Partners Grp E Company Research (PEY)

Partners Group Private Equity’s (PEY’s) board announced at the AGM on 18 June measures aimed at providing liquidity for investors at a narrower discount to NAV, while offering long-term investors an attractive proposition. It proposed the allocation of PEY’s assets and liabilities (including undrawn commitments) to two separate independently managed share classes (both quoted in euros), created through the redesignation of existing shares. The Continuing Ordinary Shares will retain exposure to PEY’s existing investment strategy, while the Realisation Shares (redesignation to which will be capped at 30% of share capital with a pro rata scale-back mechanism) will follow an orderly realisation strategy over an expected eight-year period from the effective date of the proposal and will not participate in new investments. The board hopes that this will result in a shareholder base whose investment horizon and objectives are better aligned with PEY’s investment approach.