Partners Group Private Equity NAV falls 2.3% in June to EUR11.57

(AWP Alliance News) - Partners Group Private Equity Ltd on Friday reported a 2.3% decline in net asset value to EUR11.57 per share in June, equating to EUR776.1 million.

The Baar, Switzerland-headquartered private markets investment company reported a larger monthly decline than in May, when NAV fell 0.7% to EUR11.84 per share, equating to EUR801.7 million.

Partners Group said the June decline was primarily due to portfolio revaluations, which fell 3.2%, partly offset by positive currency movements of 0.9%.

The revaluations reflected lower valuations for power transmission company Ammega and European real estate services provider Emeria.

The lower Emeria valuation reflected "weaker operating performance and a reduction in the valuation multiple applied in line with public market comparables", Partners Group said.

Emeria was also the main driver of May's NAV decline.

Partners Group said the May valuation reduction reflected softer first-quarter 2026 operating performance, the impact of businesses divested in 2025, prior-year client churn in its French Residential Real Estate Services segment and renewed macroeconomic pressure.

Techem, a European sub-metering services provider, was the top contributor in June. Its valuation increase reflected "the company's continued operational progress, with financial growth remaining positive, supported by strong sales and installation activity across the core energy services business", Partners Group said.

The portfolio generated EUR8.5 million in distributions during June, primarily from the realisation of a healthcare investment.

Partners Group paid EUR22.3 million in dividends during the month and used EUR4.9 million for share buybacks.

At the end of June, PGPE Ltd had cash and cash equivalents of EUR51.15 million, down 25% from EUR68.8 million at the end of May. It also had a fully undrawn EUR150.0 million credit facility.

Shares in Partners Group were up 1.8% at CHF810.40 in Zurich on Friday afternoon.

By Niall Holden, Alliance News reporter

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