PGPE Ltd publishes March NAV
Summary by AI BETAClose X
(LSE: PEY/PEYS)
Partners Group Private Equity Limited
NAV decreased by 0.5% in March 2026
· NAV decreased to EUR 12.57 per share, corresponding to EUR 852.90 million
· Portfolio revaluations (-1.0%) partially offset by positive currency movements (+0.8%)
· PGPE Ltd received distributions of EUR 37.8 million and invested EUR 6.8 million
· As of 31 March 2026, PGPE Ltd had cash and cash equivalents of EUR 33.4 million and an undrawn credit facility of EUR 150.0 million
In March, PGPE Ltd's NAV declined by 0.5%, primarily due to continued share price pressure in listed holdings Vishal Mega Mart ("Vishal") and KinderCare Learning Companies amid broader market volatility. In the private equity portfolio, Guardian Childcare & Education ("Guardian"), Australia's third largest for-profit operator of childcare centers, was a top detractor. The revaluation reflects a decline in EBITDA alongside a lower valuation multiple based on public market comparables. The sector continues to see softness in occupancy due to consumer spending headwinds, competitive pressures from new supply, and demographic trends such as lower birth rates. Despite these challenges, Guardian continues to outperform the broader sector on occupancy. Guardian has industry leading quality and safety practices, which are aligned with the new nationally enforced child safety reforms and recently appointed a National Investigations Lead, a new national role aimed at strengthening child safety governance.
Distribution activity continued to show solid momentum, with PGPE Ltd receiving a total of EUR 37.8 million during the month, driven primarily by proceeds from Vishal, STADA Arzneimittel, and Galderma.
The largest contribution came from a partial realization of Vishal through the sale of a 14% stake. Since Partners Group's initial investment in 2018, Vishal has achieved strong growth, with EBITDA and revenue compounding at 24% annually over the last three years, supported by store expansion and operational efficiency initiatives.
The month also included the full realization of Galderma, completed through a series of sponsor-backed share sales culminating in a final block trade. Since the initial investment in 2019, Partners Group has supported the scaling of Galderma's aesthetics franchise, the international expansion of Cetaphil, and the launch of Nemluvio, alongside broader operational professionalization, revenue growth, margin expansion, and cash generation initiatives.
Regarding investment activity, PGPE Ltd invested EUR 6.8 million, including a direct co-investment in a global provider of online boat sales and rentals classifieds. The company operates in a fragmented recreational boating market where dealers and brokers are increasingly shifting to digital marketing, with further growth supported by deeper penetration in existing markets and selective geographic expansion.
PGPE Ltd has made available the recording of its latest investor update webcast. The recording is available on the Investors - Results & Presentations section of the Company's website.
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: media@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.
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