Partners Group Private Equity NAV dips, discount to share price widens

Partners Group Private Equity Ltd on Thursday called its half-year performance "poor", as net asset value per share declined amid a "challenging" market backdrop.

The Guernsey-based investment trust which focuses predominantly on direct private equity investments said net asset value fell to EUR11.57 at June 30 from EUR13.00 at the end of 2025, with the NAV discount to its share price widening to 39% from 20% over the same time frame.

Pretax loss mounted to EUR80.0 million in the six months ended June 30 from a restated EUR59.6 million the year prior.

PGPE said the continuation of the "poor" NAV performance now means that the annualised NAV total return for the five- and ten-year periods ended June 30, is minus 1.0% and up 6.5% respectively.

"Such performance is disappointing and below what the board expects," it said.

The firm said the NAV discount to the share price was exacerbated by some selling arising from market speculation around two larger investments and the exit of a few institutional shareholders after the proposed dual share class announcement in June.

PGPE said the first half of 2026 was characterised by "heightened geopolitical uncertainty, intermittent market volatility and evolving economic policy expectations" which "contributed to a softer trading environment and selective pressures on valuations."

Against this backdrop, PGPE said it faced a "challenging" reporting period, with NAV declining 8.6% on a total return basis, including dividends paid to shareholders.

An interim dividend of EUR 0.325 per share was in June, down from EUR 0.375 per share the year prior. The dividend objective is for the company to pay 5.0% of the previous year-end NAV.

Shares in PGPE rose 0.8% to EUR7.50 in London on Thursday.

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