Partners Group Private Equity (PEY) H1 2024 earnings summary

Executive summary

• Achieved a 4.1% NAV total return for H1 2024, with NAV per share at €14.38 and share price total return of 13.9%, narrowing the discount to NAV to 20.4% at period end.

• Paid an interim dividend of €0.355 per share, aligning with a 5% payout policy; dividend yield at 6.3% based on June closing price.

• Major portfolio exits, including SRS Distribution (sold to Home Depot) and Civica, drove €103.7 million in distributions, with SRS as the largest contributor.

• Portfolio remains diversified across sectors and geographies, with 97% in direct private equity and over 70 companies.

• Name changed to Partners Group Private Equity Limited in June 2024 following shareholder approval.

Financial highlights

• NAV per share closed at €14.38 after interim dividend payment; NAV increased to €994.5m as of 30 June 2024.

• Share price at €11.45, with a total return of 13.9% for H1 2024; market capitalization reached €791.8m.

• Gross portfolio performance for H1 2024 was 4.8%, driven by direct investments.

• Net income for H1 2024 was €39.8m, up from €35.1m in H1 2023; basic EPS was €0.57.

• Cash and cash equivalents rose to €24.6m; undrawn credit facility of €140m.

Outlook and guidance

• Expectation of normalized exit activity in 2024, with moderate improvement in private equity industry realizations and transaction environment.

• Ongoing focus on disciplined capital deployment, value creation, and robust capital allocation policy.

• Dividend objective of 5% of prior year-end NAV remains central to capital allocation policy.