Annual results and webcast details
Summary by AI BETAClose X
(LSE: PEY/PEYS)
Partners Group Private Equity Limited
Annual results and webcast details
2025 highlights
PGPE Ltd today publishes its annual results for 2025. The key highlights are:
· Net asset value ("NAV") closed the year at EUR 13.00 per share. Including the dividend paid of EUR 0.75 per share, this represents a NAV total return of -8.7%.
· The NAV decline during the year was primarily attributable to unfavorable currency movements (-5.7%), as the weakening US Dollar significantly weighed on performance. Value creation for the year was modest (+0.7%), impacted by a number of portfolio companies facing idiosyncratic challenges. While the pre-2021 exposures drove strong realizations and liquidity, a number of 2021-23 vintage assets proved to be more sensitive to macro and company specific headwinds, amplified by the effects of higher entry valuations and capital structures set during a lower-rate environment. Most assets within the 2021-23 cohort remain above cost and maintain positive EBITDA growth.
· The disappointing performance in 2025 now means that for the five year period 2021-2025 inclusive, cumulative NAV total return was 21.7%, or 4.0% on an annualized basis.
· Share price total return in 2025 was 5.3%. The discount to NAV was 19.6% at 31 December 2025.
· As the Board has previously highlighted, investment performance, along with the persistent discount to NAV at which the Company's shares trade, remains its key focus. In light of recent investment performance and shareholder feedback, the Board is discussing with the Investment Manager and the Company's advisers what options might establish a satisfactory path forward that marries achieving liquidity for investors at a narrower discount to NAV, whilst providing long-term investors with an attractive proposition going forward. The Board will update shareholders on its assessment at the Annual General Meeting expected to be held on 18 June 2026.
· A total of EUR 57.6 million was distributed to shareholders in 2025, predominantly through EUR 51.8 million in dividends. The remaining EUR 5.8 million comprised share buybacks, with the Company having acquired 562,025 ordinary shares under the EUR 15.0 million program announced in October 2025. Notably, the Company has extended its share buy-back programme through to 30 April 2026, enabling utilization of the remaining allocated amount.
· 5% of 2024 year-end NAV was paid out as dividend in 2025 amounting to EUR 0.75 per share, resulting in an annualized dividend yield of 7.2% based on the year-end share price of EUR 10.45.
· PGPE Ltd achieved strong distributions in 2025, receiving total proceeds of EUR 227.3 million (2024: EUR 144.0 million), marking the highest level of distributions since 2021. Realization activity during 2025 contributed to a reduction in the average hold period, resulting in an overall portfolio weighted average hold of 4.6 years.
· PGPE Ltd invested EUR 102.4 million in 2025 (2024: EUR 31.0 million) across a diversified range of companies. This brought the Company closer to its long-term average of investing around 10.0% of net assets annually.
· The cash balance of PGPE Ltd stood at EUR 8.1 million as of 31 December 2025. The Company has a recently renewed EUR 150.0 million revolving credit facility, expiring in 2029, which was undrawn as of 31 December 2025.
Peter McKellar, Chair of PGPE Ltd, said:
"2025 was a year of continued progress at Partners Group Private Equity Ltd, with the announcement of materially improved investment management terms, the strongest realization activity since 2021, the allocation of up to EUR 15 million under the capital allocation policy to fund the Company's first share buybacks since 2014, and the renewal of the revolving credit facility on more advantageous terms. In addition, the Company was admitted to the FTSE 250 in September 2025, which has resulted in an uplift in share trading volumes. Sadly, notwithstanding the strong liquidity generated from the Company's investment portfolio, this could not reverse the poor NAV total return performance of the first half of 2025. NAV total return for the full year was down 8.7%, of which 5.7% was from the negative impact of foreign exchange movements on the value of the investment portfolio."
PGPE Ltd 2025 results webcast details
PGPE Ltd will hold an investor update today, 23 March 2026 at 10:00 GMT / 11:00 CET. 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 audited figures as of 31 December 2025.
Please find the registration details here
The presentation and full annual report are available here:
https://www.partnersgroupprivateequitylimited.com/investors/reports-and-presentations
Ends.
About Partners Group Private Equity Limited
PGPE Ltd 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, one of the largest firms in the global private markets industry, with USD 185 billion in investment programs under management in private markets, of which USD 86 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
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Investor relations contact: Andreea Mateescu Phone: +41 41 784 66 73 E-mail: andreea.mateescu@partnersgroup.com
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Media relations contact: Jenny Blinch Phone: +41 41 784 65 26 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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