• Partners Group plans to create two sub-portfolios under an umbrella fund for Global Value SICAV, which has a latest NAV of EUR 6.6 billion
• The envisaged focus of the two sub-portfolios is long-term compounding and harvesting accumulated returns of up to 4.5x invested capital 
• The proposed umbrella fund sets up one of the most successful private equity evergreen strategies to continue compounding returns into the future 

Partners Group, one of the largest firms in the global private markets industry, today provides an update on the evolution of its established private equity evergreen strategy, Global Value SICAV. The strategy plans to move to an umbrella fund with two sub-portfolios that are designed to give investors greater flexibility in how they allocate to private equity over time. Both portfolios are to be managed by the same team.

Global Value SICAV has a 19-year track record and has returned 4.5x invested capital^[1] since inception. The proposal to investors comes amidst a developing evergreen fund industry, as well as a broadening of investor preferences. As the industry matures, institutional and private wealth investors are increasingly seeking greater flexibility to allocate capital more dynamically in private markets. 

The two planned sub-portfolios of Global Value SICAV will represent a compounding fund, which will target long-term value accretion, and a distributing fund, which will offer investors the option to harvest returns through portfolio realizations. They will be formed based on different pools of investment vintages. Partners Group will continue to have a meaningful commitment^[2] to Global Value SICAV and expects to make an additional material commitment to the compounding fund from its balance sheet alongside new institutional clients.

Investors will have the option to retain their current exposure to the Global Value SICAV strategy, convert shares from the distributing fund to the compounding fund^[3], or redeem shares in one or both sub-portfolios. New investors will be able to subscribe to the compounding fund, with this portfolio rightsized to support efficient portfolio management and investment deployment. The evolved investment program will therefore provide for a range of allocation choices within the Global Value SICAV portfolio. The proposed move to an umbrella fund is subject to shareholder approval.

The evolution of Global Value SICAV is in line with the AuM guidance communicated during Partners Group's H1 updates in July and September 2026.

Roberto Cagnati, Partner and incoming Co-Chief Executive Officer, Partners Group, says: "Our proposal to segment Global Value SICAV into two bespoke portfolio profiles sets up one of the most successful private equity evergreen strategies to continue compounding returns into the future. We are simplifying portfolio construction and management, enabling investors to align capital with their liquidity needs and return objectives without compromise. The long-term exposure that the compounding fund provides has already generated interest from new institutional investors."

^[1] Reflects net multiple on invested capital (MOIC). Performance figures are calculated net of all standard fees charged to an investor. There is no assurance that similar returns will be achieved. Returns may increase or decrease as a result of currency fluctuations. Performance shown for Partners Group Global Value SICAV (Class I, USD) as of 30 June 2026, net of fees. Past performance is not indicative of future results.

^[2] Including affiliates and employee share classes.

^[3] To convert holdings, investors will need to submit a conversion form. Conversions will then be executed as a redemption from the distributing fund and a subsequent subscription to the compounding fund, subject to the liquidity terms of the respective funds.