Partners Group is sharing information concerning Partners Group Private Equity Limited (“PGPE Ltd” or the “Company”). PGPE Ltd is an investment trust managed by Partners Group. Its shares are listed on the London Stock Exchange, which provides for shareholder liquidity.
The independent Board of PGPE Ltd announced a proposal to introduce a dual share class structure. As it is not an open-ended structure, this offers shareholders a choice between continued participation in the Company’s long-term strategy and a defined pathway to liquidity over time. The proposal is intended to address the persistent discounts at which the vast majority of UK-listed investment trusts, particularly private equity vehicles, have traded since listing. Shareholders will be able to elect for either Continuing Ordinary Shares, which will continue to follow the Company’s existing strategy, or Realization Shares, which will realize investments over time and return proceeds without making new investments.
To preserve the scale and liquidity of the continuing vehicle, Realization Shares will be capped at 30 per cent of issued share capital, equivalent to approximately EUR 250 million if fully elected. The independent Board of PGPE Ltd therefore sees the proposal as a balanced solution for a minority of shareholders seeking liquidity, while preserving the Company’s long-term investment case for others.
Full details of the proposal will be set out in documentation to be published by the Company in Q3 2026. The documentation will also convene a general meeting to seek shareholder approval of the proposal. If such approval is granted, it is expected that the proposal will become effective in Q4 2026.
The full announcement can be found here.
