managed investment trust heads for liquidation after vote
Partners Group-managed investment trust heads for liquidation after vote Oct 6 (Reuters) - A London-listed investment trust managed by Partners Group PGHN.S is set to be wound down after investors representing nearly three-quarters of its shares opted to cash out, according to voting results published by the group.
Shareholders representing 74.1% of the shares in Partners Group Private Equity Limited PEY.L chose a liquidity option, exceeding a threshold that triggered the abandonment of a planned restructuring in favour of an orderly liquidation.
Shares in Partners Group Holding rose 1.4%, while Partners Group Private Equity Limited fell 0.6% at 0906 GMT.
The vote comes amid a challenging year for Partners Group, which has faced pressure this year from elevated redemption requests in some of its private-market funds.
After limiting withdrawals from several evergreen funds in June, the firm said it would introduce a dual share-class structure for the London-listed PGPE, allowing up to 30% of the fund to be wound down.
Last week, it unveiled plans to split its 19-year-old Global Value SICAV fund into separate compounding and distributing portfolios, giving investors the choice between long-term exposure and cash distributions from asset sales.
(Reporting by Emanuele Berro, editing by Thomas Seythal)
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