Partners Group Private Equity — Portfolio exits gathering pace

Partners Group Private Equity Limited (PEY) recently announced several major transactions, including a block sale of part of its shares in the listed Vishal Mega Mart, as well as exits from PCI Pharma Services and Techem (both coupled with a minority reinvestment). Partners Group (PG), PEY’s investment manager, expects a further pick-up in both realisations and investments in the coming quarters. This raises the prospects for PEY’s share repurchases in line with its capital allocation framework, alongside its regular dividend. Meanwhile, PEY’s NAV total return (TR) of -5.7% in H125 was affected by fx headwinds from the weakening of the US dollar. We note PEY’s recent inclusion in the UK 250 index.