September, 2023
In September, the unit price of Partners Group Global Value Fund increased by 0.5%, bringing the year-to-date performance to 7.5%. The value increase has been driven by positive revaluations of the Fund's direct and secondary private equity investments, with the healthcare sector being the key performance contributor. Pharmathen and Climeworks were some of the top-performing investments.
Pharmathen, a leading developer of advanced drug delivery technologies for complex pharmaceutical products, was written up to reflect the company's continued strong financial performance and the signing of an addon acquisition with strong cost synergy potential. The valuation of Climeworks, a leading designer, developer, and operator of direct air capture (DAC) plants, was written up over the third quarter of 2023, supported by positive business development. In early 2023, Climeworks entered into an agreement with JP Morgan Chase for carbon dioxide removal (CDR) through DAC. The contract, valued in excess of USD 20 million, is one of the largest purchase agreements between a single corporate customer and a single CDR provider that has been seen in the DAC segment.
During the reporting month, the Fund invested in Project Strike, the secondary purchase of interests in six underlying growth funds (Index Ventures Growth III-IV and Index Ventures VI-IX) with an average vintage of 2015. The portfolio has 149 highly diversified underlying growth assets with broad geographical presence. Partners Group was well-positioned for this transaction given that it is invested in all six funds through primary investments and secured the transaction at a double-digit discount to NAV.
The Fund remains broadly diversified across regions, industries, and companies. With an average maturity of 4 years, the Fund's portfolio provides unique diversification across vintages and offers access to an attractive mix of mature assets approaching exit and assets in value creation phase
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/Monthly_Report_Global_Value_Fund_Sep_2023.pdfAugust, 2023
In August, the unit price of Partners Group Global Value Fund maintained its upward trend, rising by 1.7%. The key performance drivers were the Fund's direct private equity investments, with notable contributors being Vishal Mega Mart and PCI Pharma Services. Regarding industry sectors, Information Technology was the main contributor.
Vishal Mega Mart, a franchiser of hypermarket stores, was revalued upwards to reflect an uplift in the valuation multiple applied, as well as the company's continued positive topline performance. PCI Pharma Services, a global provider of outsourced pharmaceutical services based in the US, was positively revalued on the back of robust financial performance. It was mainly driven by strong organic growth and the outperformance of its injectable business, Lyophilization Services of New England (LSNE). The acquisition of LSNE in 2021 marked PCI's entry to the sterile fill & finish market, which further supports the company's plan of becoming a top-tier integrated provider of supply chain solutions to the biopharma industry.
The Fund made a commitment to Project Everest, representing Partners Group's acquisition of LP interests in three buyout funds managed by reputable private equity firms. Partners Group considers the investment attractive due to its mix of inflection assets with meaningful uplift potential and exposure to mature funds which are beneficial for near-term cash flow activity. In addition, Partners Group was able to secure the transaction at an approximately 10% discount at close.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/20230831_PG_GL_Value_Fund.pdfJuly, 2023
In July, the unit price of Partners Group Global Value Fund increased by 0.5%, resulting in a year-to-date performance of +5.1%. The favorable performance in July was mainly driven by the Fund's underlying private equity direct investments, with the Information Technology sector making the most significant contribution in terms of industry segments.
Notably, the valuation of Unit4, a Netherlands-based provider of enterprise cloud software for people-centric organizations, increased in July, reflecting its healthy operating performance. For the twelve months ending 30 June 2023, Unit4 reported revenue and EBITDA growth supported by its strong cloud momentum and several value creation initiatives, including its "Streamline, Focus, Accelerate" program Race4Success. Meanwhile, Unit4 strengthened its management team with the appointment of C-level hires. Additionally, the company expanded its partnership network with Phase 3, a leading provider of professional and managed services for HR, payroll, and finance technologies, among others.
During the reporting month, the Fund provided additional capital to International Schools Partnership (ISP) II, a leading international K-12 schools group providing English or bilingual education for 2- to 18-year olds. Since the extension of Partners Group's majority ownership in ISP in July 2021, the company has progressed well on its expansion plan and has added several schools to its platform. The pipeline remains strong and the capital injection will ensure adequate liquidity for ISP to accelerate its acquisitions in the coming months.
The Fund's portfolio benefits from robust EBITDA growth and healthy margins. As of 30 June 2023, the direct equity portfolio recorded an average EBITDA margin of 27.5% and an EBITDA growth of 12.5% over the last 12 months. Well diversified across industries and vintages, the portfolio offers an attractive mix of mature assets with an average maturity of approximately 4 years.
Finally, the Partners Group Global Value Fund (AUD) made a distribution of AUD 0.0908 for the period ending 30 June 2023. The distribution was paid on 14 August 2023.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/20230731_PG_GL_Value_Fund.pdfJune, 2023
In June, the unit price of Partners Group Global Value Fund continued its upward trend, increasing by 0.3% and bringing the year-to-date performance to +4.5%. The favorable performance in June primarily resulted from the development of the Fund's underlying private equity direct investments, as well as the positive contribution from the private equity secondary investments. In terms of sectors, the largest contributor was 'Industrials'.
During the reporting month, the Fund made an add-on commitment to Galderma, a leading global dermatology company that develops, manufactures, and distributes a range of medical and consumer skin health solutions through three business units: injectable aesthetics, dermatological skincare, and therapeutic dermatology. The Switzerland-headquartered company operates in over 50 locations across 40 countries. Brands under Galderma include Epiduo, Differin, Dysport, Cetaphil and Benzac. Overall, the add-on commitment represents an attractive investment opportunity in a leading company with strong fundamentals, a proven track record of growth, and significant potential for future success. Going forward, Partners Group will continue to support Galderma's growth through its continuous product innovation, geographic expansion, and channel optimization leveraging portfolio synergies
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/20230630_PG_GL_Value_Fund.pdfMay, 2023
In May, the unit price of Partners Group Global Value Fund increased by 0.9%, resulting in a year-to-date net performance of +4.3%. This positive development was primarily due to the performance of the Fund's private equity direct investments.
One of the top-performing assets during the month was Civica, a UK-based company that provides critical software solutions to the public sector. The company's valuation increased as a result of strong financial performance. Civica continued its track record of uninterrupted growth since inception with positive revenue and EBITDA recorded over the last 12-month period.
This was primarily driven by strong organic developments in Civica's core software business supported by growing demand and a healthy customer base. Looking forward, the company remains focused on the planning and execution of its strategic initiatives to further drive its go-to-market strategy.
During the reporting month, Partners Group closed the transaction to increase its equity stake in Breitling, a leading independent Swiss watchmaker. Following the transaction, Partners Group will be the largest shareholder of the company. CVC, Breitling's previous majority shareholder, together with its management team and other co-investors, will remain invested alongside Partners Group. Looking ahead, Partners Group will partner with CVC and Breitling's management to develop the brand into an enduring legacy in the industry while maintaining its neo-luxury edge through its focus on direct-to-consumer sales channels.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/20230531_PG_GL_Value_Fund.pdfApril, 2023
● Positive revaluations of Forterro, Wedgewood, and Idera
In April, Partners Group Global Value Fund unit price increased by 1.2% which brings the YTD net performance to +3.4%. Amongst the positive value drivers was Forterro, a leading pan-European enterprise resource planning software provider to the industrial mid-market. The valuation increased, reflecting its strong operating performance. The company has also reinforced its UK presence through the acquisition of Wise Software in July 2022, adding around GBP 18 million of revenue, 1'000 customers and additional Cloud software capabilities.
Furthermore, Wedgewood Pharmacy, the largest specialty pharmacy provider of compounded animal medications in the US, was the largest positive contributor reflecting an expansion of the valuation multiple due to the signing of an agreement to acquire a companion animal and equine compounding pharmacy. The acquisition seeks to accelerate strategic plans by expanding coverage in key geographies, improve service levels, and provide capacity for growth. In addition, the target company's to-be-launched online veterinary pharmacy platform would provide access to an attractive online market.
Finally, the valuation of Idera, a provider of software solutions for testing, application development and database architecture and management, increased driven by robust financial performance and an uplift in valuation multiple applied in line with comparable companies. The company continued to perform ahead of plan and recorded healthy topline and EBITDA results mainly attributed to its strong inorganic growth, demonstrating Idera's ability to successfully acquire and integrate new businesses that complement its product portfolio.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/20230430_PG_GL_Value_Fund.pdfMarch, 2023
In March, Partners Group Global Value Fund unit price increased by 1.2%. This resulted in a net performance of 2.1% in the first quarter 2023. One of the largest positive contributors was KinderCare. The valuation of the for-profit provider of early childhood education and care services in the US increased over Q1 2023. During the last twelve-month period, KinderCare reported double-digit growth in revenue and EBITDA, mainly attributable to strong enrolment rates as well as increased net tuition rates. Operationally, the number of centers increased as of January 2023 while same center occupancy trended above expectations and previous year occupancy levels.
A recent investment within the Fund is Project Harvest, representing Partners Group's acquisition of a selected sub-set of 7 high quality buyout funds managed by 6 leading General Partners. Partners Group acquired the highquality inflection portfolio from a larger portfolio of over 26 funds at a 10% discount, with an average vintage year of 2018, providing strong NAV uplift potential. The portfolio is well diversified across 134 companies, while the largest 20 companies represent only 46% of total NAV with significant exposure to resilient industries such as software, healthcare and goods and services sectors.
Finally, Partners Group received dividends from Milestone, a leading provider of transportation equipment and supply chain solutions in the US, on the back of its strong financial and operational performance. Founded in 1995, Milestone manages a fleet of over 98'000 trailers, containers, and chassis across an integrated service network of more than 70 branches and depots located near major logistics hubs. For 2022, the company recorded increases in revenue and EBITDA, driven by continued strong demand from shipping and logistics customers and shortage of equipment availability. Meanwhile, margins benefitted from flat operating expenditure despite the revenue growth.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/20230331_PG_GL_Value_Fund_W.pdfFebruary, 2023
In February, Partners Group Global Value Fund unit price increased in value with a positive net performance of 1.2%. The favorable movement was mainly attributable to the Fund's private equity direct investments. Amongst other, Techem contributed positively to this month's performance. The German-based global sub-metering services provider, increased over the period on the back of continued positive financial performance. For the last twelve months ending 31 January 2023, the company recorded increases in both revenue and adjusted EBITDA. This was mainly driven by strong momentum in its Energy Services Germany and Energy Services International segments.
During February, Partners Group made an add-on investment in Rovensa, a provider of specialty crop nutrition, biocontrol and crop protection products. The company completed the addition of Cosmocel, a developer, manufacturer and distributor of specialty biostimulant solutions. Cosmocel has a strong presence in the US, and is the market-leading bionutrition player in Mexico. In addition, Cosmocel's geographic presence and product portfolio are highly complementary to Rovensa's. This acquisition is anticipated to generate cross-selling synergies and establish Rovensa as the leading independent biosolutions company globally.
Finally, after the end of the reporting period, financial markets experienced heightened volatility due to adverse events surrounding Silicon Valley Bank (SVB) and Credit Suisse. We are pleased to confirm that Partners Group holds no assets or loans with SVB at Group level, and the Fund has no exposure to SVB and a negligible cash exposure to Credit Suisse.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/20230228_PG_GL_Value_Fund_W.pdfJanuary, 2023
In January, Partners Group Global Value Fund unit price eased by 0.2%. The decrease was attributable to unfavorable FX movements within the reporting month. On a portfolio level the Fund's private equity direct investment developed well and contributed positively to the performance.
One of the largest contributors was Ammega, a global supplier of mission critical belting solutions. For the last 12-month period ending on 31 December 2022, the company registered double-digit growth in revenue, driven by an increase in sales and price across key regions such as Americas and EMEA. The company continues to benefit from its ongoing cost saving initiatives with contribution from its key value creation work streams.
During the reporting period, Partners Group made an add-on investment in Neuraxpharm, a European specialty pharmaceutical company focused on the development and commercialization of active ingredients and finished dosage forms. The additional capital was used to finance the acquisition of two well-established product portfolios from pharmaceutical company Sanofi addressing central nervous system disorders and vascular diseases. The add-on comprises 38 brands and is marketed in more than 50 countries.
The Fund's relative value approach enables it to tactically invest across the full spectrum of private markets. This is especially advantageous looking forward to 2023, as we see attractive opportunities across asset classes in the current environment. For example, as more institutions face liquidity constraints, we see opportunities in the secondary market to acquire high quality assets at discounted prices. We also believe direct lending and syndicated debt is attractive given capital structure seniority and floating rate nature. Rising central bank rates translate into higher yields, interest margins have increased and new investments show enhanced downside protection with stronger legal documentation and lower leverage levels. We maintain high conviction in our transformational investing approach which is underpinned by thematic sourcing, and believe that our underwriting discipline is key to mitigate the adverse impact of macro headwinds on underlying assets.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/20230131_PG_GL_Value_Fund_W.pdfDecember, 2022
In December, Partners Group Global Value Fund unit price increased by 1.9%. On a year-to-date basis the Fund returned 2.0% compared to a decrease of 17.2% for public equities. As we highlighted in the September report, three factors are key to explain this outperformance vs. public markets that we have observed in 2022: industry selection, portfolio growth and extraordinary exit and EBITDA growth events. The Fund has exposure to sectors that are, at their core, resilient to both structural headwinds in most market environments and exhibit strong revenue and EBITDA growth with stable EBITDA margins, which continue to hover around 20% on average.
During the reporting period, main performance driver were private equity direct investments. The valuation of PCI Pharma Services, a global provider of outsourced pharmaceutical services based in the US, increased over the last quarter of 2022 following its strong financial performance. This was mainly driven by the continued organic growth across all of PCI's business segments which comprise commercial packaging, clinical services, and manufacturing development.
Furthermore, Partners Group closed the acquisition of SureWerx, a leading provider of technical safety gear, tools, and equipment in North America. The company manufactures and supplies its products and services across 18 well-established brands and 27 product categories that help improve employee wellbeing, working conditions, and productivity. Partners Group will work with management to build on its existing platform as well as support SureWerx in key value creation initiatives including making strategic acquisitions of targeted product categories.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/20221231_PG_GL_Value_Fund.pdfNovember, 2022
In November, Partners Group Global Value Fund unit price remained unchanged. One of the largest positive contributors was Ammega (Megadyne - Ammeraal Beltech), a global leader in mission critical belting solutions. The valuation of Ammega increased reflecting sustained healthy financial performance. Sales growth remains robust in Ammega's core geographies, while price increases and cost saving initiatives have served to offset rising raw material, energy and freight costs.
During the reporting month, Partners Group closed the transaction to expand the shareholder base of United States Infrastructure Corporation (USIC) to incoming investor Kohlberg & Company and re-underwrite the transaction with a 50% co-lead interest in USIC. Founded in 2008 and headquartered in Indianapolis, USIC is a provider of outsourced utility locate services and serves over 1'300 customers. Partners Group continues to have strong conviction that USIC has multiple levers for value creation and will work closely with Kohlberg and USIC's management to implement new initiatives to drive revenue in-excess of market growth and increase EBITDA margins.
Private markets have shown resilience during past periods of economic downturns, and we expect the 2023 and 2024 vintages to be no different.
The challenging macroeconomic backdrop comes with plenty of investment opportunities for experienced managers with a good understanding of sector dynamics and a long-term view to value creation. Entry valuations will come down from what we believed were frothy levels, and debt packages will become more conservative. Our thematic investment approach, extensive experience in value creation and operational expertise have positioned our existing portfolio in a good position to face macroeconomic headwinds. Our forward-looking thinking and proactive ownership approach to prepare for all eventualities are also paving the way for continued strength in the years ahead.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/20221130_PG_GL_Value_Fund.pdfOctober, 2022
In October, Partners Group Global Value Fund increased by 0.6%. The market environment has been challenging and volatile so far this year, nevertheless the Fund recorded a year-to-date positive performance of 0.1%.
The positive year-to-date development of the Fund was driven by the well diversified nature of the portfolio, combined with a healthy liquidity profile, as well as the Fund's focus on portfolio companies that offer resilient growth as a form of defensiveness in portfolio. During the reporting period, Partners Group received proceeds from KinderCare Education, the largest for-profit provider of early childhood education and care services in the US. In the third quarter of 2022, KinderCare signed an agreement to repurchase preferred equity units which resulted in a capital gain to these unit holders.
After reporting period's end, Partners Group, on behalf of its clients, agreed to acquire a controlling equity stake in Cloudflight a leading digital transformation services provider in Europe. It provides scalable solutions and tailormade software to help companies digitize their business models, processes, and products. The company's core expertise is in software development for long-term projects, which typically requires deep expertise within fields such as Internet of Things, cloud architecture, machine learning, and artificial intelligence. Cloudflight is well-positioned to benefit from future growth in the digital transformation services and cloud computing markets, which is being driven by the accelerated shift to digital, rapid investment in customerfacing products, the upgrade of technology infrastructure, and increased reliance on outsourced talent.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/20221031_PG_GL_Value_Fund.pdfSeptember, 2022
In September, Partners Group Global Value Fund increased by 1.2%. This was against the backdrop of a challenging market environment whereby public equities fell 8.5% (MSCI World TR hedged to AUD). Three factors are key to explain this outperformance vs. public markets that we observe not only this month but also on a year-to-date basis: industry selection, portfolio growth and extraordinary exit and EBITDA growth events.
The Fund has exposure to sectors that are, at their core, resilient to both structural headwinds in most market environments and exhibit strong revenue and EBITDA growth with stable EBITDA margins, which continue to hover around 20% on average. In addition, extraordinary exit and EBITDA growth events such as USIC were key drivers of the outperformance. During the reporting month, Partners Group closed the acquisition of Foundation Risk Partners (FRP), a specialist insurance broker in the US. Headquartered in Daytona, Florida, FRP assists businesses and private individuals in navigating the complex US insurance landscape and has a diversified product mix with balanced exposure to multiple product lines.
Partners Group will work with the management team to support FRP's next phase of growth, centered around both revenue-enhancing and cost-optimizing initiatives to create a more scalable business. Further, Partners Group closed Project Rome which represents Partners Group's acquisition of LP interests in four buyout funds, along with a staple primary commitment. The transaction provides an opportunity to invest in inflection assets with meaningful upside potential. The portfolio comprises of companies well-diversified across industries, with larger exposure to software and services, and health care equipment and services.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/20220930_PG_GL_Value_Fund.pdfJune, 2022
In June, Partners Group Global Value AUD recorded negative performance of 3.6%, reflecting the significant drawdown public markets experienced during the month (e.g. MSCI World TR AUD -8.0%). Whilst not in-keeping with our long-term net return targets, the fund has compared favorably to public markets in H1 for a few key reasons. Firstly, Partners Group tends to favor defensive assets in sectors with lower inherent cyclicality; whereas public equities are more-heavily exposed to higher beta positions in sectors such as Information Technology and Consumer Discretionary - resulting in these sectors falling c. 30% in H1 within MSCI World. Secondly, our portfolio assets continued to have strong fundamental performance in H1, growing EBITDA in each quarter. Thirdly, our historically disciplined approach to investment underwriting and portfolio construction has helped prepare the portfolio for the increased volatility and macroeconomic uncertainty we currently see; for example, we have progressively increased the scale of multiple contraction in our underwriting process to account for rising rates, and have tended to hedge 80% of interest rate exposure within our Private Equity investments.
Going forward, we do not expect private markets to be fully isolated from the heightened volatility in public markets, yet we believe the nature of private market investing provides structural advantages that make returns less reliant on market beta. Further, our relative value approach has tended to outperform during historically turbulent times, pivoting to investment opportunities that can arise in times of higher market distress.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/189330852.pdfNovember, 2021
In November, Partners Group Global Value Fund AUD performed positively and increased by 2.5%, against a backdrop of a volatile market environment caused by the emergence of a new coronavirus variant Omicron. The month was characterized by the ongoing solid development of the private equity direct investments as well as an increased investment and exit activity in the portfolio. During the reporting month, Partners Group partnered with another PE firm to acquire a large grocery retailer in the UK.
The company has several hundred stores primarily located near city-center and suburban areas along with a portfolio of petrol stations, the majority of which are on supermarket premises. The company benefits from a vertically integrated supply chain with food manufacturing sites and distribution centers, as well as a longterm track record of success in a large and stable market with a growing online presence. The value creation strategy positions the company to benefit from several operational improvements, which are supported by upside from online and wholesale channel growth and downside protection through earnings stability.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/182652008.pdfJuly, 2021
In July, Partners Group Global Value Fund (AUD) continued its positive development and gained 1.2% in value. The Fund made several new investments and successfully exited its largest investment GlobalLogic over the reporting period.
Partners Group invested in Unit4, a global leader in enterprise cloud software for people-centric organizations, alongside TA Associates. Founded in 1980, Unit4 offers a range of middle- and back- office solutions for enterprise resource planning, financial management, human capital management and financial planning and analysis. The company represented an attractive investment opportunity due to its strong fundamentals and significant potential for transformative growth.
Further, Partners Group closed the transaction to extend its majority ownership of International Schools Partnership (ISP) on behalf of incoming clients. As part of the transaction, Partners Group sold a minority stake in ISP to incoming shareholder Canadian pension fund OMERS, and subsequently reinvested in the company. Partners Group formed the UK-headquartered company in October 2013. Today, ISP has grown to be the fifth-largest private K-12 education platform globally, educating over 45'000 students in 50 schools across 15 countries. ISP continues to be an attractive investment with a robust track record of financial performance and a strong financial model.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/178464793.pdfJune, 2021
June unit price increased by 3.6% bringing YTD performance to 13.8%
In June, Partners Group Global Value Fund (AUD) increased in value by 3.6% which concludes a positive first half-year at 13.8%. This month's performance was driven by a number of portfolio companies. Amongst the largest value drivers was SPi Global, a content and data solutions provider, which was revalued upwards due to positive financial developments.
Over the last 12-month period, the company's revenue and adjusted EBITDA increased year on year. Performance has been positive across all divisions. In particular the edtech solutions business unit achieved very solid growth on the back of continued tailwinds for its e-learning solutions. Blue River PetCare, a leading US-based operator of veterinary hospitals, was positively revalued on the back of strong financial performance.
The company's revenue and adjusted EBITDA for the last 12-month period grew year on year. To support its acquisition strategy, Blue River intends to expand the size of the business development team and further refine its strategy for identifying potential targets while formulating an expansion plan to grow its integration resources team to assist with the anticipated increase in acquisition pace. During the reporting month, Partners Group closed the acquisition of Axia Women's Health, a leading women's healthcare platform in the US that provides non-clinical business and administrative support services to more than 80 care centers comprising 150 locations. The company's multi-regional network offers a wide range of care, including obstetrics, gynecology, laboratory, mammography, urogynecology, fertility, and other subspecialties. Partners Group will work closely with Axia to drive its inorganic expansion plans and grow its ancillary suite of services and subspecialties to provide a more comprehensive continuum of care for patients.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/175634004.pdfMay, 2021
Continued attractive performance in May with unit price up by 2.3%
Positive contribution of private equity direct investment SRS Distribution
- Private equity secondary transaction Project Icon
In May, Partners Group Global Value Fund (AUD) developed positively and increased by 2.3% in value. The favorable performance was driven by a number of private equity direct portfolio companies, with the largest contribution from SRS Distribution (SRS), a US distributor of roofing products. SRS was positively revalued following a period of strong financial performance. The company acquired Arrowhead Building Supply, a distributor of residential and commercial roofing, siding and other related products.
During the month the Fund invested in Project Icon, a Partners Group's coled capitalization of a single-asset continuation fund of Clearlake Capital Group. The fund is holding DigiCert, a global market leading provider of high-assurance digital certificates, certificate management solutions, and public-key infrastructure solutions, which allow enterprises and online publishers across a wide variety of industries to offer consumers safe and secure access to their websites, applications, platforms and other connected devices.
Its product offerings are divided into two: SSL Certificate products, digital certificates that provide authentication for websites and enable encrypted connections; and Trust Solutions, which manages private certificates across clouds and internet-of-things. Partners Group was attracted by the company's defensive characteristics and Clearlake will focus on attractive add-on acquisition opportunities.
Looking ahead, the Fund has an attractive investment pipeline and is anticipated to further capitalize on private equity secondaries. Further opportunities are attractive add-on acquisitions of underlying direct equity portfolio companies as well as new private equity direct investments such as the recently announced investment in Axia Women's Health, a leading women's healthcare provider in the US.
Partners Group Global Value Fund (AUD) is an Australian unit trust with the objective of achieving capital growth over the medium- and long-term by investing in private equity. It provides investors with a broad diversification across geographies, financing stages and investment types, while using Partners Group's relative value investment approach to systematically overweight those segments and investment types that offer attractive value at a given point in time, in order to significantly enhance risk-adjusted returns. The Fund allows investors to subscribe and redeem shares on a monthly basis, thus avoiding the long lock-up periods common in most private equity funds. The Fund may hedge certain currency exposure to reduce the risk of foreign exchange movements.
The Fund is a feeder fund that invests in Partners Group Global Value SICAV ("Underlying Fund"). The Fund will invest in an AUD denominated share class of the Underlying Fund.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/173922510.pdfMarch, 2021
In March, Partners Group Global Value Fund (AUD) increased by 4.7%, bringing the net performance of the first quarter to 6.1%. The Fund's private equity direct investments were the key drivers of the favorable performance.
Amongst them were United States Infrastructure Corporation (USIC), a USbased provider of underground utility locating services, and Civica, a UKbased critical software solutions provider, which were both positively revalued as a result of healthy financial performances. The largest value driver was GlobalLogic, a leader in digital engineering services, which was positively revalued to reflect the company's sale to Japanese conglomerate Hitachi. The transaction values GlobalLogic at an enterprise value of USD 9.5 billion and reflects a significant increase in value compared to the acquisition of the company in 2018 at an enterprise value of USD 2 billion.
During the holding period, Partners Group used its entrepreneurial governance approach to support the implementation of several transformational value creation initiatives and drive the company's strong growth, while an increased client base and rising demand has led to GlobalLogic hiring more than 7,000 additional employees. Aligned with Partners Group's focus on investments that have broad positive stakeholder impact, GlobalLogic has played an instrumental role in helping businesses navigate the digital transition, a key transformative trend that accelerated during the COVID-19 pandemic
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/171116341.pdfNovember, 2020
In November, Partners Group Global Value Fund (AUD) increased by 3.4%, taking the year-to-date net return to 9.4%. The positive development was significantly driven by the Fund's private equity direct investments. In general, valuation increases were underpinned by encouraging news around the development of COVID-19 vaccines and a positive market sentiment.
The largest contributor to the favorable performance in November was Rede d'Or Sao Luiz. The Brazil-based company, engaged in hospitals operation and provider of treatment as well as diagnostic services, scientific research as well as education partnerships and learning programs, was positively revalued on the back of the upcoming IPO in December. Another top performer this month was Cerba HealthCare, an international operator of clinical pathology diagnostic laboratories, which was positively revalued due to robust financial performance and a strong recovery of public markets.
While the COVID-19 crisis initially led to a drop in testing volumes during the lockdown period, Cerba has seen a strong recovery since May. Overall, the company has benefited from the mass-testing campaigns for the virus, especially in France, where the company was among the first movers to support the government in its testing plan. Furthermore, Cerba has continued experiencing a strong growth in its research and clinical trial activities, and the group signed or closed eight acquisitions since the beginning of the year.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/162934076.pdfticker: ETL0276AU
release_schedule: Monthly
commentary_block: Array
factsheet_url:
https://www.partnersgroupaustralia.com.au/en/our-funds/global-value-fund/#c9115
Performance
asset_class: Alternatives
asset_category: Private Equity
peer_benchmark: Alternatives - Private Equity Index
broad_market_index: Credit Suisse AllHedge Fund Index
structure: Managed Fund
manager_contact_details: Array
fund_features:
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.