D I R E C T O R S ' R E S P O N S I B I L I T Y S TAT E M E N T

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Overview

Overview

Half Yearly Report

Chair's Statement	12
Interim Management Report and
Directors' Responsibility Statement	16
Investment Strategy	18

Investment Manager's Review

Financial Statements

Corporate Information

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Principal Risk and Uncertainties

The Board has an ongoing process for identifying, evaluating and managing the principal risks, emerging risks and uncertainties of the Company.

The principal risks faced by the Company relate to the Company's investment activities and are set out in the Strategic Report contained within the Annual Report for the year ended 30 September 2023 (the '2023 Annual Report').

They comprise the following risk categories:

• Market
• Over-commitment
• Investment selection
• Climate
• Liquidity
• Credit
• Operational

The Board continues to closely monitor the political and economic uncertainties which could affect the global economy and financial markets, particularly the ongoing interest rate risk in both Europe and the US, and the impact of the forthcoming UK General Election US Presidential Election, and French Parliamentary Election. The Board

is also monitoring the potential for an increase in operational risk following the change of control of the Company's Manager.

These factors are addressed in the risk categories set out above and further details on how they are managed and mitigated are provided in the 2023 Annual Report. The Board will continue to assess these risks on an ongoing basis.

In all other respects, the Company's principal risks, emerging risks and uncertainties have not changed materially since the date of the 2023 Annual Report.

Going Concern

In accordance with the Financial Reporting Council's Guidance on Risk Management, Internal Control and Related Financial and Business Reporting, the Directors have undertaken a rigorous review of the Company's ability to continue as a going concern as a basis for preparing the financial statements.

The Board has taken into account; the £300.0 million committed, syndicated revolving credit facility which matures in December 2025; the future cash flow projections, including the impact of stress testing on the portfolio, the ongoing expenses forecasts for the financial year, and the Company's net resources available for investment. The Directors are also mindful of the principal and emerging risks and uncertainties, as disclosed.

Having reviewed these matters, the Directors believe that the Company has adequate financial resources to continue its operational existence for the foreseeable future and for at least 12 months from the date of this Half-Yearly Report. Accordingly, they continue to adopt the going concern basis in preparing the Half-Yearly Report.

Related Party Transactions

As noted in the Chair's Statement, the change of control of the Manager, subsequent to 31 March 2024, has resulted in changes to the Company's related party transactions. Details of the Company's parent undertaking and related party transactions are set out in note 13 to the Financial Statements.

Directors' Responsibility Statement

The Directors are responsible for preparing the Half-Yearly Report, in accordance with applicable laws and regulations. The Directors confirm that, to the best of their knowledge:

• The condensed set of financial statements has been prepared in accordance with Financial Reporting
  Standard 104 (Interim Financial Reporting) and gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Company;
• The Interim Management Report, together with the Chair's Statement and Investment Manager's Report, includes a fair review of the information required by DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial

year and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the year; and

• The financial statements include a fair review of the information required by DTR 4.28R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the financial year and that have materially affected the financial position or performance of the Company during that period, and any changes in the related party transactions described in the last Annual Report that could do so.

The Half-Yearly Financial Report was approved by the Board and the above Directors' Responsibility Statement was signed on its behalf by the Chair.

For Patria Private Equity Trust plc

Alan Devine

Chair

21 June 2024

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