Partners Group Trust Proposes Vote That Could Lead to Wind-Down
(Bloomberg) — A London-listed fund run by Partners Group Holding AG has laid out plans for a shareholder vote that could lead to a wind-down of the vehicle.
Partners Group Private Equity Ltd. is proposing a dual-share-class structure that would let investors either remain invested in the existing strategy or move into a “realization” category designed to return capital over time, according to a statement Tuesday. If demand for realization shares exceeds 40%, the trust’s board will seek approval for a “managed wind-down of the entire portfolio.”
Results of shareholders’ election will be published on Oct. 1.
The €485 million ($564 million) vehicle has been navigating a challenging period in recent months, marking down investments including Emeria, a European real estate services provider, as well as Ammega, an industrial power transmission and conveyor belting firm. It’s also written off its investment in healthcare firm Pharmathen.
The fund is one part of the broader private markets business run by Switzerland-based Partners Group, which has about $186 billion in assets under management across private equity, credit, infrastructure and other strategies.
“Partners Group actively worked alongside the board to develop a favorable solution providing shareholders in its UK listed investment trust the option to realize holdings at NAV as and when net proceeds are received, similar to a typical closed-end fund structure,” the alternative asset manager said in an emailed statement.
“This solution addresses structural issues inherent to listed vehicles and provides shareholders with optionality. We believe shareholders will welcome this development.”
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