Partners Group Private Equity (PGPE) saw its net asset value fall by 8.6% in the first half of 2026, driven by selective valuation pressures across a small number of portfolio investments.
The investment firm noticed that currency movements provided a 1.0% offset to the portfolio drop. Despite the lower valuation, realisation activity generated cash proceeds equal to 14% of net assets.
Total distributions received reached €110.6m (£94.8m), including €37m (£31.7m) from listed holdings Galderma and Vishal.
The firm also completed exits from Clario and Convex Group, using proceeds to strengthen liquidity and support capital returns.
Partners Group returned €35.7m (£30.6m) to shareholders through €22.3m (£19.1m) in interim dividends and €13.4m (£11.5m) in share buybacks. The ongoing buyback programme has been extended until 30 September 2026 to use remaining funds.
New investment activity was cautious, with €13.5m (£11.6m) deployed, including €12m (£10.3m) across three small investments. As of 30 June 2026, cash reserves stood at €51.2m (£43.9m), with an undrawn credit facility of €150m (£128.6m).
Shareholders will receive a circular in September detailing a proposed dual share class structure.
Peter McKellar, chair of Partners Group Private Equity, said: “The geopolitical and macroeconomic environment in developed economies remains challenging, with elevated interest rates and concerns around growth, corporate profitability and inflation. This continues to have an impact on private equity transactional activity across the broader market.
“Against this background, the Investment Manager remains focused on delivering new and existing value creation initiatives at investee companies. For the board, the focus is on finalising, and executing on, the reconstruction proposals to be sent to shareholders in September.”
