Switzerland's Partners Group Set To Wind Up UK Fund
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Partners Group vote pour la liquidation d'un fonds britannique
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Read more: Partners Group vote pour la liquidation d'un fonds britan
A large majority of investors, representing 74.12% of the share capital, voted in favour of exiting this fund by converting their securities into so-called 'realisation' shares, according to a press release dated Monday. The threshold for approving this proposal was set at 40%.
In June, against a backdrop of fears of a private equity bubble, PGPE had given its shareholders the choice of continuing their involvement in the company's long-term strategy following a restructuring, or opting for a tradable security that would guarantee liquidity.
This latter option will therefore be the only one put forward for shareholders' approval at the extraordinary general meeting scheduled for Wednesday. Should it be adopted, the board of directors would proceed with a controlled liquidation of the entire investment portfolio.
Should it be rejected, the fund will continue to be managed“in accordance with its current investment objective and policy, and the directors will reassess the options available at that time”.
The reorganisation proposal has, meanwhile, been withdrawn.
This decision comes at a turbulent time for Partners Group, which has come under criticism for its exposure to private markets.
In June, the firm had restricted redemptions from its“evergreen” funds – those with no maturity date – which led to a fall in its share price.
Last week, the asset manager reorganised this perpetual fund. Global Value SICAV, with assets under management of €6.6 billion (CHF6.16 billion), has thus been incorporated into a fund with separate sub-funds, which will be divided into two sub-portfolios.
One of these aims to generate long-term capital gains, whilst the other is designed to facilitate easier exit.
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