September, 2023
In September, global markets experienced negative performance due to renewed concerns about ongoing rate hikes among investors. This followed inflation reports that showed an increase, which was mainly due to rising energy prices, while underlying price pressures remained mostly mild. Furthermore, some market observers have expressed the view that the market's progress has already accounted for a significant portion of the improved earnings predictions. Reflecting this, Partners Group Global Multi-Asset Fund recorded a performance decline of 0.5% for the month, bringing the returns for the last twelve months to 8.1%. Notwithstanding, the Portfolio continued to maintain healthy distribution levels and a net positive revaluation within its private equity and private debt investments.
Over the reporting period, the Underlying Fund made several add-on debt investments to (i) Action, one of the fastest-growing non-food discount retailer in Europe, (ii) Cooperation Pharmaceutique Francaise, a manufacturer and distributor of pharmaceutical raw materials, medical devices, over the counter products such as pain killers and antiseptics, as well as orthopedic aids, and (iii) Heartland Dental, a US-based dental support organization that provides non-clinical, administrative support services including management services, marketing and business development to more than 2'600 doctors in over 1'650 dental practices across 38 states in the US.
Meanwhile, the Portfolio continued to benefit from stable distribution activity. During the month, Partners Group received proceeds from the partial repayment of its first lien debt investment in Ineos Quattro Holdings UK. Previously known as Ineos Styrolution, the company provides styrenic applications for the automotive, electronics, household, construction, healthcare, packaging, and toy industries, serving clients worldwide.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/20230930_Partners_Group_Global_Multi-Asset_Fund.pdfAugust, 2023
In August, equity markets faced a decline following a strong performance in the previous month. This was attributed to reduced trading volumes and concerns about prolonged higher interest rates, triggering profit-taking. Weak economic data from China also contributed to the negative market sentiment, despite efforts by the Chinese central bank to stimulate the economy through interest rate cuts. Reflecting this, Partners Group Global Multi-Asset Fund recorded a slight performance decline of 0.1% for the month, bringing the returns for the last twelve months to 5.4%. The stable performance was mainly supported by the Portfolio's healthy distribution levels and a net positive revaluation of private equity investments, slightly offset by net downward revaluations private real estate and listed investments.
Over the reporting period, the Underlying Fund made several add-ons to its existing debt investments, including first lien investments in (i) Nouryon, a global specialty chemicals manufacturer based in the Netherlands and (ii) Mitchell International, San Diego-based Mitchell International provides smart technology solutions for auto insurance, collision repair, and workers' compensation industries.
Meanwhile, the Portfolio continued to benefit from stable distribution activity. During the month, Partners Group received proceeds from the partial sale of Borssele III/IV, a 731.5MW Dutch offshore windfarm, to Swiss Life Asset Manager in November 2022 and Glennmont Partners in July 2023. Headquartered in the Netherlands, Borssele III/IV is a fully operational offshore windfarm comprising 77 wind turbines. In September 2023, Partners Group announced that it had reached an agreement to sell its remaining 10% stake to Octopus Energy Generation, one of Europe's largest renewables investors.
Partners Group Global Multi-Asset Fund is an Australian managed investment scheme which aims to provide investors with liquid access to private markets. The Fund invests in a broad cross section of both private market and listed investments which include private equity, private debt, private infrastructure and private real estate. Partners Group uses its global relative value approach across asset classes and regions to identify the most attractive opportunities at any given point in time. The Fund offers daily liquidity at NAV which is provided subject to a maximum of 10% net redemptions per day, 25% per month and 40% per annum.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/20230831_Partners_Group_Global_Multi-Asset_Fund.pdfJuly, 2023
In July, market sentiment remained positive, supported by a decline in developed country inflation and robust GDP data. As a result, global stocks exhibited strong performance even though both the Federal Reserve and the European Central Bank increased rates. The start into the earnings season proved to be positive, as most companies across broader equity market indices and the listed private equity segment posted results that either met or exceeded expectations. Amid this favorable market environment, Partners Group Global Multi-Asset Fund recorded a performance uptick of 0.4% for the month, bringing the returns for the last twelve months to 4.1%. This was mainly supported by net positive revaluations within the Portfolio's private equity, private debt and listed investments.
Over the reporting period, the Underlying Fund made several debt investments, including first lien investments in CommScope and Cooperation Pharmaceutique Francaise. Meanwhile, the Portfolio continued to benefit from stable distribution activity, receiving proceeds from the partial sale of direct infrastructure asset, Borssele III/IV.
During the month, Partners Group provided first lien debt investments to (i) CommScope, a US-based a provider of network infrastructure solutions which offers wireless network solutions as well as high-bandwidth cable and coaxial cable solutions for internet and cellular linking services, catering to cable television, telephone, and satellite television providers, and (ii) Cooperation Pharmaceutique Francaise, a French company which manufactures and distributes pharmaceutical raw materials, medical devices, over the counter products such as pain killers and antiseptics as well as orthopedic aids.
Meanwhile, Partners Group received proceeds from the partial sale of Borssele III/IV, a 731.5MW Dutch offshore windfarm. Partners Group sold a 15% stake in the windfarm to Glennmont Partners. Located in the Netherlands, Borssele comprises 77 wind turbines and has been fully operational since the latter part of 2021.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/20230731_Partners_Group_Global_Multi-Asset_Fund.pdfJune, 2023
In June, the global equity markets showed notable strength due to favorable developments regarding the US debt ceiling and optimistic economic data.
Furthermore, most of the released inflation data indicated signs of easing, which fueled expectations that the peak of the current rate hike cycle has already been reached. Meanwhile, Partners Group Global Multi-Asset Fund recorded a performance return of 0.9% for the month. This was driven by the net positive revaluations within the Portfolio's private debt and private equity investments, bringing the returns for the last twelve months to 6.3%, from 1.7%.
Over the reporting period, the Underlying Fund provided capital to finance an add-on commitment to direct equity asset, Galderma. Meanwhile, the Portfolio continued to benefit from distribution activity, receiving proceeds from direct equity asset, KinderCare Education.
During the month, Partners Group 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.
Meanwhile, Partners Group received proceeds from KinderCare Education, the largest for-profit provider of early childhood education and care services in the US. Earlier in June, the company refinanced its debt structure with a new seven-year term loan to extend maturities and increase liquidity.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/20230630_Partners_Group_Global_Multi-Asset_Fund.pdfMay, 2023
Uncertainty over a US government default led to an increased volatility in the global equity markets, although an agreement to raise the debt ceiling was reached days before the deadline. Against this backdrop, the net positive revaluations experienced by the Portfolio's private equity, private debt, private infrastructure investments were offset by its listed investments. As such, Partners Group Global Multi-Asset Fund's performance remained flat in May, bringing the total performance for the last twelve months to 1.7%.
Over the reporting period, Partners Group provided additional capital to direct equity asset, Dimension Renewable Energy, to fund the construction of new projects, and acquired direct equity investment Project Silver.
During the month, Partners Group invested capital in Dimension Renewable Energy to fund the construction of 23 projects representing 95 MWs across five states, in line with the investment's underwriting thesis. Dimension Renewable Energy is a leading distributed energy platform in the US, founded in 2018 and focused on the high-growth community solar sector. As of mid2023, the platform's community solar pipeline has grown to c. 925 MWs probability weighted (gross capacity of c. 2'250 MWs) across over 500 projects in over ten US states.
In addition, Project Silver represents Partners Group's acquisition of a significant minority stake in Sterling Pharma Solutions from GHO Capital. Sterling is a UK-based leading pharmaceutical development and manufacturing organization that Partners Group considers attractive due to its thematic relevance and well-established position in market segments with high barriers to entry. Following the transaction, Partners Group will continue supporting Sterling's growth with a focus on further integration across sites, operational excellence, and branding/marketing.
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Driven by positive market sentiment in April and a good start into the Q1 earnings season , the Portfolio's overall performance increased as its private equity, private debt and listed investments experienced net positive revaluations. Reflecting this, Partners Group Global Multi-Asset Fund recorded a 1.2% performance in April, bringing the total performance for the last twelve months to 1.1%.
Over the reporting period, Partners Group provided capital to secondary investment, LS Power Equity Partners III to repay a credit facility. The Portfolio continued to benefit from a healthy level of distribution activity, including distribution proceeds from primary investment, CVC Capital Partners VII.
During the month, LS Power III called capital to repay the credit facility utilized for the offshore joint venture and related development expenses of Rise Light & Power (Rise). Based in the US, Rise is an energy asset manager and developer, and currently owns the 2.1GW Ravenswood Generating Station, the largest power generation facility in New York City, alongside various transmission projects, a district thermal energy project and a largescale battery energy storage project. In December 2022, Rise entered into a joint venture with TotalEnergies Renewables for the development of a 1.4GW offshore wind facility to transform Ravenswood into a clean energy hub with a mature and cost-effective interconnection of renewable offshore wind energy into New York City. The investment partners expect the project to support the transition from fossil fuel to offshore wind power, benefiting over 700'000 New York homes and driving economic investment in the community.
Meanwhile, CVC Capital Partners VII distributed proceeds from the sale of April to private equity firm KKR. Headquartered in France, the company is a global insurance broker that specializes in the provision of loan, health, property and casualty niche insurance, and asset management. CVC acquired April in 2019 and has since supported the company's growth by transforming its business model to focus on insurance distribution, enhancing its product offerings, strengthening digital capabilities, and expanding into new markets and geographies.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/20230430_Partners_Group_Global_Multi-Asset_Fund.pdfMarch, 2023
In March, the broader equity markets displayed an increased volatility, with market sentiment weakening in the second half of the month due to pressure on the banking sector in the US and EU. Despite these headwinds in the banking sector, the major central banks continued to raise interest rates. Meanwhile, Partners Group Global Multi-Asset Fund recorded a -0.1% performance in March, bringing the total performance for the last twelve months to -0.6%. Notwithstanding, the Portfolio's private equity and private infrastructure investments continued to drive the overall performance of the Portfolio, offsetting the muted performance of other asset classes such as private debt.
Over the reporting period, Partners Group provided capital to finance new add-ons for direct equity asset, QNTM Medical, and several closed acquisitions for primary investment, Permira 8. The Portfolio also received distribution proceeds from primary investment, EQT VIII, L.P.
During the month, Partners Group called capital to finance the first add-ons of QNTM Medical, an outpatient diagnostic imaging platform with a nucleus in western Germany. The company continued to make progress on its value creation strategy by building out its management and integration teams, including a CFO. The company continues to have good traction with potential acquisition targets, with several project in the due diligence phase.
In addition, Permira 8 called capital to finance several recently closed acquisitions, including Mimecast, an email and collaboration security software provider. The take-private acquisition valued the company's equity at approximately USD 5.8 billion. Founded in 2003 and joint-headquartered in London and Boston, Mimecast serves more than 16 million users across its 40'000 customers, and has a strong footprint in the US, UK and South Africa. Permira finds the investment attractive given the significant opportunity ahead in cybersecurity as more individuals have transitioned to a remote workplace. Moving forward, the investment partner will work with the management team to accelerate the company's product roadmap and expand the go-to-market organization in order to drive further growth.
On the other hand, EQT VIII distributed proceeds largely stemming from the full sale of SHL Medical to a consortium of investors including EQT Future. SHL Medical is a manufacturer of advanced drug delivery systems such as autoinjectors and serves as a partner to global pharmaceutical and biotech companies. Since EQT's acquisition in 2020, the company has significantly outperformed its business case through several value creation initiatives, including strengthening its manufacturing and commercial capabilities while accelerating digitalization.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/20230331_Partners_Group_Global_Multi-Asset_Fund.pdfFebruary, 2023
February NAV per share decreased 0.3%
Global equity markets were broadly flat in February as several higher-thanexpected inflation numbers drove interest rate expectations and moderated investor's sentiment during the month. Reflecting this, Partners Group Global Multi-Asset Fund recorded a -0.3% performance in February, bringing the total performance for the last twelve months to 0.5%. The slight drop in monthly performance was attributable to the Portfolio's listed investments, which was slightly offset by the positive revaluation of private equity and private debt investments as well as healthy distribution activity within the Portfolio.
Over the reporting period, Partners Group closed two add-on investments in direct equity assets Confluent Health and Rovensa. In addition, the Portfolio received distribution proceeds from direct infrastructure asset Grassroots Renewable Energy Platform.
During the month, Confluent Health, a US-based healthcare company focused on physical and occupational therapy, completed its acquisition of MOTION PT Group, a physical therapy platform in the US. With this acquisition, Confluent will add density into its existing geographic footprint in the northeast region, where the physical therapy landscape remains highly fragmented with attractive tuck-in opportunities. With a track record of excellence in promoting access and quality in physical therapy, MOTION also offers a unique business model with diversified revenue streams, positioning the company as a strong fit with Confluent's growth strategy of becoming a diversified musculoskeletal platform.
In addition, Rovensa, a leading provider of specialty crop nutrition, biocontrol and crop protection products, completed its add-on acquisition of Cosmocel, a developer, manufacturer and distributor of specialty biostimulant solutions. The addition of Cosmocel is in line with Rovensa's goal of enabling sustainable agriculture. Cosmocel has a strong presence in the US, and is the market-leading bionutrition player in Mexico. Besides, Cosmocel's geographic footprint and product portfolio are highly complementary to Rovensa. This acquisition is anticipated to generate cross-selling synergies and establish Rovensa as the leading independent biosolutions company globally.
Meanwhile, Partners Group distributed proceeds from the sale of CWP Renewables, a large-scale renewable energy platform in Australia. CWP was sold to Squadron Energy, an Australian energy company dedicated to accelerating decarbonization. During the holding period, Partners Group implemented value creation initiatives including platform expansion, installation of best-in-class teams, arranging long-term power purchase agreements and asset de-risking. Since its investment in 2016, the platform grew to over 1.1GW from a single 270 MW wind farm, with established portfolio consisting of Sapphire Wind Farm (270MW generating capacity), Crudine Ridge Wind Farm (142MW) and Bango Wind Farm (244MW). CWP Renewables was built from ground up, transforming it into one of the largest renewable energy platforms in Australia. The platform has created enough energy to power 200'000 homes, employ more than 1'000 Australians, and avoids 2.1 million tons of emissions through its renewable power generation.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/20230228_Partners_Group_Global_Multi-Asset_Fund.pdfJanuary, 2023
January 2023 showed signs of easing inflation in several major regions and hopes that central banks will slow the interest rate-hike pace supported investor sentiment. Meanwhile, Partners Group Global Multi-Asset Fund recorded a 3.5% performance in January, driven by its listed and direct equity investments, bringing the total performance for the last twelve months to -0.2%, up from -4.6%.
Over the reporting period, investment activity within the Portfolio remained stable, which included add-on investments for direct assets atNorth and Confluent Health. In addition, the Portfolio continued to benefit from a healthy level of distribution activity, including proceeds from real estate secondary fund Brookfield Strategic Real Estate Partners II.
During the month, Partners Group completed an add-on investment in atNorth, the largest data center operator in Iceland. The platform comprises two data centers in Iceland with a total committed power capacity of approximately 83MW. Furthermore, the company has launched its first data center in Stockholm, Sweden with the first data hall in operation as of March 2022 and the remaining to be completed by the end of the year. At full build-out, the data center will have more than 11MW of capacity. More recently, the company has announced the acquisition of two data center facilities in Finland, which is expected to boost atNorth"s expansion in the Nordic region as it plans to build its third site in the country.
In addition, Confluent Health, a US-based healthcare company focused on physical and occupational therapy, completed its acquisition of MOTION PT Group, a physical therapy platform in the US. With this acquisition, Confluent will add density into its existing geographic footprint in the northeast region, where the physical therapy landscape remains highly fragmented with attractive tuck-in opportunities. With a track record of excellence in promoting access and quality in physical therapy, MOTION also offers a unique business model with diversified revenue streams, positioning the company as a strong fit with Confluent"s growth strategy of becoming a diversified musculoskeletal platform.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/20230131_Partners_Group_Global_Multi-Asset_Fund.pdfDecember, 2022
December 2022 was another challenging month for the global equity markets as macroeconomic concerns such as slowing global economic growth, further Fed interest rate hikes and continued elevated inflation persisted. Reflecting this, Partners Group Global Multi-Asset Fund recorded a -1.1% performance in December, bringing the full year 2022 performance to -4.6%, despite its Portfolio having remained resilient throughout the year.
Over the reporting period, several investments were added to the Portfolio, including a direct equity investment in QNTM Medical. In addition, the Portfolio received distribution proceeds from direct infrastructure asset Borssele III/IV: During the month, Partners Group made a new investment in QNTM Medical, a platform to build a radiology nucleus near Aachen in western Germany, with plans to scale the platform across the vicinal North Rhine region. The radiology sector is an infrastructure thematic sourcing focus area under the New Living giga theme, one of the three overarching giga themes that direct Partners Group's investing approach. The investment benefits from stable cash flows as revenues in the outpatient radiology sector are contractual with prices generated from statutory and private health insurances, hence making this an attractive focus area to invest in.
Additionally, the fragmented German market is currently dominated by independent radiologists and investor-backed chains that represent only approximately 10% of the market, thus offering significant consolidation potential and an opportunity to create a leading platform and provider of radiology services, as well as related offerings such as diagnostic imaging and outpatient infrastructure.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/20221231_Partners_Group_Global_Multi-Asset_Fund.pdfNovember, 2022
In November, the Partners Group Global Multi-Asset Fund's NAV increased 1.6%, bringing the total performance for the last twelve months to -2.2%, up from -3.5%. The performance during the month was primarily driven by the Portfolio's positive revaluation of its existing private equity and private infrastructure investments, whilst also seeing an uptick in realization activity within the private equity component of the Portfolio. While inflation and interest rate expectations have remained the dominant market drivers, US inflation has shown the first signs of moderation and the Fed Chair has signalled a slower pace of rate increases. Partners Group remains cautious and intends to continue positioning the Portfolio with a strong emphasis on liquidity and investing in resilient assets that are well-positioned for growth across the changing macro environment.
Over the reporting period, several investments were added to the Portfolio, including a direct equity investment in EdgeCore, as well as the re-underwriting of United States Infrastructure Corporation:
During the month, Partners Group closed the acquisition of EdgeCore, a US-based owner, operator, and developer of scalable, cloud-connected hyperscale data centers. The company selects, develops and commercializes data center sites under fixed long-term contracts with Tier 1 data center customers, including the world's largest cloud, internet and technology companies. Partners Group will work with management to grow the existing platform as well as support EdgeCore in the acquisition and development of future hyperscale sites across the US and Europe.
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In October, the Partners Group Global Multi-Asset Fund's NAV increased 2.4%, bringing the total performance for the last twelve months to -3.5%. Below is a description of the Portfolio's follow-on investments in Dimension Renewable Energy and Careismatic Brands.
During the month, Partners Group deployed capital to Dimension Renewable Energy, a distributed energy platform focusing on community solar and battery storage across the US, to finance the ongoing construction of projects. Dimension has developed over 400 projects totalling 2GW of renewable energy capacity across 15 US states.
In addition, Partners Group invested additional capital in Careismatic Brands, a global designer, marketer, and distributor of branded medical scrubs, to support the company's ongoing operations. The additional liquidity will provide relief from working capital headwinds related to global supply chain disruptions. Despite the current liquidity strain, Careismatic's investment thesis and long-term growth prospects remain intact.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/20221031_Partners_Group_Global_Multi-Asset_Fund_E_M__Cv_v1.2.pdfSeptember, 2022
In September, the Partners Group Global Multi-Asset Fund's NAV decreased 3.0%, bringing the total performance for the last twelve months to -4.1%. Below is a description of the Portfolio's latest investments in direct asset Foundation Risk Partners and secondary investment Project Rome. During the month, Partners Group closed the acquisition of Foundation Risk Partners (FRP), a specialist insurance broker in the US, from Warburg Pincus. 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. In addition, 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.
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In June, the Partners Group Global Multi-Asset Fund's NAV decreased 3.4%, bringing the total performance for the last twelve months to 2.2%. Below is a description of the Portfolio's latest investments in direct asset Precisely and secondary investment Project Angel. During the month, Partners Group made a joint investment in Precisely (formerly known as Syncsort), a global leader in data integrity software, alongside Clearlake Capital Group, TA Associates and Centerbridge Partners. Headquartered in US, Precisely provides comprehensive software, data, and strategic services to help companies access and analyze data from complex processes and build trust in their enterprise data. Partners Group will support Precisely in its buy-and-build strategy, while extending its strong market position through product innovation and acquisitions.
Meanwhile, Partners Group closed Project Angel, which represents the opportunity to co-lead the capitalization of KKR's first continuation vehicle, a single-asset fund investing in Internet Brands (IB). Founded in 1998 as CarsDirect.com, IB is a California-based provider of digital marketing and software solutions with a focus on four core verticals: (1) health; (2) legal; (3) dental; and (4) auto, home & travel. The Company has over 6'000 employees in 30 offices that serve more than 100'000 business clients and hosts approximately 250 million monthly website visitors, making it the 2nd most visited set of multi-platform websites in the world, behind only Google
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/189401319.pdfMay, 2022
In May, the Partners Group Global Multi-Asset Fund's NAV decreased 0.6%, bringing the total performance for the last twelve months to 10.6%. Below is a description of the Portfolio's latest direct investments in Kairos Living and Dallas Resort Hotel.
During the month, Partners Group partnered with Kairos Living, a singlefamily home operator, to acquire US Single Family Rental Portfolio (Kairos), a USD 1 billion portfolio of single-family homes in the US. The portfolio comprises 2'528 recently constructed single-family homes and a pipeline of over 1'000 homes under construction across 17 states in the Sunbelt region, with majority in Texas, Alabama, Georgia, and Oklahoma. Further capital will be invested to acquire and develop additional build-to-rent homes. Partners Group finds this investment attractive due to strong market fundamentals for single-family rental homes driven by the aging millennial demographic that are moving into their household-formation years as well as high cost of home ownership. In addition, the properties are situated in the Sunbelt region - one of the fastest growing areas of the US due to high population and job growth supported by company relocations from expensive and highly regulated metros.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/188221035.pdfApril, 2022
April NAV per share decreased 0.4%
In April, the Partners Group Global Multi-Asset Fund's NAV decreased 0.4%, bringing the total performance for the last twelve months to 12.9%. Below is a description of the Fund's latest direct investments in Forefront Dermatology and Climeworks. During the month, Partners Group closed its acquisition of Forefront Dermatology, a leading diversified dermatology group practice in the US. With over 200 dermatology clinics across 22 states, Forefront is the largest dermatology platform in the US, supporting independent physicians with administrative infrastructure such as IT, revenue cycle management and a centralized pathology lab. The group practice comprises over 400 board-certified dermatologists, physician assistants, and nurse practitioners. Forefront differentiates from competitors through its physician-driven, physician-led operating model. This allows the company to create a strong, physician-first culture with a high value proposition when recruiting and acquiring physicians. In addition, Forefront has a consistent track record of organic and inorganic value creation reflecting a strong outlook for growth.
Partners Group intends to draw on its extensive experience working with physician partners, multi-site healthcare practices, and executive teams to maintain Forefront's quality- and outcomes-focused culture, and support its differentiated patient- and physician-centric approach. Meanwhile, Partners Group co-led a CHF 600 million fundraising round to invest in Climeworks, a leading Swiss designer, developer, and operator of Direct Air Capture plants. Partners Group believes that as one of the market leaders, Climeworks is well-positioned to benefit from industry tailwinds given the recent shift in regulatory support globally and rising costs associated with carbon dioxide emissions. Following the transaction, Partners Group will work with the management team and other investors to help scale Climeworks, as well as support its commercialization strategy and international expansion
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/188011066.pdfMarch, 2022
In March, the Partners Group Global Multi-Asset Fund's NAV increased 0.9%, bringing the total performance for the last twelve months to 14.7%. Below is a description of the Fund"s latest direct investments in CyrusOne Finance Corp and Bernhard.
In March, Partners Group agreed to co-invest in CyrusOne Finance Corp, a global hyper-scale data center provider, via a take-private acquisition alongside investment managers KKR and Global Infrastructure Partners. The company designs build and operates facilities across the US, Europe, and Asia, and its customers include 200 of the Fortune 1000 companies, nearly half of the Fortune 20, as well as private or foreign enterprises of equivalent size. The investment in CyrusOne is expected to benefit from strong tailwinds driven by digitization and automation trends, as continued growth in demand for data center processing and storage capacity supports double-digit data center buildout. Moreover, the company provides an essential service, with proven resilience during the pandemic, and has historically achieved a low churn rate among its hyperscale customers given high switching costs to other providers.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/186557121.pdfFebruary, 2022
In February, the Partners Group Global Multi-Asset Fund's NAV decreased 0.9%, bringing the total performance for the last twelve months to 16.9%. Below is a description of the Fund's latest direct investments in North Star and HTL Biotechnology.
In February, Partners Group closed its investment in North Star, a leading European operator of specialized vessels that provides emergency response and rescue and essential offshore wind farm maintenance services.
Headquartered in Aberdeen, Scotland, North Star has a fleet of 48 Emergency Response and Rescue Vessels and Service Operation Vessels (SOVs) and has built a strong reputation for reliability and safety over 50 years of operations in the North Sea. North Star has strong infrastructure characteristics as it operates in a sector with considerable barriers to entry, has an asset-heavy business model, and predictable cash flows.
Approximately 90% of its revenues are secured under long-term contracts with investmentgrade customers including Equinor, Perenco and Shell. Furthermore, North Star has recently won four landmark contracts to become the exclusive SOV provider for Dogger Bank Wind Farm in the North Sea, which will become the world's largest offshore wind farm when completed. Leveraging its offshore wind expertise, Partners Group aims to expand the North Star platform by securing additional SOV contracts in the UK and Europe and expanding its range of services for offshore wind operators.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/185269316.pdfDecember, 2021
In December, the Partners Group Global Multi-Asset Fund's NAV increased 1.4%, bringing the total performance for the last twelve months to 19.6%. Below is a description of the Fund"s latest direct investments in DiversiTech, Breitling and Storybuilt.
During the month, Partners Group closed the acquisition of DiversiTech, a leading manufacturer of components and supplies for the US residential heating, ventilation and air conditioning (HVAC) market. Partners Group considers DiversiTech to be an attractive investment given its entrenched leadership position in the systematically complex US residential HVAC value chain. As a majority owner, Partners Group will work closely with DiversiTech's management on four key strategic pillars which includes sales and marketing transformation, bolstering internal manufacturing capabilities, accelerating new product development, and growth via scalable acquisitions. In addition, Partners Group acquired a significant minority stake in Breitling, a leading independent luxury Swiss watch manufacturer. Partners Group considers Breitling to be an attractive investment given its 140-year heritage and strong brand awareness globally. Furthermore, Breitling is expected to benefit from structural market tailwinds from the luxury watch market. Partners Group will partner with Breitling to grow direct-to-consumer sales channels such as e-commerce, expand Breitling's boutique network, increase women's watches sales and enhance operational efficiency.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/183914168.pdfNovember, 2021
In November, the Partners Group Global Multi-Asset Fund's NAV increased 0.2%, bringing the total performance for the last twelve months to 17.2%. Below is a description of the Fund"s latest direct investment in a UK-based grocery store chain, partial exit of Pacific Restaurant Holdings and full exit of Hortifruti
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/181994417-1.pdfOctober, 2021
In October, the Partners Group Global Multi-Asset Fund's NAV increased 1.8%, bringing the total performance for the last twelve months to 19.4%. Below is a description of the latest direct investments in BlueSky and EOLO and sale of Straive.
Partners Group closed the acquisition of BluSky, a leading US-based commercial restoration and remediation service provider which operates through 40 branches across 17 states in the US. The majority of BluSky's services relate to (i) general wear-and-tear such as damaged pipes or kitchen fires; and (ii) everyday weather events such as rain, wind, and hail. The company also generates a portion of its revenue from large, catastrophic events and natural disasters. Partners Group will work closely with BluSky on various value creation initiatives, including driving its expansion and scaling its ancillary services beyond restoration.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/181275486.pdfSeptember, 2021
September NAV per share decreased 0.1%
In September, the Partners Group Global Multi-Asset Fund's NAV decreased 0.1%, bringing the total performance for the last twelve months to 18.5%. Below is a description of the Fund's latest direct investment in Milestone and secondary investment in Project Emom
Partners Group invested capital in Milestone, a leading provider of transportation equipment in the US. Headquartered in Missouri, US, Milestone manages a fleet of over 95'000 trailers, chassis, and containers across an integrated network of more than 70 locations near major logistics hubs. Partners Group acquired a co-control ownership stake in Milestone and joined the company's board of directors alongside Barings, one of the world's leading investment management firms. Partners Group, Barings, and Milestone management will work to transform Milestone into the national provider of choice for transportation equipment. One area of focus includes growing its trailer and chassis segments by expanding its service offerings such as mobile warehousing and storage and peak capacity solutions. Meanwhile, Milestone will look to continue its successful track record in executing on sale-leaseback transactions and M&A
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/180945144.pdfJuly, 2021
In July, the Partners Group Global Multi-Asset Fund's NAV increased 3.0%, bringing the total performance for the last twelve months to 20.1%. Below is a commentary of the Fund's monthly attribution, as well as a description of Partners Group's sale of GlobalLogic and direct investment in Unit4.#
The valuation of Bright Health, a US-based insurance company, increased over the second quarter of 2021 to reflect its valuation post-IPO. On 24 June 2021, Bright Health completed its listing on the NYSE at USD 18.00 per share, valuing the company at a market capitalization of approximately USD 11.2 billion. Financially, the company's revenue for the three months to 30 June 2021 increased by 275%, year on year. This was primarily driven by organic membership growth in the company's healthcare payor business, Bright HealthCare, during the 2020 open and special enrolment period for its commercial products. Meanwhile, in Q1 Bright Health announced its agreement to acquire Central Health Plan, a Medicare Advantage insurance provider focused on the Southern California market. The acquisition provides an entry point to the California market and is expected to expand Bright Health's service portfolio and customer base
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/178719932.pdfJune, 2021
June NAV per share increased 4.5%
The attractive performance in June was partially attributable to the initial public offering of portfolio company Bright Health on 24 June, 2021. Founded in 2016 and headquartered in Minneapolis, Minnesota, Bright Health aims to improve the insurance model within the American healthcare system by building exclusive relationships with providers who offer lower rates in exchange for higher patient volume. This partnership allows consumers to pay lower premiums while also receiving more personalized service by staying "in-network".
Partners Group was attracted to Bright Health's high visibility into future revenue growth, plans to continue penetration in existing markets, as well as expansion beyond the 25 markets where insurance plans are available in 2020. Furthermore, the company is building a technology platform to integrate all participants, which allows for multiple levers of growth on the insurance, health care provider, and data analytics fronts. Value creation efforts include continued geographic expansion, executing on its M&A pipeline and increasing the product offering in the Individual/Family Plan and Medicare Advantage sectors.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/175927412.pdfApril, 2021
In April, the Partners Group Global Multi-Asset Fund's NAV increased 1.1%, bringing the total performance for the last twelve months to 9.0%. Below is a description of Partners Group's acquisition of Wedgewood Pharmacy and the Fund's distribution from LGC.
Partners Group acquired Wedgewood Pharmacy, the largest veterinary specialty pharmaceutical player in the US. The company develops products that are not commercially available in the dosage, delivery method or flavor required for pet patient care and compliance. Wedgewood's high service quality and customized prescriptions also increase customer stickiness. Following the acquisition, Partners Group will collaborate with Wedgewood to drive organic growth through investing in the company's sales and mar- keting functions, enhancing technology to drive digital engagement and expanding its veterinary footprint
In addition, the EUR tranche of the Fund's mezzanine debt investment in LGC was repaid. LGC is a global leader in the life sciences tools sector. Based in the UK, LGC provides a comprehensive range of scientific tools and solutions that form an essential part of its customers' quality assurance procedures and enable organizations to develop and commercialize new scientific products. LGC serves nearly 50'000 laboratories globally. LGC is also exposed to a wide range of diversified and fast-growing end-markets including healthcare, agri-food and environment
Partners Group Global Multi-Asset Fund is an Australian managed investment scheme which aims to provide investors with liquid access to private markets.
Key facts
The Fund invests in a broad cross section of both private market and listed investments which include private equity, private debt, private infrastructure and private real estate. Partners Group uses its global relative value approach across asset classes and regions to identify the most attractive opportunities at any given point in time. The Fund offers daily liquidity at NAV which is provided subject to a maximum of 10% net redemptions per day, 25% per month and 40% per annum.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/172734316-1.pdfMarch, 2021
In March, the Partners Group Global Multi-Asset Fund's NAV increased 2.8%, bringing the total performance YTD to 3.1%. Below is a description of Partners Group's sale of GlobalLogic, as well as the Fund's direct investments in Idera and Ecom Express Private Limited.
The compelling performance was primarily driven by the positive revaluation of the Fund's direct private equity portfolio, namely GlobalLogic, a global provider of software product engineering services. Partners Group acquired GlobalLogic in July 2018, and recently sold the company to Japanese conglomerate Hitachi LTD, at an enterprise value of USD 9.5 billion and an investment multiple of 5.3x.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/171278768.pdfNovember, 2020
In November, the Partners Group Global Multi-Asset Fund's NAV increased 2.1% bringing the trailing one-year performance to -1.9%. Below is a description of the distribution made by Project Riverside (US multifamily) and the Fund's direct add-on investment in VSB Renewables Platform. Recently, the Fund received proceeds from Project Riverside stemming from the realization of a 160-unit garden-style multifamily apartment asset in South Austin, Texas.
As of 30 June 2020, the asset accounted for approximately 8% of the total portfolio gross asset value. Acquired in 2017, the property is composed of twelve two- and three-story buildings with amenities, such as a pool, fitness center and clubhouse. During the holding period, the asset management team implemented capital improvements to building exteriors and common areas. Furthermore, interior renovations were undertaken, including a new paint scheme, modern wood flooring, energy-efficient appliances and water-saving fixtures. As a result of these value-creation initiatives, the asset's net operating income increased by marking rents to market. As of 30 June 2020, the property was approximately 98% occupied.
In addition, the Fund invested capital to finance the development of projects in VSB Renewables Platform, a leading European renewables platform active in the development and management of renewable assets. Several projects have commenced construction since Partners Group acquired the platform in April 2020. For instance, one of the ongoing projects is the 40MW Juurakko wind farm on the west coast of Finland, which will be VSB's first project to be commissioned in the country. The wind farm, situated northeast of the town of Kalajoki, is anticipated to turn operational in 2022.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/163382144.pdfticker: ETL0431AU
release_schedule: Monthly
commentary_block: Array
factsheet_url:
https://www.partnersgroupaustralia.com.au/en/our-funds/global-multi-asset-fund/#c8649
Performance
asset_class: Alternatives
asset_category: Alternative Miscellaneous
peer_benchmark: Alternatives - Misc Index
broad_market_index: Credit Suisse AllHedge Fund Index
structure: Managed Fund
manager_contact_details: Array
fund_features:
The Fund seeks to provide investors with attractive long-term capital appreciation by investing in a portfolio with exposure to private markets and related asset classes.