Patria Private Equity Trust · London-listed · £1.27B net assets
Patria publishes a commitment band, and it has spent more time below the floor than near the ceiling
Patria Private Equity Trust publishes something its closest listed comparable does not: a policy band for over-commitment, 30% to 65%, and a reading against it at every results date. It stood at 39.4% in March 2026. In the two reporting dates before that it sat below its own floor, at 28.5% and 26.6%, and it printed a sentence saying so. Across seven readings it has never come close to the ceiling. The denominator, which almost nobody checks, is portfolio value and not net assets.
Key numbers, and what they mean
30 to 65
The board-agreed band, as a percentage of portfolio value, narrowed from 30 to 75 during the year to September 2024. ICG Enterprise Trust publishes the same construction of the ratio and no band at all, at 32.1% of net assets at 31 January 2026.
39.4%
At 31 March 2026, against 33.8% six months earlier. Outstanding commitments rose to £824.9 million while short-term resources, meaning cash plus the undrawn facility, stood at £276.7 million.
26.6%
At 31 March 2025, below the floor, and the trust said so in print: "This is lower than the Manager's long-term target range of 30%-65%". It named an upsized credit facility and a £180 million secondary sale as the causes.
3.0x
Outstanding commitments against short-term resources at 31 March 2026. The published ratio is not that. It is the uncovered remainder divided by portfolio value, which is a much smaller number measuring a different thing.
What the 33.8% is made of, September 2025
Outstanding commitments not covered£465.2M
Undrawn credit facility£172.6M
Cash£121.5M
Outstanding commitments of £759.3 million at 30 September 2025, less cash and the undrawn facility, leaves £465.2 million. Divided by portfolio value of about £1,375 million that is the published 33.8%. The division is ours; the four figures are the trust's.
The read-through
From the report
Takeaway: how to apply it to a portfolio
The definition, from the annual report: "the value of outstanding commitments in excess of liquid resources as a percentage of portfolio value". Not net assets. The trust runs a drawn revolving facility, so its portfolio is larger than its net assets, and on its own published figures the two bases differ by 3.2 points at September 2025 and 3.9 at March 2026. ICG Enterprise builds the numerator the same way and divides by net assets.
Before you compare one over-commitment ratio with another, write down the denominator. If a manager quotes you a commitment ratio and cannot name the base in one sentence, it is not yet a number. Ask whether it is net of the facility, whether the facility is committed rather than discretionary, when it matures and how much is drawn. Two vehicles can build the same fraction and divide by different things.
Across seven reporting dates the ratio has been below the 30% floor twice, at 28.5% and 26.6%, and has never come close to the ceiling. Its highest reading in that span was 47.4%. On what it does about the ratio, the trust says the Manager "looks to manage the over-commitment ratio between 30% and 65%, recognising there is likely to be some variability depending on the economic and market cycle".
Ask for the history rather than the level. A band that has only ever been missed at the bottom is a deployment discipline, not a solvency one, and it tells you the manager has been under-committed rather than stretched. Then ask the question the report does not answer: what specifically happens at 60%. A band whose stated management is that there is likely to be some variability is a statement of intent.
The coverage work is done and not published. The board reviews cash flow scenarios at every meeting, with "severe but plausible stress testing and downside liquidity modelling" covering lower valuations, fewer distributions and faster capital calls, and the investment policy requires commitments to account for "projected cash flows". None of the output reaches the report. ICG Enterprise publishes total available liquidity of £227 million against undrawn commitments of £635.3 million at 31 January 2026, so a reader can at least build a ratio.
A band with no published coverage work is half a disclosure, and the missing half is the one that was actually done. Ask for the output rather than the assurance: which scenarios were run, what they assume about distributions and call speed, and where the ratio lands under each. Then ask about look-through subscription-line balances, because that is capital the underlying funds have already spent which has not yet reached you as a drawdown. Patria discloses an estimated £125 million of it at 31 March 2026. Most vehicles disclose none.
The Argus lensAn over-commitment ratio is only as good as its definition, and the definitions are not standard across vehicles. Patria divides by portfolio value and ICG Enterprise divides by net assets, on the same construction of the numerator, so neither number can be read against the other without restating one. Working out what a fund's documents actually count, and on what base, is the read we give you.
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About the source
The over-commitment band and the definition of the ratio appear in the trust's investment policy, its annual report and accounts to 30 September 2025 and its AIFMD investor disclosure document of January 2026. The current reading, the outstanding commitments and the short-term resources come from the half-year financial report to 31 March 2026, announced on 29 June 2026. The band is agreed by the board, and was narrowed from 30 to 75 per cent during the year to 30 September 2024. Shareholders approved a new investment objective and policy as resolution 16 at the annual general meeting of 25 March 2025, passed with 99.97% in favour.