MONTHLY REPORT
PARTNERS GROUP LISTED INVESTMENTS SICAV - LISTED PRIVATE EQUITY (GBP) as at 31 October 2011
The Partners Group Listed Investments SICAV - Listed Private Equity fund provides efficient access to the asset class private equity overcoming the normally associated hurdle of illiquidity. The Fund invests in companies, which do mainly private equity investments and are listed on major stock exchanges. Out of an investment universe of over 200 companies world wide, the Fund actively screens a target list of around 100 companies, which fit the minimum criteria.
Key Facts Monthly Report Date of Inception: 18 May 2010 The US economic data published in October were better than expected Fund Currency: EUR and helped drive a rally in global equity markets. Stocks throughout the Fund Domicile: Luxembourg world got an additional lift at month’s end from the announcement that Close of Financial Year: 31 December members of the currency union had agreed on measures aimed at Investment Advisor: Partners Group AG combatting the European sovereign debt crisis. Distributions: Distributing Management Fee (Net of Administration and Custodian Fees): 1.15% Against this backdrop, Partners Group Listed Investments SICAV – Listed ISIN: LU0424511698 Private Equity (GBP) recorded a 10.7% gain for the month, outpacing the Valor: 10137954 broader equity market. The main drivers of this above-average WKN: A0RMTL performance were, in particular, the North American alternative asset Bloomberg Ticker: PGLLPEG LX managers KKR (+32.3%) and Blackstone (+21.3%). The stronger-than- Total Net Assets: EUR 182.29m expected economic momentum in the US and a corresponding boost to investor sentiment also helped the business development companies (BDCs) in the portfolio to record sharp price gains. Reports of successful Price Development exits by private equity firms persisted as well: for example, portfolio Price per Unit 31 October 2011 GBP 103.24 company Electra Private Equity announced the sale of BDR Thermea Monthly Performance (Total Return) 10.7% Group, a Dutch provider of heating and hot-water systems and services. Last Dividend Payout: GBP 1.20 as of 23 May 2011 The transaction was concluded as of 31 October and had a positive Investment Level: 98% impact on Electra’s NAV. In view of the encouraging macro data, it appears that investors are back to focusing more intently on the NAV Development fundamentals of these companies. The attractive valuation levels in this segment are exemplified by the London-listed private equity fund of 130 funds, whose average discount to NAV currently stands at 36%.
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Partners Group Listed Investments - Listed Private Equity (GBP)
MSCI World Index TR in GBP
Performance and Volatility Figures (in GBP) Largest Holdings
Performance 1 Month YTD 1 Year Since inception* Position Country in % PGLI LPE (GBP) 10.7% -11.9% -4.0% 3.0% KKR & Co. USA 7.94 MSCI World TR 7.7% -4.5% 3.6% 2.4% 3i Group Great Britain 7.41 Wendel France 7.32 Volatility 1 Month YTD 1 Year Since inception Partners Group Holding AG Switzerland 6.12 PGLI LPE (GBP) 32.5% 23.3% 22.1% 20.9% Onex Corporation Canada 5.58 MSCI World TR 22.2% 17.8% 16.8% 16.4% American Capital USA 4.64 *Annualized Ares Capital USA 4.56 Eurazeo France 4.54 Blackstone Group USA 4.36 Ratos Sweden 4.22
Fund Allocation
Rest of the Venture world Other capital Asia 3% 21% 8% 7% EUR Special Cont. 30% situations Europe 19% 45%
GBP 13% Buyout North 73% America 39% UK USD 6% 36%
www.pg-lpe.net MONTHLY REPORT
PARTNERS GROUP LISTED INVESTMENTS SICAV - LISTED PRIVATE EQUITY (GBP) as at 31 October 2011
Definitions
This Newsletter is produced based on information available on the last working day of the month.
Listed private equity A ‘Listed Private Equity’ company is listed on a stock exchange and has the purpose of investing in private equity assets.
Investment universe Public partnerships, fund of funds, private equity houses, mixed investment companies
Financing stages Venture Capital (VC) Financing for companies typically in their build-up phase. Seed stage describes the period where product feasibility is confirmed; Early stage involves the identification of the position in the market, the establishment of production lines and the development of marketing channels; Later stage portrays the subsequent rapid expansion phase of a young company.
Buyout (BO) Acquisition of a controlling stake in a company, typically with financial or managerial reorganization needs. Small/mid/large size buyout refers to the enterprise value of the acquired company. Whereas the bandwidths for Europe are set at
Special Situations (SS) Special situations includes mezzanine, turnaround, distressed and other investments.
Other Portfolio companies that have been listed, but still are kept in the portfolio due for example the holding period or listed companies that are held in portfolios due to strategic reasons or alike.
Contact Details
Investment Advisor: Investor Relations: Partners Group AG Partners Group AG Zugerstrasse 57 Sebastian Schulthess 6341 Baar-Zug Zugerstrasse 57 Switzerland 6341 Baar-Zug / Switzerland
Phone: +41 (0)41 768 85 85 Tel.: +41 (0)41 768 84 39 Fax: +41 (0)41 768 85 58 Fax: +41 (0)41 768 85 58 www.pg-lpe.net Email: [email protected]
Partners Group Listed Investments SICAV, 4, rue Thomas Edison, L-1445 Luxemburg Grand Duchy of Luxembourg, R.C.S. Luxembourg B 143187
This document is not intended to be an investment advertisement or sales instrument; it constitutes neither an offer nor an attempt to solicit offers for the product described herein. This report was prepared using financial information contained in the company's books and records as of the reporting date. This information is believed to be accurate but has not been audited by any third party. This report describes past performance, which may not be indicative of future results. The company does not accept any liability for actions taken on the basis of the information provided.