By Michael Kokalari CFA, chief economist, and Thai Thi Viet Trinh, senior economist.

Patria Private Equity Trust (PPET) invests in a diversified portfolio of private equity (PE) funds and direct investments in private companies (through co-investments and single-asset secondaries). It partners with around 15 leading PE managers and provides exposure to over 600 underlying portfolio companies. PPET offers a quarterly dividend, which has grown in value every year since 2010, and the manager charges a flat management fee of 95bp with no performance fee on top, which is unlike most PE investment trusts. PPET’s annualised NAV total return of 14.1% to end-March 2025 over the last 10 years was ahead of both the MSCI Europe Small Cap Index and the UK All-Share Index, and broadly in line with its close PE peers.

We highlight four reasons why PPET represents a compelling investment case:

1. One of PPET’s core strengths is its long-term relationships with high-conviction general partners.
2. PPET offers quality exposure to the PE mid-market.
3. The portfolio has a high share of less cyclical sectors.
4. PPET has been growing its direct investments portfolio in recent years.

Get the lowdown from Edison’s Milosz Papst on this investment company which offers a balanced exposure across private developed markets via direct investments and is managed by Partners Group, one of the largest firms in the global private markets industry.

In this episode, our director of content, investment trusts Milosz Papst covers the recent developments across private equity and how investors can leverage Patria Private Equity Trust (PPET) to gain exposure to this market. He talks about PPET’s focus on the European mid-market and its bias towards less cyclical sectors, such as IT, healthcare and consumer staples. He summarises the trust’s strong long-term NAV performance and its healthy balance sheet. Finally, he elaborates on the trust’s dividend policy and recent buyback programme.

Listen on your preferred podcast player below:

Apple Podcasts

Spotify

YouTube

Zencastr

About Uncovering Trusts:

Uncovering Trusts is a podcast run by Edison analysts, which is released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.

Hybrid Air Vehicles (HAV), a UK-based company, is pioneering sustainable aircraft technologies (see our equity proposition). To date, HAV has raised and invested c £140m in developing its landmark aircraft, Airlander 10, which combines lighter-than-air technology (helium) and an innovative wing design, overcoming traditional airship limitations. The Airlander 10 can deliver 100+ seat regional passenger transport, a 10-tonne payload of freight transportation, or a combination of the two. HAV’s Airlander technology is scalable and its next product, Airlander 50, can transport 50+ tonnes, despite being only slightly longer (120m) than Airlander 10 (98m). HAV has a total order book of c $2bn (29 aircraft) as well as a qualified pipeline of c $7bn, with a 50/50 split between civil and military uses. The company aims to raise an additional c £600m to build its production site (land is secured in South Yorkshire) and achieve its production target of 24 aircraft annually, with first customer deliveries scheduled for 2029.