Partners Group Private Equity asset value falls in February

(Alliance News) - Partners Group Private Equity Ltd on Tuesday reported a decline in net asset value over the course of February, due to portfolio valuation shifts.

The Guernsey-domiciled investor, managed by private equity firm Partners Group Holding AG, said its NAV per share decreased by 0.5% in February to EUR12.63 from EUR12.69 at the end of January.

This was "primarily due to the revaluation of two investments that are now listed on public markets, where broader volatility has pressured share prices," PGPE explained.

It noted falling share prices within its listed portfolio for KinderCare Learning Cos Inc and Vishal Mega Mart Ltd, despite what PGPE sees as strong fundamentals.

Another investee, United States Infrastructure Corp, which provides underground utility locating services, also saw its value drop, though PGPE stressed that "recent indicators point to a sustained improvement in earnings quality, profitability, and margins". PGPE noted USIC's acquisition activity and that its management is implementing "a strategic plan that focuses on pricing strategies, contract optimisation, and operational digitalisation".

More positively, PGPE hailed an increase in the valuation of energy infrastructure inspection services firm Rosen Group. Pet food seller MPM Products Ltd also saw its value rise in February, whilst Partners Group works with the company "to accelerate growth", PGPE said.

Additionally, the investment firm has received EUR22.2 million from its equity in Convex Group Ltd following the latter's sale to Onex Corp and American International Group Inc. PGPE reported the sale of Convex, a Bermuda-incorporated insurer and reinsurer, back in November. As of September 30, PGPE said Convex was its 18th largest holding.

PGPE shares rose 3.0% to EUR9.04 on Tuesday morning in London. Partners Group was up 0.5% at CHF871.60 in Zurich.

By Holly Munks, Alliance News reporter

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