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Partners Group Private Equity (PEY) investor relations material
Partners Group Private Equity H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
H1 2025 was marked by a 5.7% NAV total return decline, driven by currency headwinds, market volatility, and tariff uncertainty, but supported by €39.6M in distributions and a resilient, diversified portfolio of over 70 direct investments.
Portfolio activity was impacted by geopolitical and macroeconomic volatility, but liquidity was strengthened by a €120M undrawn credit facility and strong exit momentum from realizations such as Vishal, Galderma, PCI Pharma Services, and Techem.
Material revisions to investment management terms and updated investment policy were implemented, aiming for financial savings and better alignment with shareholders.
Dividend yield reached 7.5% with €26M interim dividend distributed, aligning with a 5% payout policy.
Over 75% of NAV is in companies with positive EBITDA growth, with nearly half growing EBITDA by more than 10%.
Financial highlights
NAV per share at €13.79 and share price at €9.72 as of June 30, 2025; NAV at €953.5M, down from €1,039.1M at year-end.
Total return for H1 2025 declined 5.7%, including interim dividend; share price total return was 5.5%.
Dividend yield at 7.5%, with €0.73 per share paid in the last twelve months.
Cash and equivalents stood at €8.3M, with €120M undrawn credit facility; €50-65M unfunded commitments expected to be drawn over 2-4 years.
Discount to NAV widened to 29.5%, below the 10-year average of 19%.
Outlook and guidance
Increased transaction activity and improved liquidity are expected in H2 2025 as policy clarity emerges.
Balanced sector and regional diversification strategies prioritized, with service-oriented and domestic supply chain businesses expected to outperform.
Anticipate Fed rate cuts and fiscal shifts to support growth in 2026, with Europe benefiting from structural reforms and lower rates.
Focus remains on delivering strong NAV performance and narrowing the share price to NAV discount.
Prospective dividend yield for the year is 7.5%.
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