Sparks - Partners Group Private Equity

Partners Group Private Equity (PEY) has reported its Q126 results, posting a 3.3% NAV total return decline, largely reflecting a negative contribution from listed holdings (which at end-March 2026 represented a 6.5% exposure). Value creation across PEY’s portfolio was moderated by idiosyncratic challenges in selected portfolio companies and renewed macroeconomic headwinds, although the company highlighted attractive early performance from its younger vintages, which represented 19% of the end-March 2026 portfolio value. Overall, last-12-month (LTM) portfolio value creation was broadly flat, while weighted average LTM EBITDA growth across PEY’s relevant top 20 holdings was 6.1%.

PEY experienced further robust cash flow from liquidity events in Q126 with €78m in distributions. These were led by the full exits of Convex Group (€22m, at a gross investment multiple of over 2.5x) and Galderma (€19m, at more than 3.5x), the further sell down of PEY’s listed position in Vishal Mega Mart (€15m) and a partial exit from STADA Arzneimittel (€11m). PEY also exited the healthcare technology company Clario, realising a gross investment multiple of more than 1.5x since its initial investment in 2020, with the proceeds received after reporting date.

This was accompanied by more measured deployment, with €13m of new investments in Q126. PEY highlighted that the ‘stable but slower growth environment supports a gradual recovery in transaction activity and exits, with continued focus on selective deployment’. PEY’s company-level liquidity position remained robust with €33m in cash and cash equivalents and a €150m undrawn revolving credit facility at end-March 2026. Under its capital allocation policy, the board allocated €18m to share repurchases, in addition to the remaining €1.6m capital previously allocated to buybacks; PEY bought back €7m of shares during Q126. This is coupled with PEY’s dividend policy of paying out 5% of the prior year’s closing NAV.