Monthly Newsletter
Partners Group Listed Investments - Listed Private Equity (I) as of 31 December 2008
The Partners Group Listed Investments - Listed Private Equity fund provides efficient access to the asset class private equity overcoming the normally associated hurdle of illiquidity. The Fund invests in companies, which do mainly private equity investments and are listed on major stock exchanges. Out of an investment universe of over 240 companies world wide, the fund management actively screens a target list of around 50 companies, which fit the minimum criteria.
Monthly Facts ReportKey Date of Inception: 6 September 2004 Partners Group Listed Investments – Listed Private Equity (I) Fund Currency: EUR resembled its LPX50 benchmark index by declining 13.4% in Fund Domicile: Luxembourg December. Contributing significantly to the unusually Close of Financial Year: 31 December negative mood in the listed private equity market during the Investment Advisor: Partners Group AG month were the sharp drops in the share prices of Distributions: Accumulated heavyweights SVG Capital and 3i Group. SVG Capital, a Management Fee (Net of Administration and Custodian Fees): 1.15% London-listed fund of funds, announced that the uncalled ISIN: LU0196152606 commitments vis-à-vis its private equity partner Permira will Valor: 1902989 be reduced by 40% and that the company is planning launch WKN: A0B61A a capital GBP 200 million rights issue. Those announcements Bloomberg Ticker: PGILPQI LX led to a sharp drop in the price of SVG Capital’s shares. The Total Net Assets: EUR 43.26m stock of 3i Group also came under pressure after Moody’s downgraded the company’s rating. Price Development Price per Unit (31 December 2008): EUR 50.66 Apart from these negative reports, however, there was Price per Unit (30 November 2008): EUR 58.47 favorable news mainly from the small- and mid-cap sector: Change: -13.4% For example, Ratos’ underlying portfolio companies conti- Investment Level: 93% nued to generate profits, which in turn helped its stock to record a gain for the month. HgCapital and Deutsche Beteili- Asset Allocation by Currencies gungsgesellschaft, both of which are also active in the small- EUR 41% and mid-cap buyout area, weathered the adverse market USD 28% environment well and gained ground over the course of the GBP 9% month. Other 19%
PGLI LPE (I) vs. MSCI World Index TR (in EUR) Asset Allocation by Financing Stages
170
150 Venture Capital 5% 130 Special Situations 110 25%
90
70 Buyout 70% 50
30 Sep-04 Mar-05 Sep-05 Mar-06 Sep-06 Mar-07 Sep-07 Mar-08 Sep-08 Partners Group Listed Investments - Listed Private Equity (I) MSCI World Index TR
Performance and Volatility Figures (in EUR) Largest Holdings
Performance 1 Month YTD 1 Year Annualized* Position Country in % PGLI LPE (I) -13.4% -62.2% -62.2% -14.6% Eurazeo France 8.56% MSCI World TR -5.3% -38.7% -38.7% -4.5% Onex Corporation Canada 6.23% Apollo Investment Corporation USA 6.05% Volatility 1 Month YTD 1 Year Annualized* Wendel Frankreich 5.78% PGLI LPE (I) 25.8% 29.2% 29.2% 16.3% Partners Group Holding AG Switzerland 5.76% MSCI World TR 35.9% 31.0% 31.0% 17.7% 3i Group Plc Great Britain 5.71% * since inception
www.pg-lpe.net Monthly Newsletter
Partners Group Listed Investments - Listed Private Equity (I) as of 31 December 2008
Definitions
This Newsletter is produced based on information available on the last working day of the month.
Listed private equity A ‘Listed Private Equity’ company is listed on a stock exchange and has the purpose of investing in private equity assets.
Investment universe Public partnerships, fund of funds, private equity houses, mixed investment companies
Financing stages Venture Capital (VC) Financing for companies typically in their build-up phase. Seed stage describes the period where product feasibility is confirmed; Early stage involves the identification of the position in the market, the establishment of production lines and the development of marketing channels; Later stage portrays the subsequent rapid expansion phase of a young company.
Buyout (BO) Acquisition of a controlling stake in a company, typically with financial or managerial reorganization needs. Small/mid/large size buyout refers to the enterprise value of the acquired company. Whereas the bandwidths for Europe are set at
Special Situations (SS) Special situations includes mezzanine, turnaround, distressed and other investments.
Other Portfolio companies that have been listed, but still are kept in the portfolio due for example the holding period or listed companies that are held in portfolios due to strategic reasons or alike.
Contact details
Investment Advisor: Investor Relations: Partners Group AG Partners Group AG Zugerstrasse 57 Sebastian Schulthess 6341 Baar-Zug Zugerstrasse 57 Switzerland 6341 Baar-Zug / Switzerland
Phone: +41 (0)41 768 85 85 Phone: +41 (0)41 768 84 39 Fax: +41 (0)41 768 85 58 Fax: +41 (0)41 768 85 58 www.pg-lpe.net Email: [email protected]
This document is not intended to be an investment advertisement or sales instrument; it constitutes neither an offer nor an attempt to solicit offers for the product described herein. This report was prepared using financial information contained in the company's books and records as of the reporting date. This information is believed to be accurate but has not been audited by any third party. This report describes past performance, which may not be indicative of future results. The company does not accept any liability for actions taken on the basis of the information provided.