Key Takeaways
- • Partners Group Private Equity Limited (LSE: PEY) reported a 0.1% increase in NAV per share for September 2026, as negative revaluations of -0.9% were offset by currency movements of +1.0%.
- • International Schools Partnership (ISP) was the notable contributor, adding +0.2% to Fund NAV on higher valuation EBITDA, a slightly lower net debt and a higher valuation multiple in line with public comparables.
- • Vishal Mega Mart was the notable detractor at -0.4% of Fund NAV, as its valuation fell with share price performance despite Q1 FY results showing revenue growth of 19% and net profit growth of approximately 26% year on year.
- • PGPE Ltd invested EUR 2.3 million in a direct co-investment in a UK-headquartered loan agency and bond trustee services provider, signed before the shareholder vote on managed wind-down.
- • Liquidity stood at EUR 29.3 million in cash and cash equivalents, approximately 3.8% of Fund NAV, with no notable distributions or exits during the month.
Summary
Partners Group Private Equity Limited (PGPE Ltd) published its September 2026 net asset value update via RNS on 11 November 2026. NAV per share rose 0.1% during the month. Negative revaluations of -0.9% were slightly offset by currency movements of +1.0%.
The largest positive contributor was International Schools Partnership (ISP), a global K-12 private education platform offering English and multilingual education, which added +0.2% to Fund NAV. The valuation increase was driven mainly by growth in valuation EBITDA, a slight reduction in net debt and a higher valuation multiple applied in line with public market comparables. The announcement cited continued enrolment growth, disciplined fee increases and prudent cost control, with ISP serving more than 118,000 students across 120 schools in 26 countries.
Vishal Mega Mart was the largest detractor, reducing Fund NAV by 0.4%. The valuation decline reflected share price performance for the month, even though the company reported robust results for the fiscal first quarter ending 30 June 2026, with revenue growth of 19% and net profit growth of approximately 26% year on year. Same-store sales grew 10%, and own brands accounted for about 75% of revenue. Vishal added 24 net new stores in the quarter, taking its network to 819 stores across 559 cities, with retail footprint of around 13.8 million sq ft.
On cash flows, PGPE Ltd invested EUR 2.3 million in a direct co-investment in a UK-headquartered provider of loan agency and bond trustee services, a deal signed before the shareholder vote on the managed wind-down. The company made no notable distributions or exits. Cash and cash equivalents totaled EUR 29.3 million, approximately 3.8% of Fund NAV.
PGPE Ltd is a Guernsey-domiciled closed-ended investment company founded in 1999, traded on the London Stock Exchange Main Market, and managed by Partners Group, which is listed on the SIX Swiss Exchange (PGHN).
The largest positive contributor was International Schools Partnership (ISP), a global K-12 private education platform offering English and multilingual education, which added +0.2% to Fund NAV. The valuation increase was driven mainly by growth in valuation EBITDA, a slight reduction in net debt and a higher valuation multiple applied in line with public market comparables. The announcement cited continued enrolment growth, disciplined fee increases and prudent cost control, with ISP serving more than 118,000 students across 120 schools in 26 countries.
Vishal Mega Mart was the largest detractor, reducing Fund NAV by 0.4%. The valuation decline reflected share price performance for the month, even though the company reported robust results for the fiscal first quarter ending 30 June 2026, with revenue growth of 19% and net profit growth of approximately 26% year on year. Same-store sales grew 10%, and own brands accounted for about 75% of revenue. Vishal added 24 net new stores in the quarter, taking its network to 819 stores across 559 cities, with retail footprint of around 13.8 million sq ft.
On cash flows, PGPE Ltd invested EUR 2.3 million in a direct co-investment in a UK-headquartered provider of loan agency and bond trustee services, a deal signed before the shareholder vote on the managed wind-down. The company made no notable distributions or exits. Cash and cash equivalents totaled EUR 29.3 million, approximately 3.8% of Fund NAV.
PGPE Ltd is a Guernsey-domiciled closed-ended investment company founded in 1999, traded on the London Stock Exchange Main Market, and managed by Partners Group, which is listed on the SIX Swiss Exchange (PGHN).
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