REG - Partners Grp Pvt Eqt Partners Grp E-PEYS - PGPE Ltd publishes Half-Year Report 2025

Partners Private EquityAnnouncement

28/08/2025 07:00

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RNS Number : 9206W  Partners Group Private Equity Ltd  28 August 2025

(LSE: PEY/PEYS)

 

Partners Group Private Equity Limited

PGPE Ltd publishes Half-Year Report 2025

Results presentation webcast details

 

 

Partners Group Private Equity Limited today published its Half-Year Report for
2025. The key financial highlights are:

 

 ·         The first half of 2025 was characterized by volatility. Escalating
           geopolitical tensions, trade disruptions, and rising concerns over the balance
           between inflationary pressures and the Fed funds rate path were key factors.
           These factors also weighed on the US Dollar, which weakened against major
           currencies including the Swiss Franc, Euro, and British Pound, driven by
           growing fiscal deficits and policy uncertainty.
 ·         Against this backdrop, the Net Asset Value ("NAV") of PGPE Ltd closed the
           first half of the year at EUR 13.79 per share, representing a decrease of 5.7%
           on a total return basis when including the first interim dividend paid to
           shareholders. This NAV decline was primarily attributable to unfavorable
           currency movements (-5.4%), largely driven by the US Dollar's 12% depreciation
           against the Euro during the period, which significantly outweighed the
           positive contribution from underlying portfolio value creation (+0.9%). The
           share price total return over the same period was -5.5%.
 ·         H1 2025 performance showed gradual stabilization, with Q2 demonstrating
           meaningful improvement (Q2 NAV total return: -1.2%, Q1: -4.6%). Strong
           portfolio value creation (+3.0% in Q2, +0.9% in H1) highlighted the resilience
           of our underlying investments, though these gains were offset by persistent
           currency headwinds (-3.6% in Q2, -5.4% in H1).
 ·         The first interim dividend distributed to shareholders in June amounted to EUR
           25.9 million, corresponding to EUR 0.375 per share. This distribution aligns
           with the objective of paying 5% of previous year-end NAV for each financial
           year through semi-annual payments in June and December. The dividends paid to
           shareholders over the last twelve months correspond to a dividend yield of
           7.5% based on the closing share price of EUR 9.72.
 ·         During the first half of 2025, PGPE Ltd received distributions totaling EUR
           39.6 million. The amount includes EUR 31.4 million from the gradual sell-down
           of several of its listed portfolio companies, such as Vishal and Galderma.
           Another notable contributor was the full sale of TOUS, a leading affordable
           luxury products retailer, which contributed EUR 7.5 million.
 ·         PGPE Ltd invested a total of EUR 18.3 million, of which EUR 13.6 million was
           allocated to five new smaller investments. PGPE Ltd also made several add-on
           investments in existing portfolio companies to support ongoing operations and
           strategic acquisition pipelines.
 ·         Further to the distributions received, the new investments made, and the first
           interim dividend paid, the Company had cash and cash equivalents of EUR 8.3
           million and EUR 120 million undrawn credit facility as of 30 June 2025.

 

Peter McKellar, Chair of PGPE Ltd, said:

"As I intimated in my full year report in March, the Board has been active in
putting in place the final corporate governance and commercial changes
announced in 2024. During the six months ended 30 June 2025, the Board agreed
material revisions to the investment management terms, that should deliver
meaningful financial savings and will better align the Investment Manager and
shareholders, updated the Company's investment objective and policy to reflect
the focus on direct private equity investments, and proposed a number of
amendments to the Company's Articles of Incorporation to bring them in line
with current best practice. In addition, further to the improvements made in
2024 to the Company's market communications, positioning and branding, the
Company's new website was launched in March 2025. This provides access to
Company and shareholder information and broader thematic research written by
the Investment Manager.

 

After the geopolitical and macroeconomic challenges of H1 2025, we seem to
have entered a less volatile environment, with a more positive outlook for
interest rates, growth, equity markets and, as a result, improving
expectations for M&A. While this has the potential to help drive
increasing unrealised valuations and exit activity, the position remains
susceptible to broader shocks.

 

Against a background of the significant changes made, the Board's and the
Investment Manager's key focus is on delivering strong NAV performance and
narrowing the share price to NAV discount. As I have written in previous
reports, I would like to thank shareholders for their continued support and to
remind existing and potential shareholders, as well as market participants,
that I am available to meet and, along with the Investment Manager, we aim to
talk directly to a substantial number of shareholders annually."

 

 

A detailed analysis and commentary on the developments of PGPE Ltd during H1
2025 is presented in the Half-Year Report published today, which can be
accessed via:

https://www.partnersgroupprivateequitylimited.com/investors/reports-and-presentations

 

PGPE Ltd will hold an investor update today Thursday, 28 August 2025, at 10:00
AM BST / 11:00 AM CEST. During the webcast, Partners Group, the Investment
Manager of the Company, will give an update on the recent developments of the
PGPE Ltd portfolio based on unaudited figures as of 30 June 2025.

 

Please find the registration details here
(https://edge.media-server.com/mmc/p/pcaq258w) .

 

The results presentation is now available on the Company's webpage
(https://www.partnersgroupprivateequitylimited.com) , under Investors -
Reports & Presentations section.

 

 

Ends.

 

About Partners Group Private Equity Limited

PGPE Ltd (formerly Princess Private Equity Holding Limited) is an investment
holding company founded in 1999 and domiciled in Guernsey. It invests in
private equity direct investments. PGPE Ltd is managed in its investment
activities by Partners Group, a global private markets investment management
firm with over USD 174 billion in investment programs under management in
private markets, of which USD 83 billion is in private equity. Partners Group
itself is listed on the Swiss Stock Exchange (ticker: PGHN). PGPE Ltd aims to
provide shareholders with long-term capital growth and an attractive dividend
yield. PGPE Ltd is traded on the Main Market of the London Stock Exchange
(ticker: PEY for the Euro quote; PEYS for the Sterling quote).

 

Contacts

Partners Group Private Equity Limited:

pgpe-ltd@partnersgroup.com

www.partnersgroupprivateequitylimited.com

 

 Investor relations contact:                  Media relations contact:

 Andreea Mateescu                             Jenny Blinch

 Phone: +41 41 784 66 73                      Phone: +41 41 784 65 26

 E-mail: andreea.mateescu@partnersgroup.com   E-mail: jenny.blinch@partnersgroup.com

 

Registered Number: 35241   LEI: 54930038LU8RDPFFVJ57

Notes:

1.     Note that references in this announcement to Partners Group Private
Equity Limited have been abbreviated to "PGPE Ltd" or "the Company".
References to Partners Group AG have been abbreviated to "Partners Group" or
"the Investment Manager".

2.     This document does not constitute an offer to sell or a
solicitation of an offer to buy or subscribe for any securities and neither is
it intended to be an investment advertisement or sales instrument of Partners
Group Private Equity Limited. The distribution of this document may be
restricted by law in certain jurisdictions. Persons into whose possession this
document comes must inform themselves about and observe any such restrictions
on the distribution of this document. In particular, this document and the
information contained therein are not for distribution or publication, neither
directly nor indirectly, in or into the United States of America, Canada,
Australia or Japan.

3.     This document may have been prepared using financial information
contained in the books and records of the product described herein as of the
reporting date. This information is believed to be accurate but has not been
audited by any third party. This document may describe past performance, which
may not be indicative of future results. No liability is accepted for any
actions taken on the basis of the information provided in this document.
Neither the contents of PGPE Ltd's website nor the contents of any website
accessible from hyperlinks on PGPE Ltd's website (or any other website) are
incorporated into, or form part of, this announcement.

4.     This announcement may contain forward-looking statements. Any
statement other than a statement of historical fact is a forward-looking
statement. Actual results may differ materially from those expressed or
implied by any forward-looking statement. The Company does not undertake any
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise. You should not place
undue reliance on any forward looking statement, which speaks only as of the
date of its issuance.

 

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