Partners Group Private Equity Limited (LON:PEY) has published its April NAV.
· NAV decreased to EUR 12.26 per share, corresponding to EUR 830.13 million
· Portfolio revaluations (-1.8%) and negative currency movements (-0.7%)
· PGPE Ltd received distributions of EUR 23.9 million during the month
In April, PGPE Ltd’s NAV declined by 2.5%, primarily due to the revaluation of specific assets in the private equity portfolio including Pharmathen, a developer of advanced drug delivery technologies, and United States Infrastructure Corporation, a US based provider of underground utility locating services. This decline was partially offset by the positive performance of listed assets.
Despite major operational turnaround initiatives over the last year, Pharmathen became subject to an FDA Import Alert which restricts supply to the US market. Based on the updated outlook, the implied enterprise value is unlikely to be sufficient to cover the company’s existing debt, and the investment was therefore written down to zero. In light of recent exceptional customer insourcing initiatives and operational headwinds, the valuation of USIC was also prudently adjusted down in April to reflect lower anticipated earnings growth. Partners Group continues to work closely with the company’s board and management team on operational and commercial initiatives to support value creation.
Distribution activity remained robust during the month, with PGPE Ltd receiving a total of EUR 23.9 million, driven primarily by proceeds from the sale of Clario, a US-based health tech company that helps drug developers run clinical trials more effectively by using digital tools to collect and analyze patient data, including through wearable devices, imaging, and remote monitoring solutions. The business was sold to Thermo Fisher Scientific at an enterprise value of USD 9.4 billion. Since 2020, the company has scaled materially through strong organic growth, the roll out of a more integrated and SaaS oriented technology platform, AI enabled product development, and its strategic merger with Bioclinica, collectively expanding its global footprint, customer base, and operating scale.
On the capital allocation side, PGPE Ltd announced a further EUR 18 million allocation to its share buyback program under the capital allocation policy adopted in March 2024. Together with the residual value from the October 2025 allocation, the program amounted to EUR 18.1 million as at 30 April 2026. The program will expire on 31 July 2026.
Post month-end, the Board of Partners Group Private Equity Ltd declared a first interim dividend of EUR 0.325 per share for FY 2026 (amounting to EUR 22.1 million), consistent with previous guidance to distribute 5% per annum of the prior year’s closing NAV through semi-annual payments. The first interim dividend will be paid to shareholders on 19 June 2026.