Strong exits may trigger sizeable buybacks

Partners Group Private Equity Limited (PEY) continues its strong exit activity with €65.4m in distributions in the first nine months of 2025 (9M25) and a further 22% of its end-September 2025 NAV in agreed sales processes. Another 11% of NAV is in listed holdings, which gradually will be sold off. Overall, PEY’s manager expects c €200m in proceeds in both FY25 and FY26, which would bring its exit activity closer to the historical average of 21% of opening NAV per year and which bodes well for its share buybacks. PEY posted a 2.1% NAV total return (TR) in Q325 (supported by a 2.6pp impact from changes in portfolio value), which partly offset the (largely fx-driven) 5.7% NAV TR decline in H125. On a constant currency basis, PEY’s portfolio...