Partners Group Global Value SICAV

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Société d’Investissement à Capital Variable ("SICAV")

Annual report for the year ended December 31, 2018

R.C.S. Luxembourg B 124.171

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Partners Group Global Value SICAV

TABLE OF CONTENTS

Management and Administration ...... 3 Board of Director's Report ...... 4 Audit Report ...... 8 Statement of net assets as at December 31, 2018 ...... 14 Statement of operations and changes in net assets for the year ended December 31, 2018 ...... 15 Statement of investments as at December 31, 2018 ...... 17 Statement of forward foreign exchange contracts as at December 31, 2018 ...... 26 Statement of net asset value per share class for the year ended December 31, 2018 ...... 27 Statement of changes in the number of shares outstanding for the year ended December 31, 2018...... 29 Notes to the financial statements for the year ended December 31, 2018 ...... 30 AIFM disclosures (unaudited) ...... 39

- 2 - Partners Group Global Value SICAV

Management and Administration

Registered office

2, Place François Joseph Dargent, L-1413 Luxembourg

Board of Directors

Chairman Sérgio Raposo Partners Group (Luxembourg) S.A.

(resigned March 14, 2018)

Directors Dr. Helene Müller Schwiering Advokatgruppen Luxembourg

Daniel Van Hove Orionis Management S.A.

Roland Roffler PG3 AG

Eicke Schinn Partners Group AG

(since September 5, 2018)

AIFM

Name Partners Group (UK) Ltd. 110 Bishopsgate, 14th Floor Registered office London EC2N 4AY, United Kingdom

Administration and Advisors

Legal Advisor Loyens & Loeff Luxembourg S.à r.l. 18-20 rue Edward Steichen, L - 2540 Luxembourg

Depositary, Paying Agent, Registrar and M.M.Warburg & CO Luxembourg S.A. Transfer Agent 2, Place François Joseph Dargent, L-1413 Luxembourg

Administrator and Domicil iary Agent WARBURG INVEST LUXEMBOURG S.A. 2, Place François Joseph Dargent, L-1413 Luxembourg

Auditor PricewaterhouseCoopers, Société coopérative 2, Rue Gerhard Mercator, L-2182 Luxembourg

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Board of Director’s Report

Positive NAV development amid volatile public markets

Partners Group Global Value SICAV (the Fund) saw a solid year and closed 2018 on a positive note for all share classes. Share class I (EUR) gained +7,2%, share class I (USD) rose by +7,5% on a net basis. Compared to public markets the development of the Fund remained on a stable growth path at significantly lower volatility (4,6%). Since inception of the Fund in February 2007, the outperformance to the MSCI World TR (in EUR) widened to more than 38%, in particular due to the stormy last quarter of 2018. During Q4, the private markets portfolio demonstrated its value to investors, with valuations based on companies' earnings and less on sentiment compared to the public markets. The portfolio developed well, with the ten best performing assets stemming from the Fund's private equity direct investments. The vast majority of the companies reported positive development of the operational figures driven by value creation initiatives.

The largest positive contributor was private equity co-lead direct investment Aavas Financiers that held its IPO end of September. Partners Group and Kedaara Capital sold 14,6 million shares, or roughly 24% of their stake in the company. Since the acquisition of the company in June 2016, its total assets on book have grown by 46% and total equity by 118%, respectively. Aavas provides housing loans to India's low and middle income population, focusing on self-employed first time borrowers.

Furthermore, Cerba HealthCare the leading French medical laboratory services operator developed well. Cerba's carrying value increased on the back of robust financial performance. Revenue and adjusted EBITDA increased due to new clients and the strategic acquisition of Bio7. Meanwhile, Partners Group continues to work closely with Cerba's management on a number of initiatives. For instance, the company has developed an extensive pipeline of over 200 labs for potential acquisitions to drive its plan for M&A consolidation across France.

Sustained healthy investment activity

As seen in previous years, Partners Group's investment decisions remained highly selective with a decline rate of 96% with respect to direct and secondary transactions. Partners Group overall closed 117 direct and secondary deals with a value of USD 16,7 billion. On the Primary side the decline rate stood at 90% with 444 of the screened funds being rejected whereas 48 received a commitment. Broken down on Fund level, direct transactions continued to be the predominant investment type on the equity as well as on the debt side. Besides direct transactions, the Fund was increasingly active committing to primary investments compared to the last years. Overall, the Fund invested EUR 786 million in 22 new direct deals as well as 10 secondary transactions and committed EUR 365 million to 16 primary investments.

Investment examples

With respect to private equity direct investments, Partners Group closed the acquisition of GlobalLogic, a global provider of software product engineering services in a transaction that valued the company at USD 2,0 billion. Founded in 2000 and headquartered in San Jose, California, GlobalLogic has been an innovator in the digital product engineering services space, with approximately 12.000 employees working at design studios and engineering centers across the globe. The company helps clients build innovative digital products that enhance customer engagement, and create new revenue streams. Its clients represent well-known global brands across multiple industry verticals. With over USD 500 million in revenue, and an average growth rate of over 20% for the past five fiscal years, GlobalLogic has more than doubled its revenue over the same period, while maintaining strong profit margins. Demand for digital product engineering services has grown rapidly, and GlobalLogic has

- 4 - Partners Group Global Value SICAV

been instrumental in helping brands navigate the digital transformation arena. Going forward, Partners Group will work closely with GlobalLogic's management team to expand internationally and extend the company's reach into new markets and geographies. GlobalLogic will also leverage on Partners Group's relationships as it looks to further strengthen its competitive position and prospects for sustainable, long-term growth and enduring profitability.

In addition, Partners Group deployed capital to fund the announced acquisition of Techem, a global market leader in the provision of heat and water sub-metering services, in a transaction that valued the company at EUR 4,6 billion. Founded in 1952 and headquartered in Eschborn, Germany, Techem provides sub-metering services to approximately 410.000 customers, including property owners and managers, across 11 million dwellings in over 20 countries. The company's core business comprises installation, monitoring and reading services in addition to providing devices used for sub-metering, such as heat and water meters, and operates through a B2B2C business model, as the contracting party or landlord (B2B) passes on the costs to the tenant (B2C). Techem is the market leader in Germany, the largest sub-metering market in the world, as well as in an additional 13 European markets. Partners Group was attracted to Techem as it benefits from regulatory-driven demand: sub-metering is mandatory by an EU directive, creating high potential for increased penetration across Europe over the coming years. In addition, the long-term contractual nature of its business provides Techem with stable cash flows and good revenue visibility. The company also has a proven track record of growth. Techem is deeply integrated into its customers' business processes and due to high switching costs experiences a very low churn rate. Furthermore, the company has the potential to transform into a leading energy efficiency provider by cross-selling adjacent services such as smart building and energy management solutions and by using digitization to improve customer experience and cost efficiency of processes including protocol filing and billing. Going forward, Partners Group will work closely with Techem's management to expand market share by capitalizing on currently underserved segments, increase revenues per dwelling by switching to higher-value products, implement an operational excellence program to further transform the existing business model and execute on cost-saving opportunities via effective automation of business processes.

On the secondary side, the Fund participated in Project Surya, an estimated USD 460 million secondary transaction comprising 31 partnerships managed by reputable investment partners. The seller was motivated by estate planning purposes while Partners Group was attracted by the portfolio's quality. The transaction was secured in an auction process where competition was lower than expected given multiple large transactions in the market at the same time. The portfolio primarily contains North American buyout funds with minimum emerging market or venture exposure. The portfolio is highly diversified, consisting largely of inflection assets acquired post-2012 with approximately USD 175 million of unfunded commitments that serve as a natural hedge to the existing portfolio. Partners Group was well positioned to price the portfolio, with about 90% investment overlap by exposure, as well as deep insights into the underlying assets since 70% of the NAV are in funds recently evaluated in other projects.

Furthermore, the Fund invested in Project Reach a proprietary private equity secondary transaction for the restructuring of a 2011-vintage fund managed by Primavera Capital, which represents Partners Group's second proprietary secondary opportunity with the China-based private equity firm. Primavera has expertise in the financial services sector with an established network that provides access to sizeable and highly sought-after assets. The portfolio comprises two China-based diversified finance services providers that are expected to benefit from the upside potential in the maturation of the China's capital market and Primavera's track record in the financial services sector. Partners Group has an indirect exposure to both assets via other Primavera funds, which provided good knowledge of the investment partner's value creation capabilities as well as deep insights into the underlying investments. At the same time, Partners Group has a strong relationship with the seller, which

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cemented its position as the preferred partner, leading to the successful closing of this deal. The largest asset in the portfolio by NAV is a leading mutual fund manager in China that offers a full suite of products that cover equity, bond and money market for mutual fund business as well as specific and general mandate offerings to institutional clients. As at June 30, 2018, the company has USD 151 billion of assets under management.

Maintaining a well-diversified portfolio

Partners Group will also in 2019 continue to grow the Fund in a controlled manner by way of applying a disciplined budgeting approach. Carefully restricting net subscriptions on a monthly basis is a crucial portfolio management component to protect existing investors from dilution and to maintain the desired portfolio diversification. By looking on the vintage diversification of the portfolio investments, the value of the beforehand mentioned approach takes effect, demonstrated in a uniform exposure to the most recent four vintages 2015, 2016, 2017 and 2018, that each reflect approximately 18% of the current portfolio value. With respect to exposure by transaction type, the allocation to direct investments as of December 31, 2018 stood at 52%, the share of primary investments at 29% and secondaries accounted for 19%. During the year, the regional diversification shifted towards North America (+4%) with the following allocation as of end of December: 45% North America, 39% Europe, 13% Asia-Pacific and 3% Rest of World. Looking on the sectors in which the underlying companies are active, low cyclical industries like healthcare, consumption and telecommunication infrastructure account for almost half of the portfolio. Compared to 2017, the Fund increased for example its allocation to information technology (+2%), whereas materials decreased by 2%.

Outlook

The past year has seen private equity valuations rise yet again from an already high base, supported by increasing competition from private equity managers, strategic buyers and new market entrants, encouraged by the pursuit for yield while interest rates stay low and by strong debt markets for leveraged buyouts. As Partners Group does not operate in isolation, higher valuations are a reality in the underwriting, especially given the focus on high-quality assets in high-growth segments. In order to mitigate the risk linked to paying competitive prices, Partners Group's strategy is tripartite. Firstly, the approach is to remain selective with a thorough due diligence process, investing in only around 3% of the opportunities Partners Group screens. However, to be able to remain selective but having at the same time a substantial investment closing rate, strong sourcing capabilities are the key to success. Secondly, driven by competition in the market, formal investment due diligence process timelines contracted to around 3,5 months and thus developing investment ideas ahead of the market becomes increasingly important. With more than 200 investment professionals and over 300 industrial partners, Partners Group is able to identify attractive assets in advance, hence ensuring on average 10 months additional time before the start of the formal due diligence. Partners Group's large private markets database, tracking around 34.000 privately held companies, is the basis of this process and enables the investment teams to proactively search for assets that would be attractive to own and to develop to the next level. Thirdly, to achieve attractive returns in this environment, private markets investment managers have no choice but to outstand in their value creation capabilities. Therefore, more than ever, Partners Group is focusing on highly entrepreneurial ownership and active value creation with a growing and dedicated team of more than 30 operational specialists.

Partners Group´s investment focus remains on 'platform companies'. Those are leading companies with a strong management team and company infrastructure in fragmented industries which can be further expanded through add-on acquisitions. This allows to bring small or lower mid-market business into the leader's corporate infrastructure at lower acquisition multiples, thus building large significant market leaders at a reasonable price. Next to platform investments, Partners Group will focus on finding 'niche winners' which are companies in sub- segments of specific industries benefitting from particularly strong products or services and demonstrating an

- 6 - Partners Group Global Value SICAV

ability to grow disproportionately. Lastly, Partners Group aims for 'franchise companies' which are businesses with value creation potential as well as strong defensive capabilities and the ability to quickly de-leverage. In this case broadening the business fields and strengthening the company's positioning is the main goal.

The information stated in the report is historical and is not representative of future results.

- 7 - Audit report

To the Shareholders of Partners Group Global Value SICAV

Report on the audit of the financial statements

Our opinion

In our opinion, the accompanying financial statements give a true and fair view of the financial position of Partners Group Global Value SICAV (the “Fund”) as at 31 December 2018, and of the results of its operations and changes in its net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.

What we have audited

The Fund’s financial statements comprise:

· the statement of net assets as at 31 December 2018;

· the statement of investments and statement of forward foreign exchange contracts as at 31 December 2018;

· the statement of operations and changes in net assets for the year then ended; and

· the notes to the financial statements, which include a summary of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with the EU Regulation No 537/2014, the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier” (CSSF). Our responsibilities under the EU Regulation No 537/2014, the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the “Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements” section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We are independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements. We have fulfilled our other ethical responsibilities under those ethical requirements.

To the best of our knowledge and belief, we declare that we have not provided non-audit services that are prohibited under Article 5(1) of Regulation (EU) No 537/2014.

PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg T : +352 494848 1, F : +352 494848 2900, www.pwc.lu

Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256) R.C.S. Luxembourg B 65 477 - TVA LU25482518 The non-audit services that we have provided to the Fund, for the year then ended, are disclosed in Note 12 to the financial statements.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period, and include the most significant assessed risks of material misstatement (whether or not due to fraud).

These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key audit matter How our audit addressed the Key audit matter Valuation of unlisted investments

The Fund is mainly investing in direct private We updated and reconfirmed our understanding and equity and debt assets as well as alternative assessment of management's processes and internal target funds which are not traded on an active controls, as far as they apply to the valuation market (the investments). Due to the absence techniques used and the areas where significant of an active market, the valuation of such judgements and estimates are made. We also investments could be complex and involves performed tests over key controls in order to validate the use of significant judgment and estimates their operating effectiveness. In order to obtain by management. The valuation technique comfort that the valuation of the financial used by management for the valuation of investments is not materially misstated, we have those investment is dependent on the nature performed the following audit procedures for a of the underlying business and operations. sample of the investments:

These valuation techniques include: Where a multiple-to-earning model is used: a) Using multiple-to-earnings models. · We obtained management's valuation model b) Using discounted cash flow models. containing earnings, trading multiples for listed c) Using recent transaction prices. comparable companies and the multiples used to d) Using net asset values as reported by target value the investments. funds with fair value adjustments made by · We tested the mathematical accuracy of the management, where appropriate. model. · We obtained the management information The determination of the valuation techniques including actual, budgets and forecasts for the as well as the key inputs used are subject to portfolio companies being valued. We used this to management assumptions and estimates. verify the earnings being used in the model in Mistakes in the valuation of those investments relation to the unlisted companies being valued. as a result of use of management assumptions We assessed the appropriateness of the earnings and estimates could have a material impact on being used based on our understanding of the the financial statements. Please refer to Note financial performance of the portfolio companies, 2 to the financial statements for the independently confirming a sample of the description of the valuation methods used by management information received by the management. management and challenged changes made by management in the application of this input to the valuation.

9 Key audit matter How our audit addressed the Key audit matter · In testing management's fair valuation process, we assessed trading multiples for the comparable companies identified by management and compared them to the multiples used in the valuation. We also considered whether any other traded companies may be comparable and considered the impact of their inclusion in the sourced trading multiples on the valuation, where and if considered appropriate.

Where a discounted cashflow model is used: · We obtained managements valuation model containing the relevant cash flows and discount rates applied. · We tested the mathematical accuracy of the model. · We challenged the reliability of cash flows forecasts by backtesting those forecasts to actuals.

We evaluated the reasonableness of the key valuation inputs, including discount rates used, against independent data by involving internal valuation specialists.

Where a recent transaction price is applied: · We challenged Management on whether there had been any changes in facts and circumstances since the transaction was completed which may indicate that a change in valuation would be appropriate. Where a related party was a counterparty to the transaction, we performed further procedures to obtain comfort that the transactions were made at arm's length.

Valuation of target funds: · We verified the reported net asset values by tracing them to supporting documentation such as capital account statements or quarterly reports received by the management and assessed the appropriateness of a sample of material fair value adjustments. · We evaluated the appropriateness of source documentation by independently confirming a sample thereof with the administrators of the target funds.

10 Key audit matter How our audit addressed the Key audit matter We evaluated, on a sample basis, the reliability of the reported net asset values by comparing the source documentation used in the Funds prior year valuations against the audited financial statements issued by the target funds in which the Fund was invested. Performance Fee

The fund is, as per offering memorandum, We gained an understanding of the calculation required to pay a performance fee to the AIFM process of the performance fee at the level of the based on the income generated from the administrator of the fund and the corresponding financial assets. A mistake in the performance internal controls. In the context of our audit, we fee calculation or a calculation that is reperformed the calculation of the performance fees inconsistent with the requirements of the for the current financial year, based on the offering memorandum can have a material calculation method described in the offering impact on the financial statements. Please memorandum and we checked that the disclosure in refer to Note 3 to the financial statements for the financial statements is approriate. the calculation method applied by the management.

Other information

The Board of Directors of the Fund is responsible for the other information. The other information comprises the information stated in the annual report but does not include the financial statements and our audit report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors of the Fund for the financial statements

The Board of Directors of the Fund is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

11 In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so.

Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements

The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audit report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the EU Regulation No 537/2014, the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with the EU Regulation No 537/2014, the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

· identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

· obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control;

· evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors of the Fund;

· conclude on the appropriateness of the Board of Directors of the Fund’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our audit report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our audit report. However, future events or conditions may cause the Fund to cease to continue as a going concern;

· evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

12 We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most signiﬁcance in the audit of the ﬁnancial statements of the current period and are therefore the key audit matters. We describe these matters in our audit report unless law or regulation precludes public disclosure about the matter.

Report on other legal and regulatory requirements

We have been appointed as “Réviseur d’entreprises agréé” of the Fund by the General Meeting of the Shareholders on 28 June 2018 and the duration of our uninterrupted engagement, including previous renewals and reappointments, is 2 years.

PricewaterhouseCoopers, Société cooperative Luxembourg, 12 April 2019 Represented by

€ Mark es

13 Partners Group Global Value SICAV

Statement of net assets as December 31, 2018

Assets Notes EUR

Investments at market value 2.1 2.576.256.186 Cash at bank 259.379.940 Unrealized gain on forward foreign exchange contracts 2.5 8.044.240 Receivable on investments 18.671.431 Other assets 1.905.189 Total assets 2.864.256.986

Liabilities

Unrealized loss on forward foreign exchange contracts 2.5 (24.351.892) Management fees 3 (14.377.404) Performance fees 3 (66.992.824) Depositary fees 5 (265.837) Administration fees 5 (313.287) Auditor fees (390.589) "Taxe d'abonnement" 4 (623.452) Liabilities on interest on credit facilities 10 (437.500) Payables on investments (6.232.574) Other liabilities (5.120.585) Total liabilities (119.105.944)

Net asset value 2.745.151.042

The accompanying notes form an integral part of these financial statements.

- 14 - Partners Group Global Value SICAV

Statement of operations and changes in net assets for the year ended December 31, 2018

Notes EUR Income Interests on bank accounts 2.6 86.313 Interests on time deposits 2.6 71.000 Income on investments 2.6 41.871.408 Other income 33.576 Total income 42.062.297

Expenses Interest on time deposits (446.461) Administration fees 5 (980.984) Management fees 3 (43.749.455) Advisory fees (2.382.357) Domicilary Agent fees 5 (10.000) Performance fees 3 (30.158.268) "Taxe d'abonnement" 4 (1.187.442) Audit fees (576.541) Printing and publication expenses (57.713) Interest paid (145.135) Interest paid on credit facilities 10 (2.836.832) Registrar and Transfer Agent fees 5 (61.675) Depositary fees 5 (456.037) CSSF fees (4.000) Other expenses 7 (1.819.954) Total expenses (84.872.854)

Ordinary net income (42.810.557)

Realized profit on investments 2.3 106.295.711 Realized profit on forward foreign exchange contracts 2.5 113.039.592 Realized profit on currency 2.2 15.905.628

Realized loss on investments 2.3 (9.728.496) Realized loss on forward foreign exchange contracts 2.5 (104.821.218) Realized loss on currency 2.2 (8.429.995) Net realized profit/loss 112.261.222

Change in unrealized profit on investments 2.4 128.250.109 Change in unrealized profit on forward foreign exchange contracts 2.5 (8.430.112) Change in unrealized profit on currency 2.2 14.363.349

Change in unrealized loss on investments 2.4 (22.672.395) Change in unrealized loss on forward foreign exchange contracts 2.5 (19.052.581) Change in unrealized loss on currency 2.2 27.628.973 Net change in unrealized profit/loss 120.087.343

NET INCREASE/ DECREASE (-) IN NET ASSETS RESULTING FROM OPERATIONS 189.538.008

The accompanying notes form an integral part of these financial statements.

- 15 - Partners Group Global Value SICAV

Statement of operations and changes in net assets for the year ended December 31, 2018 (continued)

Capital Transactions Net capital subscriptions/ redemptions (-) I (EUR) Shareholders (4.829.032) R (EUR) Shareholders 55.888.460 I (USD) Shareholders (9.688.872) R (USD) Shareholders 26.740.099 D (GBP) Shareholders (288.566) I (AUD) Shareholders 233.845.635 A (GBP) Shareholders 14.840.242 R (CHF) Shareholders 1.138.213 E (EUR) Shareholders 39.303.141 E (USD) Shareholders 52.516.169 E (GBP) Shareholders 3.357.234 E (JPY) Shareholders 49.137.496 E (CHF) Shareholders 24.869.060 E (SEK) Shareholders 23.929.287 T (EUR) Shareholders 125.000 T (CHF) Shareholders 758.502 NET INCREASE/ DECREASE (-) IN NET ASSETS RESULTING FROM CAPITAL TRANSACTIONS 511.642.068

Net Assets Beginning of the year 2.043.970.966 Total increase in net assets 701.180.076 NET ASSETS AT THE END OF THE YEAR 2.745.151.042

The accompanying notes form an integral part of these financial statements.

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Statement of investments as at December 31, 2018

Market value as a Delisted investment formerly admitted to an official stock Market Value percentage of Net Asset exchange PGA (*) Currency in EUR Value in %

Penta CLO I S.A. EUR 0 0,00

Total delisted investment formerly admitted to an official stock exchange (Cost EUR 0) 0 0,00

Market value as a Market Value percentage of Net Asset Transferable securities fund investments Currency in EUR Value in % Partners Group Private Investments - Listed Equity EUR 1.400.167 0,05

Total transferable securities fund investments (Cost EUR 976.737) 1.400.167 0,05

- 17 - Partners Group Global Value SICAV

Statement of investments as at December 31, 2018 (continued)

Market value as a Market Value percentage of Net Asset Private Equity Funds PGA (*) Currency in EUR Value in %

3i Eurofund Vb EUR 1.708.191 0,06 3i Eurofund Vb PGA 210 EUR 842.166 0,03 Acacia I, L.P. EUR 74.782 0,00 Advanced Technology Ventures VII, L.P. PGA 378 USD 29.239 0,00 Advent International GPE V-C, L.P. EUR 37.642 0,00 Advent International GPE VI, L.P. PGA 116 EUR 199.661 0,01 Advent International GPE VIII-A LP PGA 806 EUR 4.687.704 0,17 Affinity Asia Pacific Fund V L.P. PGA 811 USD 1.710.451 0,06 AIF VII Private Investors Offshore, L.P. (JPM) PGA 347 USD 84.724 0,00 Amadeus III, L.P. GBP 1.210.225 0,04 American Capital Equity I, LLC USD 132.968 0,00 Apax Europe VI-A, L.P. PGA 141 EUR 87.006 0,00 Apax Europe VII - A, L.P. PGA 141 EUR 90.085 0,00 APAX Europe VII - B, L.P. PGA 347 EUR 222.623 0,01 Apax IX EUR (Feeder) L.P. EUR 7.874.647 0,29 Anonymized European Buyout Fund 9** PGA 347 EUR 68.115 0,00 Anonymized European Buyout Fund 15** PGA 409 EUR 4.730.301 0,17 Apollo Investment Fund IX, L.P. USD 568 0,00 Apollo Overseas Partners VII, L.P. PGA 372 USD 20.692 0,00 Apollo Overseas Partners VIII, L.P. PGA 560 USD 7.609.579 0,28 Ares Corporate Opportunities Fund II, L.P. USD 244.821 0,01 Ares Corporate Opportunities Fund II, L.P. PGA 126 USD 36.771 0,00 Ares Corporate Opportunities Fund III, L.P. PGA 65 USD 3.128.912 0,11 Astorg III, FCPR PGA 127 EUR 7 0,00 Astorg IV FCPR EUR 5.398 0,00 Astorg IV FCPR PGA 128 EUR 1.080 0,00 August Equity Partners II A, L.P. GBP 425.317 0,02 Avista Capital Partners (Offshore), L.P. PGA 11 USD 82.750 0,00 Anonymized US Buyout Fund 5** PGA 141 USD 10.423 0,00 Anonymized US Buyout Fund 5** PGA 88 USD 168.151 0,01 Anonymized US Buyout Fund 2** PGA 470 USD 346.844 0,01 Anonymized US Buyout Fund 2** PGA 49 USD 736.291 0,03 Anonymized US Buyout Fund 4** USD 380.243 0,01 Anonymized US Buyout Fund 8** PGA 49 USD 25.347 0,00 Baring Asia Private Equity Fund VI L.P. PGA 695 USD 5.964.179 0,22 BC European Capital X, L.P. EUR 17.030.197 0,62 Berkshire Fund IX, L.P. USD 2.695.912 0,10 BGH Capital Fund I PGA 823 AUD 17.957 0,00 Global Office and Hotel Fund VI** PGA 96 USD 499.808 0,02 CAI Capital Partners & Co. III, L.P. CAD 2.828 0,00 Candover 2005 Fund, L.P. EUR 1 0,00 Candover 2005 Fund, L.P. PGA 200 EUR 1 0,00 Capvis V L.P. EUR 5.770.786 0,21 Anonymized US Buyout Fund 1** PGA 181 USD 20.533 0,00

*) PGA means a Partners Group Access LP and describes cases where the Fund does not invest directly in the underlying but via such an access vehicle. **) The investment has not been disclosed due to confidentiality reasons; for further details see Note 6.

The accompanying notes form an integral part of these financial statements.

- 18 - Partners Group Global Value SICAV

Statement of investments as at December 31, 2018 (continued)

Market value as a Market Value percentage of Net Asset PGA (*) Currency in EUR Value in %

Carlyle Partners VI, L.P. USD 8.132.000 0,30 Carlyle Partners VII, L.P. USD 711.510 0,03 CCMP II Private Investors Offshore, L.P. PGA 347 USD 164 0,00 Charterhouse Capital Partners X L.P. EUR 4.617.237 0,17 CCPIII EUR 3.564.810 0,13 ComVentures V, L.P. PGA 378 USD 2.806 0,00 CVC Capital Partners Asia Pacific II, L.P. PGA 141 USD 1.836 0,00 CVC Capital Partners Asia Pacific III, L.P. PGA 141 USD 37.761 0,00 CVC Capital Partners VI L.P. PGA 546 EUR 6.758.641 0,25 CVC Capital Partners VII L.P. PGA 826 EUR 3.871.475 0,14 CVC European Equity Partners IV, L.P. EUR 1.590 0,00 CVC European Equity Partners IV, L.P. PGA 116 EUR 697 0,00 DCM III, L.P. PGA 378 USD 27.306 0,00 Development Capital I, SCA (Alto Capital I) EUR 175.610 0,01 Doughty Hanson & Co V EUR 150.042 0,01 Edison Venture Fund IV, L.P. PGA 378 USD 414 0,00 Edison Venture Fund V, L.P. PGA 378 USD 2.011 0,00 Edison Venture Fund VI, L.P. PGA 378 USD 65.017 0,00 Energy Future Holding Corp USD 2.055 0,00 Energy Future Holding Corp USD 16.056 0,00 EnerTech Capital Partners II, L.P. PGA 378 USD 41.028 0,00 EQT Mid Market Europe Fund (No. 1) Feeder L.P. EUR 5.913.474 0,22 EQT VI (No.1) Limited Partnership PGA 346 EUR 1.766.638 0,06 EQT VII, L.P. PGA 784 EUR 5.101.439 0,19 EQT VIII, L.P. EUR 75.325 0,00 Exponent Private Equity Partners III, L.P. GBP 7.292.361 0,27 Financial Technology Ventures III L.P. PGA 378 USD 26.221 0,00 First Reserve Fund XI, L.P. USD 148.906 0,01 First Reserve Fund XII, L.P. USD 459.039 0,02 Frazier Healthcare Groth Buyout Fund VIII, L.P. USD 6.209.806 0,23 Gabriel Venture Partners II, L.P. PGA 378 USD 5.510 0,00 Gavea Investment Fund V C L.P.** USD 2.538.421 0,09 Growth Fund Trust 3 AUD 2.895.716 0,11 Gryphon Partners V, L. P. USD 5.295.843 0,19 Hellman & Friedman Capital Partners VI, L.P. USD 333.039 0,01 Hellman & Friedman Capital Partners VIII, L.P. USD 7.670.596 0,28 Anonymized European Real Estate Fund** PGA 151 EUR 15.597 0,00 Hg Saturn I L.P. GBP 2.514.778 0,09 Hony Capital Fund VIII (Cayman), L.P. PGA 426 USD 8.701.255 0,32 KKR 2006 Private Investors Offshore, L.P. PGA 347 USD 57.192 0,00 KKR Americas Fund XII L.P. USD 6.288.214 0,23 KKR Asian Fund III (EEA) SCSp USD 2.635.224 0,10 KKR European Fund IV, L.P. PGA 733 EUR 9.066.034 0,33 Kohlberg TE Investors VI, L.P. USD 171.854 0,01 Kohlberg TE Investors VI, L.P. PGA 372 USD 2.233 0,00 Livingbridge 6 LP GBP 4.429.183 0,16 Madison Dearborn Capital Partners V, L.P. PGA 363 USD 18.295 0,00 Madison Dearborn Capital Partners V, L.P. PGA 364 USD 20.328 0,00 Menlo Ventures IX, L.P. USD 68.826 0,00 Menlo Ventures X, L.P. USD 598.509 0,02

The accompanying notes form an integral part of these financial statements.

- 19 - Partners Group Global Value SICAV

Statement of investments as at December 31, 2018 (continued)

Market value as a Market Value percentage of Net Asset PGA (*) Currency in EUR Value in %

MidOcean Partners III, L.P. PGA 364 USD 171.108 0,01 Montagu III, L.P. PGA 116 EUR 1 0,00 New Enterprise Associates 11, L.P. PGA 141 USD 10.360 0,00 New Enterprise Associates 12, L.P. USD 81.925 0,00 New Enterprise Associates 12, L.P. PGA 141 USD 21.165 0,00 New Enterprise Associates 12, L.P. PGA 378 USD 8.193 0,00 New Enterprise Associates 13, L.P. PGA 378 USD 48.685 0,00 New Enterprise Associates 8A, L.P. PGA 141 USD 2.492 0,00 New Enterprise Associates 9, L.P. PGA 141 USD 10.415 0,00 New Enterprise Associates VIII, L.P. PGA 141 USD 7.569 0,00 New Enterprise Associates X, L.P. PGA 141 USD 27.442 0,00 Nordic Capital IX, L.P. EUR 683.211 0,02 Nordic Capital VIII Alpha, L.P. EUR 2.727.813 0,10 Noro-Moseley Partners VI, L.P. PGA 378 USD 9.189 0,00 Nth Power Technologies Fund II, L.P. PGA 378 USD 3.046 0,00 Oak Hill Capital Partners IV, L.P. ÛSD 14.357.456 0,52 OCM Principal Opportunities Fund IV, L.P. PGA 372 USD 1.433 0,00 Pamlico Capital II Parallel Fund, L.P. USD 25.834 0,00 Pamlico Capital II, L.P. USD 44.693 0,00 Pamlico Capital Secondary Fund, L.P. USD 2 0,00 Pamlico Capital IV, L.P. USD 5.688.611 0,21 Partners Group Access 822 L.P. USD 29.825.382 1,09 Partners Group Preakness Access L.P. PGA 857 USD 21.306.548 0,78 Partners Group Access 967 L.P. EUR 44.998.606 1,64 Partners Group Cosmic Access L.P. USD 3.170.170 0,12 Partners Group Access 1004 L.P. USD 21.873.774 0,80 Partners Group Access Permotio, L.P. EUR 5.554.838 0,20 Partners Group Aurora Access 1 LP USD 5.050.561 0,18 Partners Group AP & EM Real Estate 2009 USD 4.078.606 0,15 Partners Group Asia-Pacific 2005, L.P. USD 1.318.491 0,05 Partners Group Client Access 11, L.P. Inc. USD 15.652.450 0,57 Partners Group Client Access 13, L.P. Inc. USD 51.793.829 1,89 Partners Group Client Access 14, L.P. Inc. EUR 5.531.785 0,20 Partners Group Client Access 15, L.P. Inc. USD 13.853.897 0,50 Partners Group Client Access 16, L.P. Inc. EUR 48.389.772 1,76 Partners Group Client Access 17, L.P. Inc. USD 27.640.750 1,01 Partners Group Client Access 19, L.P. Inc. USD 2.913.132 0,11 Partners Group Client Access 19A L.P. USD 1.759.868 0,06 Partners Group Client Access 24, L.P. Inc. GBP 49.764.521 1,81 Partners Group Client Access 25, L.P. Inc. PGA 906 USD 60.040.851 2,19 Partners Group Client Access 26 L.P. PGA 994 USD 48.278.347 1,76 Partners Group Client Access 29 L.P. USD 7.219.187 0,26 Partners Group Client Access 5, L.P. Inc. EUR 5.762.890 0,21 Partners Group Client Access 9, L.P. Inc. USD 2.721.717 0,10 Partners Group Compound Access, L.P. USD 2.676.498 0,10 Partners Group Direct Investments 2006, L.P. EUR 683.461 0,02 Partners Group Distressed US RE 2009 SICAR USD 694.339 0,03 Partners Group Emerging Markets 2007, L.P. USD 11.366.352 0,41 Partners Group European Buyout 2005 (B), L.P. EUR 421.824 0,02

The accompanying notes form an integral part of these financial statements.

- 20 - Partners Group Global Value SICAV

Statement of investments as at December 31, 2018 (continued)

Market value as a Market Value percentage of Net Asset PGA (*) Currency in EUR Value in %

Partners Group European Buyout 2008 (A), L.P. EUR 2.751.982 0,10 Partners Group Exchange Access, L.P. PGA 797 EUR 17.778.994 0,65 Partners Group Falcon Access, L.P. USD 10.252.901 0,37 Partners Group Fondue Access, L.P. USD 3.293.974 0,12 Partners Group Global Value 2008 LP PGA 962 EUR 8.297.721 0,30 Partners Group Global Value 2011 LP PGA 962 EUR 20.601.772 0,75 Partners Group GLSLMF SICAV EUR EUR 199.693.655 7,27 Partners Group Legend Access LP EUR 9.713.965 0,35 Partners Group Leopard Access LLC PGA 931 USD 18.615.210 0,68 Partners Group LG Access II, L.P. USD 754.068 0,03 Partners Group LG Access, L.P. USD 1.504.296 0,05 Partners Group Longhorn Access, L.P. USD 3.076.199 0,11 Partners Group Madison Access, L.P. USD 207.611 0,01 Partners Group Mistral Access L.P. USD 12.138.289 0,44 Partners Group Nevada Access, L.P. EUR 13.861.323 0,50 Partners Group Nova Access, L.P. USD 3.674.041 0,13 Partners Group Noventa Access, L.P. USD 9.221.947 0,34 Partners Group Panther Access Blocker, L.P. USD 559.668 0,02 Partners Group Panther Access Pass-Through, L.P. USD 11.389 0,00 Partners Group Paris 2 Pooling LLC USD 26.945.290 0,98 Partners Group Premier Access L.P. EUR 45.802.445 1,67 Partners Group Project Selena Access, L.P. USD 9.959.701 0,36 Partners Group Providence Access, L.P. USD 6.287.510 0,23 Partners Group Roadrunner Access, L.P. EUR 1.493.897 0,05 Partners Group Rock Access L.P. USD 3.252.866 0,12 Partners Group Secondary 2004, L.P. EUR 102.678 0,00 Partners Group Secondary 2006, L.P. EUR 414.876 0,02 Partners Group Subordinated Lending Fund S.C.A. EUR 31.833.562 1,16 Partners Group Snowball Access L.P. USD 2.175.245 0,08 Partners Group Snowball II Access L.P. USD 3.570.812 0,13 Partners Group Snowball III Access L.P. USD 2.541.473 0,09 Partners Group Softball Access, L.P. USD 12.696.916 0,46 Partners Group Spring Access, L.P. USD 5.255.854 0,19 Partners Group Surya Access L.P. PGA 1023 USD 14.570.891 0,53 Partners Group U.S. Buyout 2007, L.P. USD 3.384.140 0,12 Partners Group U.S. Venture 2004, L.P. USD 524.622 0,02 Partners Group U.S. Venture 2006, L.P. USD 7.154.954 0,26 Partners Group Venture Growth 2018 Access, L.P. USD 1.916.169 0,07 Partners Group Wallaby 5 Access, L.P. USD 1.430.941 0,05 Pelion Ventures V, L.P. PGA 378 USD 49.165 0,00 Permira VI, L.P. 1 PGA 834 EUR 7.603.177 0,28 Polish Enterprise Fund VI, L.P. EUR 326.614 0,01 Prism Venture Partners V, L.P. USD 30.511 0,00 Providence Equity Partners IV, L.P. PGA 363 USD 259 0,00 Providence Equity Partners V, L.P. PGA 363 USD 16.428 0,00 Providence Equity Partners V, L.P. PGA 372 USD 3.138 0,00 Providence Equity Partners VI -A, L.P. PGA 363 USD 58.713 0,00 Providence Equity Partners VI -A, L.P. PGA 372 USD 24.022 0,00 PSC III, L.P. GBP 4.879.044 0,18

The accompanying notes form an integral part of these financial statements.

- 21 - Partners Group Global Value SICAV

Statement of investments as at December 31, 2018 (continued)

Market value as a Market Value percentage of Net Asset PGA (*) Currency in EUR Value in %

Quad Partners II, L.P. PGA 378 USD 1.721 0,00 Quad Partners III, L.P. PGA 378 USD 63 0,00 R/C Gbl Energy & Power Pvt Invs O/S IV, L.P. (JPM) PGA 347 USD 204.195 0,01 Racecar Holdings LLC PGA 107 USD 992.854 0,04 RBS Special Opportunities Fund F, L.P. GBP 10.815 0,00 Saints Capital Falcon, L.P. USD 120.535 0,00 Saints Rustic Canyon, L.P. USD 2 0,00 SBCVC VI PGA 926 USD 551.406 0,02 Searchlight Capital II PV, L.P. USD 5.955.600 0,22 Silver Lake Partners II, L.P. PGA 372 USD 628 0,00 Silver Lake Partners III, L.P. PGA 181 USD 789.614 0,03 Silver Lake Partners III, L.P. PGA 372 USD 31.930 0,00 Sixth Cinven Fund (No. 2) L.P. PGA 829 EUR 1.911.212 0,07 SL SPV-1, L.P. PGA 181 USD 201.038 0,01 SLP III Private Investors Offshore, L.P. (JPM) PGA 347 USD 264.706 0,01 Special Opportunities Fund (Guernsey) GBP 51.771 0,00 STAR II UK Limited Partnership No.1 EUR 1.997 0,00 Sumeru Equity Partners Fund L.P. USD 5.045.121 0,18 Summit Partners Private Equity Fund VII-B, L.P. PGA 372 USD 11.786 0,00 Summit Ventures VI, L.P. PGA 378 USD 18.064 0,00 Sun Capital Partners V, L.P. PGA 372 USD 17.173 0,00 TCW/Crescent Mezzanine Partners IVB, L.P. USD 11.732 0,00 Third Cinven Fund (No.4), L.P. PGA 129 EUR 1.728 0,00 Third Cinven Fund (No.4), L.P. PGA 192 EUR 2.676 0,00 Thomas H. Lee Parallel (DT) Fund VI, L.P. USD 253.091 0,01 Thomas H. Lee Parallel Fund VI, L.P. USD 1.141.826 0,04 Thompson Street Capital Partners V, L.P. USD 1.469.079 0,05 TPG Asia VI, L.P. PGA 664 USD 3.644.053 0,13 TPG Partners V, L.P. USD 141.992 0,01 TPG Partners V, L.P. PGA 474 USD 377.340 0,01 TPG Partners VI, L.P. PGA 372 USD 22.724 0,00 TPG Partners VI, L.P. PGA 472 USD 1.266.392 0,05 TPG Partners VI, L.P. PGA 67 USD 748.651 0,03 TPG Partners VI, L.P. PGA 717 USD 980.979 0,04 Trident IV, L.P. USD 277.634 0,01 Trident IV, L.P. PGA 372 USD 4.211 0,00 Trident VII USD 10.674.518 0,39 True North VI USD 0 0,00 Upfront II, L.P. PGA 608 USD 653.650 0,02 Upfront V, L.P. USD 5.910.515 0,22 UV Partners IV Financial Institutions Fund, L.P. PGA 378 USD 393.262 0,01 Warburg Pincus Private Equity X, L.P. PGA 35 USD 1.731.935 0,06 Warburg Pincus Private Equity XII, L.P. PGA 711 USD 5.836.848 0,21

Total private equity Funds (Cost EUR 1.080.593.418) 1.277.830.925 46,55

The accompanying notes form an integral part of these financial statements.

- 22 - Partners Group Global Value SICAV

Statement of investments as at December 31, 2018 (continued)

Market value as a Market Value percentage of Net Asset Direct private equity investments PGA (*) Currency in EUR Value in %

AAVAS Financiers Limited INR 31.228.009 1,14 Acrisure USD 39.577.289 1,44 Acrisure PGA 162 USD 2.288.960 0,08 Action PGA 424 EUR 24.529.007 0,89 ADT Corporation PGA 820 USD 5.183.805 0,19 Affordable Care, Inc. PGA 614 USD 5.101.363 0,19 AlliedUniversal USD 59.850.955 2,18 Amann Girrbach PGA 952 EUR 18.790.513 0,68 Ascensus USD 55.226 0,00 Ascensus PGA 213 USD 2.092.314 0,08 Atria Convergence Technologies Pvt., Ltd. USD 13.321.308 0,49 Lancelot** PGA 613 USD 655.114 0,02 CapitalSpring Finance Company LLC PGA 710 USD 1.717.251 0,06 CeramTec GmbH EUR 11.968.172 0,44 Ceridian HCM PGA 997 USD 3.141.847 0,11 Cerba HealthCare PGA 216 EUR 76.393.953 2,78 Claranet PGA 896 GBP 1.613.605 0,06 Clarivate Analytics USD 14.648.201 0,53 Media and communications company** USD 1 0,00 CPA Global PGA 946 GBP 43.370.675 1,58 CSS Corporate Technologies USD 2.111.039 0,08 Duffy Capital (Direct) PGA 608 USD 222.350 0,01 Duffy Capital Warrant USD 1 0,00 Envision Healthcare Holdings, Inc. PGA 1015 USD 2.806.921 0,10 eResearch Technology, Inc. PGA 812 USD 5.426.852 0,20 Faster S.p.A. PGA 686 EUR 56.261 0,00 Frontmatec DKK 11.931.262 0,43 GBA Gesellschaft für Bioanalytik GmbH EUR 14.252.732 0,52 Genesys PGA 358 USD 374.575 0,01 Genesys PGA 358 USD 36.240 0,00 Green Tea Restaurant CNY 24.544.648 0,89 Project Icon** PGA 387 EUR 70.684 0,00 Guardian Early Learning Group AUD 26.912.380 0,98 Hearthside Food Solutions PGA 990 USD 35.497.183 1,29 Hofmann Menue Manufaktur EUR 4.421.810 0,16 Hofmann Menue Manufaktur EUR 2.469.112 0,09 Hofmann Menue Manufaktur EUR 39.348 0,00 Hofmann Menue Manufaktur EUR 70.466 0,00 Hortifruti BRL 20.414.672 0,74 IDEMIA EUR 1.185.440 0,04 Nexi S.p.A. EUR 1.893.162 0,07 Kaffee Partner AG PGA 191 EUR 2 0,00 Kerneos PGA 632 EUR 1 0,00 Key Retirement Group GBP 14.455.822 0,53 Kofola S.A. PGA 108 EUR 2 0,00 Labeyrie EUR 398.993 0,01 Project Lock** PGA 732 EUR 5.677.000 0,21 Education publisher 2** PGA 998 USD 1.191.261 0,04 Osmose Holdings, Inc. PGA 610 USD 19.963.182 0,73 Pacific Bells USD 3.453.047 0,13 Pacific Bells PG Wings Holdings LLC PGA 761 USD 3.453.047 0,13 Polyconcept PGA 872 USD 13.519.724 0,49 Prometric USD 3.800.160 0,14 QoL Meds PGA 606 USD 718.948 0,03 Craveable Brands Limited PGA 393 AUD 395.129 0,01 Project Gold Chain** USD 26.114.839 0,95

The accompanying notes form an integral part of these financial statements.

- 23 - Partners Group Global Value SICAV

Statement of investments as at December 31, 2018 (continued)

Market value as a Market Value percentage of Net Asset PGA (*) Currency in EUR Value in %

Project Sun** PGA 392 EUR 2 0,00 S. TOUS, S.L. EUR 1.453.735 0,05 Safe Fleet Holdings LLC USD 15.205.181 0,55 Seabras-1 USD 2.088.578 0,08 SGG PGA 786 EUR 17.784.585 0,65 Softonic International EUR 135.860 0,00 SPi Global PGA 188 USD 27.096.036 0,99 SRS Distribution PGA 999 USD 33.058.669 1,21 STADA Arzneimittel AG PGA 677 EUR 14.484.073 0,53 SunGard Data Systems, Inc. USD 33.770 0,00 The Sports Authority, Inc. USD 3 0,00 TCK Holdings PGA 808 USD 3.275.022 0,12 TruckPro Incorporated PGA 212 USD 447.773 0,02 Univision Communications, Inc. USD 373.885 0,01 Varsity Brands PGA 713 USD 1 0,00 Vermaat EUR 30.355.923 1,11 Vermaat PGA 110 EUR 184.156 0,01 Vishal Mega Mart PG Kaziranga Limited PGA 925 INR 24.784.975 0,90 Vistra Group Limited PGA 785 USD 3.743.728 0,14 Voyage Care PGA 648 GBP 6.863.430 0,25 US-based sports and entertainment company** USD 13.069.810 0,48

Total direct private equity investments (Cost EUR 599.979.793) 797.845.058 29,07

Market value as a Market Value percentage of Net Asset Debt investments PGA (*) Currency in EUR Value in %

ADT Corporation PGA 820 USD 5.184.429 0,19 Affordable Care, Inc. PGA 614 USD 9.198.725 0,34 AHT Cooling Systems GmbH EUR 1.685.653 0,06 AS Adventure GBP 12.608.914 0,46 Ascensus PGA 213 USD 15.298.168 0,56 Autoform Autoform / First Lien EUR LOANS EUR 7.609.938 0,28 Autoform/First Lien USD LOANS USD 3.490.985 0,13 BioClinica, Inc. USD 19.712.284 0,72 Caffe Nero GBP 3.716.151 0,14 CapitalSpring Finance Company LLC PGA 710 USD 3.992.660 0,15 CEVA Santé Animale EUR 5.923.474 0,22 Claranet EUR 6.756.129 0,25 Claranet GBP 891.727 0,03 Comexposium EUR 1.505.063 0,05 Community Brands USD 22.118.309 0,81 Diligent Corporation USD 10.687.540 0,39 Diligent Corporation USD 3.594.673 0,13 European Sports Rights Company** EUR 11.675.005 0,43 Duffy Capital (Direct) PGA 608 USD 290.042 0,01 Envision Healthcare Holdings, Inc. PGA 1015 USD 18.896.402 0,69 eResearch Technology, Inc. USD 5.926.089 0,22 eResearch Technology, Inc. PGA 812 USD 21.648.986 0,79

The accompanying notes form an integral part of these financial statements.

- 24 - Partners Group Global Value SICAV

Statement of investments as at December 31, 2018 (continued)

Market value as a Market Value percentage of Net Asset PGA (*) Currency in EUR Value in % Healogics, Inc. PGA 669 USD 7.172.376 0,26 Hearthside Food Solutions PGA 990 USD 9.704.803 0,35 Kaffee Partner AG PGA 191 EUR 1.835.260 0,07 Key Retirement Group GBP 9.787.572 0,36 Kofola S.A. PGA 108 EUR 2 0,00 Labeyrie EUR 9.786.231 0,36 Labeyrie PGA 683 GBP 4.318.243 0,16 Lifeways Community Care GBP 5.580.836 0,20 Logoplaste EUR 14.143.125 0,52 Loungers Ltd GBP 17.056.376 0,62 Motor Fuel Group GBP 16.436.324 0,60 National Spine & Pain Centers USD 6.749.641 0,25 National Technical Systems USD 7.371.980 0,27 Netsmart Technologies, Inc. PGA 159 USD 27.811.175 1,01 IDEMIA EUR 21.266.114 0,77 Pacific Bells USD 4.552.900 0,17 Pacific Bells PG Wings Holdings LLC PGA 761 USD 4.552.900 0,17 Photonis Holding S.A.S. USD 2.247.926 0,08 Photonis Holding S.A.S. PGA 586 EUR 5.512.275 0,20 Plano Synergy USD 2.695.141 0,10 Prometric USD 14.253.871 0,52 Prosol EUR 12.438.747 0,45 Project Sun** PGA 392 EUR 1 0,00 S. TOUS, S.L. EUR 8.173.212 0,30 Seabras-1 USD 3.132.867 0,11 Softonic International EUR 114.191 0,00 Springer Science+Business Media EUR 2.803.703 0,10 Springer Science+Business Media USD 2.749.351 0,10 STADA Arzneimittel AG PGA 677 EUR 21.346.020 0,78 Strategic Partners, Inc. USD 17.453.787 0,64 Survitec Group, Ltd GBP 5.235.892 0,19 The Sports Authority, Inc. USD 1 0,00 Tierpoint USD 6.849.514 0,25 Touchtunes Interactive Networks USD 5.201.366 0,19 Vermaat EUR 3.591.296 0,13 Vistra Group Limited EUR 4.184.608 0,15 Zentiva B.V. GBP 12.991.163 0,47 Zentiva B.V. EUR 7.667.901 0,28

Total debt investments (Cost EUR 499.073.524) 499.180.037 18,18

Total investments (Cost EUR 2.180.623.472) 2.576.256.186 93,85

The accompanying notes form an integral part of these financial statements.

- 25 - Partners Group Global Value SICAV

Statement of forward foreign exchange contracts as at December 31, 2018

At December 31, 2018, the following forward foreign exchange contracts were open:

At fund level

Currency Purchased Currency Sold Maturity Date Counterparty Unrealized gain / loss (-) bought amount sold amount (EUR)

EUR 80.453.900 GBP (71.300.000) 24.01.2019 ZKB 1.037.815 EUR 80.451.340 GBP (71.300.000) 24.01.2019 ZKB 1.035.254 EUR 77.485.921 USD (89.600.000) 24.01.2019 ZKB (719.809) EUR 77.485.921 USD (89.600.000) 24.01.2019 ZKB (719.809) EUR 83.311.870 USD (95.100.000) 24.01.2019 Barclays 305.862 EUR 70.660.536 USD (80.600.000) 21.02.2019 Credit Suisse 472.087 EUR 70.666.111 USD (80.600.000) 21.02.2019 Credit Suisse 477.665 EUR 70.693.693 USD (80.600.000) 21.02.2019 Credit Suisse 505.262 EUR 82.950.852 USD (95.100.000) 21.03.2019 Credit Suisse 364.507 EUR 82.943.979 USD (95.100.000) 21.03.2019 Credit Suisse 357.629 EUR 82.951.214 USD (95.100.000) 21.03.2019 Credit Suisse 364.869 EUR 83.038.439 USD (95.200.000) 21.03.2019 Credit Suisse 365.253 Total 3.846.585

At hedged share class level

Currency Purchased Currency Sold Class Maturity Date Counterparty Unrealized gain / loss (-) bought amount sold amount (EUR)

USD 46.076.400 EUR (40.660.000) I (USD) 14.02.2019 Credit Suisse (511.079) EUR 630.000 USD (718.122) I (USD) 14.02.2019 ZKB 4.259 USD 107.644.462 EUR (95.000.000) R (USD) 14.02.2019 ZKB (1.203.419) USD 100.383.728 EUR (88.580.000) R (USD) 14.02.2019 Credit Suisse (1.110.093) USD 107.642.743 EUR (95.000.000) R (USD) 14.02.2019 JP Morgan Securities Plc (1.204.918) GBP 17.167.626 EUR (19.640.000) D (GBP) 14.02.2019 JP Morgan Securities Plc (530.935) GBP 80.036 EUR (90.000) D (GBP) 14.02.2019 Bank of Australia London (912) AUD 149.448.775 EUR (95.000.000) I (AUD) 14.02.2019 Credit Suisse (3.240.641) AUD 149.426.925 EUR (95.000.000) I (AUD) 14.02.2019 Credit Suisse (3.254.063) AUD 148.061.702 EUR (94.150.000) I (AUD) 14.02.2019 Credit Suisse (3.242.298) AUD 33.296.288 EUR (21.360.000) I (AUD) 14.02.2019 Credit Suisse (916.660) AUD 111.400.800 EUR (70.000.000) I (AUD) 14.03.2019 Credit Suisse (1.752.950) AUD 124.586.792 EUR (78.290.000) I (AUD) 14.03.2019 Credit Suisse (1.964.869) EUR 3.220.000 AUD (5.254.827) I (AUD) 14.03.2019 ZKB 693 GBP 31.170.290 EUR (35.670.000) A (GBP) 14.02.2019 JP Morgan Securities Plc (974.755) GBP 142.287 EUR (160.000) A (GBP) 14.02.2019 Bank of Australia London (1.621) CHF 34.602.985 EUR (30.500.000) R (CHF) 14.02.2019 ZKB 226.386 EUR 130.000 CHF (146.981) R (CHF) 14.02.2019 ZKB (514) CHF 281.465 EUR (250.000) R (CHF) 14.02.2019 ZKB (69) USD 83.378.060 EUR (73.580.000) E (USD) 14.02.2019 Credit Suisse (928.077) USD 79.327.640 EUR (70.000.000) E (USD) 14.02.2019 Credit Suisse (877.430) USD 79.321.984 EUR (70.000.000) E (USD) 14.02.2019 JP Morgan Securities Plc (882.361) EUR 800.000 USD (911.901) E (USD) 14.02.2019 ZKB 5.408 EUR 2.100.000 USD (2.412.970) E (USD) 14.02.2019 Barclays (2.568) GBP 9.816.316 EUR (11.230.000) E (GBP) 14.02.2019 JP Morgan Securities Plc (303.585) GBP 26.679 EUR (30.000) E (GBP) 14.02.2019 Bank of Australia London (304) JPY 8.293.472.695 EUR (64.680.000) E (JPY) 14.02.2019 JP Morgan Securities Plc 1.365.743 JPY 685.237.006 EUR (5.330.000) E (JPY) 14.02.2019 Barclays 126.947 JPY 137.381.660 EUR (1.090.000) E (JPY) 14.02.2019 Barclays 4.041 CHF 57.281.423 EUR (50.480.000) E (CHF) 14.02.2019 Credit Suisse 384.145 CHF 56.728.250 EUR (50.000.000) E (CHF) 14.02.2019 Credit Suisse 372.941 CHF 2.589.126 EUR (2.290.000) E (CHF) 14.02.2019 ZKB 9.061 CHF 2.780.874 EUR (2.470.000) E (CHF) 14.02.2019 ZKB (679) SEK 158.452.265 EUR (15.380.000) E (SEK) 14.02.2019 Barclays 249.398 SEK 1.125.642 EUR (110.000) E (SEK) 14.02.2019 ZKB 1.031 CHF 1.191.333 EUR (1.050.000) T (CHF) 14.02.2019 ZKB 7.867 CHF 33.919 EUR (30.000) T (CHF) 14.02.2019 ZKB 119 CHF 3.301.517 EUR (2.940.000) T (CHF) 14.03.2019 Credit Suisse (7.463) CHF 56.277 EUR (50.000) T (CHF) 14.03.2019 ZKB (13) Total (20.154.237)

Total Forward Foreign Exchange Contracts (16.307.652)

The accompanying notes form an integral part of these financial statements.

- 26 - Partners Group Global Value SICAV

Statement of net asset value per share class for the year ended December 31, 2018

Total net assets as at December 31, 2016 I (EUR) Shareholders 104.653.846 EUR R (EUR) Shareholders 342.372.775 EUR I (USD) Shareholders 75.600.759 USD R (USD) Shareholders 333.519.891 USD D (GBP) Shareholders 27.679.193 GBP I (AUD) Shareholders 338.970.069 AUD A (GBP) Shareholders 22.858.717 GBP R (CHF) Shareholders 46.670.219 CHF E (EUR) Shareholders 71.588.525 EUR E (USD) Shareholders 192.719.909 USD E (GBP) Shareholders 9.843.200 GBP E (JPY) Shareholders 3.376.105.276 JPY E (CHF) Shareholders 95.672.828 CHF 1.552.507.847 EUR

Total net assets as at December 31, 2017

I (EUR) Shareholders 104.840.249 EUR R (EUR) Shareholders 406.040.285 EUR I (USD) Shareholders 77.143.304 USD R (USD) Shareholders 436.411.005 USD D (GBP) Shareholders 25.607.553 GBP I (AUD) Shareholders 660.267.617 AUD A (GBP) Shareholders 33.633.194 GBP R (CHF) Shareholders 49.838.651 CHF E (EUR) Shareholders 120.994.389 EUR E (USD) Shareholders 292.908.383 USD E (GBP) Shareholders 11.640.625 GBP E (JPY) Shareholders 7.030.353.434 JPY E (CHF) Shareholders 144.444.180 CHF T (EUR) Shareholders 7.398.429 EUR T (CHF) Shareholders 5.844.591 CHF 2.043.970.966 EUR

Total net assets as at December 31, 2018

I (EUR) Shareholders 107.392.948 EUR R (EUR) Shareholders 488.193.297 EUR I (USD) Shareholders 71.440.434 USD R (USD) Shareholders 496.636.093 USD D (GBP) Shareholders 27.532.713 GBP I (AUD) Shareholders 1.120.789.829 AUD A (GBP) Shareholders 49.972.108 GBP R (CHF) Shareholders 53.456.352 CHF E (EUR) Shareholders 169.266.507 EUR E (USD) Shareholders 379.550.349 USD E (GBP) Shareholders 15.699.687 GBP E (JPY) Shareholders 13.929.243.589 JPY E (CHF) Shareholders 180.787.577 CHF E (SEK) Shareholders 244.252.873 SEK T (EUR) Shareholders 8.156.179 EUR T (CHF) Shareholders 7.100.111 CHF 2.745.151.042 EUR

The accompanying notes form an integral part of these financial statements.

- 27 - Partners Group Global Value SICAV

Statement of net asset value per share class for the year ended December 31, 2018 (continued)

Total net asset value per share as at December 31, 2016 I (EUR) Shareholders 208,39 EUR R (EUR) Shareholders 193,99 EUR I (USD) Shareholders 276,83 USD R (USD) Shareholders 251,86 USD D (GBP) Shareholders 199,87 GBP I (AUD) Shareholders 178,99 AUD A (GBP) Shareholders 199,43 GBP R (CHF) Shareholders 118,18 CHF E (EUR) Shareholders 207,26 EUR E (USD) Shareholders 277,51 USD E (GBP) Shareholders 199,79 GBP E (JPY) Shareholders 10.769,14 JPY E (CHF) Shareholders 108,51 CHF

Total net asset value per share as at December 31, 2017 I (EUR) Shareholders 220,71 EUR R (EUR) Shareholders 203,91 EUR I (USD) Shareholders 309,51 USD R (USD) Shareholders 279,43 USD D (GBP) Shareholders 215,63 GBP I (AUD) Shareholders 196,20 AUD A (GBP) Shareholders 214,57 GBP R (CHF) Shareholders 127,55 CHF E (EUR) Shareholders 218,91 EUR E (USD) Shareholders 309,41 USD E (GBP) Shareholders 214,96 GBP E (JPY) Shareholders 11.748,81 JPY E (CHF) Shareholders 117,68 CHF T (EUR) Shareholders 219,75 EUR T (CHF) Shareholders 118,41 CHF

Total net asset value per share as at December 31, 2018 I (EUR) Shareholders 236,50 EUR R (EUR) Shareholders 216,52 EUR I (USD) Shareholders 332,75 USD R (USD) Shareholders 297,67 USD D (GBP) Shareholders 234,09 GBP I (AUD) Shareholders 217,87 AUD A (GBP) Shareholders 232,18 GBP R (CHF) Shareholders 133,23 CHF E (EUR) Shareholders 233,80 EUR E (USD) Shareholders 331,60 USD E (GBP) Shareholders 232,57 GBP E (JPY) Shareholders 12.264,60 JPY E (CHF) Shareholders 123,64 CHF E (SEK) Shareholders 990,53 SEK T (EUR) Shareholders 238,52 EUR T (CHF) Shareholders 126,37 CHF

The accompanying notes form an integral part of these financial statements.

- 28 - Partners Group Global Value SICAV

Statement of changes in the number of shares outstanding for the year ended December 31, 2018

Number of shares outstanding at the beginning of the year I (EUR) Shareholders 475.016,373 R (EUR) Shareholders 1.991.234,491 I (USD) Shareholders 249.242,066 R (USD) Shareholders 1.561.764,026 D (GBP) Shareholders 118.758,767 I (AUD) Shareholders 3.365.223,716 A (GBP) Shareholders 156.749,107 R (CHF) Shareholders 390.748,200 E (EUR) Shareholders 552.707,454 E (USD) Shareholders 946.673,314 E (GBP) Shareholders 54.153,562 E (JPY) Shareholders 598.388,244 E (CHF) Shareholders 1.227.431,458 E (SEK) Shareholders 0,000 T (EUR) Shareholders 33.667,779 T (CHF) Shareholders 49.357,316 Total number of shares outstanding at the beginning of the year 11.771.115,873

Net change in number of shares during the year I (EUR) Shareholders (20.923,914) R (EUR) Shareholders 263.531,170 I (USD) Shareholders (34.547,112) R (USD) Shareholders 106.666,929 D (GBP) Shareholders (1.143,184) I (AUD) Shareholders 1.779.125,600 A (GBP) Shareholders 58.482,790 R (CHF) Shareholders 10.483,713 E (EUR) Shareholders 171.257,838 E (USD) Shareholders 197.944,056 E (GBP) Shareholders 13.350,203 E (JPY) Shareholders 537.338,899 E (CHF) Shareholders 234.802,092 E (SEK) Shareholders 246.587,000 T (EUR) Shareholders 526,604 T (CHF) Shareholders 6.826,079 Total net change in number of shares during the year 3.570.308,764

Number of shares outstanding at the end of the year I (EUR) Shareholders 454.092,459 R (EUR) Shareholders 2.254.765,661 I (USD) Shareholders 214.694,955 R (USD) Shareholders 1.668.430,955 D (GBP) Shareholders 117.615,583 I (AUD) Shareholders 5.144.349,316 A (GBP) Shareholders 215.231,897 R (CHF) Shareholders 401.231,913 E (EUR) Shareholders 723.965,292 E (USD) Shareholders 1.144.617,370 E (GBP) Shareholders 67.503,765 E (JPY) Shareholders 1.135.727,143 E (CHF) Shareholders 1.462.233,549 E (SEK) Shareholders 246.587,000 T (EUR) Shareholders 34.194,383 T (CHF) Shareholders 56.183,396 Total number of shares outstanding at the end of the year 15.341.424,637

The accompanying notes form an integral part of these financial statements.

- 29 - Partners Group Global Value SICAV

Notes to the financial statements for the year ended December 31, 2018

1. General

Partners Group Global Value SICAV (the "Fund" ) was incorporated on February 1, 2007 and is organized as an open-ended société anonyme under the laws of the Grand Duchy of Luxembourg and qualifies as a Société d'Investissement à Capital Variable (“SICAV”). The Fund is authorized as an undertaking for collective investment under Part II of the law of December 17, 2010 as amended. The Fund's investment objective is to obtain superior returns and to achieve capital growth over the medium and long-term by investing in private equity. The allocation of the Fund's assets shall provide a broad diversification and follow the principle of risk spreading.

Until December 21, 2018 (Cut-off Date December) the following Classes of Shares (Old Share Classes) were offered: - Class I Shares, reserved to investors specifically approved by the Directors, available in the base currency of EUR, USD, and AUD; - Class R Shares to all investors available in the base currency EUR, CHF and USD; - Class D Shares to all investors available in the base currency GBP; - Class E Shares to all investors available in the base currency EUR, USD, GBP, JPY, CHF and SEK; - Class A Shares to all investors available in the base currency GBP; - Class T Shares reserved to select entrepreneurs from Partners Group’s network, industry advisors, Partners Group employees and its affiliates as approved by the Directors from time to time in the base currency EUR and CHF.

Since December 22, 2018, only subscription requests for the following Classes of Shares (New Share Classes) can be placed: - Class I-N Shares, reserved to investors specifically approved by the Directors, available in the base currency of AUD; - Class R-N Shares to all investors available in the base currency EUR, CHF, SEK and USD; - Class E-N Shares to all investors available in the base currency EUR, USD, GBP, JPY, CHF and SEK; - Class A-N Shares to all investors available in the base currency GBP; - Class T-N Shares reserved to select entrepreneurs from Partners Group’s network, industry advisors, Partners Group employees and its affiliates as approved by the Directors from time to time in the base currency EUR, USD and CHF. None of the New Share Classes have been subscribed during the financial year. The Fund qualifies as an alternative investment fund under Directive 2011/61/EU of the European Parliament and of the Council of June 8, 2011 on Alternative Investment Fund Managers, which has been implemented into Luxembourg law by the Law of July 12, 2013 on Alternative Investment Fund Managers (hereafter the “AIFM Rules”).

As a result of the AIFM Rules coming into force, the Fund appointed Partners Group (UK) Ltd. (the “AIFM”) as Alternative Investment Fund Managers of the Fund. The AIFM has been entrusted with the functions of portfolio and risk management for the Fund, as well as any additional services which may be requested by the Fund.

The fund is listed on the Irish Stock Exchange.

- 30 - Partners Group Global Value SICAV

Notes to the financial statements for the year ended December 31, 2018 (continued)

2. Accounting methods

The financial statements are on a going concern basis prepared in accordance with Luxembourg regulations relating to investment funds, including the following significant accounting policies:

2.1 Valuation of investments

Securities which are quoted or dealt in on a stock exchange are valued at the latest available dealing price or the latest available mid-market quotation (being the midpoint between the latest quoted bid and offer prices) on the stock exchange which is normally the principal market for such security. Investments in unquoted private equity funds (or any funds of private equity funds) and in limited partnerships are initially valued at cost and thereafter by reference to the most recent net asset value as reported by the general partner or manager of the relevant investment as adjusted for subsequent net capital activity and other event to reflect fair value. The Board of Directors of the Fund, on the basis of advice received from the Investment Advisor, will make its own estimation of the value of any Direct Investment held by the Fund and will typically not obtain independent valuation of such Direct Investment. The Board of Directors shall determine prudently and in good faith the estimated realization value of such assets. Mezzanine Direct Investments will initially be valued at cost (face value of loan plus accrued interest, if any) and thereafter typically adjusted for any change, if any, in (i) accrued pay-in-kind interest, in (ii) value of warrants and/or (iii) in the face value of the loans. In selecting investments, the Board of Directors has taken into consideration the accounting and valuation basis of the underlying partnerships and direct investments and selects only those investments, which adopt an internationally recognized standard. In the event that the Board of Directors determines that the above valuation guidelines are not appropriate in relation to a particular asset of the Fund, then the Board of Directors shall determine prudently and in good faith the fair value of such asset. The Administrator authorised to conclusively rely on such net asset valuations reported by the general partner or manager of the relevant investment, or the Board of Directors, as the case may be.

Critical accounting estimates and judgments by the Board of Directors of the Fund

There is significant subjectivity in the valuation of investments in limited partnerships and directly held investments with very little transparent market activity to provide support for fair value levels at which willing buyers and sellers would transact. The estimates and judgments employed therein are therefore continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Board of Directors make estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results.

- 31 - Partners Group Global Value SICAV

Notes to the financial statements for the year ended December 31, 2018 (continued)

Valuation method

For the valuation of such investments, the Board of Directors review the latest information provided by underlying partnerships and other business partners, which frequently does not coincide with the valuation date, and applies widely recognized valuation methods to such data such as time of last financing, multiple analysis, discounted cash flow method and third party valuation as well as market prices to estimate a fair value as at the balance sheet date. As part of the fair valuation of such investments the Board of Directors use observable market and cash flow data to consider and determine the fair values of the underlying investments. Furthermore the Alternative Investment Fund Manager – Partners Group (UK) Ltd. – (the “AIFM”) considers the overall portfolio against observable data and general market developments to determine if the values attributed appear fair based on the current market environment. The Board of Directors make reasonable efforts to obtain the latest available information from the underlying investment. As part of the continuous evaluation of the fair value of the underlying unquoted investments the fair value assessment procedures are determined by the Board of Directors. In addition, the Board of Directors is also responsible for ensuring that these procedures are adhered to during the assessment of the fair values. Based on an assessment of relevant applicable indicators of fair value, the Board of Directors estimate the fair values as at the valuation date. Such indicators may include, but are not limited to: - limited partnership’s most recent reporting information including a detailed analysis of underlying company performance and investment transactions with the fund between the latest available fund reporting and the balance sheet date of the Fund; - review of a direct investment’s most recent accounting and cash flow reports and models, including date supplied by both the sponsor and the company and any additional available information between the date of these reports and the balance sheet date of the Fund; - review of recent transaction prices and merger and acquisition activity for similar direct investments; - review of the limited partnership’s application of generally accepted accounting principles and the valuation method applied for its underlying investments such as discounted cash flow and multiple analysis, which are based on available information; - review of current market environment and the impact of it on limited partnerships, their investments and the Fund’s direct investments. The variety of valuation bases adopted, quality of management information provided by the underlying partnerships and the lack of liquid markets for the investments held mean that there are inherent difficulties in determining the fair values of these investments that cannot be eliminated. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities, and therefore the amounts realized on the sale of investments, could differ from the fair values reflected in these financial statements and the differences may be significant.

- 32 - Partners Group Global Value SICAV

Notes to the financial statements for the year ended December 31, 2018 (continued)

2.2 Conversion of foreign currencies

The Fund maintains its accounting records in Euro (EUR) and its financial statements are expressed in this currency. All assets and liabilities in currencies other than EUR are translated into this currency at the exchange rates prevailing as at the end of the year. Income and expenses in currencies other than EUR are translated into EUR at the exchange rates prevailing at the transaction date. The resulting profits and losses are included in the Statement of operations and changes in net assets. The prevailing exchange rates as at December 31, 2018 are:

Currency in EUR

AUD 1,623692 BRL 4,453281 CAD 1,56158 CHF 1,12668 CNY 7,865021 DKK 7,463681 GBP 0,89711 HKD 8,952919 INR 79,906414 JPY 125,535409 NOK 9,905924 SEK 10,138489 SGD 1,55834 USD 1,143489

2.3 Realized profit/loss (-) on sale of investments

Realized profit/loss (-) on sale of investments is the difference between the cost of investment and the sale proceeds. The cost of investment for target funds is defined as the original cost less capital distributions received from target funds. The capital call transactions for the target funds (primaries and secondaries) are recorded at the date they are due to be paid. Distributions of realized gains of partnerships are recorded as realized profit. Investments in limited partnerships and direct investments are derecognized when the rights to receive cash flow from investments have expired or substantially all risks and rewards of ownership have been transferred. Amounts realized on the sale of directly held investments and limited partnerships may differ from the values reflected in these financial statements and the differences might be significant. All transactions relating to investments in limited partnerships and direct investments are recognized on the settlement date.

2.4 Unrealized profit/loss (-) on investments

The unrealized gain or loss on investments is calculated as the difference between the cost and the market value of the investment at year end. In accordance with current practices, the changes of unrealized profit/loss at the end of the financial year are accounted for in the Statement of operations and changes in net assets.

- 33 - Partners Group Global Value SICAV

Notes to the financial statements for the year ended December 31, 2018 (continued)

2.5 Forward foreign exchange contracts

The unrealized gain or loss on forward foreign exchange contracts is calculated as the difference between the contracted rate and the rate to close out the contract. In accordance with the current practices, the changes of unrealized profit/loss at the end of the financial year are accounted for in the Statement of operations and changes in net assets. Realized profit or loss includes realized gain or loss on forward foreign exchange contracts that have been settled.

2.6 Dividend and interest income

Distributions of ordinary income and interests received are accounted for as Income on investments. Capital gain distributions are accounted for as income if appropriate based on information provided by general partners. Interest on bank accounts and interests on investments are accounted for on an accrual basis.

2.7 Transaction costs

Partners Group Global Value SICAV has a private markets portfolio that typically does not separately disclose transaction costs in connection with its investments. It is market standard that transaction costs (if there are any) are generally included in the cost of the investment (in other words as part of the purchase price) and not separately disclosed to the buyer. Therefore the fund is not in a position to disclose such transaction costs since the information is not available and it is not certain that such transaction costs occurred. Partners Group Global Value SICAV has identified the following expenses as transaction costs in the sense of article 124 of the Law dated July 12, 2013. The amount of the transaction costs per December 31, 2018 is EUR 517.031,57.

3. Management fees and Performance fees

The AIFM is entitled to receive from the Fund a management fee calculated and paid quarterly in arrears at a rate of up to 0.75% per annum for Class T (EUR) Shares, Class T-N (EUR) Shares, Class T (CHF) Shares, Class T-N (CHF) Shares and Class T-N (USD) Shares and up to 1.25% per annum for Class I (EUR) Shares, Class I (USD) Shares, Class I (JPY) Shares, Class I (AUD) Shares, Class I-N (AUD) Shares and Class D (GBP) Shares and up to 1.50% per annum for Class A (GPB) Shares, Class A-N (GPB) Shares, Class E (EUR) Shares, Class E-N (EUR) Shares, Class E (USD) Shares, Class E-N (USD) Shares, Class E (GBP) Shares, Class E-N (GBP) Shares, Class E (JPY) Shares, Class E-N (JPY) Shares, Class E (SEK) Shares, Class E-N (SEK) Shares, Class E (CHF) Shares and Class E-N (CHF) Shares and up to 1.95% per annum for Class R (EUR) Shares, Class R-N (EUR) Shares, Class R (SEK) Shares, Class R-N (SEK) Shares, Class R (USD) Shares, Class R-N (USD) Shares, Class R (CHF) Shares and Class R-N (CHF) Shares, on the greater of the pro- rata share of the respective share class (i) the Fund's Net Asset Value and (ii) the Fund's Net Asset Value less cash and cash equivalents plus the total of all commitments made by the Fund but not yet drawn for investments. In addition the AIFM is entitled to a Performance Fee. The Performance Fee shall be calculated and paid in respect of each Direct Investment and in respect of each Secondary Investment (i.e. on a deal-by-deal basis), whether or not such investments are made through any Pooling Vehicle. For all classes except Class T Shares and Class T-N Shares, the Performance Fee in respect of Direct Investments and Secondary Investments shall be determined in the currency of the respective transaction and as described at page 31/32 of the Prospectus in clause (i) to (iii), save that the Performance Fee in respect of Secondary Investments shall be determined using a rate of 10%, and the Performance Fee in respect of Direct Debt Investments invested after October 1, 2018 which are not Mezzanine Direct Investments shall be determined using a rate of 10% and the Preferred Return rate shall be 4% per annum, compounded annually. Class T Shares and Class T-N Shares shall only be subject to 50% of otherwise allocated Performance Fees.

- 34 - Partners Group Global Value SICAV

Notes to the financial statements for the year ended December 31, 2018 (continued)

No Performance Fee will be payable in respect of any Investment of the Fund other than for Direct Investments, Direct Debt Investments and Secondary Investments. Performance Fees become payable when the underlying deal is realized.

4. “Taxe d’abonnement”

The Fund is subject to the fiscal legislation of Luxembourg. Under the prevailing laws and regulations, the Fund is subject to an annual subscription tax of 0.05% for all Share Classes per annum of its total net assets, calculated and payable at the end of each quarter. Where a Share Class only includes institutional investors as defined in the applicable legislation, the Fund may benefit from a reduced tax rate of 0.01% per annum for such class. Under the current law and practice, the Fund is not liable to Luxembourg taxes on income or capital gains, nor are dividends paid by the Fund liable to any Luxembourg withholding tax. Dividends and interest, if any, received by the Fund from investments may be liable to withholding taxes in the countries concerned at varying rates, such withholding taxes are usually not recoverable.

5. Administrative, Depositary and Transfer Agent fees

The Fund shall pay the fees of the Administrator, the Domiciliary and the Registrar and Transfer Agent as well as fees of service providers and fees incurred in places where the Fund is registered. In its capacity as Depositary, M.M.Warburg & CO Luxembourg S.A. is entitled to remuneration in accordance with normal banking practice in Luxembourg at rates agreed from time to time with the Fund.

6. Investments with confidentiality issues

Due to non-disclosure/confidentiality issues, the names of some underlying investments cannot be disclosed. Some are invested in through Partners Group access vehicles which are pooling vehicles holding an interest in primary, secondary, direct equity or direct debt investments. Access Vehicles and investments with confidentiality issues disclosed in this report allow investments as follows (figures in % of year end NAV):

- 35 - Partners Group Global Value SICAV

Notes to the financial statements for the year ended December 31, 2018 (continued)

Direct privat equity investments, private equity funds, debt investments

Vintage 2004 2005 2006 2007 2008 2009 2010 2011

Strategy Buyout 0,01 - 0,01 0,06 0,01 - - - Real Estate - - - 0,02 - - - - Special Situations - 0,04 0,43 0,26 - - 0,10 0,01 Venture ------Total 0,01 0,04 0,44 0,34 0,01 0,00 0,10 0,01

Vintage 2012 2013 2014 2015 2016 2017 2018 Total

Strategy Buyout 0,17 0,14 0,65 1,36 1,13 1,10 0,58 5,22 Real Estate ------0,02 Special Situations - 0,14 0,63 0,23 1,45 - 0,42 3,71 Venture ------0,00 Total 0,17 0,28 1,28 1,59 2,58 1,10 1,00 8,95

Direct privat equity investments, debt investments

Consumer Consumer Staples Financials Health Care Industrials Industry Discretionary

Geography Asia 0,01 - 0,23 - - North America 0,52 - 0,02 - 0,69 Rest of the world - - - 1,23 - Western Europe 0,53 0,77 0,21 0,20 0,06 Total 1,06 0,77 0,46 1,43 0,75

Information Materials Telecommucation Utilities Industry Technology Services Total

Geography Asia - - 0,08 - 0,32 North America 1,47 - - - 2,70 Rest of the world - - - - 1,23 Western Europe - 0,52 - - 2,29 Total 1,47 0,52 0,08 0,00 6,54

- 36 - Partners Group Global Value SICAV

Notes to the financial statements for the year ended December 31, 2018 (continued)

Direct privat equity investments, debt investments

Type

Equity 3,17 First Lien 2,70 Mezzanine 0,29 Preferred Equity - Second Lien 0,37 Shareholder Loan - Total 6,53

7. Other expenses

The other expenses include the following in EUR:

Other Expenses

Directors's fee (58.920) Third party expenses (123.089) Withholding tax (13.716) Other expenses offshore (52.455) Service Agent fees (31.455) Banking fees (384.432) Miscellaneous (1.155.887) Total other expenses (1.819.954)

8. Statement of portfolio changes

Statement of portfolio changes is available to shareholders, free of charge, upon request from the Fund's registered office.

9. Commitments

As at December 31, 2018, the Fund is committed for a total of EUR 3.646.281.803 in its underlying funds. The unfunded commitments amount to a total of EUR 1.155.365.740 which is expected to be required as follow-on investments on a needed basis by the underlying private equity funds.

10. Loan

There is a credit facility between the Fund and lnvestec Bank for EUR 250.000.000,00. This credit facility was not used during the year and a commitment fee of 1,00% was charged.

11. Subsequent events

From January 2019 until March 29, 2019 the fund subscribed for a commitment EUR 191.104.565,17. With effect from March 1, 2019, Partners Group (Luxembourg) S.A was appointed as the Fund's new AIFM.

- 37 - Partners Group Global Value SICAV

Notes to the financial statements for the year ended December 31, 2018 (continued)

Due to the change of ownership (acquisition of Warburg Invest Luxembourg S.A. by Apex Group Ltd.), the name of the Management Company has changed. Since February 1, 2019, the company has been operating under Augeo Capital Management SA (formerly Warburg Invest Luxembourg S.A.).

A change of ownership (acquisition of M.M. Warburg & Co Luxembourg S.A. by Apex Group Ltd.) also changed the name of M.M. Warburg & Co Luxembourg S.A. On February 1, 2019, the bank was renamed European Depositary Bank SA.

12. Non audit services

From January 1, 2018 until December 31, 2018, the following non audit services were provided: - cross-borders tax matters

- 38 - Partners Group Global Value SICAV

AIFM disclosures (unaudited)

1. Percentage of illiquid assets

The percentage of illiquid assets, for which special rules apply (Art. 22 para. 2of the Law of July 12, 2013), was for the reporting date 93,85%.

2. Important Events

a. Portfolio strategy No changes

b. Risk profile No changes

c. Cost structure No changes

d. Liquidity management No changes

e. Valuation methodology No changes

f. Relationships to third parties No changes

g. AIFM Yes *

h. Auditor No changes

i. Changes in Management and Administration Yes **

j. Changes in share classes Yes ***

k. Booking method No changes

* With effect from March 1, 2019, Partners Group (Luxembourg) S.A was appointed as the Fund's new AIFM. ** On March 14, 2018, Sérgio Raposo resigned from the Board of Directors, on September 5, 2018, Eicke Schinn was appointed new member of the Board of Directors. Due to the change of ownership (acquisition of Warburg Invest Luxembourg S.A. by Apex Group Ltd.), the name of the Management Company has changed. Since February 1, 2019, the company has been operating under Augeo Capital Management SA (formerly Warburg Invest Luxembourg S.A.). A change of ownership (acquisition of M.M. Warburg & Co Luxembourg S.A. by Apex Group Ltd.) also changed the name of M.M. Warburg & Co Luxembourg S.A. On February 1, 2019, the bank was renamed European Depositary Bank SA. *** Since December 22, 2018, following new Share Classes are available (New Share Classes): Class I-N Shares (AUD), Class R-N Shares (EUR), Class R-N Shares (CHF), Class R-N Shares (SEK), Class R-N Shares (USD), Class E-N Shares (EUR), Class E-N Shares (USD), Class E-N Shares (GBP), Class E-N Shares (JPY), Class E-N Shares (CHF), Class E-N Shares (SEK), Class A-N Shares (GBP), Class T-N Shares (EUR), Class T-N Shares (USD), Class T-N Shares (CHF) All other Share Classes (Old Share Classes) could be subscribed until December 21 2018 only.

3. Staff remuneration

Partners Group (UK) Ltd's 159 staff (incl. leavers during the year) received a total of GBP 61.684.130 in remuneration for the year 2018. The ratio between fixed and variable remuneration is approximately 1:4.5.

The aggregate amount of remuneration of the 12 staff (including four directors) who make up the senior management of Partners Group (UK) Ltd was GBP 21.058.113.

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The aggregate amount of remuneration of the 36 staff (including three directors) whose actions have a material impact on the risk profile of the Program was GBP 32.470.846.

N.B. The figures in respect of staff who are involved in the activities of the Program and senior management include a number of the same staff. Therefore, these figures should not be read as cumulative. Further, those figures include certain staff employed by Partners Group AG (Partners Group (UK) Ltd's delegated risk manager).

4. Material changes

With effect from March 1, 2019, Partners Group (Luxembourg) S.A. was appointed as the Fund's new alternative investment fund manager.

Furthermore, the Fund closed all open A, R, E and T share classes after the cutoff in December 2018 and introduced new A-N, R-N, E-N and T-N share classes on January 1, 2019.

Risk disclosures

Current risk profile of the fund

Please note that the following tables are on a look-through basis

° Top 10 investments

Investments Type % of fund NAV

Cerba HealthCare Direct 2,8% United States Infrastructure Corporation Direct 2,2% AlliedUniversal 2015 Direct 2,2% KinderCare Education Direct 1,9% Civica Direct 1,8% Foncia Direct 1,8% GlobalLogic Direct 1,8% Acrisure Direct 1,7% Techem Direct 1,7% Hearthside Food Solutions Direct 1,6%

° Top 10 direct debt investments

Investments Type % of fund NAV

Acrisure Direct 1,7% eResearch Technology, Inc. Direct 1,2% Netsmart Technologies, Inc. Direct 1,0% IDEMIA Direct 0,8% Envision Healthcare Holdings, Inc. Direct 0,8% Community Brands Direct 0,8% Zentiva B.V. Direct 0,8% BioClinica, Inc. Direct 0,7% Prometric Direct 0,7% Strategic Partners, Inc. Direct 0,6%

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° Portfolio exposure by Industries

Investment % of total value of investments

Information technology 20% Health Care 18% Consumer Discretionary 18% Financials 13% Industrials 11% Consumer Staples 8% Materials 6% Utilities 3% Telecommunication Services 2% Energy 1%

° Private market portfolio exposure to countries

Country % of fund NAV United States of America 45,8% France 8,1% United Kingdom 7,9% Germany 5,9% Netherlands 5,2% China 3,5% India 3,5% Brazil 2,3% Spain 1,8% Other 16,0%

° Net currency exposure (including hedging)

Please note that the following tables are on share class level

Share class R (EUR):

Currency % of net assets USD 15,3% EUR 74,6% GBP 2,5% CHF 0,2% JPY 0,0% AUD 1,1% Other 6,3%

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Share class I (EUR):

Currency % of net assets USD 15,3% EUR 74,6% GBP 2,5% CHF 0,2% JPY 0,0% AUD 1,1% Other 6,3%

Share class E (EUR):

Currency % of net assets USD 15,3% EUR 74,6% GBP 2,5% CHF 0,2% JPY 0,0% AUD 1,1% Other 6,3%

Share class T (EUR):

Currency % of net assets USD 15,3% EUR 74,6% GBP 2,5% CHF 0,2% JPY 0,0% AUD 1,1% Other 6,3%

Share class D (GBP):

Currency % of net assets USD 15,3% EUR 10,0% GBP 67,1% CHF 0,2% JPY 0,0% AUD 1,1% Other 6,3%

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Share class A (GBP):

Currency % of net assets USD 15,3% EUR 10,0% GBP 67,1% CHF 0,2% JPY 0,0% AUD 1,1% Other 6,3%

Share class E (GBP):

Currency % of net assets USD 15,3% EUR 10,0% GBP 67,1% CHF 0,2% JPY 0,0% AUD 1,1% Other 6,3%

Share class I (USD):

Currency % of net assets USD 79,8% EUR 10,1% GBP 2,5% CHF 0,2% JPY 0,0% AUD 1,1% Other 6,3%

Share class R (USD):

Currency % of net assets USD 79,8% EUR 10,1% GBP 2,5% CHF 0,2% JPY 0,0% AUD 1,1% Other 6,3%

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Share class E (USD):

Currency % of net assets USD 79,8% EUR 10,1% GBP 2,5% CHF 0,2% JPY 0,0% AUD 1,1% Other 6,3%

Share class I (AUD):

Currency % of net assets USD 15,3% EUR 10,0% GBP 2,5% CHF 0,2% JPY 0,0% AUD 65,7% Other 6,3%

Share class R (CHF):

Currency % of net assets USD 15,3% EUR 10,0% GBP 2,5% CHF 64,8% JPY 0,0% AUD 1,1% Other 6,3%

Share class E (CHF):

Currency % of net assets USD 15,3% EUR 10,0% GBP 2,5% CHF 64,8% JPY 0,0% AUD 1,1% Other 6,3%

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Share class T (CHF):

Currency % of net assets USD 15,3% EUR 10,0% GBP 2,5% CHF 64,8% JPY 0,0% AUD 1,1% Other 6,2%

Share class E (JPY):

Currency % of net assets USD 15,3% EUR 10,0% GBP 2,5% CHF 0,2% JPY 64,6% AUD 1,1% Other 6,3%

Share class E (SEK):

Currency % of net assets USD 15,3% EUR 10,0% GBP 2,5% CHF 0,2% SEK 65,4% AUD 1,1% Other 5,5%

Further information on the allocation of investments is provided in other sections of this report.

° Current leverage

Leverage as calculated under the gross method 176,3% Leverage as calculated under the commitment method 103,3% Percentage of the assets subject to special arrangements arising from their Illiquid nature 0%

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