Edison Releases Report on Partners Group Private Equity

On November 28, 2024, Edison Investment Research released a report on Partners Group Private Equity (PEY/PEYS), highlighting key portfolio developments and performance. The group has engaged in significant portfolio realisations, aided by increased M&A activity and IPO opportunities. Notably, it completed the sale of SRS Distribution and Techem, and successful IPOs of Galderma and KinderCare. Valuation gains from these actions contributed to a 21% average increase in the latest NAV.

The portfolio noted a 5.1 percentage point performance boost in the first nine months of 2024, driven by an 11% EBITDA growth among top holdings and a modest uplift from peer valuations. These gains were partially counterbalanced by increased net debt due to refinancings aimed at strengthening capital structures. Additionally, the US dollar's depreciation impacted the portfolio, which constitutes 40% of its currency exposure.