Title: Partners Group Private Equity Limited

URL Source: https://documentscdn.financialexpress.net/Literature/8E6A0113D074B98AFA6BC24CEC45A841/241575458.pdf

Number of Pages: 2

Markdown Content:
NAV decreased by 0.5% in March 2026 

NAV decreased to EUR 12.57 per share ▪Portfolio revaluations (-1.0%) partially offset by positive currency movements (+0.8%) ▪PGPE Ltd received distributions of EUR 37.8 million and invested EUR 6.8 million ▪As of 31 March 2026, PGPE Ltd had cash and cash equivalents of EUR 33.4 million and an undrawn credit facility of EUR 150.0 million ▪

# PARTNERS GROUP PRIVATE EQUITY LIMITED 

> Monthly report as of 31 March 2026

Year Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan 11.2% 1.1% -0.5% 0.4% 1.8% -0.2% -0.4% 1.6% 0.0% 1.1% 2.7% 2.1% 1.0% 2017 6.8% -1.6% -0.2% -0.6% 2.1% 0.2% 1.1% 2.7% 0.2% 0.8% 0.7% 1.0% 0.2% 2018 21.1% 5.7% 0.5% -0.4% 4.2% -0.2% 0.4% 2.3% 0.8% 0.6% 3.0% 1.8% 0.7% 2019 10.0% 3.1% 3.1% -0.8% 3.8% 3.1% 2.3% 2.9% 3.0% 5.6% -14.1% -1.0% 0.2% 2020 19.4% -0.8% -0.4% 0.8% 0.9% 1.1% 0.6% 4.8% 1.2% 1.5% 7.3% 0.9% 0.1% 2021 -1.6% 3.4% 0.5% -1.3% 1.0% 0.3% 2.3% -5.8% -1.3% -0.6% 1.7% -0.8% -0.8% 2022 1.8% -2.1% -0.9% -1.0% 0.9% 0.6% 0.8% 0.0% 2.0% 0.1% 0.3% 0.4% 0.7% 2023 11.4% 4.4% 1.2% 2.4% 0.5% -0.8% -0.7% 1.3% -0.7% -0.1% 3.6% -0.8% 0.8% 2024 -8.7% -2.8% -2.8% 0.5% 2.1% -0.7% 0.8% -0.1% 0.9% -1.9% -3.9% -1.2% 0.5% 2025 -3.3% -0.5% -0.5% -2.4% 2026 

Key figures 

31.03.2026 28.02.2026 In EUR 

12.57 12.63 NAV per share 

8.78 9.62 Share price 

-30.1% -23.8% Discount to NAV 

826.52 858.45 Portfolio (in million) 

852.90 858.84 Net asset value (in million) 

33 .4 32.2 Cash and cash equivalents 

150.00 150.00 Undrawn credit facility (in million) 

0.75 0.75 Dividend LTM 

8.5% 7.8% Dividend yield 

Key figures in GBP 

31.03.2026 28.02.2026 In GBP 

10.97 11.09 NAV per share 

7.7 8.34 Share price 

# Net performance (total return) 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 

0

100 

200 

300 

400 

500 

-30% 

-20% 

-10% 

0% 

10% 

20% 

30% 

40% 

# ■ PGPE Ltd ■ Performance (RHS) 

Total return in EUR (%) 

5 years 3 years 1 year YTD 

8.4 -1.2 -7.4 -3.3 PGPE Ltd NAV 

-1.8 16.7 -8.1 -16.0 PGPE Ltd share price 

Largest ten direct investments 

Net asset value in % 

7.3 Real Estate WEU Emeria 1. 

6.2 Industrials NAM DiversiTech 2. 

4.4 Consumer discretionary APC Vishal Mega Mart 3. 

4.3 Industrials WEU Ammega 4. 

3.5 Financials NAM Foundation Risk Partners 5. 

3.1 Healthcare NAM Clario 6. 

3.1 Information technology WEU Forterro 7. 

3.1 Industrials WEU Techem 8. 

2.7 Industrials NAM AlliedUniversal 9. 

2.6 Industrials NAM United States Infrastructure Corporation 10. 

In March, PGPE Ltd's NAV declined by 0.5%, primarily due to continued share 

price pressure in listed holdings Vishal Mega Mart ("Vishal") and 

KinderCare Learning Companies amid broader market volatility. In the 

private equity portfolio, Guardian Childcare & Education ("Guardian"), 

Australia's third largest for-profit operator of childcare centers, was a top 

detractor. The revaluation reflects a decline in EBITDA alongside a lower 

valuation multiple based on public market comparables. The sector continues 

to see softness in occupancy due to consumer spending headwinds, 

competitive pressures from new supply, and demographic trends such as 

lower birth rates. Despite these challenges, Guardian continues to 

outperform the broader sector on occupancy. Guardian has industry 

leading quality and safety practices, which are aligned with the new 

nationally enforced child safety reforms and recently appointed a National 

Investigations Lead, a new national role aimed at strengthening child 

safety governance. Distribution activity continued to show solid momentum, with PGPE Ltd receiving a

total of EUR 37.8 million during the month, driven primarily by 

proceeds from Vishal, STADA Arzneimittel, and Galderma. The largest contribution came from a partial realization of Vishal through the sale of 

a 14% stake. Since Partners Group 's initial investment in 2018, 

Vishal has achieved strong growth, with EBITDA and revenue compounding 

at 24% annually over the last three years, supported by store expansion and 

operational efficiency initiatives. The month also included the full realization of Galderma, completed 

through a series of sponsor-backed share sales culminating in a final block 

trade. Since the initial investment in 2019, Partners Group has supported 

the scaling of Galderma 's aesthetics franchise, the international expansion of 

Cetaphil, and the launch of Nemluvio, alongside broader operational 

professionalization, revenue growth, margin expansion, and cash generation 

initiatives. Regarding investment activity, PGPE Ltd i nvested EUR 6.8 million, including 

a direct co-investment in a global provider of online boat sales and rentals 

classifieds. The company operates in a fragmented recreational boating market 

where dealers and brokers are increasingly shifting to digital marketing, with 

further growth supported by deeper penetration in existing markets and 

selective geographic expansion. PGPE Ltd has made available the recording of its latest investor update webcast. 

The recording is available on the Investors - Results & Presentations section of the 

Company's website. 

# Monthly NAV performance (total return) Partners Group Private Equity Limited (PGPE Ltd or the Company) is an investment holding company listed on the London Stock Exchange. The Company's investment objective is to provide shareholders with long-term capital growth and an attractive dividend yield by investing in a global portfolio of private companies. PGPE Ltd is managed in its investment activities by Partners Group, a global private markets in-vestment management firm with USD 185 billion in investment programs under management in private equity, private credit, private real estate, private infra-structure, and royalties. 

Information 

For further information please visit: 

www.partnersgroupprivateequitylimited.com 

Investor Relations 

Phone: +44 (0) 1481 711 690 Fax: +44 (0) 1481 730 947 pgpe-ltd@partnersgroup.com 

Registered Office 

Partners Group Private Equity Limited Tudor House P.O. Box 477 Guernsey, GY1 6BD 

# PARTNERS GROUP PRIVATE EQUITY LIMITED 

Monthly report as of 31 March 2026 

Value creation includes interest and dividend income received by PGPE Ltd. Key figures in GBP EUR NAV converted to GBP at month-end GBP/EUR exchange rate from Bloomberg. Dividend yield considers 

the last twelve months dividends divided by closing share price as of reporting month. NAV performance (total return) Indexed to 100 at inception of Partners Group Private Equity Limited, showing last twenty years. PGPE 

Ltd: based on monthly total return valuations. For the purpose of total return calculation, dividends are reinvested. Largest ten direct investments ranked by portfolio value on a look through basis, based on neutralized FX rates as 

of reporting date. Shown NAV of Vishal is net of taxes and lock-up discount. Portfolio composition Based on total value of investments. Economic currency exposure Figures are subject to estimates and rounding. Figures 

may not add up due to rounding. PGPE Ltd's economic currency exposure comprises the NAV of its investments, as well as other balance sheet items such as cash, receivables, payables, and foreign currency hedges, 

if applicable. Economic currency is defined as the currency in which the investment's business activity is primarily conducted or value is derived, which may differ from its operating currency. Net currency exposure as per 

reporting date. The net currency exposure is calculated looking through Partners Group programs. Diversification does not ensure a profit or protect against a loss; the portfolio composition may change over time. Total credit 

facility size EUR 150 million. Shares outstanding exclude treasury shares as part of PGPE Ltd's share buyback programme initiated in Q4 2025. This document is not intended to be an investment advertisement or sales instrument; it constitutes neither an offer nor an attempt to solicit offers for the product described herein. This report was prepared using financial information 

contained in the company's books and records as of the reporting date. This information is believed to be accurate but has not been audited by any third party. This report describes past performance, which may not be indicative of future 

results. The company does not accept any liability for actions taken on the basis of the information provided. Please consult the constituent documents for a more complete description of the terms. The value of shares and the income 

from them can go down as well as up as a result of market and currency fluctuations and investors may not get back the amount they originally invested. 

Key facts 

London Stock exchange 

PEY.L Reuters Euro Quote 

PEYS.L Reuters Sterling Quote 

PEY LN Bloomberg Euro Quote 

PEYS LN Bloomberg Sterling Quote 

GG00B28C2R28 ISIN (Euro and Sterling Quote) 

B28C2R2 Sedol Euro Quote 

BF012D4 Sedol Sterling Quote 

12.05.1999 Product life start date 

67'876'143 Shares outstanding 

# Investments by regional focus 

46% Europe ADC

B

A

45% North America B

6% Asia-Pacific C

3% Rest of World D

# Investments by stage 

50% Buyout Small/Mid-cap AC

B A

48% Buyout Large-cap B

2% Other C

# Economic currency exposure 

48% EUR AFED

C

B

A

40% USD B

5% GBP C

4% INR D

3% CHF E

2% Others F