Partners Group Private Equity Limited (LON:PEY) has announced that its NAV per share increased by 0.1% in September
Negative revaluations (-0.9%) slightly offset by currency movements (+1.0%) during the month
Notable contributor (+0.2% based on Fund NAV):
- International Schools Partnership: The valuation of ISP, a leading global K‑12 private education platform offering English and multilingual education, increased during the month, driven mainly by growth in valuation EBITDA, combined with a slight reduction in net debt and a higher valuation multiple applied in line with public market comparables. Recent financial performance demonstrates continued enrolment growth, disciplined fee increases, and prudent cost control. Meanwhile, ISP’s acquisition pipeline remains strong and the company is progressing well on its growth plan, serving more than 118’000 students across 120 schools in 26 countries around the world.
Notable detractor (-0.4% based on Fund NAV):
- Vishal Mega Mart: The valuation of Vishal declined in September 2026 based on its share price performance for the month. The company reported robust financial results for the fiscal first quarter ending 30 June 2026, with revenue and net profit growth of 19% and approximately 26% year on year, respectively. Performance was driven by a combination of 10% same-store sales growth, store expansion, operating efficiency, and cost optimization. The company’s own brands continued to account for approximately 75% of revenue, supporting margin performance. Vishal added 24 net new stores during the quarter, taking its network to 819 stores across 559 cities, while its retail footprint stood at around 13.8 million sqft as of 30 June 2026.
Cash flow activity: PGPE Ltd invested EUR 2.3 million in a direct co-investment in a UK-headquartered provider of loan agency and bond trustee services. The investment had been signed prior to the shareholder vote on the managed wind-down. There were no notable distributions nor exits.
This resulted in a liquidity position (cash and cash equivalents) of EUR 29.3 million, representing approximately 3.8% of Fund NAV.
