25 years and going strong

Private equity has been operating through an unusually difficult period, which has been extended by war in the Middle East and the ongoing debate around the impact of artificial intelligence on software valuations – slowing M&A activity and delaying exits. Against this backdrop, Patria Private Equity Trust (PPET) has delivered strong NAV total returns, beating its peer group hands down over the past 12 months (see the performance section), helped by some notable exits (see asset allocation section) – marking its 25th anniversary in style.

Despite the headwinds, PPET’s manager remains constructive on the outlook, emphasising that the underlying performance of portfolio companies remains strong, with healthy revenue and earnings growth continuing across much of the portfolio. It also believes that this period of uncertainty has created attractive investment opportunities by reducing entry valuations and sees the last two to three years as potentially strong private equity vintages. To this end, the company has continued to deploy capital through the cycle and should be rewarded when exit activity normalises and valuation confidence returns.

Private equity fund of funds with a European bias

PPET aims to achieve long-term total returns through a diversified portfolio of leading private equity funds and direct investments, the majority of which will have a mid-market European focus.

Source: Bloomberg, Marten & Co

Fund profile

Read more about the trust on its website: patriaprivateequitytrust.com

PPET invests in leading private equity funds and private companies in Europe. It makes primary commitments to and secondary purchases of private equity funds (mostly limited partnership vehicles, LPs), and it also makes “direct” investments into private companies via co-investments and single-asset secondaries.

The private equity sector has an enviable long-term track record and PPET is no exception to this. However, most investors cannot access the asset class directly. Listed private equity vehicles such as PPET allow anyone exposure to private equity through a liquid listed vehicle that can be bought and sold on a daily basis.

Mid-market deals consistently outperform large- and mega-cap LBOs

The underlying companies that PPET backs tend to be growing, cash generative businesses in the mid-market range (companies with an EV of €100m–€1bn), which PPET’s manager says is under-serviced by the private equity industry when compared to the large- and mega-cap space. This means that not only is there less competition for the highest-quality companies, but the companies have greater opportunity for value creation and less reliance on IPO as an exit route. This gives PPET an edge, given its longstanding relationships with Europe’s mid-market-focused managers.

Patria says that the returns on mid-market deals tend to beat market averages. It quotes an Preqin report that found small- and mid-market funds outperformed larger buyout funds by a median 266bps on a net IRR basis and a +0.1x net TVPI. Patria also observes that there is a deeper pool of potential investments than in the large cap segment, entry prices tend to be lower, there are more opportunities to create value, and there is greater optionality around exits for firms of this size.

The trust turns 25 years old this year, having been launched in 2001 as Standard Life European Private Equity (later Standard Life Private Equity and then abrdn Private Equity Opportunities). In April 2024, Aberdeen Group Plc sold its European private equity business to Patria Investments, and the company changed its name once more. The senior team managing the portfolio, led by Alan Gauld, was unchanged, but it now benefits from the greater resources that Patria can offer; Patria Investments has AUM of about $60bn.

Market update

Concerns over AI disruption of software businesses has hit valuations

Concerns around AI disruption of software businesses have intensified this year after Anthropic launched a range of productivity tools that compete with existing software programmes. This has led to an indiscriminate sell-off of software stocks and impacted on the valuation of private companies in this sector and, in turn, private equity trusts with exposure to them. This includes PPET, which has around a fifth of its portfolio exposed to software companies.

Figure 1: MSCI Europe and MSCI Europe Small Cap total return

Source: Bloomberg, Marten & Co

Figure 2: MSCI Europe Software Index

Source: Bloomberg, Marten & Co

PPET’s manager believes that the sell-off has been too broad-brush, with the whole software sector treated as one and the finer detail ignored. For example, its states that the type of software, the customer it serves, and the data set it uses all determine how exposed any given business is.

Broad brush software sell-off ignores nuances across the sector

It says that disruption potential is real in application software – the tools that run day-to-day workflows, serve customers and manage operations – citing contact centres where AI conversation agents have already replaced swathes of human agents and adoption is only expected to accelerate. However, it stresses that others in the software sphere are well protected.

Consistently overlooked, the manager believes, is the meaningful barrier to disruption that proprietary and regulated data holds and that large language models alone cannot easily replicate. In “high-stakes” business processes – such as those in financial services, healthcare and legal sectors – certainty, auditability and regulatory compliance have created a competitive advantage and make them less vulnerable to disruption from general-purpose AI models. This has reinforced their competitive advantages, the manager says.

Significant uncertainty in software valuations now exists. Until it becomes clearer which companies will benefit from AI adoption and which may be disrupted by it, valuations are likely to remain volatile. And whilst this will slow transaction activity in the near-term, PPET’s manager believes that businesses that successfully integrate AI into trusted software platforms are likely to strengthen their competitive positions and create significant value in the long-term.

Software buyouts at lowest level since Covid

Unsurprisingly, deal activity in the sector has dried up. Buyouts in the software sector have fallen to their lowest levels since Covid, with just $50bn recorded in the first five months of 2026, from $88bn in the same period last year, according to PitchBook. As Figure 3 shows, deal activity has rotated out of software and into industrials.

Figure 3: Deal activity by sector (deal count)

Source: Preqin

Despite software valuations having contracted, PPET has continued to commit capital to specialist technology investors, including software-focused private equity managers such as Hg and Expedition, stating that a compelling investment thesis is forming. It believes that attractive opportunities remain available across the sector and that these private equity firms have proven skills in identifying businesses capable of embedding AI within existing workflows and delivering tangible productivity improvements to customers.

Around a fifth of PPET’s portfolio is exposed to software companies which may mean that it is, in effect, starved of an exit opportunity in the near term. For example, uncertainty put paid to the planned London IPO of Norwegian software company Visma this year, which was PPET’s third-largest holding at the end of 2025.

Exit opportunities scarce

War in the Middle East is the latest global event to have impacted the private equity exit landscape, with the market also contending with inflation, higher interest rates, war in Ukraine, and tariff uncertainty in recent years. Pricing has softened during the past few years, with the implied cash yield for global buyout funds averaging 14.2% between 2022 and 2025, compared to 26.5% between 2013 and 2021, according to Preqin.

Lower entry valuations and less competitive deal environments improve future return profile

PPET’s manager stresses that the prolonged period of uncertainty that has impacted market liquidity and valuation confidence has not yet affected business fundamentals, with PPET portfolio companies continuing to deliver healthy revenue and earnings growth. Among its top 100 underlying portfolio companies, the average revenue growth over the 12 months to 30 September 2025 was 12.4% and the average EBITDA growth over the same period was 13.1%.

Although geopolitical events may delay exits and reduce short-term liquidity, the manager states that periods of uncertainty improve future investment opportunities by creating lower entry valuations and less-competitive deal environments, while giving investors more time to conduct detailed due diligence. In its view, some of the strongest private equity vintages are created during periods when market sentiment is weak and transaction activity is subdued.

This is why PPET has continued to invest during this period (see page 13 for details of recent transactions), balanced with other capital allocation objectives including share buybacks.

Investment process

PPET’s board oversees strategy, provides guidance to the manager, and challenges the investment approach at least annually, while day-to-day management is delegated to Patria Capital Partners.

PPET’s portfolio construction committee drives the top-down element of the investment process

The investment process combines top-down and bottom-up analysis. A semi-annual Portfolio Construction Committee (PCC) assesses the European macroeconomic environment, shaping long-term asset allocation and geographic focus. Although allocation changes gradually, the PCC develops country-level convictions on where the strongest opportunities exist.

PPET’s European remit includes the UK. The manager estimates its universe contains around 1,500 European private equity funds, of which roughly 800 are considered “institutional grade” and theoretically suitable. Through origination efforts and regional specialists, PPET tracks these funds closely. Since European private equity firms typically raise capital every three to five years, around 150 funds are reviewed annually, though only a small number pass the screening process.

PPET identifies around five to 10 preferred funds in each market, with the strongest candidates forming the investment pipeline. The strategy has a bias toward northern Europe, where private equity markets are most developed. Detailed due diligence generally lasts around three months for primary fund investments, and one month for secondaries and direct investments.

PPET looks for “operational alpha”

A key selection principle is “operational alpha” — the value created by managers actively improving portfolio companies rather than acting as passive financial investors. Preferred managers typically possess substantial in-house industrial expertise that can support portfolio businesses. PPET also evaluates whether managers have differentiated strategies or sourcing capabilities, as well as strong and experienced investment teams. Sector specialists with consistent strategies are favoured, while any strategic or size drift may trigger a review. The manager also avoids excessive concentration risk within fund portfolios.

PPET looks for motivated and stable underlying managers

Team stability and alignment are important considerations. PPET prefers motivated managers with strong succession planning and generally avoids firms operating an “investment bank” model, where staff turnover is often higher. Whilst the manager reviews a broad range of fund sizes and managers, its focus is on companies with enterprise values between €100m and €1bn.

Historical performance is analysed carefully, albeit recognised as backward looking and comprises only around 20% of a manager’s score. A high proportion of loss-making investments is viewed negatively, though the manager acknowledges that some losses are inevitable in private equity and prefers managers that demonstrate learning and improvement over time.

Long-term bias towards Europe

Although PPET is not exclusively focused on Europe, it maintains a strong long-term preference for European companies, where the manager sees a deep pool of family and founder-owned businesses that private equity firms can help to further grow. The team believes Europe’s fragmented landscape — including differences in language, culture, and regulation — creates barriers to entry that favour established firms with local presence over competitors using a “fly-in” model. This often reduces competition in the European mid-market and allows acquisitions at more attractive entry valuations. Europe is also viewed as a leader in ESG, with European private equity firms generally at the forefront of industry practices.

Fees on the underlying funds

PPET focuses on potential returns, net of fees

PPET devotes significant attention to analysing fund structures, ensuring fees are market-standard, managers are appropriately incentivised, and interests are aligned with investors. However, investment decisions prioritise the best risk-adjusted net returns after fees, rather than simply the lowest headline costs.

PPET itself does not charge a performance fee in addition to the fees paid to underlying managers. More detail on PPET’s fee structure can be found on page 19.

Managing commitment levels

PPET carefully manages over-commitments to minimise cash drag. Total outstanding commitments were £836.0m at the end of March 2026

Patria manages the portfolio to maintain a diversified maturity profile, using detailed cash flow modelling to forecast drawdowns and distributions. The manager does not hedge currency exposure, believing the cost outweighs the potential benefit. Uninvested cash is held in euros, sterling, or US dollars to reflect underlying exposures. We discuss the fund’s borrowing facilities on page 20.

PPET has followed an over-commitment strategy since inception in 2001. As of 31 March 2026, outstanding commitments totalled £836.0m, although approximately £82.3m is considered unlikely to be drawn.

Portfolio construction

PPET targets returns of 1.7x cost/15% IRR

The investment process typically results in six to eight new primary fund commitments annually, each around €30m. Target net returns are at least 1.7x invested cost over the investment life and a 15% IRR.

Figure 4: PPET’s investment cycle

Source: Patria

Secondaries and direct investments

Secondaries were previously a growing component of the portfolio, but their weighting has declined in recent years as PPET has increased its focus on direct investments. In these transactions, PPET invests directly alongside underlying private equity firms rather than solely through LP fund commitments. At the end of December 2025, direct investments made up 28% of the portfolio.

Direct investments and secondaries provide several advantages: greater control over deployment timing, the ability to invest later once a company’s progress is clearer, more targeted exposure to attractive sectors or specific deals, and lower look-through ongoing charges because these investments typically involve lower or no management fees.

The portfolio is monitored closely. PPET team members often sit on fund advisory boards, providing strategic oversight without participating in day-to-day management, and meet underlying managers quarterly. The manager says that it receives a high level of transparency into underlying portfolios, although not all company-level information can be disclosed publicly. Instead, PPET publishes aggregate metrics such as earnings growth and leverage levels.

PPET generally holds investments to maturity but may sell positions in the secondary market if expected returns fall below target levels or if it believes maximum value has already been realised.

Asset allocation

PPET’s portfolio was valued at £1,412m at the end of December 2025, providing exposure to more than 700 underlying companies, with a continued focus on mid-market investments.

As of the end of 2025, 63% of the fund’s NAV was invested in LPs managed by 17 core European private equity managers, which comprise the primaries component of the portfolio. The weighting towards direct investments has steadily increased over the last few years to 28% across 37 companies at the end of 2025. The manager says that direct investments provide a more concentrated exposure to the team’s highest-conviction portfolio companies while lowering fee drag, because co-investments typically come with no fee or carried interest attached. It intends to continue increasing its exposure to direct investments, arguing that if executed well, they should perform better than primary fund investments.

Figure 5: NAV split by holding period at 31 December 2025

Source: PPET

Figure 6: NAV split by investment type at 31 December 2025

Source: PPET. Note: Does not sum to 100 due to rounding.

The portfolio remains well-diversified by vintage, with around 62% of the underlying portfolio (including 22 direct investments) held for four years or more, with around a quarter have been held in excess of five years old (this being the sweet spot for realisations). This represents approximately £885m of portfolio value that is theoretically “ripe for exit” when market conditions improve.

Whilst it remains well-diversified across region and sector, it still shows a strong preference for northern Europe, as well as a preference for less-cyclical businesses such as those in healthcare, technology, consumer stables, and industrials.

Figure 7: Sectoral exposure (%), 31 December 2025

Source: PPET

Figure 8: Geographic exposure (%), 31 December 2025

Source: PPET

At the end of September 2025, the 100 largest underlying companies accounted for 60.3% of PPET’s portfolio. The median valuation multiple (EV/EBITDA) of these companies was 13.7x. The median leverage multiple (debt/EBITDA) was 3.9x. The average revenue growth over the last 12 months was 12.4% and the average EBITDA growth over the same period was 13.1%.

Figure 9: PPET portfolio over the 12 months to 30 September 2025

Source: Patria

Top 10 fund exposures

Changes to fund allocations tend to be driven by realisations, the pace of reinvestment, and the frequency of revaluation by the underlying managers. There are two new names in the top 10 since our last note: Investindustrial VII and Nordic Capital Evolution Fund.

The €3.8bn Investindustrial VII fund launched in 2019 and at the end of September 2025 held 13 companies. It targets mid-market companies within the industrial manufacturing, healthcare and services, and consumer sectors, with a particular focus on Southern Europe. Its largest portfolio companies include crane manufacturer Fassi Group, and Italian food and retail chain Eataly. PPET had an outstanding commitment of £7.1m to the fund at the end of September.

Nordic Capital Evolution Fund raised €1.2bn in 2021 with a focus on mid-market growth companies across northern Europe in sectors such as technology, healthcare, and financial services. At the end of September, it held 11 companies including Swedish multidisciplinary installation group Hjo Installation and fintech Qred. PPET had an outstanding commitment of £4.1m to the fund at the end of September.

Figure 10: 10 largest private equity funds, as at 30 September 2025

Source: PPET

New fund commitments

Over the six months to end March 2026, PPET made three new fund commitments for a total commitment of €84m, comprising:

• A €25m primary investment into Triton Smaller Mid-Cap III – a Pan-European lower mid-market fund focused on majority buyouts in business services, industrial tech, and healthcare sectors.

• A €42m commitment to Patria CoInvestment Partnership Fund I – a fund focused on European midmarket coinvestments and managed by PPET’s manager Patria. Commitments to the fund are excluded from the calculation of PPET’s management fee to avoid double charging.

• A €17m primary fund commitment to One Peak Growth IV, a Pan-European fund focused on the technology sector.

Other commitments

PPET made a second tranche payment of £7m for the secondary transaction of Project Captain, a diversified portfolio of 13 fund interests and one direct investment.

Underlying holdings

Figure 11 shows PPET’s 10 largest underlying holdings at the end of 2025. Since then, PPET has made the partial sale of its direct investment in Action, generating proceeds of £19.1m, roughly halving its exposure to the discount retailer. PPET’s manager says that it took advantage of a liquidity window (as it also did in 2023) to right-size the investment within its portfolio, rather than selling on company fundamentals.

The manager believes Action’s growth prospects remain strong – despite recent softness in France and Germany and question marks over its expansion into the US – and so has maintained a sizable exposure to participate in future upside. The realisation was achieved at 100% of the 31 December 2025 valuation.

PPET’s underlying holding in another food retailer – Spanish grocer Uvesco – was fully exited through the sale to a Spanish consortium in February.

Figure 11: 10 largest underlying holdings, at 31 December 2025

Source: PPET

Between the publication of our last note (which used data as at the end of March 2025) and the end of 2025, there were four new entrants into PPET’s top 10 underlying holdings: Vitrea, NOBA, Trioworld and Groupe NGE. These replaced European Camping Group, Froneri, CDL Nuclear Technologies and access.

Vitrea is a leading pan-European rehabilitation provider, serving more than 100,000 patients per year through 75 facilities across Germany, Austria, Switzerland and the Czech Republic.

NOBA is a digital consumer bank operating across the Nordics and parts of Europe. The company focuses on consumer lending, savings products, mortgages, credit cards, and SME financing, with an emphasis on flexible, customer-centric financial services.

Trioworld is one of the leading manufacturers of polyethylene film globally with 18 factories across Sweden, Denmark, France, the UK, the Netherlands, Germany and Canada, as well as three recycling sites in Sweden, Denmark and France. Operations are organised into five reporting divisions: Stretch Film, Industrial Film, Consumer Packaging, Health Care Film, and Carrier Bags.

Groupe NGE is a major French construction and civil engineering group specialising in infrastructure projects. It works across transportation, rail, utilities, energy, telecommunications, and urban development, delivering large-scale public works projects throughout France and internationally.

New direct investments

Over the six months ended 31 March 2026, PPET made three new direct investments, and one follow-on direct investment.

Figure 12: PPET co-investments over the six months to 31 March 2026

Source: PPET

Omilia is a conversational AI and customer experience (CX) technology company that specialises in voice AI, chat automation, and intelligent customer service platforms. Its platform helps large enterprises to automate contact centre interactions using natural language understanding, speech recognition, and voice biometrics, and is widely used in banking, insurance, telecom, healthcare, and quick-service restaurants. Clients include Capital One, Taco Bell, Nissan, and Vodafone. Taco Bell uses Omilia’s technology to automate drive-thru ordering. It has proved successful – speeding up the process during busy times and upselling during quieter periods. It has been rolled out to around 900 stores in the US, with 90% of orders at top-performing locations completed without human intervention. The average order value has reportedly increased by 5-10% through AI upselling.

Drawdowns and distributions

Figure 13: Drawdowns by source, 12 months to 30 September 2025

Source: PPET

Figure 14: Distributions and secondary sales, 12 months to 30 September 2025

Source: PPET

Drawdowns since September 2025

Figures 13 and 14 show the drawdowns and distributions for PPET over the 12 months to end September 2025, as detailed in its annual report. In the six months to the end of March 2026, PPET received £107.6m in distributions and had drawdowns totalling £96.3m.

Notable realisations over the six months included exits of:

• GTreasury, a provider of comprehensive treasury management solutions, by Hg Mercury 4;

• Froneri, a leading global ice cream manufacturer, by PAI Strategic Partnerships; and

• Ahlsell, a leading Nordic distributor of installation products, tools and supplies, by CVC Capital Partners VII.

Notable drawdowns in the period included:

• Nordic Capital XI, to fund a follow-on investment into TradingHUB, a provider of trade surveillance technology that enables financial institutions to detect market abuse and manipulation;

• Investindustrial Growth III, to fund a new investment in Virospack, a leading global manufacturer of premium cosmetics droppers, serving all major global brands in the cosmetics industry;

• Investindustrial VIII, to fund investment into Piovan, a global leader in the design, manufacture and installation of systems that automate the storage, transport and processing of polymers, plastic powders, and food ingredients; and

• Archimed III, to fund an investment in Dermapharm, a Danish producer of hypoallergenic, environmentally friendly skincare and haircare products sold under its own brands and as private label solutions for third parties.

Commitment levels

As is illustrated in Figure 15, as of 31 March 2026, PPET had total outstanding commitments of £836.0m (although Patria estimates that £82.3m of this will never be drawn down). Balanced against that, PPET had short-term resources (cash balances, deferred consideration, and undrawn credit facilities) of £277.6m at the end of March 2026. PPET was using £140.2m of its £400m RCF at the end of March 2026, and had cash of £17.8m.

This equates to an over-commitment ratio of 44.0% (this being the value of PPET’s outstanding commitments that were in excess of its liquid assets, as a percentage of net assets). This figure has increased over time, but is comfortably within the manager’s target range of 30% to 65%, giving the team more than enough flexibility to make new commitments.

Figure 15: PPET outstanding commitments

Dividend

Dividend of 4.6p per quarter represents a 4.5% increase in the quarterly dividend rate year-on-year

PPET paid a total dividend of 17.6p per share for the year to 30 September 2025, which represented a 4.8% increase on the previous financial year. The trust has said that the expected dividend for FY27 is 18.4p, which is being paid in quarterly amounts of 4.6p. The shaded bar in Figure 19 represents the likely Q2 payment which would be made in July 2026.

PPET is one of the AIC’s “next generation dividend heroes”, having grown its dividend every year for more than 10 consecutive years.

Figure 19: PPET’s dividend history over financial years ending 30 September

Source: PPET

Premium/(discount)

PPET’s discount has averaged 29.4% over 12 months

Over the 12 months ended 31 May 2026, PPET’s discount moved within a range of 23.8% to 35.1% and averaged 29.4%. As at 19 June 2026, the discount was 29.7%.

PPET’s discount does appear to have stabilised since Q1 2024. In part, this reflects the trust’s share buyback activity, which is shown in Figure 21. The discount remains stubbornly wide, however. When the exit market picks up and NAVs rise, it seems likely that PPET and the rest of the sector will be re-rated.

Figure 20: PPET premium/(discount) over five years ended 31 May 2026

Source: Bloomberg, Marten & Co

Figure 21: PPET share buybacks by month

Source: PPET

Fees and costs

PPET’s investment management agreement does not include a performance fee

Under the terms of its investment management agreement with Patria, PPET pays a base management fee of 0.95% per annum of its total net assets. The investment management agreement does not include a performance-fee element and is terminable on 12 months’ notice from either side.

The total investment management fee for the year ended 30 September 2025 was £11.1m (2024: £11.4m), and the ongoing charges ratio (OCR) was 1.08%, slightly above the previous year.

GPMS Corporate Secretary Limited, a subsidiary of Patria, provides company secretarial services to PPET, while IQ EQ Administration Services (UK) Ltd provides administrative services. The fees for both are adjusted annually in line with the retail price index. The secretarial agreement and administrative agreement can be terminated by either side on six months’ and three months’ notice respectively.

Capital structure and life

Simple capital structure with one class of ordinary shares

PPET has a simple capital structure with one class of ordinary share in issue. Its ordinary shares have a premium main market listing on the London Stock Exchange and, as of 19 June 2026, there were 146,255,166 shares in issue with 7,491,128 held in treasury.

One shareholder, Phoenix Group Holdings, owns over 50% of PPET’s shares. However, under an agreement between it and the trust, it has agreed not to seek to exercise its vote, nor take actions that would prevent PPET from carrying on an independent business, effectively protecting the interests of minority shareholders.

Unlimited life

Arguably reflecting the longer-term nature of its underlying investments, PPET has been established with an indefinite life and there is no specific mechanism, such as a regular continuation vote, to wind up the company.

Major shareholders

Figure 22: Major shareholders as at 19 June 2026

Source: Bloomberg, Marten & Co

Gearing

The loan facility has been increased to £400m

PPET operates with a multicurrency syndicated revolving credit facility worth up to £400m, expiring in February 2028 (with options to extend for up to a further two years). The interest rate on the facility is calculated as the defined reference rate of the currency drawn plus 2.6% and the commitment fee payable on non-utilisation is 0.8% or 0.9% per annum, depending on utilisation. An annual fee of 0.35% is also payable.

PPET has plenty of credit available to fund future investments

The facility is provided by RBS International, Société Générale, State Street Bank International, State Street Bank & Trust Company and Banco Santander. PPET’s articles of association permit it to borrow up to 100% of net assets, although the board has said that it does not expect bank borrowings to exceed 30% of net assets.

PPET had £259.8m remaining undrawn on its £400m revolving credit facility as at 31 March 2026, along with £17.8m in cash. As of 31 December 2025, PPET had a net gearing level of 9.6%.

PPET’s board has agreed that the over-commitment ratio (outstanding commitments less resources available for investment and available debt facility/NAV) should sit within the range of 30% to 65% over the long term. PPET had an over-commitment ratio of 44.0% as of 31 March 2026.

Financial calendar

PPET’s financial year-end is 30 September. The most recent annual results were released in January, while interim results are typically released in June. The most recent AGM was held on 25 March 2026. PPET usually pays dividends in January, April, July, and October of each year.

Management

The lead manager, Alan Gauld, is a senior investment director in the private equity team at Patria. Alan is supported by Patrick Knechtli (head of secondary investments), Mark Nicolson (head of primary investments), Simon Tyszko (senior portfolio director), and Ramone Moody (investment manager). Backup is provided by the rest of Patria’s private equity team (which has more than 30 private equity investment professionals).

Alan has a strong network and extensive experience with leading private equity funds, particularly pan-European and French, Nordic, and Iberian GPs. He is involved in sourcing, appraising, and executing investments as well as portfolio monitoring. Alan is a qualified chartered accountant and holds a BSc (Hons) in Genetics from the University of Edinburgh.

Board

PPET’s board comprises five directors, all of which are non-executive and considered to be independent of the investment manager (details of their individual experience are provided below).

Duncan Budge was appointed chair of the board at PPET’s AGM in March this year, taking over from Alan Devine, who retired from the board after almost 12 years of service.

Figure 23: Board member – length of service and shareholdings

Source: Patria, Marten & Co. Note 1) shareholdings as per most recent company announcements as at 29 April 2026. 2) Years of fee invested based on PPET’s ordinary share price of 608.00p as at 19 June 2026.

Duncan Budge (chair)

Duncan was an executive director and chief operating officer of RIT Capital Partners Plc between 1995 until his retirement in 2011. He has extensive board experience and is currently a non-executive director of Lowland Investment Company Plc, Biopharma Credit Plc and Asset Value Investors Ltd. He was until recently chair of Artemis Alpha Trust Plc and Dunedin Enterprise Investment Trust Plc.

Calum Thomson (senior independent director and chair of the audit committee)

Calum is a qualified accountant with over 25 years of experience in the financial services industry. He was with Deloitte LLP since October 1988, and for 21 of those years prior to his retirement, he was a senior audit partner in the firm. Calum is a non-executive director and the audit committee chair of the Diverse Income Trust, the AVI Global Trust Plc and Baring Emerging EMEA Opportunities Plc. He is also a non-executive director and audit committee chair of BLME Holdings Limited and Bank of London and The Middle East Plc.

Dugald Agble (independent director)

Dugald was appointed on 1 September 2021. He holds a PhD in Chemical Engineering from Imperial College London and has over 20 years’ direct investment experience in private equity. He started his career at Nomura Principal Finance Group, which later evolved into Terra Firma Capital Partners. More recently, Dugald has been involved in investing in emerging and frontier markets at Helios Investment Partners and 8 Miles. He is a supervisory board member at FMO, the Dutch finance institution.

Diane Seymour-Williams (independent director)

Diane worked for Deutsche Asset Management Group (previously Morgan Grenfell) for 23 years from 1981 until 2005, during which time she held various senior positions, including CIO of Asian Equities, CEO of the Asian asset management business, head of European client relationships and head of global equity product. Diane then spent nine years from 2007-16 at LGM Investments, a specialist global emerging markets manager, where she was global head of relationship management. She is a non-executive director of Baillie Gifford China Growth Trust Plc and Brooks Macdonald Group Plc, where she has also chaired the remuneration committee since 2012. Diane is also a pro-bono member of the investment committees of Newnham College, Cambridge and the Canal & River Trust.

Yvonne Stillhart (independent director)

Yvonne was appointed on 1 September 2021. She was a co-founding senior partner and member of the Investment Committee of Akina AG, a Swiss-based specialised private equity manager which merged in 2017 with Unigestion S.A. Yvonne has over 30 years’ senior executive experience in business building, transformational leadership, private equity and infrastructure investment, finance, banking and risk and investment management across a broad range of industries and geographical regions.

Yvonne serves currently as a non-executive director and member of the Audit and Risk committee at UBS Asset Management Switzerland Ltd., and is both chairperson and member of the Social and Ethics committee of the South African EPE Capital Ltd. She holds a Director Certificate from Harvard Business School and the ESG Competent Boards Certificate. She is fluent in German, English, Spanish and French.

SWOT and bull vs. bear analysis

Figure 24: SWOT analysis

Source: Marten & Co

Figure 25: Bull versus bear case

Source: Marten & Co

Previous publications

QuotedData has published a number of notes on PPET. You can read these by clicking the links in the table below or by visiting our website.

Figure 26: QuotedData’s previously published notes on PPET

Source: Marten & Co