Manager Comment June 2019 – Listed Private Equity Fund

In June, Partners Group Listed Investments – Listed Private Equity continued its strong performance trajectory. The positive result was primarily driven by US-based alternative asset managers, which benefited from healthy fundraising activity combined with the ability to successfully deploy capital. As an example, Blackstone has raised more than USD 12bn for its first infrastructure fund. On the deployment side, the US asset manager announced the largest-ever private real estate transaction. Blackstone acquired warehouse assets from Singapore’s GLP for USD 18.7bn. Also, Apollo Global Management has been able to successfully deploy capital. The company announced the acquisition of Shutterfly for an enterprise value of USD 2.7bn. Furthermore, Apollo is close to a USD 3bn agreement to acquire Cox Enterprises’ 14 regional TV stations. Last but not least, Onex, the Canadian direct private equity company announced that they have completed the acquisition of 100% of wealth manager Gluskin Sheff, for a total consideration of approximately USD 330m. The transaction combines Gluskin Sheff’s public securities investing platform with Onex’s private markets platform. Furthermore, Onex has agreed to acquire Calgary-based Westjet in a public to private deal valued at USD 5bn