Partners Group Global Value SICAV

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

Unaudited Semi-Annual Report 2019

Unaudited financial statements for the period from January 1, 2019 to June 30, 2019

R.C.S. Luxembourg B 124.171

No subscription can be accepted on the basis of the financial reports. Subscriptions are only valid if they are made on the basis of the current prospectus accompanied by the latest annual report and the latest semi-annual report, if published thereafter.

Partners Group Global Value SICAV

TABLE OF CONTENTS

Management and Administration ...... 3 Board of Director's Report...... 4 Statement of net assets as at June 30, 2019 ...... 7 Statement of operations and changes in net assets for the period ended June 30, 2019 ...... 8 Statement of investments as at June 30, 2019 ...... 10 Statement of forward foreign exchange contracts as at June 30, 2019 ...... 18 Statement of net asset value per share class as at June 30, 2019 ...... 20 Statement of changes in the number of shares outstanding for the period ended June 30, 2019 ...... 22 Notes to the financial statements for the period ended June 30, 2019 ...... 24

- 2 - Partners Group Global Value SICAV

Management and Administration

Registered office

2, Place François Joseph Dargent, L-1413 Luxembourg

Board of Directors

Eicke Schinn Partners Group AG

Dr. Helene Müller Schwiering Advokatgruppen Luxembourg

Roland Roffler PG3 AG

Daniel Van Hove Orionis Management S.A.

AIFM until February 28, 2019: Name Partners Group (UK) Ltd.

Registered office 110 Bishopgate, 14th Floor, London EC2N 4AY, United Kingdom since March 1, 2019:

Name Partners Group (Luxembourg) S.A. 35D, Avenue J. F. Kennedy, L-1855 Luxembourg Registered office

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 Transfer European Depositary Bank SA* Agent 3, rue Gabriel Lippmann, L-5365 Munsbach**

Administrator and Domiciliary Agent LRI Capital Management SA*** 9A, rue Gabriel Lippmann, L-5365 Munsbach ****

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

* Due to the change of ownership (acquisition of M.M. Warburg & Co Luxembourg S.A. by Apex Group Ltd.) the name of the bank has changed. Until January 31, 2019, the bank had been operating under M.M. Warburg & Co Luxembourg S.A. ** until June 24, 2019: 2, Place François-Joseph Dargent, L-1413 Luxembourg *** Until January 31, 2019, the company had been operating under Warburg Invest Luxembourg S.A. Due to the change of ownership (acquisition of Warburg Invest Luxembourg S.A. by Apex Group Ltd.), the name of the company has changed. From February 1, 2019 until April 30, 2019, the company had been operating under Augeo Capital Management SA, on April 30, 2019, the company was renamed LRI Management SA. **** until April 26, 2019: 2, Place François-Joseph Dargent, L-1413 Luxembourg

- 3 - Partners Group Global Value SICAV

Board of Director’s Report

With 7.8% and 8.5% year-to-date net performance for the share class R (EUR) and R (USD) respectively, Partners Group Global Value SICAV (the Fund) has seen a very good first half year and continued to profit over proportionally from its direct private equity investments. The Fund outperformed the MSCI World TR since inception by more than 23% on an aggregate basis. Amongst the five largest performance contributors in the portfolio were Partners Group private equity direct lead transactions GlobalLogic, Cerba HealthCare and Foncia. In all three investments the value creation initiatives recorded further progress with some initiatives already significantly supporting the companies' financials.

The most significant performer in the first six months was GlobalLogic, a global provider of software product engineering services. The company reported double-digit growth in its revenue and EBITDA for the twelve months ended 31 December 2018. The robust financial performance was primarily driven by a number of large contracts signed and strong sales with both, current and new customers. Furthermore, the company reduced its sales and marketing expenses as well as general and administrative costs in this period. GlobalLogic also strengthened its management by hiring a new chief financial officer and a head of Europe.

Another top performer was the European medical laboratory services operator Cerba HealthCare. The company reported a year-on-year 33.6% revenue increase to EUR 963.6 million for the twelve months ended 30 April 2019. The top-line growth was driven primarily by new client wins in the specialized medical biology segment and by strong activity in the colorectal cancer screening campaign. Moreover, Cerba has already achieved almost 43% of the targeted EBITDA synergies from the integration of Bio7, the recently acquired French network of medical laboratories. Partners Group is working closely with Cerba's management to drive top-line expansion through organic and inorganic growth.

Investment activity

Partners Group remained disciplined in the selection of investments and declined 1'270 of the 1'299 screened private markets direct investments, resulting in a decline rate of 98%. The Fund allocated EUR 249 million to 9 new investments of which 5 or EUR 100 million have been direct private equity, three or EUR 84 million direct private debt transactions as well as one secondary acquisition with a value of EUR 65 million. Besides the direct and secondary investments, the Fund committed EUR 54 million to funds managed by leading private equity houses such as Advent International or Genstar Capital.

On the direct equity side, in January the Fund participated as co-investor for example in the acquisition of Cast & Crew (C&C). Founded in 1976 and headquartered in Burbank, California, C&C provides tech-enabled payroll and related business process outsourcing services to a diversified group of customers including major film and TV production studios, such as Warner Brothers and Disney, as well as digital streaming content producers including Netflix and Apple. Partners Group saw C&C as an investment opportunity to gain exposure to proliferation of production content without direct media exposure. In addition, the company has a compelling financial profile with high free cash flow conversion, recession-resistant characteristics, and potential to increase its margins through operating leverage and increased automation. Going forward, Partners Group will work closely with the management team to grow C&C's market share through strategic acquisitions and to aid in the company's international expansion to increase revenue from regions outside of the US.

In June, the Fund took part in the acquisition of Partners Group lead transaction Confluent Health. Headquartered in Louisville, Kentucky, Confluent is one of the largest (by number of clinics) independent outpatient physical

- 4 - Partners Group Global Value SICAV

therapy (PT) service providers in the US, with over 2'000 employees and 198 operating clinics across twelve states. Approximately 85% of net revenue stems from the company's regionally branded outpatient PT services segment, while the education services comprises about 7% of net revenue; in which, Confluent is the number-one provider of post-graduate continuing education programs for physical therapists and a pioneer in pre-graduate hybrid online/residency Doctor of PT programs in partnership with universities. The remaining contribution comes from the occupational health and safety services, which provides training to corporate customers on in-house injury prevention.

Confluent Health is an attractive investment given its well-positioned platform to enhance its position as a leading PT player in a fragmented market with the top-15 clinics representing about 12% of total clinics in the US. The company has a successful acquisition track record and proven lead-generation for acquisitions through education services, and management's reputation as respected operators. In addition, Confluent is expected to benefit from long-term industry tailwinds driven by an aging population with chronic conditions. This presents an expanding patient pool and opportunity to increase Confluent's scope of practice as PT treatments are significantly cheaper compared to surgery (around 97% lesser), prescription of opioids (85%) and injections (75%). Following the acquisition, Partners Group will work closely with Confluent's management team on driving new locations and same-store growth by reaching out to referral providers and independent PT groups, marketing directly to patients and capitalizing on economies of scale. Moreover, Confluent will focus on further developing its university and education partnerships and combine online and on-site learning techniques. The company will also continue to execute its M&A strategy through bolt-on acquisitions as well as strategic, large tuck-in acquisitions.

On the secondary side, Partners Group Global Value SICAV made a commitment to Project Paris 3.0, the secondary acquisition of a portfolio of buyout, venture capital, and special situations interests across 23 funds and 16 investment partners. The portfolio consists of over 160 companies that are located throughout the US, Western Europe, Asia, and Latin America. The acquisition includes attractive inflection assets rarely traded in the secondary market, which are managed by top-tier managers such as Blackstone, Carlyle, Leonard Green, and Vista Equity Partners. The transaction includes core inflection buyout interests and co-investments with meaningful upside potential, and provides an attractive mix of cash-generative, tail-end investments. The portfolio contains minimal public exposure (9% of NAV at reference date). Partners Group transacted with the seller twice previously since 2017 as part of the seller's ongoing portfolio management efforts. This established relationship with the seller allowed Partners Group to secure the status of 'preferred buyer' in the Project Paris 3.0 transaction, providing opportunity for meaningful dialogue ahead of the seller's official process launch. In addition, given strong portfolio overlap, Partners Group was able to complete its due diligence ahead of the official process and provide a preemptive bid to secure the transaction.

Moreover, with respect to primary commitments the Fund allocated capital to Genstar Capital Partners IX, a USD 5.0 billion fund managed by Genstar Capital, a San Francisco-based middle market private equity firm. Founded in 1988, Genstar utilizes their expertise in transactions, deal sourcing and M&A, along with a deep network of sector-specific specialists to find opportunities within the software, financial services, industrial technology and healthcare industries. Genstar Capital Partners IX plans to construct a portfolio by investing USD 100-650 million in 12-16 companies with an average enterprise value of USD 900 million. As with its predecessor funds, each platform investment may in turn complete two to four add-on acquisitions. In addition, the fund's value creation approach involves supporting organic growth and making selective changes to management teams. The fund's geographical focus is exclusive to North America, primarily in the US. Partners Group is attracted to this investment due to its long relationship with Genstar, committing to prior funds, lending to several Genstar portfolio companies and participating in an equity joint investment alongside the firm.

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Portfolio diversification

The Fund remains broadly diversified across financing stages, regions, vintage years and sectors. As of June 2019, the Fund's allocation to primaries accounted for 13%, secondary investments to 12% and the vast majority (75%) of the portfolio value was invested in direct investments.

With respect to financing stages, 71% of the portfolio's investments have been made in the buyout sector. 26% of the portfolio is allocated to private debt and special situations, comprising mostly of first and second lien senior loan investments, providing the portfolio with ongoing cash flows at an attractive risk/reward profile. The remaining 3% are invested through primary and secondary investments in venture capital, providing exposure to young and fast growing companies. The regional diversification shifted towards North America (+4%) with the following allocation as of end of June: 49% North America, 37% Europe, 11% Asia-Pacific and 3% Rest of World.

Outlook

Following an active year in 2018 for both new investments and realizations, portfolio activity moderated during the first half of 2019. Conditions for new investments remain challenging. Quality assets trade for near-records multiples, driven by high volumes of dry powder as well as the increasing competition from private equity managers, strategic buyers and new market entrants. On the one hand, this is encouraged by the pursuit for yield while interest rates stay low and on the other hand by strong debt markets for leveraged buyouts. Against this backdrop, it is essential to remain highly disciplined in the asset selection and to place even greater emphasis on direct investment opportunities that offer value creation potential.

Partners Group has the opinion, that active management, realized through value creation initiatives over the holding period, is the only way to growth and outperformance over public markets. To achieve this, Partners Group operates with a dedicated, constantly growing value creation team of currently more than 35 in-house specialists. Over 60 external operating directors and a partner network that comprises of more than 300 advisors complement the in- house value creation team. The identification of value enhancement projects on asset level starts already in the due diligence phase of every direct investment. Beyond that, the team has developed a thematic sourcing approach with the aim to identify sectors that benefit from global megatrends, such as digital transformation, changing consumer preferences or industrial automation.

Drilling down to the investment strategies on the direct equity side, the actual sweet spot lies on 'platform assets', 'niche winners' as well as 'franchise companies'. Platform assets are leading companies with a strong management team and company infrastructure in fragmented industries that can be further expanded through add-on acquisitions. Niche winners are leaders in terms of market share or growth potential in sub-sectors, often benefitting from trend- based tailwinds. Franchise companies offer value creation potential but also have strong defensive capabilities. Regarding direct debt transactions, the investment focus remains on companies in attractive sub-sectors where Partners Group has deep industry knowledge as well as on the support of successful sponsors by providing add-on acquisition financing for buy and build strategies and on tailored capital structures.

Partners Group will 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, e.g. across vintage years, in times of strong investor demand.

The information stated in the report is historical and is not representative of future results. - 6 - Partners Group Global Value SICAV

Statement of net assets as June 30, 2019

Notes EUR Assets Investments at market value 2.1 3.077.989.807 Cash at bank 256.420.411 Unrealized gain on forward foreign exchange contracts 2.5 16.792.367 Receivable on investments 16.590.753 Other assets 793.386 Total assets 3.368.586.724

Liabilities Unrealized loss on forward foreign exchange contracts 2.5 (9.277.127) Management fees 3 (15.522.069) Performance fees 3 (104.417.324) Depositary fees 5 (271.816) Administration fees 5 (313.162) Auditor fees (263.568) "Taxe d'abonnement" 4 (362.927) Liabilities on interest on credit facilities 10 (399.638) Payables on investments (5.411.948) Other liabilities (802.011) Total liabilities (137.041.590)

NET ASSET VALUE 3.231.545.134

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

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Statement of operations and changes in net assets for the period ended June 30, 2019

Notes EUR Income Interests on bank accounts 2.6 39.636 Income on investments 2.6 17.275.756 Reimbursement of management fees 1.867.941 Total income 19.183.333

Expenses Administration fees 5 (591.019) Management fees 3 (29.944.738) Advisory fees (907.348) Domicilary Agent fees 5 (4.904) Performance fees 3 (43.283.616) "Taxe d'abonnement" 4 (679.241) Audit fees (197.807) Printing and publication expenses (47.545) Interest paid (47.874) Interest paid on credit facilities 10 (1.226.027) Registrar and Transfer Agent fees 5 (190.700) Depositary fees 5 (271.834) CSSF fees (1.962) Other expenses 7 (1.989.227) Total expenses (79.383.842)

Ordinary net income (60.200.509)

Realized gain/loss (-) Realized profit on investments 2.3 49.067.926 Realized profit on forward foreign exchange contracts 2.5 14.084.094 Realized profit on currency 2.2 4.376.828

Realized loss on investments 2.3 (6.063.922) Realized loss on forward foreign exchange contracts 2.5 (35.075.870) Realized loss on currency 2.2 (3.990.600) Net realized profit/loss 22.398.456

Unrealized gain/loss (-) Change in unrealized profit on investments 2.4 270.650.141 Change in unrealized profit on forward foreign exchange contracts 2.5 8.748.127 Change in unrealized profit on currency 2.2 962.913

Change in unrealized loss on investments 2.4 (13.499.313) Change in unrealized loss on forward foreign exchange contracts 2.5 15.074.765 Change in unrealized loss on currency 2.2 2.702.551 Net change in unrealized profit/loss 284.639.184

NET INCREASE/ DECREASE (-) IN NET ASSETS RESULTING FROM OPERATIONS 246.837.131

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

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Statement of operations and changes in net assets for the period ended June 30, 2019 (continued)

EUR Capital Transactions Net capital subscriptions/ redemptions (-) I (EUR) Shareholders (7.817.106) R (EUR) Shareholders (16.955.604) I (USD) Shareholders (5.904.652) R (USD) Shareholders (20.146.754) D (GBP) Shareholders (152.461) I (AUD) Shareholders 7.808.770 A (GBP) Shareholders (171.572) R (CHF) Shareholders (1.715.289) E (EUR) Shareholders 59.715 E (USD) Shareholders (24.687.161) E (GBP) Shareholders (347.646) E (JPY) Shareholders (462.021) E (CHF) Shareholders (759.246) E (SEK) Shareholders (2.080.109) T (EUR) Shareholders - T (CHF) Shareholders - E-N (EUR) Shareholders 38.407.244 R-N (EUR) Shareholders 31.840.416 E-N (USD) Shareholders 40.615.211 R-N (USD) Shareholders 18.491.363 E-N (CHF) Shareholders 34.432.484 R-N (CHF) Shareholders 12.156.150 E-N (SEK) Shareholders 635.989 R-N (SEK) Shareholders 689.474 E-N (GBP) Shareholders 1.429.604 A-N (GBP) Shareholders 5.269.722 E-N (JPY) Shareholders 31.322.129 T-N (CHF) Shareholders 449.581 I-N (AUD) Shareholders 97.148.730

NET INCREASE/ DECREASE (-) IN NET ASSETS RESULTING FROM CAPITAL TRANSACTIONS 239.556.961

Net Assets Beginning of the period 2.745.151.042 Total increase in net assets 486.394.092 NET ASSETS AT THE END OF THE PERIOD 3.231.545.134

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

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Statement of investments as at June 30, 2019

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 1.721.431 0,05

Total transferable securities fund investments (Cost EUR 976.737) 1.721.431 0,05

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

3i Eurofund Vb EUR 2.026.547 0,06 3i Eurofund Vb PGA 210 EUR 998.944 0,03 Acacia I, L.P. EUR 109.286 0,00 Advanced Technology Ventures VII, L.P. PGA 378 USD 21.469 0,00 Advent International GPE V-C, L.P. EUR 152.968 0,00 Advent International GPE VI, L.P. PGA 116 EUR 151.011 0,00 Advent International GPE VIII-A LP PGA 806 EUR 6.359.606 0,20 Affinity Asia Pacific Fund V L.P. PGA 811 USD 5.884.083 0,18 AIF VII Private Investors Offshore, L.P. (JPM) PGA 347 USD 73.647 0,00 Amadeus III, L.P. GBP 1.122.328 0,03 American Capital Equity I, LLC USD 121.271 0,00 Apax Europe VI-A, L.P. PGA 141 EUR 85.274 0,00 Apax Europe VII - A, L.P. PGA 141 EUR 83.912 0,00 APAX Europe VII - B, L.P. PGA 347 EUR 209.204 0,01 Apax IX EUR (Feeder) L.P. EUR 9.829.647 0,30 Anonymized European Buyout Fund 9** PGA 347 EUR 60.542 0,00 Anonymized European Buyout Fund 15** PGA 409 EUR 3.268.466 0,10 Apollo Investment Fund IX, L.P. USD 1.753.062 0,05 Apollo Overseas Partners VII, L.P. PGA 372 USD 19.412 0,00 Apollo Overseas Partners VIII, L.P. PGA 560 USD 7.528.985 0,23 Ares Corporate Opportunities Fund II, L.P. USD 104.540 0,00 Ares Corporate Opportunities Fund II, L.P. PGA 126 USD 15.735 0,00 Ares Corporate Opportunities Fund III, L.P. PGA 65 USD 3.091.337 0,10 Astorg IV FCPR EUR 5.402 0,00 Astorg IV FCPR PGA 128 EUR 1.080 0,00 August Equity Partners II A, L.P. GBP 8.625 0,00 Anonymized US Buyout Fund 5** PGA 141 USD 1.060 0,00 Anonymized US Buyout Fund 5** PGA 88 USD 17.124 0,00 Anonymized US Buyout Fund 2** PGA 470 USD 459.110 0,01 Anonymized US Buyout Fund 2** PGA 49 USD 816.240 0,03 Anonymized US Buyout Fund 4** USD 313.605 0,01 Anonymized US Buyout Fund 8** PGA 49 USD 1.042 0,00 Astorg VII S.À R.L. PGA 957 EUR 1.237.957 0,04 Baring Asia Private Equity Fund VI L.P. PGA 695 USD 7.062.601 0,22 BC European Capital X, L.P. EUR 17.759.739 0,55 Berkshire Fund IX, L.P. USD 3.194.155 0,10 BGH Capital Fund I PGA 823 AUD 17.967 0,00 Carlyle Europe Partners V, L.P. EUR 2.130.696 0,07 Global Office and Hotel Fund VI** PGA 96 USD 475.235 0,01 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 8.690.374 0,27 Anonymized US Buyout Fund 1** PGA 181 USD 30.955 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.

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Statement of investments as at June 30, 2019 (continued)

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

Carlyle Partners VI, L.P. USD 8.012.476 0,25 Carlyle Partners VII, L.P. USD 3.600.464 0,11 CCMP II Private Investors Offshore, L.P. PGA 347 USD 80 0,00 Charterhouse Capital Partners X L.P. EUR 4.584.077 0,14 CCPIII EUR 3.843.887 0,12 CVC Capital Partners Asia Pacific II, L.P. PGA 141 USD 1.918 0,00 CVC Capital Partners Asia Pacific III, L.P. PGA 141 USD 33.752 0,00 CVC Capital Partners VI L.P. PGA 546 EUR 7.256.937 0,22 CVC Capital Partners VII L.P. PGA 826 EUR 4.683.085 0,14 CVC European Equity Partners IV, L.P. EUR 1.542 0,00 CVC European Equity Partners IV, L.P. PGA 116 EUR 676 0,00 DCM III, L.P. PGA 378 USD 24.734 0,00 Development Capital I, SCA (Alto Capital I) EUR 175.610 0,01 Doughty Hanson & Co V EUR 148.517 0,00 Edison Venture Fund IV, L.P. PGA 378 USD 320 0,00 Edison Venture Fund V, L.P. PGA 378 USD 3.968 0,00 Edison Venture Fund VI, L.P. PGA 378 USD 58.470 0,00 Energy Future Holding Corp USD 2.064 0,00 Energy Future Holding Corp USD 16.124 0,00 EnerTech Capital Partners II, L.P. PGA 378 USD 33.188 0,00 EQT Mid Market Europe Fund (No. 1) Feeder L.P. EUR 6.796.601 0,21 EQT VI (No.1) Limited Partnership PGA 346 EUR 965.790 0,03 EQT VII, L.P. PGA 784 EUR 6.321.958 0,20 EQT VIII, L.P. EUR 10.086.209 0,31 Exponent Private Equity Partners III, L.P. GBP 6.919.802 0,21 Exponent Private Equity Partners IV, L.P. PGA 898 GBP 3.949.038 0,12 Financial Technology Ventures III L.P. PGA 378 USD 20.095 0,00 First Reserve Fund XI, L.P. USD 135.630 0,00 First Reserve Fund XII, L.P. USD 429.314 0,01 Frazier Healthcare Groth Buyout Fund VIII, L.P. USD 7.046.722 0,22 Gabriel Venture Partners II, L.P. PGA 378 USD 6.178 0,00 Gavea Investment Fund V C L.P.** USD 3.029.067 0,09 Growth Fund Trust 3 AUD 3.450.844 0,11 Gryphon Partners V, L. P. USD 6.840.475 0,21 Hellman & Friedman Capital Partners VI, L.P. USD 270.675 0,01 Hellman & Friedman Capital Partners VIII, L.P. USD 9.617.269 0,30 Anonymized European Real Estate Fund** PGA 151 EUR 13.450 0,00 Hg Saturn I L.P. GBP 10.252.414 0,32 Hony Capital Fund VIII (Cayman), L.P. PGA 426 USD 8.685.962 0,27 KKR 2006 Private Investors Offshore, L.P. PGA 347 USD 79.352 0,00 KKR Americas Fund XII L.P. USD 7.166.788 0,22 KKR Asian Fund III (EEA) SCSp USD 6.721.197 0,21 KKR European Fund IV, L.P. PGA 733 EUR 11.296.969 0,35 Kohlberg TE Investors VI, L.P. USD 183.659 0,01 Kohlberg TE Investors VI, L.P. PGA 372 USD 2.387 0,00 Livingbridge 6 LP GBP 6.439.322 0,20 Madison Dearborn Capital Partners V, L.P. PGA 363 USD 692 0,00 Madison Dearborn Capital Partners V, L.P. PGA 364 USD 769 0,00 Menlo Ventures IX, L.P. USD 74.738 0,00 Menlo Ventures X, L.P. USD 642.721 0,02

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

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Statement of investments as at June 30, 2019 (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 100.053 0,00 Montagu III, L.P. PGA 116 EUR 1 0,00 New Enterprise Associates 11, L.P. PGA 141 USD 10.106 0,00 New Enterprise Associates 12, L.P. USD 65.522 0,00 New Enterprise Associates 12, L.P. PGA 141 USD 16.927 0,00 New Enterprise Associates 12, L.P. PGA 378 USD 6.553 0,00 New Enterprise Associates 13, L.P. PGA 378 USD 37.824 0,00 New Enterprise Associates 8A, L.P. PGA 141 USD 2.831 0,00 New Enterprise Associates 9, L.P. PGA 141 USD 9.282 0,00 New Enterprise Associates VIII, L.P. PGA 141 USD 7.773 0,00 New Enterprise Associates X, L.P. PGA 141 USD 22.812 0,00 Nordic Capital IX, L.P. EUR 4.962.489 0,15 Nordic Capital VIII Alpha, L.P. EUR 2.972.892 0,09 Noro-Moseley Partners VI, L.P. PGA 378 USD 7.721 0,00 Nth Power Technologies Fund II, L.P. PGA 378 USD 2.988 0,00 Oak Hill Capital Partners IV, L.P. USD 20.065.279 0,62 OCM Principal Opportunities Fund IV, L.P. PGA 372 USD 1.318 0,00 Pamlico Capital II Parallel Fund, L.P. USD 1.094 0,00 Pamlico Capital II, L.P. USD 21.735 0,00 Pamlico Capital IV, L.P. USD 7.896.006 0,24 Partners Group Access 822 L.P. USD 34.680.364 1,07 Partners Group Preakness Access L.P. PGA 857 USD 25.108.581 0,78 Partners Group Access 967 L.P. EUR 49.859.659 1,54 Partners Group Cosmic Access L.P. USD 4.185.294 0,13 Partners Group Access 1004 L.P. USD 22.188.084 0,69 Partners Group Access Permotio, L.P. EUR 8.610.394 0,27 Partners Group Aurora Access 1 LP USD 5.407.904 0,17 Partners Group AP & EM Real Estate 2009 USD 3.428.078 0,11 Partners Group Asia-Pacific 2005, L.P. USD 1.029.809 0,03 Partners Group Client Access 11, L.P. Inc. USD 13.906.161 0,43 Partners Group Client Access 13, L.P. Inc. USD 57.480.118 1,78 Partners Group Client Access 14, L.P. Inc. EUR 5.141.917 0,16 Partners Group Client Access 15, L.P. Inc. USD 13.128.110 0,41 Partners Group Client Access 16, L.P. Inc. EUR 63.522.683 1,97 Partners Group Client Access 17, L.P. Inc. USD 25.975.331 0,80 Partners Group Client Access 19, L.P. Inc. USD 4.567 0,00 Partners Group Client Access 24, L.P. Inc. GBP 58.669.165 1,82 Partners Group Client Access 25, L.P. Inc. PGA 906 USD 72.739.943 2,25 Partners Group Client Access 26 L.P. PGA 994 USD 76.492.703 2,37 Partners Group Client Access 29 L.P. USD 14.444.708 0,45 Partners Group Client Access 5, L.P. Inc. EUR 5.762.767 0,18 Partners Group Client Access 9, L.P. Inc. USD 2.556.589 0,08 Partners Group Client Access 31, L.P. Inc. USD 30.913.331 0,96 Partners Group Venture Growth 2019 Access, L.P. USD 114.970 0,00 Partners Group Compound Access, L.P. USD 2.222.962 0,07 Partners Group Direct Investments 2006, L.P. EUR 229.460 0,01 Partners Group Distressed US RE 2009 SICAR USD 624.728 0,02 Partners Group Emerging Markets 2007, L.P. USD 10.902.769 0,34 Partners Group European Buyout 2005 (B), L.P. EUR 86.156 0,00

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

- 12 - Partners Group Global Value SICAV

Statement of investments as at June 30, 2019 (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 2.149.371 0,07 Partners Group Exchange Access, L.P. PGA 797 EUR 24.115.267 0,75 Partners Group Falcon Access, L.P. USD 9.748.056 0,30 Partners Group Fondue Access, L.P. USD 3.085.099 0,10 Partners Group Global Value 2008 LP PGA 962 EUR 7.603.147 0,24 Partners Group Global Value 2011 LP PGA 962 EUR 20.425.318 0,63 Partners Group GLSLMF SICAV EUR EUR 207.633.285 6,43 Partners Group Legend Access LP EUR 10.340.160 0,32 Partners Group Leopard Access LLC PGA 931 USD 20.455.606 0,63 Partners Group LG Access II, L.P. USD 591.267 0,02 Partners Group LG Access, L.P. USD 1.100.862 0,03 Partners Group Longhorn Access, L.P. USD 2.224.994 0,07 Partners Group Madison Access, L.P. USD 207.076 0,01 Partners Group Mistral Access L.P. USD 13.148.347 0,41 Partners Group Nevada Access, L.P. EUR 15.023.821 0,46 Partners Group Nova Access, L.P. USD 3.441.104 0,11 Partners Group Noventa Access, L.P. USD 8.664.317 0,27 Partners Group Panther Access Blocker, L.P. USD 561.276 0,02 Partners Group Panther Access Pass-Through, L.P. USD 8.674 0,00 Partners Group Paris 2 Pooling LLC USD 33.560.487 1,04 Partners Group Premier Access L.P. EUR 53.120.160 1,64 Partners Group Project Selena Access, L.P. USD 10.382.231 0,32 Partners Group Providence Access, L.P. USD 6.472.829 0,20 Partners Group Roadrunner Access, L.P. EUR 1.628.820 0,05 Partners Group Rock Access L.P. USD 2.633.788 0,08 Partners Group Secondary 2004, L.P. EUR 94.447 0,00 Partners Group Secondary 2006, L.P. EUR 83.040 0,00 Partners Group Subordinated Lending Fund S.C.A. EUR 22.457.912 0,70 Partners Group Snowball Access L.P. USD 1.527.540 0,05 Partners Group Snowball II Access L.P. USD 3.662.628 0,11 Partners Group Snowball III Access L.P. USD 2.282.843 0,07 Partners Group Softball Access, L.P. USD 13.387.785 0,41 Partners Group Spring Access, L.P. USD 5.333.758 0,17 Partners Group Surya Access L.P. PGA 1023 USD 17.666.057 0,55 Partners Group U.S. Buyout 2007, L.P. USD 3.029.536 0,09 Partners Group U.S. Venture 2004, L.P. USD 428.157 0,01 Partners Group U.S. Venture 2006, L.P. USD 6.977.805 0,22 Partners Group Venture Growth 2018 Access, L.P. USD 3.704.440 0,11 Partners Group Wallaby 5 Access, L.P. USD 1.452.476 0,04 Pelion Ventures V, L.P. PGA 378 USD 50.606 0,00 Permira VI, L.P. 1 PGA 834 EUR 9.808.041 0,30 Polish Enterprise Fund VI, L.P. EUR 116.765 0,00 Prism Venture Partners V, L.P. USD 1 0,00 Providence Equity Partners IV, L.P. PGA 363 USD 144 0,00 Providence Equity Partners V, L.P. PGA 363 USD 1.062 0,00 Providence Equity Partners V, L.P. PGA 372 USD 232 0,00 Providence Equity Partners VI -A, L.P. PGA 363 USD 49.558 0,00 Providence Equity Partners VI -A, L.P. PGA 372 USD 20.264 0,00 PSC III, L.P. GBP 6.951.119 0,22

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

- 13 - Partners Group Global Value SICAV

Statement of investments as at June 30, 2019 (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 1.687 0,00 Quad Partners III, L.P. PGA 378 USD 86 0,00 R/C Gbl Energy & Power Pvt Invs O/S IV, L.P. (JPM) PGA 347 USD 123.100 0,00 Racecar Holdings LLC PGA 107 USD 1.015.251 0,03 RBS Special Opportunities Fund F, L.P. GBP 10.404 0,00 Saints Capital Falcon, L.P. USD 117.103 0,00 Saints Rustic Canyon, L.P. USD 2 0,00 SBCVC VI PGA 926 USD 558.374 0,02 Searchlight Capital II PV, L.P. USD 6.440.814 0,20 Silver Lake Partners II, L.P. PGA 372 USD 339 0,00 Silver Lake Partners III, L.P. PGA 181 USD 273.692 0,01 Silver Lake Partners III, L.P. PGA 372 USD 10.618 0,00 Sixth Cinven Fund (No. 2) L.P. PGA 829 EUR 3.092.018 0,10 SL SPV-1, L.P. PGA 181 USD 309.076 0,01 SL SPV-2, L.P. PGA 181 USD 11.835 0,00 SL SPV-2, L.P. PGA 372 USD 485 0,00 SLP III Private Investors Offshore, L.P. (JPM) PGA 347 USD 149.487 0,00 Special Opportunities Fund (Guernsey) GBP 51.625 0,00 STAR II UK Limited Partnership No.1 EUR 1.997 0,00 Sumeru Equity Partners Fund L.P. USD 5.038.106 0,16 Summit Partners Private Equity Fund VII-B, L.P. PGA 372 USD 8.706 0,00 Summit Ventures VI, L.P. PGA 378 USD 18.921 0,00 Sun Capital Partners V, L.P. PGA 372 USD 12.945 0,00 TCW/Crescent Mezzanine Partners IVB, L.P. USD 10.773 0,00 Third Cinven Fund (No.4), L.P. PGA 129 EUR 1.727 0,00 Third Cinven Fund (No.4), L.P. PGA 192 EUR 2.675 0,00 Thomas H. Lee Parallel (DT) Fund VI, L.P. USD 119.543 0,00 Thomas H. Lee Parallel Fund VI, L.P. USD 606.451 0,02 The Baring Asia Private Equity Fund VII, L.P. USD 2.316.254 0,07 Thompson Street Capital Partners V, L.P. USD 3.117.518 0,10 TPG Asia VI, L.P. PGA 664 USD 3.724.542 0,12 TPG Partners V, L.P. USD 67.261 0,00 TPG Partners V, L.P. PGA 474 USD 178.198 0,01 TPG Partners VI, L.P. PGA 372 USD 17.944 0,00 TPG Partners VI, L.P. PGA 472 USD 1.002.505 0,03 TPG Partners VI, L.P. PGA 67 USD 584.301 0,02 TPG Partners VI, L.P. PGA 717 USD 776.568 0,02 Trident IV, L.P. USD 303.299 0,01 Trident IV, L.P. PGA 372 USD 4.600 0,00 Trident VII USD 11.492.893 0,36 True North VI USD 9.874.712 0,31 Upfront II, L.P. PGA 608 USD 59.913 0,00 Upfront V, L.P. USD 6.938.295 0,21 UV Partners IV Financial Institutions Fund, L.P. PGA 378 USD 395.014 0,01 Warburg Pincus Private Equity X, L.P. PGA 35 USD 2.261.174 0,07 Warburg Pincus Private Equity XII, L.P. PGA 711 USD 6.574.927 0,20 Welsh, Carson, Anderson & Stowe XIII, L.P. USD 33.494 0,00

Total Private Equity Funds (Cost EUR 1.194.635.970) 1.505.973.562 46,60

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

- 14 - Partners Group Global Value SICAV

Statement of investments as at June 30, 2019 (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 57.205.079 1,77 Acrisure USD 47.131.863 1,46 Acrisure PGA 162 USD 2.298.683 0,07 Action PGA 424 EUR 29.422.230 0,91 ADT Corporation PGA 820 USD 5.322.085 0,16 Affordable Care, Inc. PGA 614 USD 7.526.691 0,23 AlliedUniversal USD 71.722.738 2,22 Amann Girrbach PGA 952 EUR 18.660.072 0,58 Ascensus PGA 1073 USD 5.449.565 0,17 Ascensus USD 2.902.231 0,09 Ascensus USD 40.358 0,00 Ascensus PGA 213 USD 1.529.023 0,05 Atria Convergence Technologies Pvt., Ltd. USD 11.376.856 0,35 Lancelot** PGA 613 USD 572.412 0,02 CapitalSpring Finance Company LLC PGA 710 USD 1.618.062 0,05 Cast & Crew Entertainment Services PGA 1060 USD 25.472.013 0,79 CeramTec GmbH EUR 16.919.971 0,52 Ceridian HCM PGA 1064 USD 3.078.640 0,10 Cerba HealthCare PGA 216 EUR 99.356.625 3,07 Claranet PGA 896 GBP 1.518.471 0,05 Clarivate Analytics USD 25.700.249 0,80 Confluent Health PGA 1083 USD 12.159.278 0,38 Convex Group Limited PGA 1065 USD 20.092.210 0,62 Media and communications company** USD 1 0,00 CPA Global PGA 946 GBP 55.515.900 1,72 CSS Corporate Technologies USD 1.934.442 0,06 Duffy Capital (Direct) PGA 608 USD 12.075 0,00 Envision Healthcare Holdings, Inc. PGA 1015 USD 2.396.018 0,07 eResearch Technology, Inc. PGA 812 USD 6.011.782 0,19 Faster S.p.A. PGA 686 EUR 77.593 0,00 Frontmatec DKK 20.195.119 0,62 GBA Gesellschaft für Bioanalytik GmbH EUR 15.589.473 0,48 Genesys PGA 358 USD 511.607 0,02 Genesys PGA 358 USD 29.638 0,00 Green Tea Restaurant CNY 31.923.508 0,99 Project Icon** PGA 387 EUR 29.250 0,00 Guardian Early Learning Group AUD 28.782.491 0,89 Hearthside Food Solutions PGA 990 USD 35.890.619 1,11 Hofmann Menue Manufaktur EUR 3.427.026 0,11 Hofmann Menue Manufaktur EUR 2.585.693 0,08 Hofmann Menue Manufaktur EUR 41.205 0,00 Hofmann Menue Manufaktur EUR 54.613 0,00 Hortifruti BRL 20.434.776 0,63 Idera Inc. PGA 1092 USD 35.787.932 1,11 Nexi S.p.A. EUR 1.859.100 0,06 Kaffee Partner AG PGA 1035 EUR 2 0,00 Key Retirement Group GBP 18.021.451 0,56 Labeyrie EUR 522.497 0,02 Project Lock** PGA 732 EUR 6.744.625 0,21 Education publisher 2** PGA 998 USD 1.587.279 0,05 Osmose Holdings, Inc. PGA 610 USD 1 0,00 Pacific Bells USD 4.093.004 0,13 Pacific Bells PG Wings Holdings LLC PGA 761 USD 4.093.004 0,13 Polyconcept PGA 872 USD 13.802.173 0,43 Prometric USD 4.094.756 0,13 QoL Meds PGA 606 USD 644.357 0,02 Craveable Brands Limited PGA 393 AUD 339.149 0,01 Project Gold Chain** USD 27.039.247 0,84

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

- 15 - Partners Group Global Value SICAV

Statement of investments as at June 30, 2019 (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 1.780.927 0,06 Safe Fleet Holdings LLC USD 17.859.407 0,55 Seabras-1 USD 1.926.783 0,06 SGG PGA 786 EUR 16.559.248 0,51 Softonic International EUR 182.593 0,01 SPi Global PGA 188 USD 28.967.868 0,90 SRS Distribution PGA 999 USD 34.701.901 1,07 STADA Arzneimittel AG PGA 677 EUR 23.586.860 0,73 SunGard Data Systems, Inc. USD 1 0,00 TCK Holdings PGA 808 USD 3.944.689 0,12 TruckPro Incorporated PGA 212 USD 516.037 0,02 Univision Communications, Inc. USD 1 0,00 Vermaat EUR 3.971.346 0,12 Vermaat PGA 110 EUR 75.387 0,00 Vishal Mega Mart PG Kaziranga Limited PGA 925 INR 34.103.704 1,06 Vistra Group Limited PGA 785 USD 3.992.603 0,12 Voyage Care PGA 648 GBP 7.739.275 0,24 US-based sports and entertainment company** USD 20.537.421 0,64

Total Direct Private Equity investments (Cost EUR 703.704.557) 1.012.610.498 31,34

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

ADT Corporation PGA 820 USD 4.672.549 0,14 Affordable Care, Inc. PGA 614 USD 9.286.603 0,29 AS Adventure GBP 11.333.767 0,35 Ascensus USD 30.367.112 0,94 Autoform Autoform / First Lien EUR 7.545.191 0,23 Autoform/First Lien USD LOANS USD 2.771.234 0,09 BioClinica, Inc. USD 20.115.778 0,62 Caffe Nero GBP 3.876.801 0,12 CapitalSpring Finance Company LLC PGA 710 USD 4.204.319 0,13 Claranet EUR 6.848.716 0,21 Claranet GBP 900.106 0,03 Community Brands USD 22.231.873 0,69 Curvature PGA 1063 USD 2.565.034 0,08 Diligent Corporation USD 10.742.761 0,33 Diligent Corporation USD 3.612.740 0,11 European Sports Rights Company** EUR 11.680.763 0,36 Envision Healthcare Holdings, Inc. PGA 1015 USD 15.496.275 0,48 eResearch Technology, Inc. USD 6.052.315 0,19 eResearch Technology, Inc. PGA 812 USD 22.110.110 0,68

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

- 16 - Partners Group Global Value SICAV

Statement of investments as at June 30, 2019 (continued)

Market value as a Market Value percentage of Net Asset PGA (*) Currency in EUR Value in % Healogics, Inc. PGA 669 USD 3.588.602 0,11 Hearthside Food Solutions PGA 990 USD 9.812.367 0,30 Independent Vetcare, Ltd. GBP 19.805.655 0,61 Kaffee Partner AG PGA 1035 EUR 1.976.548 0,06 Key Retirement Group GBP 10.395.719 0,32 Labeyrie EUR 9.792.514 0,30 Labeyrie PGA 683 GBP 4.591.357 0,14 Lifeways Community Care GBP 5.595.286 0,17 Logoplaste EUR 14.200.046 0,44 Motor Fuel Group GBP 16.877.206 0,52 National Spine & Pain Centers USD 6.746.531 0,21 National Technical Systems USD 7.363.750 0,23 Netsmart Technologies, Inc. PGA 159 USD 27.613.606 0,85 IDEMIA EUR 22.830.360 0,71 Pacific Bells USD 5.396.694 0,17 Pacific Bells PG Wings Holdings LLC PGA 761 USD 5.396.694 0,17 Plano Synergy USD 2.567.481 0,08 Prometric USD 9.094.705 0,28 Prosol EUR 12.613.120 0,39 Project Sun** PGA 392 EUR 1 0,00 S. TOUS, S.L. EUR 10.016.408 0,31 Seabras-1 USD 2.890.176 0,09 Softonic International EUR 269.289 0,01 Springer Science+Business Media EUR 2.790.627 0,09 Springer Science+Business Media USD 2.769.018 0,09 STADA Arzneimittel AG PGA 677 EUR 21.852.757 0,68 Strategic Partners, Inc. USD 18.120.346 0,56 Survitec Group, Ltd GBP 4.600.796 0,14 Tierpoint USD 6.754.433 0,21 Touchtunes Interactive Networks USD 5.211.567 0,16 TransMontaigne Partners L.P. USD 27.878.243 0,86 Vermaat EUR 36.426.929 1,13 Vistra Group Limited EUR 4.178.786 0,13 Zentiva B.V. GBP 13.151.551 0,41 Zentiva B.V. EUR 8.101.105 0,25

Total debt investments (Cost EUR 522.646.968) 557.684.320 17,26

Total investments (Cost EUR 2.421.964.233) 3.077.989.807 95,25

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

- 17 - Partners Group Global Value SICAV

Statement of forward foreign exchange contracts as at June 30, 2019

At June 30, 2019, 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 64.541.083 GBP (55.900.000) July 25, 2019 Credit Suisse 2.114.924 EUR 64.424.509 GBP (55.800.000) July 25, 2019 JP Morgan Securities Plc 2.110.024 EUR 64.570.904 GBP (55.900.000) July 25, 2019 Credit Suisse 2.144.754 EUR 82.295.189 USD (94.300.000) September 19, 2019 Credit Suisse 11.427 EUR 82.289.322 USD (94.300.000) September 19, 2019 ZKB 5.554 EUR 82.282.142 USD (94.300.000) September 19, 2019 ZKB (1.632) EUR 82.383.221 USD (94.400.000) September 19, 2019 ZKB 12.201 EUR 82.295.189 USD (94.300.000) September 19, 2019 Credit Suisse 11.427 EUR 72.421.836 USD (81.400.000) August 22, 2019 ZKB 1.241.353 EUR 72.454.738 USD (81.400.000) August 22, 2019 Merrill Lynch International 1.274.275 EUR 72.454.093 USD (81.400.000) August 22, 2019 Merrill Lynch International 1.273.630 EUR 72.510.316 USD (81.500.000) August 22, 2019 Credit Suisse 1.242.388 EUR 80.145.560 USD (91.400.000) July 25, 2019 Bank of Australia 46.945 EUR 80.147.767 USD (91.400.000) July 25, 2019 Bank of Australia 49.152 EUR 80.231.206 USD (91.500.000) July 25, 2019 Bank of Australia 44.955 Total 11.581.378

At hedged share class level

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

USD 42.749.177 EUR (37.740.000) I (USD) August 15, 2019 ZKB (336.804) USD 2.174.138 EUR (1.940.000) I (USD) August 15, 2019 ZKB (37.759) EUR 3.090.000 USD (3.530.826) I (USD) August 15, 2019 Credit Suisse 706 USD 86.465.861 EUR (76.330.000) R (USD) August 15, 2019 Credit Suisse (677.092) USD 13.963.794 EUR (12.460.000) R (USD) August 15, 2019 ZKB (242.514) EUR 9.590.000 USD (10.958.129) R (USD) August 15, 2019 Credit Suisse 2.191 USD 113.260.800 EUR (100.000.000) R (USD) August 15, 2019 ZKB (902.991) USD 113.260.800 EUR (100.000.000) R (USD) August 15, 2019 ZKB (902.991) GBP 19.164.505 EUR (21.990.000) D (GBP) August 15, 2019 JP Morgan Securities Plc (601.726) GBP 638.131 EUR (720.000) D (GBP) August 15, 2019 JP Morgan Securities Plc (7.816) EUR 640.000 GBP (573.338) D (GBP) August 15, 2019 JP Morgan Securities Plc 125 AUD 14.562.589 EUR (8.960.000) I (AUD) August 15, 2019 Credit Suisse (5.282) AUD 29.560.657 EUR (18.320.000) I (AUD) August 15, 2019 JP Morgan Securities Plc (142.853) AUD 148.616.976 EUR (90.870.000) I (AUD) September 12, 2019 Credit Suisse 415.876 AUD 163.551.030 EUR (100.000.000) I (AUD) September 12, 2019 JP Morgan Securities Plc 458.908 EUR 11.330.000 AUD (18.453.255) I (AUD) September 12, 2019 JP Morgan Securities Plc (4.613) AUD 162.522.700 EUR (100.000.000) I (AUD) August 15, 2019 Credit Suisse (62.760) AUD 162.522.700 EUR (100.000.000) I (AUD) August 15, 2019 Credit Suisse (62.760) AUD 162.522.700 EUR (100.000.000) I (AUD) August 15, 2019 Credit Suisse (62.760) GBP 34.816.825 EUR (39.950.000) A (GBP) August 15, 2019 JP Morgan Securities Plc (1.093.177) GBP 1.152.181 EUR (1.300.000) A (GBP) August 15, 2019 JP Morgan Securities Plc (14.113) EUR 1.180.000 GBP (1.057.092) A (GBP) August 15, 2019 JP Morgan Securities Plc 230 CHF 36.277.424 EUR (32.090.000) R (CHF) August 15, 2019 Credit Suisse 594.868 CHF 1.735.327 EUR (1.550.000) R (CHF) August 15, 2019 JP Morgan Securities Plc 13.470 EUR 490.000 CHF (543.789) R (CHF) August 15, 2019 JP Morgan Securities Plc 68 USD 4.417.642 EUR (3.900.000) E (USD) August 15, 2019 ZKB (34.805) USD 12.316.380 EUR (10.990.000) E (USD) August 15, 2019 ZKB (213.903) EUR 8.710.000 USD (9.952.586) E (USD) August 15, 2019 Credit Suisse 1.990 USD 113.260.800 EUR (100.000.000) E (USD) August 15, 2019 ZKB (902.991) USD 113.260.800 EUR (100.000.000) E (USD) August 15, 2019 ZKB (902.991) GBP 10.763.149 EUR (12.350.000) E (GBP) August 15, 2019 JP Morgan Securities Plc (337.941) GBP 354.517 EUR (400.000) E (GBP) August 15, 2019 JP Morgan Securities Plc (4.342) EUR 400.000 GBP (358.336) E (GBP) August 15, 2019 JP Morgan Securities Plc 78 JPY 9.586.349.525 EUR (77.750.000) E (JPY) August 15, 2019 Merrill Lynch International 400.257 JPY 590.917.248 EUR (4.880.000) E (JPY) August 15, 2019 JP Morgan Securities Plc (62.745) EUR 1.750.000 JPY (214.596.393) E (JPY) August 15, 2019 JP Morgan Securities Plc 563

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

- 18 - Partners Group Global Value SICAV

Statement of forward foreign exchange contracts as at June 30, 2019 (continued)

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

CHF 13.498.051 EUR (11.940.000) E (CHF) August 15, 2019 Credit Suisse 221.338 CHF 113.111.000 EUR (100.000.000) E (CHF) August 15, 2019 JP Morgan Securities Plc 1.909.638 CHF 6.415.113 EUR (5.730.000) E (CHF) August 15, 2019 JP Morgan Securities Plc 49.794 EUR 1.780.000 CHF (1.975.396) E (CHF) August 15, 2019 JP Morgan Securities Plc 245 SEK 164.936.163 EUR (15.260.000) E (SEK) August 15, 2019 Barclays 351.223 SEK 5.304.678 EUR (500.000) E (SEK) August 15, 2019 Credit Suisse 2.083 EUR 270.000 SEK (2.851.814) E (SEK) August 15, 2019 JP Morgan Securities Plc 79 CHF 1.175.710 EUR (1.040.000) T (CHF) August 15, 2019 Credit Suisse 19.279 CHF 291.087 EUR (260.000) T (CHF) August 15, 2019 JP Morgan Securities Plc 2.259 CHF 3.784.258 EUR (3.380.000) T (CHF) September 12, 2019 Credit Suisse 30.291 EUR 60.000 CHF (66.569) T (CHF) September 12, 2019 JP Morgan Securities Plc 9 USD 10.364.742 EUR (9.129.000) E-N (USD) July 11, 2019 JP Morgan Securities Plc (35.690) USD 17.168.094 EUR (15.230.000) E-N (USD) July 11, 2019 Merrill Lynch International (167.915) USD 2.358.279 EUR (2.110.000) E-N (USD) July 11, 2019 JP Morgan Securities Plc (41.014) USD 467.200 EUR (410.000) E-N (USD) July 11, 2019 JP Morgan Securities Plc (111) USD 3.312.104 EUR (2.917.600) R-N (USD) July 11, 2019 ZKB (11.789) USD 8.792.589 EUR (7.800.000) R-N (USD) July 11, 2019 Merrill Lynch International (85.997) USD 1.452.968 EUR (1.300.000) R-N (USD) July 11, 2019 JP Morgan Securities Plc (25.269) USD 603.941 EUR (530.000) R-N (USD) July 11, 2019 JP Morgan Securities Plc (143) CHF 11.802.621 EUR (10.500.000) E-N (CHF) July 11, 2019 ZKB 129.962 CHF 13.559.499 EUR (11.880.000) E-N (CHF) July 11, 2019 Credit Suisse 332.314 CHF 2.216.788 EUR (1.980.000) E-N (CHF) July 11, 2019 Credit Suisse 16.536 EUR 100.000 CHF (111.044) E-N (CHF) July 11, 2019 ZKB (11) CHF 8.987.396 EUR (7.950.000) R-N (CHF) August 15, 2019 Credit Suisse 147.373 CHF 638.153 EUR (570.000) R-N (CHF) August 15, 2019 JP Morgan Securities Plc 4.953 CHF 166.466 EUR (150.000) R-N (CHF) August 15, 2019 JP Morgan Securities Plc (21) SEK 4.228.366 EUR (405.000) E-N (SEK) July 11, 2019 Credit Suisse (4.759) SEK 319.686 EUR (30.000) E-N (SEK) July 11, 2019 Credit Suisse 260 SEK 212.167 EUR (20.000) E-N (SEK) July 11, 2019 JP Morgan Securities Plc 83 EUR 8.000 SEK (84.483) E-N (SEK) July 11, 2019 ZKB 3 SEK 3.566.772 EUR (330.000) R-N (SEK) August 15, 2019 Barclays 7.595 SEK 1.644.450 EUR (155.000) R-N (SEK) August 15, 2019 Credit Suisse 646 EUR 7.000 SEK (73.936) R-N (SEK) August 15, 2019 JP Morgan Securities Plc 2 GBP 583.912 EUR (670.000) E-N (GBP) August 15, 2019 JP Morgan Securities Plc (18.334) GBP 283.614 EUR (320.000) E-N (GBP) August 15, 2019 JP Morgan Securities Plc (3.474) GBP 179.168 EUR (200.000) E-N (GBP) August 15, 2019 JP Morgan Securities Plc (39) GBP 3.015.425 EUR (3.460.000) A-N (GBP) August 15, 2019 JP Morgan Securities Plc (94.678) GBP 106.355 EUR (120.000) A-N (GBP) August 15, 2019 JP Morgan Securities Plc (1.303) EUR 70.000 GBP (62.709) A-N (GBP) August 15, 2019 JP Morgan Securities Plc 14 JPY 2.108.380.410 EUR (17.100.000) E-N (JPY) August 15, 2019 Merrill Lynch International 88.031 JPY 601.815.312 EUR (4.970.000) E-N (JPY) August 15, 2019 JP Morgan Securities Plc (63.903) EUR 460.000 JPY (56.408.195) E-N (JPY) August 15, 2019 JP Morgan Securities Plc 148 CHF 348.191 EUR (308.000) T-N (CHF) August 15, 2019 Credit Suisse 5.710 CHF 20.152 EUR (18.000) T-N (CHF) August 15, 2019 JP Morgan Securities Plc 156 EUR 4.000 CHF (4.439) T-N (CHF) August 15, 2019 JP Morgan Securities Plc 1 AUD 45.811.556 EUR (28.880.000) I-N (AUD) July 11, 2019 JP Morgan Securities Plc (667.066) AUD 29.625.159 EUR (18.520.000) I-N (AUD) July 11, 2019 JP Morgan Securities Plc (275.394) AUD 32.412.006 EUR (20.120.000) I-N (AUD) July 11, 2019 JP Morgan Securities Plc (159.096) AUD 19.596.073 EUR (12.070.000) I-N (AUD) July 11, 2019 JP Morgan Securities Plc (1.761) Total (4.066.139)

Total forward foreign exchange contracts 7.515.239

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

- 19 - Partners Group Global Value SICAV

Statement of net asset value per share class as at June 30, 2019

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

Total net assets as at June 30, 2019 I (EUR) Shareholders 108.131.479 EUR R (EUR) Shareholders 508.481.696 EUR I (USD) Shareholders 70.870.526 USD R (USD) Shareholders 515.119.405 USD D (GBP) Shareholders 29.697.738 GBP I (AUD) Shareholders 1.235.636.713 AUD A (GBP) Shareholders 53.903.042 GBP R (CHF) Shareholders 55.274.769 CHF E (EUR) Shareholders 183.059.258 EUR E (USD) Shareholders 383.619.650 USD E (GBP) Shareholders 16.662.386 GBP E (JPY) Shareholders 14.869.081.391 JPY E (CHF) Shareholders 193.528.530 CHF E (SEK) Shareholders 245.899.332 SEK T (EUR) Shareholders 8.919.431 EUR T (CHF) Shareholders 7.720.417 CHF E-N (EUR) Shareholders 40.240.502 EUR R-N (EUR) Shareholders 33.110.002 EUR E-N (USD) Shareholders 47.233.115 USD R-N (USD) Shareholders 21.420.156 USD E-N (CHF) Shareholders 40.070.202 CHF R-N (CHF) Shareholders 14.010.043 CHF E-N (SEK) Shareholders 7.070.999 SEK R-N (SEK) Shareholders 7.556.797 SEK E-N (GBP) Shareholders 1.287.953 GBP A-N (GBP) Shareholders 4.682.908 GBP E-N (JPY) Shareholders 3.973.144.714 JPY T-N (CHF) Shareholders 538.494 CHF I-N (AUD) Shareholders 160.822.484 AUD 3.231.545.134 EUR

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

- 20 - Partners Group Global Value SICAV

Statement of net asset value per share class as at June 30, 2019 (continued)

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

Total net asset value per share as at June 30, 2019 I (EUR) Shareholders 255,99 EUR R (EUR) Shareholders 233,32 EUR I (USD) Shareholders 362,72 USD R (USD) Shareholders 323,07 USD D (GBP) Shareholders 253,69 GBP I (AUD) Shareholders 237,51 AUD A (GBP) Shareholders 251,22 GBP R (CHF) Shareholders 142,75 CHF E (EUR) Shareholders 252,67 EUR E (USD) Shareholders 360,81 USD E (GBP) Shareholders 251,64 GBP E (JPY) Shareholders 13.146,87 JPY E (CHF) Shareholders 132,87 CHF E (SEK) Shareholders 1.088,41 SEK T (EUR) Shareholders 260,84 EUR T (CHF) Shareholders 137,41 CHF E-N (EUR) Shareholders 107,29 EUR R-N (EUR) Shareholders 107,04 EUR E-N (USD) Shareholders 107,73 USD R-N (USD) Shareholders 107,33 USD E-N (CHF) Shareholders 106,35 CHF R-N (CHF) Shareholders 104,18 CHF E-N (SEK) Shareholders 1.080,51 SEK R-N (SEK) Shareholders 1.055,45 SEK E-N (GBP) Shareholders 107,24 GBP A-N (GBP) Shareholders 103,77 GBP E-N (JPY) Shareholders 20.808,14 JPY T-N (CHF) Shareholders 105,59 CHF I-N (AUD) Shareholders 109,27 AUD

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

- 21 - Partners Group Global Value SICAV

Statement of changes in the number of shares outstanding for the period ended June 30, 2019

Number of shares outstanding at the beginning of the period 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 E-N (EUR) Shareholders 0,000 R-N (EUR) Shareholders 0,000 E-N (USD) Shareholders 0,000 R-N (USD) Shareholders 0,000 E-N (CHF) Shareholders 0,000 R-N (CHF) Shareholders 0,000 E-N (SEK) Shareholders 0,000 R-N (SEK) Shareholders 0,000 E-N (GBP) Shareholders 0,000 A-N (GBP) Shareholders 0,000 E-N (JPY) Shareholders 0,000 T-N (CHF) Shareholders 0,000 I-N (AUD) Shareholders 0,000 Total number of shares outstanding at the beginning of the period 15.341.424,637

Net change in number of shares during the period I (EUR) Shareholders (31.684,892) R (EUR) Shareholders (75.416,728) I (USD) Shareholders (19.306,984) R (USD) Shareholders (73.998,696) D (GBP) Shareholders (552,730) I (AUD) Shareholders 58.195,423 A (GBP) Shareholders (662,929) R (CHF) Shareholders (14.012,489) E (EUR) Shareholders 535,558 E (USD) Shareholders (81.393,626) E (GBP) Shareholders (1.287,913) E (JPY) Shareholders (4.729,057) E (CHF) Shareholders (5.696,348) E (SEK) Shareholders (20.662,006) T (EUR) Shareholders 0,000 T (CHF) Shareholders 0,000 E-N (EUR) Shareholders 375.049,626 R-N (EUR) Shareholders 309.322,874 E-N (USD) Shareholders 438.448,651 R-N (USD) Shareholders 199.571,104 E-N (CHF) Shareholders 376.777,583 R-N (CHF) Shareholders 134.484,927 E-N (SEK) Shareholders 6.544,139 R-N (SEK) Shareholders 7.159,770 E-N (GBP) Shareholders 12.010,009 A-N (GBP) Shareholders 45.128,768 E-N (JPY) Shareholders 190.941,767 T-N (CHF) Shareholders 5.100,000 I-N (AUD) Shareholders 1.471.815,580 Total net change in number of shares during the period 3.301.681,381

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

- 22 - Partners Group Global Value SICAV

Statement of changes in the number of shares outstanding for the period ended June 30, 2019 (continued)

Number of shares outstanding at the end of the period I (EUR) Shareholders 422.407,567 R (EUR) Shareholders 2.179.348,933 I (USD) Shareholders 195.387,971 R (USD) Shareholders 1.594.432,259 D (GBP) Shareholders 117.062,853 I (AUD) Shareholders 5.202.544,739 A (GBP) Shareholders 214.568,968 R (CHF) Shareholders 387.219,424 E (EUR) Shareholders 724.500,850 E (USD) Shareholders 1.063.223,744 E (GBP) Shareholders 66.215,852 E (JPY) Shareholders 1.130.998,086 E (CHF) Shareholders 1.456.537,201 E (SEK) Shareholders 225.924,994 T (EUR) Shareholders 34.194,383 T (CHF) Shareholders 56.183,396 E-N (EUR) Shareholders 375.049,626 R-N (EUR) Shareholders 309.322,874 E-N (USD) Shareholders 438.448,651 R-N (USD) Shareholders 199.571,104 E-N (CHF) Shareholders 376.777,583 R-N (CHF) Shareholders 134.484,927 E-N (SEK) Shareholders 6.544,139 R-N (SEK) Shareholders 7.159,770 E-N (GBP) Shareholders 12.010,009 A-N (GBP) Shareholders 45.128,768 E-N (JPY) Shareholders 190.941,767 T-N (CHF) Shareholders 5.100,000 I-N (AUD) Shareholders 1.471.815,580 Total number of shares outstanding at the end of the period 18.643.106,018

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

- 23 - Partners Group Global Value SICAV

Notes to the financial statements for the period ended June 30, 2019

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.

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 (Luxembourg) S.A. (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.

- 24 - Partners Group Global Value SICAV

Notes to the financial statements for the period ended June 30, 2019 (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.

- 25 - Partners Group Global Value SICAV

Notes to the financial statements for the period ended June 30, 2019 (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 (Luxembourg) S.A. – (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.

- 26 - Partners Group Global Value SICAV

Notes to the financial statements for the period ended June 30, 2019 (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 period.

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 June 30, 2019 are:

Currency in EUR

AUD 1,622782 BRL 4,371929 CAD 1,487967 CHF 1,11047 CNY 7,817624 DKK 7,463338 GBP 0,894675 HKD 8,894505 INR 78,202164 JPY 122,636187 NOK 9,710726 SEK 10,563129 SGD 1,540608 USD 1,138652

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 period end. In accordance with current practices, the changes of unrealized profit/loss at the end of the financial period are accounted for in the Statement of operations and changes in net assets.

- 27 - Partners Group Global Value SICAV

Notes to the financial statements for the period ended June 30, 2019 (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 period 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 June 30, 2019 is EUR 476.321,33.

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 prorate 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.

- 28 - Partners Group Global Value SICAV

Notes to the financial statements for the period ended June 30, 2019 (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, European Depositary bank SA 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 period end NAV):

- 29 - Partners Group Global Value SICAV

Notes to the financial statements for the period ended June 30, 2019 (continued)

Direct privat equity investments, private equity funds, debt investments

Vintage 2004 2005 2006 2007 2008 2009 2010 2011

Strategy Buyout - - 0,01 0,04 - - - - Real Estate - - - 0,01 - - - - Special Situations - 0,03 0,36 0,17 - - 0,09 0,01 Venture ------Total 0,00 0,03 0,37 0,22 0,00 0,00 0,09 0,01

Vintage 2012 2013 2014 2015 2016 2017 2018 Total

Strategy Buyout 0,10 0,13 0,64 1,25 1,39 1,24 0,66 5,46 Real Estate ------0,01 Special Situations - 0,12 0,51 0,20 1,24 - 0,13 2,86 Venture ------Total 0,10 0,25 1,15 1,45 2,63 1,24 0,79 8,33

Direct privat equity investments, debt investments

Consumer Consumer Staples Financials Health Care Industrials Industry Discretionary

Geography Asia 0,01 - 0,20 - - North America 0,68 - 0,02 - 0,68 Rest of the world - - - 0,84 - Western Europe 0,45 0,63 0,21 0,17 - Total 1,14 0,63 0,43 1,01 0,68

Information Materials Telecommucation Utilities Industry Technology Services Total

Geography Asia - - 0,06 - 0,27 North America 1,60 - - - 2,98 Rest of the world - - - - 0,84 Western Europe - 0,44 - - 1,90 Total 1,60 0,44 0,06 0,00 5,99

- 30 - Partners Group Global Value SICAV

Notes to the financial statements for the period ended June 30, 2019 (continued)

Direct privat equity investments, debt investments

Type

Equity 3,43 First Lien 2,21 Mezzanine 0,26 Preferred Equity - Second Lien 0,08 Shareholder Loan - Total 5,98

7. Other expenses

The other expenses include the following in EUR:

Other Expenses

Directors's fee (29.484) Third party expenses (394.002) Withholding tax (50.477) Other expenses offshore (11.899) Banking fees (81.874) Miscellaneous (1.421.491)

Total other expenses (1.989.227)

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 June 30, 2019, the Fund is committed for a total of EUR 3.847.641.806 in its underlying funds. The unfunded commitments amount to a total of EUR 1.122.730.660 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 period and a commitment fee of 1,00% per annum was charged.

11. Subsequent events

As of September 1, 2019, the Fund is domiciled at 9, Allée Scheffer, L-2520 Luxembourg.

- 31 -