Investment Companies Daily: PEY Dual Share Class, FGEN/SYNC Final results, TRIG model correction

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Investment Companies Daily: PEY Dual Share Class, FGEN/SYNC Final results, TRIG model correction

C A Z E N O V E Europe Equity Research

18 June 2026

Investment Companies Daily

PEY Dual Share Class, FGEN/SYNC Final results,

TRIG model correction

• Partners Group Private Equity (PEY, Underweight) – Dual share class European Investment Companies

AC proposed – As flagged in the final results on 23/3/26 (see our note here), the Christopher Brown

Board has been reviewing its strategic options and has today announced a (44-20) 7134-4722

proposal to introduce a dual share class structure, with shareholders able to christopher.brown@jpmorgan.com

elect on a mix and match basis for in aggregate up to 30% for Realisation shares Adam Kelly, CFA

that will return capital over time as the current underlying investments are sold (44-20) 7742-9526

over an anticipated eight-year horizon. The other 70% will remain as adam.kelly@jpmorgan.com

J.P. Morgan Securities plc

Continuing ordinary shares that will have the same investment policy, with

exposure to new investments. The Board, having looked at a number of Investment companies Research

different options, considers this to be the optimal way to satisfy differing homepage -click here

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 Largest movers over the last week (%)

least initially, from the 5% of NAV dividend policy and, nearer the end of their SDCL Energy Efficiency Income-29.6

life, the Board will likely exercise its option to convert the rump back into Greencoat Renewables -5.3

Continuing shares to provide better liquidity and diversification.