This article first appeared on GuruFocus .
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NAV Decline:3.3% decline on a total return basis year-to-date.
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Listed Assets:Represent 6.5% of the portfolio, down from 11% at year-end.
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Distribution Activity:EUR78 million received, exceeding EUR30 million invested.
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Cash and Cash Equivalents:EUR33 million as of quarter end.
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Credit Facility:Fully undrawn EUR150 million credit facility.
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Share Buyback Program:EUR18 million allocated, with a total of EUR20 million announced in April.
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Interim Dividend:EUR0.325 per share, implying a prospective dividend yield of over 7%.
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Vishal Mega Mart Proceeds:EUR15 million generated from a 14% stake sell-down.
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Realizations:EUR80 million in proceeds from partial or full realizations in Q1 2026.
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Weighted Average Realized TVPI:Close to 3x money multiple over the last 12 months.
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Galderma Exit:Realized a return in excess of 3.5x money multiple.
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Average Holding Period:Reduced to 4.4 years.
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Last 12-Month EBITDA Growth:Just over 6% at the end of March.
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Net Return for the Quarter:Minus 3.3%.
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Buybacks Deployed:EUR7 million during the first quarter.
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Release Date: May 27, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Partners Group Private Equity Ltd ( LSE:PEY ) received EUR78 million in distributions during the first quarter, significantly exceeding the EUR30 million invested.
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The company maintains a strong balance sheet with EUR33 million in cash and cash equivalents and a fully undrawn credit facility of EUR150 million.
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A share buyback program of EUR20 million was announced, indicating confidence in the company's valuation.
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The company will pay a first interim dividend of EUR0.325 per share, translating to a prospective dividend yield of over 7%.
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Younger vintages in the portfolio are performing well, supporting future growth and value creation.
Negative Points
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NAV declined by 3.3% on a total return basis year-to-date, primarily due to listed exposures.
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Idiosyncratic challenges in select portfolio companies, such as KinderCare and Pharmathen, have moderated value creation.
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The portfolio's operating performance is under pressure from macro headwinds, including the war in the Middle East.
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Some portfolio companies, like Schleich and Ecom Express, have been negatively impacted by pandemic-related industry shifts.
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The inflection cohort of assets has seen slower value creation than expected, resulting in below-target returns.
Q & A Highlights
Q: Can you provide more information on the structural solutions and where are we with it? A: As stated in the Chairman's statement, the Board will provide an update on 18th of June. At the moment, we cannot provide additional information on this. Andreea Mateescu, Investor Relations
Q: How do you see the level of distributions in 2026 and redeployment into new investments? A: We received just shy of EUR80 million during the first quarter and over EUR100 million year-to-date. I expect the positive trend to continue, achieving similar levels to 2025, likely in the high teens, 17% to 20% NAV in terms of distributions. This will support the level of investments needed to maintain our standard target investment level across the portfolio. Federica Cazzaniga, Head of Mandates Portfolio Management
Q: How does the asset allocation in PGPE Limited compare to the wider private equity platform at Partners Group? A: There is a full overlap within PGPE Limited and our broader platform when it comes to majority-owned investments. All private equity buyout transactions where Partners Group is a majority owner are included in this portfolio, ensuring no cherry picking. Federica Cazzaniga, Head of Mandates Portfolio Management
Q: What is the current status of the share buyback program? A: We deployed EUR7 million into buybacks during the first quarter. In April, we announced an additional EUR18 million to the existing pool, bringing the updated buyback pool to around EUR20 million as of April. Andreea Mateescu, Investor Relations
Q: Can you comment on the dividend policy and its implications for shareholders? A: Our 5% dividend policy continues to be a defining feature. At today's share price, this translates into a prospective dividend yield above 7%, making PGPE one of the most attractive income propositions in the European listed private equity space. Andreea Mateescu, Investor Relations
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
