(LSE: PEY/PEYS)

Partners Group Private Equity Limited

Quarterly Free Cash Flow calculation and commencement of share buy backs

Partners Group Private Equity Limited ("the Company") announced the sales of two top ten portfolio companies in July 2025: PCI Pharma Services ("PCI"), its largest investment, and Techem, its seventh largest investment. In both transactions, the Company will reinvest a portion of proceeds to maintain participation in these companies' next growth phases. These transactions, along with other portfolio activity, signal progress towards more normalised investment and distribution patterns.

The Board notes that the Company paid EUR 25.9 million to shareholders by way of a first interim dividend on 13 June 2025 and is expected to pay a further EUR 25.9 million to shareholders by way of a second dividend in December 2025. The total dividends expected to be paid in 2025 are equivalent to 5% of the Company's net assets as at 31 December 2024, which is in line with the Company's dividend objective. Such dividends are an important return of cash to shareholders.

The Company today announces that under the terms of its capital allocation policy adopted in March 2024, Free Cash Flow as at 30 September 2025 was marginally positive, with Free Cash Flow of EUR 5.4 million.

The Board recognises the increasing activity in the Company's investment portfolio and the Investment Manager's expectation that total projected distributions to be received in 2025 will exceed the EUR 140 million received in 2024. Against this background, and noting that the Company's shares continue to trade at a discount of more than 20% to NAV, the Board has agreed to uplift the amount available for share buybacks under the capital allocation policy from EUR 2.7 million, to up to EUR 15 million (the "Buyback Programme"). The Buyback Programme will commence following the receipt of proceeds from the PCI transaction, anticipated to be in October 2025, and is expected to be implemented over the period to 31 January 2026. The Company last undertook share buybacks in July 2014.

Buyback Programme

The Buyback Programme will be carried out under the existing shareholder authorisation granted at the last Annual General Meeting, on 19 June 2025 (the "AGM"), for purchases of Ordinary Shares by the Company in the market for up to 14.99% of the Company's issued capital as at the AGM, being 10,365,760 Ordinary Shares. The Company intends, at its sole and absolute discretion and subject to prevailing market conditions, to exercise this authority from time to time pursuant to the Buyback Programme.

In line with the authority given at the AGM, the maximum price (exclusive of expenses) which may be paid for each Ordinary Share is the higher of (i) an amount equal to 105 per cent. of the average market value of the Ordinary Shares (as derived from the Daily Official List of London Stock Exchange plc) for the five business days immediately preceding the day on which the share is contracted to be purchased; and (ii) an amount equal to the higher of the last independent trade and the highest current independent bid on the trading venue where the purchase is carried out.

Unless previously varied, revoked or renewed, the authority for the Company to repurchase its own shares granted at the AGM will expire at the conclusion of the Annual General Meeting of the Company to be held in 2026 (save that the Company may, prior to such expiry, enter into a contract to purchase Ordinary Shares under such authority and may make a purchase of Ordinary Shares pursuant to any such contract).

Given the level of liquidity in the Company's shares, the Company will retain the ability to exceed the average daily volume parameters prescribed by the exemption for buyback programmes established by UK Market Abuse Regulation ("MAR") and the MAR buyback programme technical standards (Commission Delegated Regulation (EU) 2016/1052), as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended from time to time). Accordingly, the Company may not benefit from the exemption contained in Article 5(1) of MAR.

While the Company has launched the Buyback Programme, there is no certainty on the volume of Ordinary Shares that may be acquired under the Buyback Programme and the pace of acquisitions. The Board will keep the Buyback Programme under review to make sure it continues as an efficient and effective means of generating value for shareholders and the Buyback Programme may be cancelled or changed at any time at the Company's sole and absolute discretion.

Any Ordinary Shares repurchased will be held in Treasury by the Company.

Any market purchase of Ordinary Shares pursuant to the Buyback Programme will be announced no later than 7:30am (UK time) on the business day following the day on which the purchase occurred.

The Company has appointed Deutsche Numis to manage an irrevocable, non-discretionary instruction to continue the Company's Share Buyback Programme during closed periods.

Ends.

About Partners Group Private Equity Limited

PGPE Ltd 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 over USD 174 billion in investment programs under management in private markets, of which USD 83 billion is in private equity. Partners Group itself is listed on the Swiss Stock Exchange (ticker: PGHN). 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:

[email protected]

www.partnersgroupprivateequitylimited.com

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 "the Company". References to Partners Group AG have been abbreviated to "Partners Group" or "the 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 are 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's website nor the contents of any website accessible from hyperlinks on PGPE Ltd's website (or any other website) are incorporated into, or form part of, this announcement.

4.     This announcement may contain forward-looking statements. Any statement other than a statement of historical fact is a forward-looking statement. Actual results may differ materially from those expressed or implied by any forward-looking statement. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. You should not place undue reliance on any forward-looking statement, which speaks only as of the date of its issuance.