QuotedData’s morning briefing 24 June 2024 – PPET, TFIF, HVPE, PINT

In QuotedData’s morning briefing 24 June 2024:

• Patria Private Equity Trust (PPET), formerly abrdn Private Equity Opportunities, has released its half yearly report, providing an update to its NAV performance. PPET has generated a NAV total return of 2.0% for the six months to 31 March 2024, with a current NAV of £1.2m. This equates to a NAV per share of 784.9p, up from 777.7p at 30 September 2023. The value of its underlying portfolio increased by 4.4% over the 6 months, with the trust making £108m in new investments.
• TwentyFour Income Fund (TFIF) has announced that it has changed its AIFM to Waystone Management Company IE Limited.
• HarbourVest Global Private Equity (HVPE) released a NAV update for the month ending 31 May 2024. Its announced a NAV per share of $51.37 (£40.32), an increase of 1.8% in US dollar terms over the previous month. A net $7m was invested into HarbourVest funds by HVPE in May 2024, with $20m invested into new funds and $13m received as distributions. We note that HPVE has announced a updated valuation methodology: “This month we have introduced a change to HVPE’s NAV per share estimate to reflect the introduction of a revised and expedited valuation process with respect to the HarbourVest funds. Whereas previous HVPE policy was to update the valuations of its HarbourVest fund holdings as underlying partnership updates were received, from this month onward HVPE is applying an extrapolation for each HarbourVest fund once approximately 50% of underlying partnership updates have been received. This will improve the timeliness of our NAV per share updates in relation to the most recent quarter-end.”
• Pantheon Infrastructure (PINT) released a NAV update for the three months ending 31 March 2024. PINT’s NAV increased by 2.4p over the quarter to 109.0p, an increase of 2.3% on the NAV of 106p as of 31 December 2023. PINT generated a NAV total return of 4.1% over the quarter, having paid a 2p dividend in the period. Performance was driven by unrealised movements across a number of PINT’s investments, with notable valuation uplifts for GD Towers, Vantage Data Centers, Calpine and CyrusOne.