Patria Private Equity Trust reported a modest increase in its net asset value in July, helped by a stronger dollar and euro against sterling, even as dividend payments offset part of the advance.

The London-listed investment vehicle said its estimated NAV per share rose 0.6 per cent to 795.4p at 31 July, equivalent to net assets of £1.19bn. That compares with 790.3p a month earlier.

Currency movements provided the main boost, with the euro gaining about 1 per cent and the US dollar 3.4 per cent versus sterling during the period. The uplift was partly eroded by the second interim dividend of 4.4p per share, totalling £6.6mn, paid on 25 July.

Investment activity continued apace. The trust funded £21mn of drawdowns and received £11.1mn in distributions, while making new commitments of €10mn to AgilaCapital and €30mn to PAI Mid-Market II.

Outstanding commitments stood at £770.6mn at the month’s end. The company reported short-term resources, including cash and available credit lines, of £323.4mn.

Patria also stepped up its buyback programme, repurchasing 255,000 shares into treasury during July.

The update follows a gradual improvement in the trust’s NAV over the summer, after a slight dip in May.

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Below is an interview with Alan Gauld, a Senior Investment Director at the Trust, who provides an overview of PPET’s investment strategy and objectives