8th Sep 2026 12:55
(Alliance News) - Partners Group Private Equity Ltd on Tuesday called an extraordinary general meeting for shareholders to vote on proposals first announced in June to create a dual share class structure or to wind down the entire company.
The meeting called for October 7 comes at a torrid time for the Guernsey-registered investment trust and its Baar, Switzerland-based investment manager Partners Group AG.
Late last month, PGPE said its net asset value per share fell 11% to EUR11.57 on June 30 from EUR13.00 at the end of 2025, with the NAV discount to its share price widening to 39% from 20%.
PGPE shares were up 0.6% to EUR7.36 midday Tuesday in London, giving the company a EUR479.2 million market capitalisation. However, the stock is down 31% over the past 12 months.
PGPE on Tuesday confirmed it is proposing to split its shares into 'continuing ordinary' shares and 'realisation' shares. The continuing shares will retain exposure to the company's existing investment strategy, while the investment mandate of the realisation shares will be to sell assets and return proceeds to shareholders. The realisation shareholders will not participate in any new investments.
The portion of existing shares that can be redesignated as realisation shares under the dual class share structure plan will be 40%, which PGPE said was raised from its initial proposal of 30%. It said the change was made after discussions with "significant significant shareholders" about what percentage needed to remain as ordinary shares to preserve sufficient scale for the company and trading liquidity for its shares.
If shareholder elections for realisation shares exceed 40%, PGPE said it will switch to proposing a realisation of the company's entire portfolio and a full managed wind-down instead.
"Following careful consideration of the options available to the company, the board believes that the proposed dual share class structure provides a practical and effective way to address the differing priorities within our shareholder base," PGPE Chair Peter McKellar said in the company's statement on Tuesday.
"The reorganisation proposal is designed to give shareholders a clear choice. Those seeking liquidity will have a defined path to realise value from their investment in an orderly manner, while those who wish to remain invested will continue to benefit from exposure to the portfolio's long-term growth potential and attractive income profile."
By Tom Waite, Alliance News editor
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