In September, global equity markets performed strongly, driven by the US Fed and the European Central Bank. In this strong market environment, Partners Group Listed Investments – Listed Private Equity outperformed significantly. All segments contributed positively with alternative asset managers again being the strongest sector.
The best performer was the new position in EQT Partners, which listed at the end of September. The Swedish asset manager focuses on direct investments in private equity, private infrastructure, private real estate, as well as private credit with assets under management of approximately EUR 40bn. After the successful and strongly oversubscribed IPO, the share price rose 30% on the first trading day.
Furthermore, Brookfield Business Partners, a direct investment company focusing on business services and industrial companies, benefitted from positive news about two large portfolio companies. It recently invested in the listed residential mortgage insurer Genworth MI Canada, which declared a special dividend. In addition, Électricité de France announced to cooperate with Westinghouse.
Another strong performer was the British private equity company Hg Capital Trust, which reported strong interim results. NAV and the interim dividend increased by 14% and 12.5%, respectively during the first half of the year. The portfolio companies continued to significantly increase revenues and EBITDA compared to the previous year. For example, revenue of the top 20 holdings increased by 26% on average.