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Partners Group Private Equity Limited (PGPE Ltd) published its Half-Year Report for 2024 on 22 August 2024, covering the period ending 30 June 2024. For this half-year, the company's net asset value closed at EUR 14.38 per share, representing a NAV total return of 4.1%, and a share price total return of 13.9%. PGPE Ltd invested a total of EUR 19.5 million and achieved substantial distributions of EUR 103.7 million, while holding EUR 24.6 million in cash and cash equivalents at period end.
| Date | 22 Aug 2024 |
| Time | 07:00:04 |
| Category | Results |
| ID | 3158B |
(LSE: PEYS/PEY)
Partners Group Private Equity Limited
PGPE Ltd publishes Half-Year Report 2024
Results presentation webcast details
Partners Group Private Equity Limited today published its Half-Year Report for 2024. The key financial highlights are:
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Net asset value ("NAV") developed positively and closed the reporting period at EUR 14.38 per share, representing a NAV total return of 4.1%, including the first interim dividend. |
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Share price total return over the same period was 13.9%. |
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The first interim dividend of EUR 0.355 per share was paid to shareholders in June, in line with the objective to distribute 5% of previous year-end NAV for each financial year, via semi-annual payments in June and December. At the current share price the prospective dividend yield is circa 6.7%. |
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Value creation (+5.1%) and favorable currency movements (+1.3%) contributed to the NAV growth. Notably, the sale of SRS Distribution ("SRS") made for the largest contribution. Other large contributors during the reporting period were PCI Pharma ("PCI"), DiversiTech, International Schools Partnership ("ISP") and Galderma. |
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During the first half of 2024, the Company invested a total of EUR 19.5 million, including new investments in Rosen Group, Velvet Care, and Pest Control Partnership. The Company also made several add-on investments in existing portfolio companies to support operations and acquisition pipelines. Furthermore, in the first quarter of 2024, the Company committed an additional EUR 20 million to the Partners Group Direct Equity V fund, bringing the total commitment to the fund to EUR 50 million. |
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The Company achieved substantial distributions totaling EUR 103.7 million, reaffirming the strength and quality of its portfolio. The significant sum was predominantly driven by exits from portfolio companies SRS and Civica, which contributed EUR 92.4 million. Additionally, EUR 9.5 million in distributions were received from other investments across the portfolio, underscoring the benefits of diversification. Finally, an amount of EUR 1.8 million was received from the wind-down of the third-party fund portfolio. |
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Further to the distributions received, the new investments made and the first interim dividend paid, the Company had cash and cash equivalents of EUR 24.6 million and EUR 140 million of undrawn debt facilities at 30 June 2024. |
A detailed analysis and commentary on the developments of PGPE Ltd during H1 2024 is presented in the Half-Year Report published today, which can be accessed via: www.partnersgroupprivateequitylimited.com/en/investor-relations/financial-reports/interim-reports/
A copy of the above document has been submitted to the National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism
PGPE Ltd will hold the semi-annual investor update today Thursday, 22 August 2024, at 10:00 BST / 11:00 CEST. During the webcast, Partners Group, the Investment Manager to PGPE Ltd, will give an update on the recent developments of the Company's portfolio based on unaudited figures as of 30 June 2024. Please find the registration details below or on the Company's webpage.
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Event: |
H1 2024 results presentation
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Date: |
Thursday, 22 August 2024
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Time:
Webcast: |
10:00 - 11:00 BST (Dublin, London) 11:00 - 12:00 CEST (Zürich, Frankfurt)
To access the live webcast please use this LINK. Use the link to enter the event up to 15 minutes before the start.
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The results presentation is now available at:
https://www.partnersgroupprivateequitylimited.com/en/investor-relations/web-cast-live-events/
Ends.
About Partners Group Private Equity Limited
PGPE Ltd (formerly Princess Private Equity Holding Limited) is an investment holding company founded in 1999 and domiciled in Guernsey. It invests in private equity direct investments. PGPE Ltd is managed in its investment activities by Partners Group, a global private markets investment management firm with USD 149 billion in investment programs under management in private markets, of which USD 76 billion is in private equity. PGPE Ltd aims to provide shareholders with long-term capital growth and an attractive dividend yield. PGPE Ltd is traded on the Main Market of the London Stock Exchange (ticker: PEY for the Euro Quote; PEYS for the Sterling Quote).
Contacts
Partners Group Private Equity Limited:
www.partnersgroupprivateequitylimited.com
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Investor relations contact: www.partnersgroupprivateequitylimited.com
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Media relations contact: Jenny Blinch Phone: +41 41 784 65 26 E-mail: [email protected] |
Registered Number: 35241 LEI: 54930038LU8RDPFFVJ57
Notes:
1. Note that references in this announcement to Partners Group Private Equity Limited have been abbreviated to "PGPE Ltd" or "Company". References to Partners Group AG have been abbreviated to "Partners Group" or "Investment Manager".
2. This document does not constitute an offer to sell or a solicitation of an offer to buy or subscribe for any securities and neither is it intended to be an investment advertisement or sales instrument of Partners Group Private Equity Limited. The distribution of this document may be restricted by law in certain jurisdictions. Persons into whose possession this document comes must inform themselves about and observe any such restrictions on the distribution of this document. In particular, this document and the information contained therein is not for distribution or publication, neither directly nor indirectly, in or into the United States of America, Canada, Australia or Japan.
3. This document may have been prepared using financial information contained in the books and records of the product described herein as of the reporting date. This information is believed to be accurate but has not been audited by any third party. This document may describe past performance, which may not be indicative of future results. No liability is accepted for any actions taken on the basis of the information provided in this document. Neither the contents of PGPE Ltd' website nor the contents of any website accessible from hyperlinks on PGPE Ltd' website (or any other website) is incorporated into, or forms part of, this announcement.