PGPE Ltd publishes November NAV
Summary by AI BETAClose X
(LSE: PEY/PEYS)
Partners Group Private Equity Limited
NAV decreased by 2.8% in November on a total return basis
· NAV decreased to EUR 13.38 per share, corresponding to EUR 919.9 million
· Portfolio revaluations (-2.2%, with Esentia contributing the largest impact of -1.3%) and unfavorable currency movements (-0.3%) weighed on NAV
· PGPE Ltd declared a second interim dividend of EUR 0.375 per share, with the shares trading ex-dividend during the month
· PGPE Ltd received EUR 15.3 million in distributions and invested EUR 2.9 million during the month
In November, the NAV of PGPE Ltd declined by 2.8% on a total return basis. This was driven by the revaluation of listed holdings, primarily that of Esentia Energy Development ("Esentia"), a fully integrated natural gas pipeline network in Mexico. Unfavorable currency movements also contributed to the decline in NAV.
Esentia began trading on the Mexican Stock Exchange on 20 November 2025, following the pricing of its initial public offering ("IPO"), representing the largest Latin American IPO in 2025. Esentia's IPO priced at MXN 45 per share. Despite the share price being c. 5% up by month end, the company's carrying value in PGPE Ltd is below the pre-IPO carrying value, weighing on the NAV development in November. Partners Group has been invested in Esentia since 2014 and has overseen several major value creation initiatives, which has transformed Esentia from a developer and builder of natural gas pipeline assets to a leading pipeline operator. Today, Esentia's natural gas pipeline network transports approximately 16% of Mexico's daily natural gas demand and operates the largest privately held, interconnected gas system in Mexico, which delivers low-cost gas into the industrial high-demand regions of the country.
Over the same period, PGPE Ltd received EUR 9.6 million as part of the proceeds from Partners Group's full exit of its minority stake in Apex Logistics ("Apex"), the integrated global logistics provider. The transaction valued Apex at an enterprise value of over USD 4 billion. Since its initial investment in 2021, Partners Group supported the transformation of Apex into a global logistics platform. Key initiatives included enhancing technology and capabilities to serve global blue-chip clients, increasing charter-flight capacity to enable greater agility and customer responsiveness, and investing in operations. This has helped drive strong growth at Apex, with EBITDA increasing 151% over the last five years.
EUR 5.6 million came from a further sale of shares of Galderma, a pure-play dermatology category leader. As of 30 November 2025, the remaining NAV of Galderma in the portfolio of PGPE Ltd is EUR 20.3 million. Recently, Galderma reported record third-quarter net sales of over USD 3.7 billion, up 15% year-on-year on a constant currency basis, driven by volume growth and a favorable sales mix.
Finally, PGPE Ltd invested EUR 2.8 million in Omie, a leading provider of cloud-based enterprise resource planning ("ERP") software solutions for small and medium-sized companies ("SMBs") in Brazil. Founded in 2013, Omie supports the digitalization of SMBs in Brazil by providing a cloud-based, end-to-end solution to automate a range of "mission-critical" business processes. In addition, it offers embedded finance solutions such as cash management, payment processing, and credit solutions to its clients through banking-as-a-service partners. Omie has a diversified customer base with around 180,000 clients, and benefits from strong thematic tailwinds including rising digitization amongst SMBs. In line with its entrepreneurial governance approach, Partners Group will support the management team in implementing several value creation initiatives. These include accelerating new client acquisitions and increasing same-client growth.
PGPE Ltd has made available the recording of its recent investor update webcast. The recording is available on the Investors - Results & Presentation 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, 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
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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.
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