Patria Private Equity Trust PLC on Monday reported limited growth as market conditions remain challenging.
The investment trust, formerly known as abrdn Private Equity Opportunities Trust PLC, offers exposure to private equity funds and private companies, mainly in Europe.
In the six months ended March 31, net asset value stood at 784.9 pence per share, up 2.1% from 768.4p last year.
NAV total return rose 2.0%, compared to 3.0% last year, therefore underperforming the FTSE All-Share Index which returned 6.9% over the period.
During financial 2024 so far, the trust has announced two 4.2p quarterly dividends and management intends to pay a total dividend of 16.6p, up 5.0% from 16.0p.
Looking ahead, PPET said market condition remain challenging with continued levels of uncertainty and risk.
However, management remains optimistic about the remainder of the year ‘given the improving signs of sentiments’ and improving credit conditions in Europe and the US as rates return to more normal and lower levels.
‘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,’ said Chair Alan Devine.
PPET shares were up 0.5% to 555.49 pence each in London on Monday morning.
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