Q2 2025 Partners Group Private Equity Ltd Earnings Call Transcript
Key Points
- Partners Group Private Equity Ltd (LSE:PEY) distributed EUR26 million as the first interim dividend, aligning with their objective of paying 5% of the previous year in semiannual payments.
- The company has a strong liquidity position with EUR8.3 million in cash and cash equivalents and a EUR120 million undrawn credit facility.
- The portfolio showed resilience with a strong portfolio value creation of 3% in the second quarter, highlighting the robustness of underlying investments.
- Partners Group's investment approach includes thematic sourcing and transformational investing, which has proven successful in past market crises.
- The company anticipates increased transaction activity in the second half of 2025, with potential for stronger performance from service-oriented businesses and those with domestic supply chains.
- The net asset value (NAV) declined by 5.7% in the first half of 2025, primarily due to adverse currency movements, including a 12% depreciation of the US dollar against the euro.
- Currency headwinds reduced performance by 3.6% in the second quarter and 5.4% during the first half of the year.
- Transaction volumes slowed in the second quarter due to renewed macro and geopolitical uncertainty.
- The average holding period for investments has extended, with some pre-2019 investments still in the portfolio, reflecting subdued transaction activity in recent years.
- The company trades at a significant discount to NAV, around 30%, which is below the 10-year average of 19%, indicating potential undervaluation concerns.
Good morning, and thank you for joining today's investor call for PGPE Limited. I'm Andreea Mateescu, and I'm delighted to be here with my colleagues, Dr. Cyrill Wipfli, Federica Cazzaniga and Fiona Gillespie.
Today, we'll be sharing an update on the NAV development and portfolio highlights as of June 30. But before we get started, just a quick note on the housekeeping. If you have any questions during the webcast, please use the Q&A tool available on your screen and we will address questions at the end of the presentation.
Now to ensure we cover as much as possible, we will group similar questions and respond to them in one go. And if you run out of time or you have additional questions afterwards, feel free to reach out to us via e-mail or through the contact form available on our website. Let's get started.
The first half of 2025 was characterized by volatility, escalating geopolitical tensions, trade disruptions and rising concerns over the balance between inflationary pressures and the Fed fund
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