Partners Group Private Equity: Dual share class with Continuing and Realisation share classes aims to narrow the aggregate discount over time

Research evidence excerpt

Partners Group Private Equity: Dual share class with Continuing and Realisation share classes aims to narrow the aggregate discount over time

C A Z E N O V E Europe Equity Research

18 June 2026

Partners Group Private Equity

Dual share class with Continuing and Realisation share Underweight

classes aims to narrow the aggregate discount over PEY.L, PEY LN

time Price (17 Jun 26):€8.54

As flagged in the final results on 23/3/26 (see our note here), the Board has been European Investment Companies

reviewing its strategic options and has today announced a proposal to introduce a Christopher Brown AC

dual share class structure, with shareholders able to elect on a mix and match basis (44-20) 7134-4722

for in aggregate up to 30% for Realisation shares that will return capital over time christopher.brown@jpmorgan.com

as the current underlying investments are sold over an anticipated eight-year Adam Kelly, CFA

horizon. The other 70% will remain as Continuing ordinary shares that will have (44-20) 7742-9526

the same investment policy, with exposure to new investments. The Board, having adam.kelly@jpmorgan.com

J.P. Morgan Securities plc

looked at a number of different options, considers this to be the optimal way to

satisfy differing shareholder requirements, but we note that, if over 50% elect for

Realisation shares, alternative proposals may be put forward, which we think

would most likely be a managed wind down. The Realisation shares will still

benefit, at least initially, from the 5% of NAV dividend policy and, nearer the end

of their life, the Board will likely exercise its option to convert the rump back into

Continuing shares to provide better liquidity and diversification. Realisation

shareholders will also benefit from a cut in base fees from 1.5% to 1.25%, while