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1 Organization and business activity
Princess Private Equity Holding Limited (the \"Company\") is an investment holding company established on 12 May 1999. The
Company's registered office is Tudor House, St. Peter Port, Guernsey, GY1 6BD. The Company is a Guernsey limited liability
company that invests in a diversified portfolio of private market investments through its wholly owned subsidiary, Princess
Private Equity Subholding Limited (the \"Subsidiary\"). The Subsidiary also holds certain investments through its wholly owned
subsidiary Princess Direct Investments, L.P. Inc. (the \"Sub-Subsidiary\"). The Sub-Subsidiary, the Subsidiary, and the Company
form a group (the \"Group\"). Both of these subsidiaries are consolidated as they are deemed to provide investment-related
services to the Company. The Group primarily accesses investments directly, and to a lesser extent via Partners Group's private
equity programs; Princess also holds a small portfolio of fund investments that is currently in run-off.
The shares of the Company were listed on the Prime Standard of the Frankfurt Stock Exchange from 13 December 2006 until
5 December 2012 (date of delisting). The shares of the Company remain listed on the Main Market of the London Stock
Exchange, where they have been listed since 1 November 2007.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1": { "value": "Princess Private Equity Holding Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-203": { "value": "Princess Private Equity Holding Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-2": { "value": "Tudor House, St. Peter Port, Guernsey, GY1 6BD", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-204": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-205": { "value": "The Company is a Guernsey limited liability company that invests in a diversified portfolio of private market investments through its wholly owned subsidiary, Princess Private Equity Subholding Limited (the \"Subsidiary\"). ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-3": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-4": { "value": "limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-208": { "value": "
2 Basis of preparation
The audited consolidated financial statements comprise the financial statements of the Group. The audited consolidated
financial statements have been prepared on a going concern basis in accordance with IFRS Accounting Standards as issued
by the International Accounting Standards Board (\"IFRS Accounting Standards\") and under the historical cost convention as
modified by the revaluation of financial assets and financial liabilities at fair value through profit or loss.
The preparation of audited consolidated financial statements, in conformity with IFRS, requires the use of estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the audited consolidated financial statements and the reported amounts of revenues and expenses during the reporting
period. Although these estimates are based on management's best knowledge of current events and actions, actual results
may ultimately differ from those estimates. The areas where assumptions, judgements and estimates are significant to the
audited consolidated financial statements are disclosed in Note 4, 'Critical accounting estimates and judgements'.
The Directors of the Company have elected to prepare audited consolidated financial statements for Princess Private Equity
Holding Limited for the period ended 31 December 2023 as the parent of the Group and therefore, in accordance with Section
244(5) of The Companies (Guernsey) Law, 2008, they are not required to prepare individual accounts for the financial period for
Princess Private Equity Holding Limited in accordance with Section 243 of The Companies (Guernsey) Law, 2008.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-241": { "value": "The audited consolidated financial statements comprise the financial statements of the Group. The audited consolidated financial statements have been prepared on a going concern basis in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (\"IFRS Accounting Standards\") and under the historical cost convention as modified by the revaluation of financial assets and financial liabilities at fair value through profit or loss. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-206": { "value": "
3 Material accounting policies
The accounting policies below have been applied consistently, except where otherwise noted, in dealing with items which are
considered material in relation to the Group's audited consolidated financial statements.
From 1 January 2023, the following existing revised IFRS and interpretations to existing standards were required to be adopted.
The Group has consequently adopted all relevant and below-mentioned standards since 1 January 2023:
\u2022 Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (effective from 1 January 2023)
- Definition of Accounting Estimates;
\u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements
(effective from 1 January 2023) - Disclosure of Accounting Policies;
\u2022 Amendments to IAS 12 Income Taxes (effective from 1 January 2023) - Deferred Tax related to Assets and Liabilities
arising from a Single Transaction.
There are no other standards, amendments to standards or interpretations that are effective for annual periods beginning on
1 January 2023 that have a material effect on the audited consolidated financial statements of the Group.
The following standards, or amendments to existing standards, which are mandatory for future accounting periods, but where
early adoption is permitted now, have not been adopted:
\u2022 Amendments to IAS 1 Presentation of Financial Statements (effective from 1 January 2024) - Non-current Liabilities with
Covenants;
\u2022 IFRS S1, General requirements for disclosure of sustainability-related financial information (effective from 1 January 2024).
This is subject to endorsement of the standards by local jurisdictions;
\u2022 IFRS S2, Climate-related disclosures (effective from 1 January 2024). This is subject to endorsement of the standards by
local jurisdictions;
\u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates (effective from 1 January 2025) - Lack of
Exchangeability.
The impact of these new accounting standards and interpretations is currently being assessed and it is expected that it will
not significantly affect the Group's results of operations or financial position.
Segmental reporting
IFRS 8 - Operating segments requires segments to be identified and presented following a \"management approach\" under
which segment information is presented on the same basis as that used for internal reporting and monitoring purposes.
Operating segments are reported in a manner consistent with internal reporting at Partners Group AG (the \"Investment
Manager\"). The Investment Manager is appointed by the Directors and has been identified as the chief operating decision
maker, responsible for allocating resources and assessing the performance of each operating segment. Operating segments
have been identified as: private equity, private debt, private real estate, private infrastructure and private resources. Only those
segments applicable within the reporting periods have been reflected in these audited consolidated financial statements.
Consolidation
The Directors of the Company have determined that the Company is an investment entity in accordance with IFRS 10 based
on the fact that it meets the relevant definition criteria. The Company:
\u2022 obtains funds from one or more investors for the purpose of providing those investors with investment management
services;
\u2022 commits to its investors that its business purpose is to invest funds solely for returns from capital appreciation, investment
income or both; and
\u2022 measures and evaluates the performance of substantially all of its investments on a fair value basis.
As a result, the Group does not consolidate any entities other than the Subsidiary and Sub-Subsidiary (the \"Subsidiaries\"), as
further described in Note 4, \"Critical accounting estimates and judgements\".
Inter-company transactions, balances and unrealized gains or losses on transactions between Group companies are eliminated
on consolidation.
A list of the Group's subsidiaries is set out in a subsequent note (Note 20). The consolidation is performed using the purchase
method. All Group companies have 31 December as the end of their reporting periods.
Net income from short-term investments and cash and cash equivalents
Income from bank deposits and interest income from short-term investments are included on an accruals basis using the
effective interest rate method. Gains and losses from short-term investments and gains and losses from cash and cash equivalents
also include the increase or decrease in the value of short-term investments purchased at a discount or a premium. All realized
and unrealized surpluses and losses are recognized in the audited consolidated statement of comprehensive income. Dividend
income from money market funds (\"MMFs\") and short-term investments are recognized when the right to receive payment is
established.
Expenditure
All items of expenditure are included in the audited consolidated financial statements on an accruals basis.
Foreign currency translation
(a) Functional and presentation currency
Items included in the financial statements of each of the Group's entities are measured using the currency of the primary
economic environment in which the Group operates (the \"Functional Currency\") that most faithfully represents the economic
effect of the underlying transactions, events and conditions. The Group's economic environment has been assessed and
determined in accordance with the primary and secondary indicators defined in IAS 21 - The Effects of Changes in Foreign
Exchange Rates. The audited consolidated financial statements are presented in Euros, which is the Company and Group's
Functional Currency.
(b) Transactions and balances
Transactions in foreign currencies are translated into the Functional Currency using the exchange rates prevailing at the dates
of the transactions or valuations where items are remeasured. Foreign exchange gains and losses resulting from the settlement
of such transactions and from the translation at the end of the reporting period exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognized in the audited consolidated statement of comprehensive income.
Financial assets and financial liabilities at fair value through profit or loss
(a) Classification
The Group classifies its investments based on both the Group's business model for managing those financial assets and the
contractual cash flow characteristics of the financial assets. The portfolio of financial assets is managed and performance is
evaluated on a fair value basis. The Group is primarily focused on fair value information and uses that information to assess
the assets' performance and to make decisions. The Group has not taken the option to irrevocably designate any equity
securities as fair value through other comprehensive income. The contractual cash flows of the Group's debt securities are
solely principal and interest; however, these securities are neither held for the purpose of collecting contractual cash flows
nor held both for collecting contractual cash flows and for sale. The collection of contractual cash flows is only incidental to
achieving the Group business model's objective. Consequently, all investments are measured at fair value through profit or
loss.
Where the Group has hedged the value of non-Functional Currency investments against the Functional Currency the Group
does not use hedge accounting as defined in IFRS 9. Derivative financial instruments are classified as financial assets and
financial liabilities at fair value through profit or loss in accordance with IFRS 9. They are initially recognized in the audited
consolidated statement of financial position at fair value and are subsequently remeasured to fair value. As a result, the realized
gains/losses and the unrealized changes in fair value are recognized in the audited consolidated statement of comprehensive
income under the heading \"Other financial activities\". The fair values of various derivative instruments used for hedging
purposes, if any, are disclosed in the notes.
Financial assets and financial liabilities at fair value through profit or loss consist of interests which are acquired by the Group
(including all related securities) in (typically unlisted) direct private market investments (\"Direct Investments\"), some of which
are accessed through Partners Group's access vehicles, and all other types of investments, which comprise investments through
Partners Group's funds, as well as other investment vehicles (\"Indirect Investments\"). These are managed and their performance
is evaluated on a fair value basis in accordance with the Group's documented investment strategy. The Group's policy is used
by the Investment Manager and the Directors to evaluate the information about these financial assets and liabilities on a fair
value basis together with other related financial information.
In setting the Group's investment policy the Directors have determined their intention to focus on making investments in
entities that adopt an internationally recognized standard of accounting.
(b) Recognition and derecognition
All transactions relating to financial assets and financial liabilities at fair value through profit or loss are recognized on the
settlement date or when all risks and rewards of ownership have been transferred.
Any distributions, including return of principal of investment, received from the underlying Direct and Indirect Investments
are recognized when the Group's right to receive payment has been established.
Financial assets and financial liabilities at fair value through profit or loss are derecognized when the right to receive cash flows
has expired or where substantially all risks and rewards of ownership have been transferred.
Occasionally, the target investment structure may change under the normal course of operations, where an intermediary
investment vehicle transfers its ownership in the underlying investment to another vehicle within the structure. These transfers
are typically done at cost or fair value, depending on the jurisdiction in which the structures reside. On the basis that the
underlying investments are monitored on a look-through basis, these transactions are not deemed to be realizing events for
the purpose of the incentive fees calculations.
Cash and payment-in-kind (\"PIK\") interest relating to debt investments held at fair value through profit or loss are recognized
on an accruals basis within interest income (including PIK) in the audited consolidated statement of comprehensive income
when the Group's right to receive payment is established.
(c) Measurement
As a matter of principle, financial assets and financial liabilities at fair value through profit or loss are initially recognized at fair
value. Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are measured
at fair value. Gains and losses arising from changes in the fair value of the financial assets or financial liabilities at fair value
through profit or loss are presented in the audited consolidated statement of comprehensive income within net income from
financial assets at fair value through profit or loss in the period in which they arise.
Distributions from Indirect Investments held at fair value through profit or loss are recognized in the audited consolidated
statement of financial position when the Group's right to receive payment is established. Distributions received from Indirect
Investments are recognized first as a repayment of the original capital contributed to the Indirect Investments which is
substantially in keeping with the distribution arrangements prescribed by the constituent documents of the Indirect Investments.
On repayment of any of the original capital contributed in full to the Indirect Investments, all subsequent distributions are
recognized in the audited consolidated statement of comprehensive income within revaluation.
Any interest and dividend distributions derived from Direct Investments are recognized when the Group's right to receive
payment is established and included within interest and dividend income in the audited consolidated statement of comprehensive
income.
(d) Fair value estimation
The fair values of financial instruments whose principal markets are actively traded exchange markets are based on quoted
market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the
price within the bid-ask spread which is most representative of fair value at the end of the reporting period.
In assessing the fair value of non-traded financial instruments, the Group uses a variety of market and income methods such
as time of last financing, earnings and multiple analysis, discounted cash flow method and third-party valuation and makes
assumptions that are based on market conditions and expected market participant assumptions existing at the end of each
period. Quoted market prices or dealer quotes for specific similar instruments are also used for long-term debt where appropriate.
Other information used in determining the fair value of non-traded financial instruments includes latest financial reports,
subsequent cash flows and internally performed monitoring of triggering events (such as exits and initial public offerings
(\"IPOs\")) as well as pricing movements in comparable investments together with techniques, such as option pricing models and
estimated discounted value of future cash flows.
Short-term investments
Short-term investments consist of investments in treasury bills and money-market funds with a stated maturity between three
and twelve months at the date of acquisition. Short-term investments are classified and subsequently measured at fair value
through profit or loss.
Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the audited consolidated statement of financial position
where there is currently a legally and contractually enforceable right to offset the recognized amounts and there is an intention
to settle on a net basis, or realize the asset and settle the liability simultaneously. A current legally and contractually enforceable
right to offset must not be contingent on a future event. Furthermore, it must be legally and contractually enforceable in (i)
the normal course of business; (ii) the event of default; and (iii) the event of insolvency or bankruptcy of the Group and any
of the counterparties.
Cash and cash equivalents
Cash and cash equivalents consist of cash at bank, term deposits, and MMFs with original maturity of three months or less
from the date of acquisition. MMFs are classified as cash and cash equivalents due to its liquidity and insignificant risk of
changes in value. The MMFs held at a constant net asset value have a weighted average maturity of less than 90 days and are
able to be redeemed on a same day basis. Cash and cash equivalents are stated at the carrying amount as this is a reasonable
approximation of fair value. Bank overdrafts are included within liabilities falling due within one year in the audited consolidated
statement of financial position. Cash and cash equivalents may include unrestricted variation margin balances received from
counterparties as collateral on derivative asset positions, which are due back to those counterparties on settlement of the
derivatives.
Other short-term receivables and long-term receivables
Other short-term receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in
an active market. They are classified as current assets unless the maturities are more than twelve months after the end of the
reporting period, where they are classified as non-current assets. Other short-term receivables are stated at the contractual
amount less impairment, if any, as this is a reasonable approximation of fair value. Other short-term receivables may include
variation margin balances paid to counterparties on derivative liability positions, which are due back from those counterparties
on settlement of the derivatives.
Other long-term receivables also include amounts receivable by the Group at the reporting date which represent distributions
from underlying investments that are held through special purpose vehicles that could be subject to corporate tax in jurisdictions
different to that of the Group. In certain cases, all distributions received from underlying investments must be retained in such
vehicles until the investment is fully realized in order to benefit from such structuring. It has been determined that future
payments may need to be made by the special purpose vehicles to tax authorities in the jurisdictions in which these are based,
and as such not all of the amounts paid by the underlying investment may be recoverable in full by the Group should the
distributions be taxed. As a result, these long-term receivable balances are assessed for taxes owing and the resulting revaluation
of these long-term receivables is recorded under \"revaluation of long-term receivables\" in the audited consolidated statement
of comprehensive income. These underlying investments and related calls and distributions have been accounted for on a
look-through basis.
Deferred receivables
Deferred receivables meet the definition of a financial asset as they represent a contractual right to receive cash for a specified
amount at a specified date. Deferred receivables which represent a financial asset are initially measured at fair value. Subsequently
these are measured at amortized cost using the effective interest rate method. At the end of the reporting period, the Group
shall measure the loss allowance on outstanding balance at an amount equal to the lifetime expected credit losses if the credit
risk has increased significantly since initial recognition. If however, the credit risk has not increased significantly since initial
recognition, the Group shall measure the loss allowance at an amount equal to 12-month expected credit losses. They are
classified as assets falling due within one year unless the maturities are more than 12 months after the end of the reporting
period where they are classified as assets falling due after one year. A deferred receivable is derecognized when the obligation
to receive the specifically identified cash flows has been fulfilled, expired, or there are no reasonable expectations of recovering
those cash flows in its entirety or a portion thereof.
Accruals and other short-term payables
Accruals and other short-term payables are non-derivative financial liabilities with fixed or determinable payments that are
not quoted in an active market. They are classified as liabilities falling due within one year unless the maturities are more than
twelve months after the end of the reporting period where they are classified as liabilities falling due after one year. Accruals
and short-term payables are recognized initially at fair value and subsequently measured at amortized cost using the effective
interest method. Accruals and other short-term payables may include variation margin balances received as cash from
counterparties on derivative asset positions, which are payable back to those counterparties on the settlement of the derivatives.
Borrowings
Borrowings consist of credit facilities and loans received either from financial institutions or from related parties. Such borrowings
are initially recognized at fair value and subsequently measured at amortized cost using the effective interest rate method.
Borrowings are derecognized when the obligation specified in the contract is discharged, canceled or expired. In the audited
consolidated statement of financial position borrowings are classified as liabilities falling due within one year unless the maturities
are more than twelve months after the end of the reporting period where they are classified as liabilities falling due after one
year.
Deferred payments
Deferred payments meet the definition of a financial liability as they are a contractual obligation for a specified amount at a
specified date. Deferred payments are initially recognized at fair value and subsequently measured at amortized cost using
the effective interest method. They are classified as liabilities falling due within one year unless the maturities are more than
twelve months after the end of the reporting period where they are classified as liabilities falling due after one year. A deferred
payment is derecognized when the obligation under the liability is paid or discharged.
Equity
Shares are classified as equity. Where any group company purchases the Company's equity share capital (treasury shares), the
consideration paid, including any directly attributable incremental costs, is deducted from equity attributable to the Company's
equity holders until the shares are canceled or reissued. Where such shares are subsequently reissued, any consideration
received, net of any directly attributable incremental transaction costs, is included in equity attributable to the Company's
equity holders.
4 Critical accounting estimates and judgements
There is significant subjectivity in the valuation of Direct and Indirect Investments with very little transparent market activity
to provide support for fair value levels at which willing buyers and sellers would transact. In addition there is subjectivity in
the cash flow modeling due to the fact that the underlying investments, in many cases, require funding based on their future
development. The estimates and judgements employed therein are therefore continually evaluated and are based on historical
experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition,
seldom equal the related actual results.
Unlisted investments
For the valuation of such investments the Investment Manager reviews the latest information provided by underlying investments
and other business counterparties, which frequently does not coincide with the valuation date, and applies widely recognized
market and income valuation methods to such information such as time of last financing, earnings and multiple analysis,
discounted cash flow method and third-party valuation as well as market prices of similar investments to estimate a fair value
as at the end of the reporting period.
Critical
judgements
In order to determine the underlying assumptions of such methods significant judgement is required. The areas of such
judgement include, but are not limited to:
\u2022 Selection of valuation technique;
\u2022 Selection of a set of comparable listed companies;
\u2022 Selection of performance measures of such listed companies in order to determine comparable trading multiples;
\u2022 Selection of recent transactions for the sales comparison method; and
\u2022 Identification of uncertain tax positions.
As part of the fair valuation of such investments, the Investment Manager uses observable market data (whenever possible),
unobservable data and cash flow data to consider and determine the fair values of the underlying investments. Furthermore
the Investment Manager considers the overall portfolio against observable data and general market developments to determine
if the valuations attributed appear to be fair based on the current market environment. The Investment Manager makes practical
efforts to obtain the latest available information pertaining to the underlying unquoted investments.
The Investment Manager adheres to fair value assessment procedures that are determined independently of its investment
committee as part of the continuous evaluation of the fair value of the underlying unquoted investments.
Critical
estimates
The Group estimates the fair value of an investment as at the valuation date based on an assessment of relevant applicable
indicators of fair value. Such indicators may include, but are not limited to:
\u2022 Determination of adjustments to comparable trading multiples based on qualitative factors;
\u2022 Determination of future cash flows;
\u2022 Determination of applicable discount rates considering own and counterparties' credit risk;
\u2022 Determination of applicable capitalization rates for the income method;
\u2022 Determination of price within the bid-ask spread for investments with available broker quotes;
\u2022 An underlying investment's most recent reporting information, including a detailed analysis of underlying company
performance and investment transactions with the Indirect Investments between the latest available reporting information
of the underlying investment and the end of the reporting period of the Group;
\u2022 Review of a Direct Investment's most recent accounting and cash flow reports and models, including data supplied by both
the sponsor and the company and any additional available information between the date of these reports and the end of
the reporting period of the Group;
\u2022 Review of recent transaction prices and merger and acquisition activity for similar Direct Investments;
\u2022 Review of the Indirect Investment's application of generally accepted accounting principles and the valuation method
applied for its underlying investments, such as discounted cash flow and multiple analysis, which are based on available
information;
\u2022 Review of current market environment and the impact of it on the Direct and Indirect Investments; and
\u2022 Determination of the impact of uncertain tax positions on the valuation.
The variety of valuation bases adopted, quality of management information provided by the underlying Indirect Investments and
the lack of liquid markets for the investments held mean that there are inherent difficulties in determining the fair values of
these investments that cannot be eliminated. There are significant estimates and assumptions that are used in establishing the
fair value of financial assets and liabilities. As a result, the actual amounts realized on the sale of these instruments may differ
from the fair values reflected in these audited consolidated financial statements and these differences may be significant as a
result of the judgements and estimates applied. The output of the above estimation of the fair value of investments is a
significant factor in the calculation of estimated incentive fee accruals and any rebates.
Cash flow modeling
In addition to the review of historical data within the cash flow modeling, the Investment Manager also takes into account
current portfolio data together with the expected development of the market environment based on observable market
information and subjects this to simulations and stress-testing with consideration of certain scenarios which could occur and
their potential impact on the Group and its investment commitment and funding strategy.
The results of such observations are included within the investment models to provide an insight into future expected cash
flows and the liquidity requirements of the Group.
Critical
estimates
As at the end of the reporting period, the Group estimates the cash flow requirements based on an assessment of all applicable
indicators, which may include but are not limited to the following:
\u2022 Historical statistical data: external and internal data serve as the statistical basis of the quantitative model;
\u2022 Current portfolio company information: the model is updated to take into account current data from the Group's Direct
and Indirect Investments;
\u2022 Input from the Investment Manager's investment professionals: quantitative and qualitative inputs from the general market
environment and specific portfolio in the model;
\u2022 Monte-Carlo simulations and stress-tests: stochastic behavior of private market cash flows combined with valuations and
tailor-made scenario analyses provide the basis for commitment decisions and quantitative risk management; and
\u2022 Use of borrowings and anticipated usage of such borrowings for anticipated drawdowns in relation to unfunded commitments
to Direct and Indirect Investments.
There are judgements made, based on assumptions concerning the future, and uncertainty in the estimates in the cash flow
modeling method and as such the Investment Manager, on instruction from the Board of Directors, continuously compares
these assumptions against actual market and business developments and revises the cash flow model accordingly.
Investment entity status of Subsidiaries
The assessment whether to consolidate the Subsidiaries which relate to the Group's investment activities requires judgement
as to whether those Subsidiaries meet the definition of an Investment Entity in IFRS 10 and provide services that relate to
the Company's investment activities. Management has assessed the amendment to IFRS 10 (effective 1 January 2016) and
concluded that each of the Subsidiaries does not meet the definition of an Investment Entity in accordance with IFRS, primarily
because each of the Subsidiaries has a single investor, which is a related party. Each of the Subsidiaries' primary services is to
provide investment-related services to the parent company, including but not limited to providing investment management
services to the Company and acting as guarantor to the Company of its short-term credit facility.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-242": { "value": "The accounting policies below have been applied consistently, except where otherwise noted, in dealing with items which are considered material in relation to the Group's audited consolidated financial statements. From 1 January 2023, the following existing revised IFRS and interpretations to existing standards were required to be adopted. The Group has consequently adopted all relevant and below-mentioned standards since 1 January 2023: \u2022 Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (effective from 1 January 2023) - Definition of Accounting Estimates; \u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements (effective from 1 January 2023) - Disclosure of Accounting Policies; \u2022 Amendments to IAS 12 Income Taxes (effective from 1 January 2023) - Deferred Tax related to Assets and Liabilities arising from a Single Transaction. There are no other standards, amendments to standards or interpretations that are effective for annual periods beginning on 1 January 2023 that have a material effect on the audited consolidated financial statements of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-209": { "value": "The accounting policies below have been applied consistently, except where otherwise noted, in dealing with items which are considered material in relation to the Group's audited consolidated financial statements. From 1 January 2023, the following existing revised IFRS and interpretations to existing standards were required to be adopted. The Group has consequently adopted all relevant and below-mentioned standards since 1 January 2023: \u2022 Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (effective from 1 January 2023) - Definition of Accounting Estimates; \u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements (effective from 1 January 2023) - Disclosure of Accounting Policies; \u2022 Amendments to IAS 12 Income Taxes (effective from 1 January 2023) - Deferred Tax related to Assets and Liabilities arising from a Single Transaction. There are no other standards, amendments to standards or interpretations that are effective for annual periods beginning on 1 January 2023 that have a material effect on the audited consolidated financial statements of the Group. The following standards, or amendments to existing standards, which are mandatory for future accounting periods, but where early adoption is permitted now, have not been adopted: \u2022 Amendments to IAS 1 Presentation of Financial Statements (effective from 1 January 2024) - Non-current Liabilities with Covenants; \u2022 IFRS S1, General requirements for disclosure of sustainability-related financial information (effective from 1 January 2024). This is subject to endorsement of the standards by local jurisdictions; \u2022 IFRS S2, Climate-related disclosures (effective from 1 January 2024). This is subject to endorsement of the standards by local jurisdictions; \u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates (effective from 1 January 2025) - Lack of Exchangeability. The impact of these new accounting standards and interpretations is currently being assessed and it is expected that it will not significantly affect the Group's results of operations or financial position. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-243": { "value": "The following standards, or amendments to existing standards, which are mandatory for future accounting periods, but where early adoption is permitted now, have not been adopted: \u2022 Amendments to IAS 1 Presentation of Financial Statements (effective from 1 January 2024) - Non-current Liabilities with Covenants; \u2022 IFRS S1, General requirements for disclosure of sustainability-related financial information (effective from 1 January 2024). This is subject to endorsement of the standards by local jurisdictions; \u2022 IFRS S2, Climate-related disclosures (effective from 1 January 2024). This is subject to endorsement of the standards by local jurisdictions; \u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates (effective from 1 January 2025) - Lack of Exchangeability. The impact of these new accounting standards and interpretations is currently being assessed and it is expected that it will not significantly affect the Group's results of operations or financial position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-210": { "value": "Segmental reporting IFRS 8 - Operating segments requires segments to be identified and presented following a \"management approach\" under which segment information is presented on the same basis as that used for internal reporting and monitoring purposes. Operating segments are reported in a manner consistent with internal reporting at Partners Group AG (the \"Investment Manager\"). The Investment Manager is appointed by the Directors and has been identified as the chief operating decision maker, responsible for allocating resources and assessing the performance of each operating segment. Operating segments have been identified as: private equity, private debt, private real estate, private infrastructure and private resources. Only those segments applicable within the reporting periods have been reflected in these audited consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-211": { "value": "Consolidation The Directors of the Company have determined that the Company is an investment entity in accordance with IFRS 10 based on the fact that it meets the relevant definition criteria. The Company: \u2022 obtains funds from one or more investors for the purpose of providing those investors with investment management services; \u2022 commits to its investors that its business purpose is to invest funds solely for returns from capital appreciation, investment income or both; and \u2022 measures and evaluates the performance of substantially all of its investments on a fair value basis. As a result, the Group does not consolidate any entities other than the Subsidiary and Sub-Subsidiary (the \"Subsidiaries\"), as further described in Note 4, \"Critical accounting estimates and judgements\". Inter-company transactions, balances and unrealized gains or losses on transactions between Group companies are eliminated on consolidation. A list of the Group's subsidiaries is set out in a subsequent note (Note 20). The consolidation is performed using the purchase method. All Group companies have 31 December as the end of their reporting periods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-244": { "value": "The Directors of the Company have determined that the Company is an investment entity in accordance with IFRS 10 based on the fact that it meets the relevant definition criteria. The Company: \u2022 obtains funds from one or more investors for the purpose of providing those investors with investment management services; \u2022 commits to its investors that its business purpose is to invest funds solely for returns from capital appreciation, investment income or both; and \u2022 measures and evaluates the performance of substantially all of its investments on a fair value basis. As a result, the Group does not consolidate any entities other than the Subsidiary and Sub-Subsidiary (the \"Subsidiaries\"), as further described in Note 4, \"Critical accounting estimates and judgements\". Inter-company transactions, balances and unrealized gains or losses on transactions between Group companies are eliminated on consolidation. A list of the Group's subsidiaries is set out in a subsequent note (Note 20). The consolidation is performed using the purchase method. All Group companies have 31 December as the end of their reporting periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-212": { "value": "Net income from short-term investments and cash and cash equivalents Income from bank deposits and interest income from short-term investments are included on an accruals basis using the effective interest rate method. Gains and losses from short-term investments and gains and losses from cash and cash equivalents also include the increase or decrease in the value of short-term investments purchased at a discount or a premium. All realized and unrealized surpluses and losses are recognized in the audited consolidated statement of comprehensive income. Dividend income from money market funds (\"MMFs\") and short-term investments are recognized when the right to receive payment is established. ", "dimensions": { "concept": "ppehl:DescriptionOfAccountingPolicyForNetIncomeFromShortTermInvestmentsAndCashAndCashEquivalents", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-213": { "value": "Expenditure All items of expenditure are included in the audited consolidated financial statements on an accruals basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-214": { "value": "Foreign currency translation (a) Functional and presentation currency Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the Group operates (the \"Functional Currency\") that most faithfully represents the economic effect of the underlying transactions, events and conditions. The Group's economic environment has been assessed and determined in accordance with the primary and secondary indicators defined in IAS 21 - The Effects of Changes in Foreign Exchange Rates. The audited consolidated financial statements are presented in Euros, which is the Company and Group's Functional Currency. (b) Transactions and balances Transactions in foreign currencies are translated into the Functional Currency using the exchange rates prevailing at the dates of the transactions or valuations where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at the end of the reporting period exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the audited consolidated statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-245": { "value": "(a) Functional and presentation currency Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the Group operates (the \"Functional Currency\") that most faithfully represents the economic effect of the underlying transactions, events and conditions. The Group's economic environment has been assessed and determined in accordance with the primary and secondary indicators defined in IAS 21 - The Effects of Changes in Foreign Exchange Rates. The audited consolidated financial statements are presented in Euros, which is the Company and Group's Functional Currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-277": { "value": "Financial assets and financial liabilities at fair value through profit or loss (a) Classification The Group classifies its investments based on both the Group's business model for managing those financial assets and the contractual cash flow characteristics of the financial assets. The portfolio of financial assets is managed and performance is evaluated on a fair value basis. The Group is primarily focused on fair value information and uses that information to assess the assets' performance and to make decisions. The Group has not taken the option to irrevocably designate any equity securities as fair value through other comprehensive income. The contractual cash flows of the Group's debt securities are solely principal and interest; however, these securities are neither held for the purpose of collecting contractual cash flows nor held both for collecting contractual cash flows and for sale. The collection of contractual cash flows is only incidental to achieving the Group business model's objective. Consequently, all investments are measured at fair value through profit or loss. Where the Group has hedged the value of non-Functional Currency investments against the Functional Currency the Group does not use hedge accounting as defined in IFRS 9. Derivative financial instruments are classified as financial assets and financial liabilities at fair value through profit or loss in accordance with IFRS 9. They are initially recognized in the audited consolidated statement of financial position at fair value and are subsequently remeasured to fair value. As a result, the realized gains/losses and the unrealized changes in fair value are recognized in the audited consolidated statement of comprehensive income under the heading \"Other financial activities\". The fair values of various derivative instruments used for hedging purposes, if any, are disclosed in the notes. Financial assets and financial liabilities at fair value through profit or loss consist of interests which are acquired by the Group (including all related securities) in (typically unlisted) direct private market investments (\"Direct Investments\"), some of which are accessed through Partners Group's access vehicles, and all other types of investments, which comprise investments through Partners Group's funds, as well as other investment vehicles (\"Indirect Investments\"). These are managed and their performance is evaluated on a fair value basis in accordance with the Group's documented investment strategy. The Group's policy is used by the Investment Manager and the Directors to evaluate the information about these financial assets and liabilities on a fair value basis together with other related financial information. In setting the Group's investment policy the Directors have determined their intention to focus on making investments in entities that adopt an internationally recognized standard of accounting. (b) Recognition and derecognition All transactions relating to financial assets and financial liabilities at fair value through profit or loss are recognized on the settlement date or when all risks and rewards of ownership have been transferred. Any distributions, including return of principal of investment, received from the underlying Direct and Indirect Investments are recognized when the Group's right to receive payment has been established. Financial assets and financial liabilities at fair value through profit or loss are derecognized when the right to receive cash flows has expired or where substantially all risks and rewards of ownership have been transferred. Occasionally, the target investment structure may change under the normal course of operations, where an intermediary investment vehicle transfers its ownership in the underlying investment to another vehicle within the structure. These transfers are typically done at cost or fair value, depending on the jurisdiction in which the structures reside. On the basis that the underlying investments are monitored on a look-through basis, these transactions are not deemed to be realizing events for the purpose of the incentive fees calculations. Cash and payment-in-kind (\"PIK\") interest relating to debt investments held at fair value through profit or loss are recognized on an accruals basis within interest income (including PIK) in the audited consolidated statement of comprehensive income when the Group's right to receive payment is established. (c) Measurement As a matter of principle, financial assets and financial liabilities at fair value through profit or loss are initially recognized at fair value. Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in the fair value of the financial assets or financial liabilities at fair value through profit or loss are presented in the audited consolidated statement of comprehensive income within net income from financial assets at fair value through profit or loss in the period in which they arise. Distributions from Indirect Investments held at fair value through profit or loss are recognized in the audited consolidated statement of financial position when the Group's right to receive payment is established. Distributions received from Indirect Investments are recognized first as a repayment of the original capital contributed to the Indirect Investments which is substantially in keeping with the distribution arrangements prescribed by the constituent documents of the Indirect Investments. On repayment of any of the original capital contributed in full to the Indirect Investments, all subsequent distributions are recognized in the audited consolidated statement of comprehensive income within revaluation. Any interest and dividend distributions derived from Direct Investments are recognized when the Group's right to receive payment is established and included within interest and dividend income in the audited consolidated statement of comprehensive income. (d) Fair value estimation The fair values of financial instruments whose principal markets are actively traded exchange markets are based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the price within the bid-ask spread which is most representative of fair value at the end of the reporting period. In assessing the fair value of non-traded financial instruments, the Group uses a variety of market and income methods such as time of last financing, earnings and multiple analysis, discounted cash flow method and third-party valuation and makes assumptions that are based on market conditions and expected market participant assumptions existing at the end of each period. Quoted market prices or dealer quotes for specific similar instruments are also used for long-term debt where appropriate. Other information used in determining the fair value of non-traded financial instruments includes latest financial reports, subsequent cash flows and internally performed monitoring of triggering events (such as exits and initial public offerings (\"IPOs\")) as well as pricing movements in comparable investments together with techniques, such as option pricing models and estimated discounted value of future cash flows. Borrowings Borrowings consist of credit facilities and loans received either from financial institutions or from related parties. Such borrowings are initially recognized at fair value and subsequently measured at amortized cost using the effective interest rate method. Borrowings are derecognized when the obligation specified in the contract is discharged, canceled or expired. In the audited consolidated statement of financial position borrowings are classified as liabilities falling due within one year unless the maturities are more than twelve months after the end of the reporting period where they are classified as liabilities falling due after one year. Deferred payments Deferred payments meet the definition of a financial liability as they are a contractual obligation for a specified amount at a specified date. Deferred payments are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method. They are classified as liabilities falling due within one year unless the maturities are more than twelve months after the end of the reporting period where they are classified as liabilities falling due after one year. A deferred payment is derecognized when the obligation under the liability is paid or discharged. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-274": { "value": "Financial assets and financial liabilities at fair value through profit or loss (a) Classification The Group classifies its investments based on both the Group's business model for managing those financial assets and the contractual cash flow characteristics of the financial assets. The portfolio of financial assets is managed and performance is evaluated on a fair value basis. The Group is primarily focused on fair value information and uses that information to assess the assets' performance and to make decisions. The Group has not taken the option to irrevocably designate any equity securities as fair value through other comprehensive income. The contractual cash flows of the Group's debt securities are solely principal and interest; however, these securities are neither held for the purpose of collecting contractual cash flows nor held both for collecting contractual cash flows and for sale. The collection of contractual cash flows is only incidental to achieving the Group business model's objective. Consequently, all investments are measured at fair value through profit or loss. Where the Group has hedged the value of non-Functional Currency investments against the Functional Currency the Group does not use hedge accounting as defined in IFRS 9. Derivative financial instruments are classified as financial assets and financial liabilities at fair value through profit or loss in accordance with IFRS 9. They are initially recognized in the audited consolidated statement of financial position at fair value and are subsequently remeasured to fair value. As a result, the realized gains/losses and the unrealized changes in fair value are recognized in the audited consolidated statement of comprehensive income under the heading \"Other financial activities\". The fair values of various derivative instruments used for hedging purposes, if any, are disclosed in the notes. Financial assets and financial liabilities at fair value through profit or loss consist of interests which are acquired by the Group (including all related securities) in (typically unlisted) direct private market investments (\"Direct Investments\"), some of which are accessed through Partners Group's access vehicles, and all other types of investments, which comprise investments through Partners Group's funds, as well as other investment vehicles (\"Indirect Investments\"). These are managed and their performance is evaluated on a fair value basis in accordance with the Group's documented investment strategy. The Group's policy is used by the Investment Manager and the Directors to evaluate the information about these financial assets and liabilities on a fair value basis together with other related financial information. In setting the Group's investment policy the Directors have determined their intention to focus on making investments in entities that adopt an internationally recognized standard of accounting. (b) Recognition and derecognition All transactions relating to financial assets and financial liabilities at fair value through profit or loss are recognized on the settlement date or when all risks and rewards of ownership have been transferred. Any distributions, including return of principal of investment, received from the underlying Direct and Indirect Investments are recognized when the Group's right to receive payment has been established. Financial assets and financial liabilities at fair value through profit or loss are derecognized when the right to receive cash flows has expired or where substantially all risks and rewards of ownership have been transferred. Occasionally, the target investment structure may change under the normal course of operations, where an intermediary investment vehicle transfers its ownership in the underlying investment to another vehicle within the structure. These transfers are typically done at cost or fair value, depending on the jurisdiction in which the structures reside. On the basis that the underlying investments are monitored on a look-through basis, these transactions are not deemed to be realizing events for the purpose of the incentive fees calculations. Cash and payment-in-kind (\"PIK\") interest relating to debt investments held at fair value through profit or loss are recognized on an accruals basis within interest income (including PIK) in the audited consolidated statement of comprehensive income when the Group's right to receive payment is established. (c) Measurement As a matter of principle, financial assets and financial liabilities at fair value through profit or loss are initially recognized at fair value. Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in the fair value of the financial assets or financial liabilities at fair value through profit or loss are presented in the audited consolidated statement of comprehensive income within net income from financial assets at fair value through profit or loss in the period in which they arise. Distributions from Indirect Investments held at fair value through profit or loss are recognized in the audited consolidated statement of financial position when the Group's right to receive payment is established. Distributions received from Indirect Investments are recognized first as a repayment of the original capital contributed to the Indirect Investments which is substantially in keeping with the distribution arrangements prescribed by the constituent documents of the Indirect Investments. On repayment of any of the original capital contributed in full to the Indirect Investments, all subsequent distributions are recognized in the audited consolidated statement of comprehensive income within revaluation. Any interest and dividend distributions derived from Direct Investments are recognized when the Group's right to receive payment is established and included within interest and dividend income in the audited consolidated statement of comprehensive income. (d) Fair value estimation The fair values of financial instruments whose principal markets are actively traded exchange markets are based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the price within the bid-ask spread which is most representative of fair value at the end of the reporting period. In assessing the fair value of non-traded financial instruments, the Group uses a variety of market and income methods such as time of last financing, earnings and multiple analysis, discounted cash flow method and third-party valuation and makes assumptions that are based on market conditions and expected market participant assumptions existing at the end of each period. Quoted market prices or dealer quotes for specific similar instruments are also used for long-term debt where appropriate. Other information used in determining the fair value of non-traded financial instruments includes latest financial reports, subsequent cash flows and internally performed monitoring of triggering events (such as exits and initial public offerings (\"IPOs\")) as well as pricing movements in comparable investments together with techniques, such as option pricing models and estimated discounted value of future cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-268": { "value": "Financial assets and financial liabilities at fair value through profit or loss (a) Classification The Group classifies its investments based on both the Group's business model for managing those financial assets and the contractual cash flow characteristics of the financial assets. The portfolio of financial assets is managed and performance is evaluated on a fair value basis. The Group is primarily focused on fair value information and uses that information to assess the assets' performance and to make decisions. The Group has not taken the option to irrevocably designate any equity securities as fair value through other comprehensive income. The contractual cash flows of the Group's debt securities are solely principal and interest; however, these securities are neither held for the purpose of collecting contractual cash flows nor held both for collecting contractual cash flows and for sale. The collection of contractual cash flows is only incidental to achieving the Group business model's objective. Consequently, all investments are measured at fair value through profit or loss. Where the Group has hedged the value of non-Functional Currency investments against the Functional Currency the Group does not use hedge accounting as defined in IFRS 9. Derivative financial instruments are classified as financial assets and financial liabilities at fair value through profit or loss in accordance with IFRS 9. They are initially recognized in the audited consolidated statement of financial position at fair value and are subsequently remeasured to fair value. As a result, the realized gains/losses and the unrealized changes in fair value are recognized in the audited consolidated statement of comprehensive income under the heading \"Other financial activities\". The fair values of various derivative instruments used for hedging purposes, if any, are disclosed in the notes. Financial assets and financial liabilities at fair value through profit or loss consist of interests which are acquired by the Group (including all related securities) in (typically unlisted) direct private market investments (\"Direct Investments\"), some of which are accessed through Partners Group's access vehicles, and all other types of investments, which comprise investments through Partners Group's funds, as well as other investment vehicles (\"Indirect Investments\"). These are managed and their performance is evaluated on a fair value basis in accordance with the Group's documented investment strategy. The Group's policy is used by the Investment Manager and the Directors to evaluate the information about these financial assets and liabilities on a fair value basis together with other related financial information. In setting the Group's investment policy the Directors have determined their intention to focus on making investments in entities that adopt an internationally recognized standard of accounting. (b) Recognition and derecognition All transactions relating to financial assets and financial liabilities at fair value through profit or loss are recognized on the settlement date or when all risks and rewards of ownership have been transferred. Any distributions, including return of principal of investment, received from the underlying Direct and Indirect Investments are recognized when the Group's right to receive payment has been established. Financial assets and financial liabilities at fair value through profit or loss are derecognized when the right to receive cash flows has expired or where substantially all risks and rewards of ownership have been transferred. Occasionally, the target investment structure may change under the normal course of operations, where an intermediary investment vehicle transfers its ownership in the underlying investment to another vehicle within the structure. These transfers are typically done at cost or fair value, depending on the jurisdiction in which the structures reside. On the basis that the underlying investments are monitored on a look-through basis, these transactions are not deemed to be realizing events for the purpose of the incentive fees calculations. Cash and payment-in-kind (\"PIK\") interest relating to debt investments held at fair value through profit or loss are recognized on an accruals basis within interest income (including PIK) in the audited consolidated statement of comprehensive income when the Group's right to receive payment is established. (c) Measurement As a matter of principle, financial assets and financial liabilities at fair value through profit or loss are initially recognized at fair value. Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in the fair value of the financial assets or financial liabilities at fair value through profit or loss are presented in the audited consolidated statement of comprehensive income within net income from financial assets at fair value through profit or loss in the period in which they arise. Distributions from Indirect Investments held at fair value through profit or loss are recognized in the audited consolidated statement of financial position when the Group's right to receive payment is established. Distributions received from Indirect Investments are recognized first as a repayment of the original capital contributed to the Indirect Investments which is substantially in keeping with the distribution arrangements prescribed by the constituent documents of the Indirect Investments. On repayment of any of the original capital contributed in full to the Indirect Investments, all subsequent distributions are recognized in the audited consolidated statement of comprehensive income within revaluation. Any interest and dividend distributions derived from Direct Investments are recognized when the Group's right to receive payment is established and included within interest and dividend income in the audited consolidated statement of comprehensive income. (d) Fair value estimation The fair values of financial instruments whose principal markets are actively traded exchange markets are based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the price within the bid-ask spread which is most representative of fair value at the end of the reporting period. In assessing the fair value of non-traded financial instruments, the Group uses a variety of market and income methods such as time of last financing, earnings and multiple analysis, discounted cash flow method and third-party valuation and makes assumptions that are based on market conditions and expected market participant assumptions existing at the end of each period. Quoted market prices or dealer quotes for specific similar instruments are also used for long-term debt where appropriate. Other information used in determining the fair value of non-traded financial instruments includes latest financial reports, subsequent cash flows and internally performed monitoring of triggering events (such as exits and initial public offerings (\"IPOs\")) as well as pricing movements in comparable investments together with techniques, such as option pricing models and estimated discounted value of future cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-246": { "value": "Financial assets and financial liabilities at fair value through profit or loss (a) Classification The Group classifies its investments based on both the Group's business model for managing those financial assets and the contractual cash flow characteristics of the financial assets. The portfolio of financial assets is managed and performance is evaluated on a fair value basis. The Group is primarily focused on fair value information and uses that information to assess the assets' performance and to make decisions. The Group has not taken the option to irrevocably designate any equity securities as fair value through other comprehensive income. The contractual cash flows of the Group's debt securities are solely principal and interest; however, these securities are neither held for the purpose of collecting contractual cash flows nor held both for collecting contractual cash flows and for sale. The collection of contractual cash flows is only incidental to achieving the Group business model's objective. Consequently, all investments are measured at fair value through profit or loss. Where the Group has hedged the value of non-Functional Currency investments against the Functional Currency the Group does not use hedge accounting as defined in IFRS 9. Derivative financial instruments are classified as financial assets and financial liabilities at fair value through profit or loss in accordance with IFRS 9. They are initially recognized in the audited consolidated statement of financial position at fair value and are subsequently remeasured to fair value. As a result, the realized gains/losses and the unrealized changes in fair value are recognized in the audited consolidated statement of comprehensive income under the heading \"Other financial activities\". The fair values of various derivative instruments used for hedging purposes, if any, are disclosed in the notes. Financial assets and financial liabilities at fair value through profit or loss consist of interests which are acquired by the Group (including all related securities) in (typically unlisted) direct private market investments (\"Direct Investments\"), some of which are accessed through Partners Group's access vehicles, and all other types of investments, which comprise investments through Partners Group's funds, as well as other investment vehicles (\"Indirect Investments\"). These are managed and their performance is evaluated on a fair value basis in accordance with the Group's documented investment strategy. The Group's policy is used by the Investment Manager and the Directors to evaluate the information about these financial assets and liabilities on a fair value basis together with other related financial information. In setting the Group's investment policy the Directors have determined their intention to focus on making investments in entities that adopt an internationally recognized standard of accounting. (b) Recognition and derecognition All transactions relating to financial assets and financial liabilities at fair value through profit or loss are recognized on the settlement date or when all risks and rewards of ownership have been transferred. Any distributions, including return of principal of investment, received from the underlying Direct and Indirect Investments are recognized when the Group's right to receive payment has been established. Financial assets and financial liabilities at fair value through profit or loss are derecognized when the right to receive cash flows has expired or where substantially all risks and rewards of ownership have been transferred. Occasionally, the target investment structure may change under the normal course of operations, where an intermediary investment vehicle transfers its ownership in the underlying investment to another vehicle within the structure. These transfers are typically done at cost or fair value, depending on the jurisdiction in which the structures reside. On the basis that the underlying investments are monitored on a look-through basis, these transactions are not deemed to be realizing events for the purpose of the incentive fees calculations. Cash and payment-in-kind (\"PIK\") interest relating to debt investments held at fair value through profit or loss are recognized on an accruals basis within interest income (including PIK) in the audited consolidated statement of comprehensive income when the Group's right to receive payment is established. (c) Measurement As a matter of principle, financial assets and financial liabilities at fair value through profit or loss are initially recognized at fair value. Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in the fair value of the financial assets or financial liabilities at fair value through profit or loss are presented in the audited consolidated statement of comprehensive income within net income from financial assets at fair value through profit or loss in the period in which they arise. Distributions from Indirect Investments held at fair value through profit or loss are recognized in the audited consolidated statement of financial position when the Group's right to receive payment is established. Distributions received from Indirect Investments are recognized first as a repayment of the original capital contributed to the Indirect Investments which is substantially in keeping with the distribution arrangements prescribed by the constituent documents of the Indirect Investments. On repayment of any of the original capital contributed in full to the Indirect Investments, all subsequent distributions are recognized in the audited consolidated statement of comprehensive income within revaluation. Any interest and dividend distributions derived from Direct Investments are recognized when the Group's right to receive payment is established and included within interest and dividend income in the audited consolidated statement of comprehensive income. (d) Fair value estimation The fair values of financial instruments whose principal markets are actively traded exchange markets are based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the price within the bid-ask spread which is most representative of fair value at the end of the reporting period. In assessing the fair value of non-traded financial instruments, the Group uses a variety of market and income methods such as time of last financing, earnings and multiple analysis, discounted cash flow method and third-party valuation and makes assumptions that are based on market conditions and expected market participant assumptions existing at the end of each period. Quoted market prices or dealer quotes for specific similar instruments are also used for long-term debt where appropriate. Other information used in determining the fair value of non-traded financial instruments includes latest financial reports, subsequent cash flows and internally performed monitoring of triggering events (such as exits and initial public offerings (\"IPOs\")) as well as pricing movements in comparable investments together with techniques, such as option pricing models and estimated discounted value of future cash flows. Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the audited consolidated statement of financial position where there is currently a legally and contractually enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. A current legally and contractually enforceable right to offset must not be contingent on a future event. Furthermore, it must be legally and contractually enforceable in (i) the normal course of business; (ii) the event of default; and (iii) the event of insolvency or bankruptcy of the Group and any of the counterparties. Borrowings Borrowings consist of credit facilities and loans received either from financial institutions or from related parties. Such borrowings are initially recognized at fair value and subsequently measured at amortized cost using the effective interest rate method. Borrowings are derecognized when the obligation specified in the contract is discharged, canceled or expired. In the audited consolidated statement of financial position borrowings are classified as liabilities falling due within one year unless the maturities are more than twelve months after the end of the reporting period where they are classified as liabilities falling due after one year. Deferred payments Deferred payments meet the definition of a financial liability as they are a contractual obligation for a specified amount at a specified date. Deferred payments are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method. They are classified as liabilities falling due within one year unless the maturities are more than twelve months after the end of the reporting period where they are classified as liabilities falling due after one year. A deferred payment is derecognized when the obligation under the liability is paid or discharged. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-215": { "value": "Financial assets and financial liabilities at fair value through profit or loss (a) Classification The Group classifies its investments based on both the Group's business model for managing those financial assets and the contractual cash flow characteristics of the financial assets. The portfolio of financial assets is managed and performance is evaluated on a fair value basis. The Group is primarily focused on fair value information and uses that information to assess the assets' performance and to make decisions. The Group has not taken the option to irrevocably designate any equity securities as fair value through other comprehensive income. The contractual cash flows of the Group's debt securities are solely principal and interest; however, these securities are neither held for the purpose of collecting contractual cash flows nor held both for collecting contractual cash flows and for sale. The collection of contractual cash flows is only incidental to achieving the Group business model's objective. Consequently, all investments are measured at fair value through profit or loss. Where the Group has hedged the value of non-Functional Currency investments against the Functional Currency the Group does not use hedge accounting as defined in IFRS 9. Derivative financial instruments are classified as financial assets and financial liabilities at fair value through profit or loss in accordance with IFRS 9. They are initially recognized in the audited consolidated statement of financial position at fair value and are subsequently remeasured to fair value. As a result, the realized gains/losses and the unrealized changes in fair value are recognized in the audited consolidated statement of comprehensive income under the heading \"Other financial activities\". The fair values of various derivative instruments used for hedging purposes, if any, are disclosed in the notes. Financial assets and financial liabilities at fair value through profit or loss consist of interests which are acquired by the Group (including all related securities) in (typically unlisted) direct private market investments (\"Direct Investments\"), some of which are accessed through Partners Group's access vehicles, and all other types of investments, which comprise investments through Partners Group's funds, as well as other investment vehicles (\"Indirect Investments\"). These are managed and their performance is evaluated on a fair value basis in accordance with the Group's documented investment strategy. The Group's policy is used by the Investment Manager and the Directors to evaluate the information about these financial assets and liabilities on a fair value basis together with other related financial information. In setting the Group's investment policy the Directors have determined their intention to focus on making investments in entities that adopt an internationally recognized standard of accounting. (b) Recognition and derecognition All transactions relating to financial assets and financial liabilities at fair value through profit or loss are recognized on the settlement date or when all risks and rewards of ownership have been transferred. Any distributions, including return of principal of investment, received from the underlying Direct and Indirect Investments are recognized when the Group's right to receive payment has been established. Financial assets and financial liabilities at fair value through profit or loss are derecognized when the right to receive cash flows has expired or where substantially all risks and rewards of ownership have been transferred. Occasionally, the target investment structure may change under the normal course of operations, where an intermediary investment vehicle transfers its ownership in the underlying investment to another vehicle within the structure. These transfers are typically done at cost or fair value, depending on the jurisdiction in which the structures reside. On the basis that the underlying investments are monitored on a look-through basis, these transactions are not deemed to be realizing events for the purpose of the incentive fees calculations. Cash and payment-in-kind (\"PIK\") interest relating to debt investments held at fair value through profit or loss are recognized on an accruals basis within interest income (including PIK) in the audited consolidated statement of comprehensive income when the Group's right to receive payment is established. (c) Measurement As a matter of principle, financial assets and financial liabilities at fair value through profit or loss are initially recognized at fair value. Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in the fair value of the financial assets or financial liabilities at fair value through profit or loss are presented in the audited consolidated statement of comprehensive income within net income from financial assets at fair value through profit or loss in the period in which they arise. Distributions from Indirect Investments held at fair value through profit or loss are recognized in the audited consolidated statement of financial position when the Group's right to receive payment is established. Distributions received from Indirect Investments are recognized first as a repayment of the original capital contributed to the Indirect Investments which is substantially in keeping with the distribution arrangements prescribed by the constituent documents of the Indirect Investments. On repayment of any of the original capital contributed in full to the Indirect Investments, all subsequent distributions are recognized in the audited consolidated statement of comprehensive income within revaluation. Any interest and dividend distributions derived from Direct Investments are recognized when the Group's right to receive payment is established and included within interest and dividend income in the audited consolidated statement of comprehensive income. (d) Fair value estimation The fair values of financial instruments whose principal markets are actively traded exchange markets are based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the price within the bid-ask spread which is most representative of fair value at the end of the reporting period. In assessing the fair value of non-traded financial instruments, the Group uses a variety of market and income methods such as time of last financing, earnings and multiple analysis, discounted cash flow method and third-party valuation and makes assumptions that are based on market conditions and expected market participant assumptions existing at the end of each period. Quoted market prices or dealer quotes for specific similar instruments are also used for long-term debt where appropriate. Other information used in determining the fair value of non-traded financial instruments includes latest financial reports, subsequent cash flows and internally performed monitoring of triggering events (such as exits and initial public offerings (\"IPOs\")) as well as pricing movements in comparable investments together with techniques, such as option pricing models and estimated discounted value of future cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-217": { "value": "Short-term investments Short-term investments consist of investments in treasury bills and money-market funds with a stated maturity between three and twelve months at the date of acquisition. Short-term investments are classified and subsequently measured at fair value through profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-216": { "value": "Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the audited consolidated statement of financial position where there is currently a legally and contractually enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. A current legally and contractually enforceable right to offset must not be contingent on a future event. Furthermore, it must be legally and contractually enforceable in (i) the normal course of business; (ii) the event of default; and (iii) the event of insolvency or bankruptcy of the Group and any of the counterparties. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-218": { "value": "Cash and cash equivalents Cash and cash equivalents consist of cash at bank, term deposits, and MMFs with original maturity of three months or less from the date of acquisition. MMFs are classified as cash and cash equivalents due to its liquidity and insignificant risk of changes in value. The MMFs held at a constant net asset value have a weighted average maturity of less than 90 days and are able to be redeemed on a same day basis. Cash and cash equivalents are stated at the carrying amount as this is a reasonable approximation of fair value. Bank overdrafts are included within liabilities falling due within one year in the audited consolidated statement of financial position. Cash and cash equivalents may include unrestricted variation margin balances received from counterparties as collateral on derivative asset positions, which are due back to those counterparties on settlement of the derivatives. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-219": { "value": "Other short-term receivables and long-term receivables Other short-term receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are classified as current assets unless the maturities are more than twelve months after the end of the reporting period, where they are classified as non-current assets. Other short-term receivables are stated at the contractual amount less impairment, if any, as this is a reasonable approximation of fair value. Other short-term receivables may include variation margin balances paid to counterparties on derivative liability positions, which are due back from those counterparties on settlement of the derivatives. Other long-term receivables also include amounts receivable by the Group at the reporting date which represent distributions from underlying investments that are held through special purpose vehicles that could be subject to corporate tax in jurisdictions different to that of the Group. In certain cases, all distributions received from underlying investments must be retained in such vehicles until the investment is fully realized in order to benefit from such structuring. It has been determined that future payments may need to be made by the special purpose vehicles to tax authorities in the jurisdictions in which these are based, and as such not all of the amounts paid by the underlying investment may be recoverable in full by the Group should the distributions be taxed. As a result, these long-term receivable balances are assessed for taxes owing and the resulting revaluation of these long-term receivables is recorded under \"revaluation of long-term receivables\" in the audited consolidated statement of comprehensive income. These underlying investments and related calls and distributions have been accounted for on a look-through basis. Deferred receivables Deferred receivables meet the definition of a financial asset as they represent a contractual right to receive cash for a specified amount at a specified date. Deferred receivables which represent a financial asset are initially measured at fair value. Subsequently these are measured at amortized cost using the effective interest rate method. At the end of the reporting period, the Group shall measure the loss allowance on outstanding balance at an amount equal to the lifetime expected credit losses if the credit risk has increased significantly since initial recognition. If however, the credit risk has not increased significantly since initial recognition, the Group shall measure the loss allowance at an amount equal to 12-month expected credit losses. They are classified as assets falling due within one year unless the maturities are more than 12 months after the end of the reporting period where they are classified as assets falling due after one year. A deferred receivable is derecognized when the obligation to receive the specifically identified cash flows has been fulfilled, expired, or there are no reasonable expectations of recovering those cash flows in its entirety or a portion thereof. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-220": { "value": "Accruals and other short-term payables Accruals and other short-term payables are non-derivative financial liabilities with fixed or determinable payments that are not quoted in an active market. They are classified as liabilities falling due within one year unless the maturities are more than twelve months after the end of the reporting period where they are classified as liabilities falling due after one year. Accruals and short-term payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. Accruals and other short-term payables may include variation margin balances received as cash from counterparties on derivative asset positions, which are payable back to those counterparties on the settlement of the derivatives. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-221": { "value": "Borrowings Borrowings consist of credit facilities and loans received either from financial institutions or from related parties. Such borrowings are initially recognized at fair value and subsequently measured at amortized cost using the effective interest rate method. Borrowings are derecognized when the obligation specified in the contract is discharged, canceled or expired. In the audited consolidated statement of financial position borrowings are classified as liabilities falling due within one year unless the maturities are more than twelve months after the end of the reporting period where they are classified as liabilities falling due after one year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-247": { "value": "Equity Shares are classified as equity. Where any group company purchases the Company's equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs, is deducted from equity attributable to the Company's equity holders until the shares are canceled or reissued. Where such shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs, is included in equity attributable to the Company's equity holders. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-222": { "value": "Equity Shares are classified as equity. Where any group company purchases the Company's equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs, is deducted from equity attributable to the Company's equity holders until the shares are canceled or reissued. Where such shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs, is included in equity attributable to the Company's equity holders. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-248": { "value": "4 Critical accounting estimates and judgements There is significant subjectivity in the valuation of Direct and Indirect Investments with very little transparent market activity to provide support for fair value levels at which willing buyers and sellers would transact. In addition there is subjectivity in the cash flow modeling due to the fact that the underlying investments, in many cases, require funding based on their future development. The estimates and judgements employed therein are therefore continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. Unlisted investments For the valuation of such investments the Investment Manager reviews the latest information provided by underlying investments and other business counterparties, which frequently does not coincide with the valuation date, and applies widely recognized market and income valuation methods to such information such as time of last financing, earnings and multiple analysis, discounted cash flow method and third-party valuation as well as market prices of similar investments to estimate a fair value as at the end of the reporting period. Critical judgements In order to determine the underlying assumptions of such methods significant judgement is required. The areas of such judgement include, but are not limited to: \u2022 Selection of valuation technique; \u2022 Selection of a set of comparable listed companies; \u2022 Selection of performance measures of such listed companies in order to determine comparable trading multiples; \u2022 Selection of recent transactions for the sales comparison method; and \u2022 Identification of uncertain tax positions. As part of the fair valuation of such investments, the Investment Manager uses observable market data (whenever possible), unobservable data and cash flow data to consider and determine the fair values of the underlying investments. Furthermore the Investment Manager considers the overall portfolio against observable data and general market developments to determine if the valuations attributed appear to be fair based on the current market environment. The Investment Manager makes practical efforts to obtain the latest available information pertaining to the underlying unquoted investments. The Investment Manager adheres to fair value assessment procedures that are determined independently of its investment committee as part of the continuous evaluation of the fair value of the underlying unquoted investments. Critical estimates The Group estimates the fair value of an investment as at the valuation date based on an assessment of relevant applicable indicators of fair value. Such indicators may include, but are not limited to: \u2022 Determination of adjustments to comparable trading multiples based on qualitative factors; \u2022 Determination of future cash flows; \u2022 Determination of applicable discount rates considering own and counterparties' credit risk; \u2022 Determination of applicable capitalization rates for the income method; \u2022 Determination of price within the bid-ask spread for investments with available broker quotes; \u2022 An underlying investment's most recent reporting information, including a detailed analysis of underlying company performance and investment transactions with the Indirect Investments between the latest available reporting information of the underlying investment and the end of the reporting period of the Group; \u2022 Review of a Direct Investment's most recent accounting and cash flow reports and models, including data supplied by both the sponsor and the company and any additional available information between the date of these reports and the end of the reporting period of the Group; \u2022 Review of recent transaction prices and merger and acquisition activity for similar Direct Investments; \u2022 Review of the Indirect Investment's application of generally accepted accounting principles and the valuation method applied for its underlying investments, such as discounted cash flow and multiple analysis, which are based on available information; \u2022 Review of current market environment and the impact of it on the Direct and Indirect Investments; and \u2022 Determination of the impact of uncertain tax positions on the valuation. The variety of valuation bases adopted, quality of management information provided by the underlying Indirect Investments and the lack of liquid markets for the investments held mean that there are inherent difficulties in determining the fair values of these investments that cannot be eliminated. There are significant estimates and assumptions that are used in establishing the fair value of financial assets and liabilities. As a result, the actual amounts realized on the sale of these instruments may differ from the fair values reflected in these audited consolidated financial statements and these differences may be significant as a result of the judgements and estimates applied. The output of the above estimation of the fair value of investments is a significant factor in the calculation of estimated incentive fee accruals and any rebates. Cash flow modeling In addition to the review of historical data within the cash flow modeling, the Investment Manager also takes into account current portfolio data together with the expected development of the market environment based on observable market information and subjects this to simulations and stress-testing with consideration of certain scenarios which could occur and their potential impact on the Group and its investment commitment and funding strategy. The results of such observations are included within the investment models to provide an insight into future expected cash flows and the liquidity requirements of the Group. Critical estimates As at the end of the reporting period, the Group estimates the cash flow requirements based on an assessment of all applicable indicators, which may include but are not limited to the following: \u2022 Historical statistical data: external and internal data serve as the statistical basis of the quantitative model; \u2022 Current portfolio company information: the model is updated to take into account current data from the Group's Direct and Indirect Investments; \u2022 Input from the Investment Manager's investment professionals: quantitative and qualitative inputs from the general market environment and specific portfolio in the model; \u2022 Monte-Carlo simulations and stress-tests: stochastic behavior of private market cash flows combined with valuations and tailor-made scenario analyses provide the basis for commitment decisions and quantitative risk management; and \u2022 Use of borrowings and anticipated usage of such borrowings for anticipated drawdowns in relation to unfunded commitments to Direct and Indirect Investments. There are judgements made, based on assumptions concerning the future, and uncertainty in the estimates in the cash flow modeling method and as such the Investment Manager, on instruction from the Board of Directors, continuously compares these assumptions against actual market and business developments and revises the cash flow model accordingly. Investment entity status of Subsidiaries The assessment whether to consolidate the Subsidiaries which relate to the Group's investment activities requires judgement as to whether those Subsidiaries meet the definition of an Investment Entity in IFRS 10 and provide services that relate to the Company's investment activities. Management has assessed the amendment to IFRS 10 (effective 1 January 2016) and concluded that each of the Subsidiaries does not meet the definition of an Investment Entity in accordance with IFRS, primarily because each of the Subsidiaries has a single investor, which is a related party. Each of the Subsidiaries' primary services is to provide investment-related services to the parent company, including but not limited to providing investment management services to the Company and acting as guarantor to the Company of its short-term credit facility.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-223": { "value": "
5 Expenses
Management fees
Under the Investment Management Agreement (\u201cIMA\u201d) between the Company and Investment Manager, the Company pays
quarterly management fees to the Investment Manager in arrears. The quarterly management fees are calculated as 0.375%
of the private equity asset value which is the higher of (i) the net asset value of the Company and (ii) the value of the assets
less any temporary investments of the Company, plus the amount of the Company's unfunded commitments to make investments.
The below highlights the changes in management fees calculation basis effective 1 July 2020:
(i) The private equity asset value excludes the unfunded commitments of primary and secondary investments; and
(ii) The management fees are reduced or offset by the amount that would have been charged had the rate in relation to the
loan master fund investment been 0.6% per annum.
Administration fees
The administration fees are paid quarterly in advance pursuant to the administration agreement between the Company and
Partners Group (Guernsey) Limited (the \"Administrator\"). With effect from 1 July 2022, the quarterly administration fees are
calculated as 0.0125% of the first EUR 900 million of net asset value of the Company (previously 0.0125% of the first USD
1 billion of net assets) and 0.005% of the amount by which such net asset value of the Company exceeds EUR 900 million
(previously 0.005% of the amount by which such net assets exceed USD 1 billion).
Service fees
For the services provided under the investor relations agreement, the Company pays the Investment Manager a quarterly
compensation of EUR 62,500 excluding value added tax, if any, including any overhead, travel, out-of-pocket, information
technology, and other infrastructure expenses in connection with the provision of services under the agreement.
Incentive fees
In accordance with the IMA, the Investment Manager is entitled to receive a share of the realized profits of the Company,
otherwise referred to as incentive fees. Incentive fees, at each reporting date, are calculated taking into account the required
performance conditions and distribution arrangements of the Company in accordance with the IMA.
Distributions of cash proceeds derived from each secondary investment are distributed to the Company or due to the Investment
Manager as incentive fees in the following order of priority: (i) the Company receives 100% of all distributions derived from
the relevant secondary investment (\"relevant distributions\") until it has received relevant distributions equal to its acquisition
cost in respect of the relevant secondary investment plus an amount (the \"preferred return\") calculated at the rate of 8% per
annum compounded annually on the amount outstanding in respect to the relevant secondary investment from time to time,
taking into account the timing of the relevant cash flows; (ii) thereafter, incentive fees equal to 100% of further relevant
distributions received by the Company are due and payable to the Investment Manager until such time as the Investment
Manager has received 10% of the sum of the preferred return distributed to the Company and the incentive fees due and
payable to the Investment Manager; and (iii) thereafter, additional incentive fees equal to 10% of further relevant distributions
received by the Company are due and payable to the Investment Manager.
Distributions of cash proceeds derived from each Direct Investment are distributed to the Company or due to the Investment
Manager as incentive fees in the following order of priority: (i) the Company receives 100% of all distributions derived from
the relevant Direct Investment (\"relevant distributions\") until it has received relevant distributions equal to its acquisition cost
in respect of the relevant Direct Investment plus an amount (the \"preferred return\") calculated at the rate of 8% per annum
c ompounded annually on the amount outstanding in respect to the relevant Direct Investment from time to time, taking into account the timing of the relevant cash flows; (ii) thereafter, incentive fees equal to 100% of further relevant distributions received by the Company are due and payable to the Investment Manager until such time as the Investment Manager has received 15% of the sum of the preferred return distributed to the Company and the incentive fees due and payable to the Investment Manager; and (iii) thereafter, additional incentive fees equal to 15% of further relevant distributions received by the Company are due and payable to the Investment Manager. Incentive fees are calculated based on the value of each direct and secondary investments during the reporting period, whether or not such investments are made through a pooling vehicle. This calculation is performed separately for each direct and secondary investment. The foreign currency exchange fluctuations are included in this calculation. The change in incentive fees is accounted for on an accruals basis and is presented separately in the audited consolidated statement of comprehensive income. Audit fees During the reporting period, the Company paid audit fees in the amount of EUR 146,443 (2022: EUR 133,732).", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-249": { "value": "Management fees Under the Investment Management Agreement (\u201cIMA\u201d) between the Company and Investment Manager, the Company pays quarterly management fees to the Investment Manager in arrears. The quarterly management fees are calculated as 0.375% of the private equity asset value which is the higher of (i) the net asset value of the Company and (ii) the value of the assets less any temporary investments of the Company, plus the amount of the Company's unfunded commitments to make investments. The below highlights the changes in management fees calculation basis effective 1 July 2020: (i) The private equity asset value excludes the unfunded commitments of primary and secondary investments; and (ii) The management fees are reduced or offset by the amount that would have been charged had the rate in relation to the loan master fund investment been 0.6% per annum. Administration fees The administration fees are paid quarterly in advance pursuant to the administration agreement between the Company and Partners Group (Guernsey) Limited (the \"Administrator\"). With effect from 1 July 2022, the quarterly administration fees are calculated as 0.0125% of the first EUR 900 million of net asset value of the Company (previously 0.0125% of the first USD 1 billion of net assets) and 0.005% of the amount by which such net asset value of the Company exceeds EUR 900 million (previously 0.005% of the amount by which such net assets exceed USD 1 billion). Service fees For the services provided under the investor relations agreement, the Company pays the Investment Manager a quarterly compensation of EUR 62,500 excluding value added tax, if any, including any overhead, travel, out-of-pocket, information technology, and other infrastructure expenses in connection with the provision of services under the agreement. Incentive fees In accordance with the IMA, the Investment Manager is entitled to receive a share of the realized profits of the Company, otherwise referred to as incentive fees. Incentive fees, at each reporting date, are calculated taking into account the required performance conditions and distribution arrangements of the Company in accordance with the IMA. Distributions of cash proceeds derived from each secondary investment are distributed to the Company or due to the Investment Manager as incentive fees in the following order of priority: (i) the Company receives 100% of all distributions derived from the relevant secondary investment (\"relevant distributions\") until it has received relevant distributions equal to its acquisition cost in respect of the relevant secondary investment plus an amount (the \"preferred return\") calculated at the rate of 8% per annum compounded annually on the amount outstanding in respect to the relevant secondary investment from time to time, taking into account the timing of the relevant cash flows; (ii) thereafter, incentive fees equal to 100% of further relevant distributions received by the Company are due and payable to the Investment Manager until such time as the Investment Manager has received 10% of the sum of the preferred return distributed to the Company and the incentive fees due and payable to the Investment Manager; and (iii) thereafter, additional incentive fees equal to 10% of further relevant distributions received by the Company are due and payable to the Investment Manager. Distributions of cash proceeds derived from each Direct Investment are distributed to the Company or due to the Investment Manager as incentive fees in the following order of priority: (i) the Company receives 100% of all distributions derived from the relevant Direct Investment (\"relevant distributions\") until it has received relevant distributions equal to its acquisition cost in respect of the relevant Direct Investment plus an amount (the \"preferred return\") calculated at the rate of 8% per annum ompounded annually on the amount outstanding in respect to the relevant Direct Investment from time to time, taking into account the timing of the relevant cash flows; (ii) thereafter, incentive fees equal to 100% of further relevant distributions received by the Company are due and payable to the Investment Manager until such time as the Investment Manager has received 15% of the sum of the preferred return distributed to the Company and the incentive fees due and payable to the Investment Manager; and (iii) thereafter, additional incentive fees equal to 15% of further relevant distributions received by the Company are due and payable to the Investment Manager. Incentive fees are calculated based on the value of each direct and secondary investments during the reporting period, whether or not such investments are made through a pooling vehicle. This calculation is performed separately for each direct and secondary investment. The foreign currency exchange fluctuations are included in this calculation. The change in incentive fees is accounted for on an accruals basis and is presented separately in the audited consolidated statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-250": { "value": "
Audit fees
During the reporting period, the Company paid audit fees in the amount of EUR 146,443 (2022: EUR 133,732).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-226": { "value": "
6 Taxation
The Company and the Subsidiaries are exempt from taxation in Guernsey under The Income Tax (Exempt Bodies) (Guernsey)
Ordinance, 1989 and are each liable for the payment of an annual fixed rate of GBP 1,200 per annum for the granting of the
exemption.
The Group may incur withholding taxes imposed by certain countries on income from underlying investments. Such income
is recognized gross of withholding taxes in the audited consolidated statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-225": { "value": "
7 Dividends
During the reporting period, the Board of Directors of Princess Private Equity Holding Limited declared two interim dividends,
each of EUR 0.365 per ordinary share, which were paid on 2 June 2023 and 15 December 2023 to shareholders on the
register of members as at 28 April 2023 and 10 November 2023, respectively, in total amounting to EUR 50.5 million (2022:
one interim dividend of EUR 0.38 per ordinary share, which was paid on 17 June 2022 to shareholders on the register of
members as at 13 May 2022, in total amounting to EUR 26.3 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-252": { "value": "0.00365", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-253": { "value": "0.0038", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-251": { "value": "
8 Segment calculation
The Investment Manager makes strategic allocations of assets between segments on behalf of the Group. The Group has
determined the operating segments based on the internal reporting provided by the Investment Manager to the Board of
Directors on a regular basis.
The Investment Manager considers that the investment portfolio of the Group may consist of up to five sub-portfolios, which
are managed by specialist teams within the Investment Manager. Only those segments applicable within the reporting period
have been reflected in these audited consolidated financial statements and the notes below. There were no changes in the
reportable segments during the period.
The Investment Manager assesses the performance of the reportable segments based on the net income from and capital
appreciation of the financial assets at fair value through profit or loss by segment, based on the fair value methodologies
adopted by the Group. This measurement basis excludes any additional general income and expenses which are not allocated
to segments but are managed by the Administrator on a central basis.
Total assets allocated to reportable segments are those financial instruments presented in the audited consolidated statement of financial position by segment, and the Group's other assets, receivables, liabilities, and cash are not considered to be segment assets or liabilities and are managed centrally by the Administrator. Hedging gains and losses are attributable to hedging activities of the Group and managed on a central basis by the Investment Manager and Administrator and the Group's management and incentive fees paid are not considered to be segment expenses. The segment information provided by the Investment Manager with respect to reportable segments for the period is as follows:
01.01.2023 01.01.2022
In thousands of EUR 31.12.2023 31.12.2022
Private equity
Interest&dividendincome
47
543
Revaluation
54,660
25,693
Withholdingtaxondirectprivateequityinvestments
(832)
(428)
Netforeignexchangegains/(losses)
(10,253)
20,639
Totalnetincomeprivateequity
43,622
46,447
Segmentresultprivateequity
43,622
46,447
Private debt
Interestincome(includingpayment-in-kind)
(427)
(155)
Revaluation
7
(3,363)
Netforeignexchangegains/(losses)
(737)
1,425
Totalnetincomeprivatedebt
(1,157)
(2,093)
Segmentresultprivatedebt
(1,157)
(2,093)
Private real estate
Revaluation
(12)
(52)
Totalnetincomeprivaterealestate
(12)
(52)
Segmentresultprivaterealestate
(12)
(52)
Private infrastructure
Interest&dividendincome
244
-
Revaluation
4,387
2,721
Netforeignexchangegains/(losses)
(839)
1,223
Totalnetincomeprivateinfrastructure
3,792
3,944
Segmentresultprivateinfrastructure
3,792
3,944
Non-attributable
Netforeignexchangegains/(losses)
(17)
754
Totalnetincomenon-attributable
(17)
754
Segmentresultnon-attributable
(28,966)
(35,149)
Otherfinancialactivitiesnotallocated
1,142
(30,530)
Surplus/(loss)forperiod
18,421
(17,433)
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-224": { "value": "8 Segment calculation The Investment Manager makes strategic allocations of assets between segments on behalf of the Group. The Group has determined the operating segments based on the internal reporting provided by the Investment Manager to the Board of Directors on a regular basis. The Investment Manager considers that the investment portfolio of the Group may consist of up to five sub-portfolios, which are managed by specialist teams within the Investment Manager. Only those segments applicable within the reporting period have been reflected in these audited consolidated financial statements and the notes below. There were no changes in the reportable segments during the period. The Investment Manager assesses the performance of the reportable segments based on the net income from and capital appreciation of the financial assets at fair value through profit or loss by segment, based on the fair value methodologies adopted by the Group. This measurement basis excludes any additional general income and expenses which are not allocated to segments but are managed by the Administrator on a central basis.
Total assets allocated to reportable segments are those financial instruments presented in the audited consolidated statement
of financial position by segment, and the Group's other assets, receivables, liabilities, and cash are not considered to be segment
assets or liabilities and are managed centrally by the Administrator. Hedging gains and losses are attributable to hedging
activities of the Group and managed on a central basis by the Investment Manager and Administrator and the Group's
management and incentive fees paid are not considered to be segment expenses.
The segment information provided by the Investment Manager with respect to reportable segments for the period is as follows:
01.01.2023 01.01.2022
In thousands of EUR 31.12.2023 31.12.2022
Private equity
Interest&dividendincome
47
543
Revaluation
54,660
25,693
Withholdingtaxondirectprivateequityinvestments
(832)
(428)
Netforeignexchangegains/(losses)
(10,253)
20,639
Totalnetincomeprivateequity
43,622
46,447
Segmentresultprivateequity
43,622
46,447
Private debt
Interestincome(includingpayment-in-kind)
(427)
(155)
Revaluation
7
(3,363)
Netforeignexchangegains/(losses)
(737)
1,425
Totalnetincomeprivatedebt
(1,157)
(2,093)
Segmentresultprivatedebt
(1,157)
(2,093)
Private real estate
Revaluation
(12)
(52)
Totalnetincomeprivaterealestate
(12)
(52)
Segmentresultprivaterealestate
(12)
(52)
Private infrastructure
Interest&dividendincome
244
-
Revaluation
4,387
2,721
Netforeignexchangegains/(losses)
(839)
1,223
Totalnetincomeprivateinfrastructure
3,792
3,944
Segmentresultprivateinfrastructure
3,792
3,944
Non-attributable
Netforeignexchangegains/(losses)
(17)
754
Totalnetincomenon-attributable
(17)
754
Segmentresultnon-attributable
(28,966)
(35,149)
Otherfinancialactivitiesnotallocated
1,142
(30,530)
Surplus/(loss)forperiod
18,421
(17,433)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-269": { "value": "8 Segment calculation The Investment Manager makes strategic allocations of assets between segments on behalf of the Group. The Group has determined the operating segments based on the internal reporting provided by the Investment Manager to the Board of Directors on a regular basis. The Investment Manager considers that the investment portfolio of the Group may consist of up to five sub-portfolios, which are managed by specialist teams within the Investment Manager. Only those segments applicable within the reporting period have been reflected in these audited consolidated financial statements and the notes below. There were no changes in the reportable segments during the period. The Investment Manager assesses the performance of the reportable segments based on the net income from and capital appreciation of the financial assets at fair value through profit or loss by segment, based on the fair value methodologies adopted by the Group. This measurement basis excludes any additional general income and expenses which are not allocated to segments but are managed by the Administrator on a central basis. Total assets allocated to reportable segments are those financial instruments presented in the audited consolidated statement of financial position by segment, and the Group's other assets, receivables, liabilities, and cash are not considered to be segment assets or liabilities and are managed centrally by the Administrator. Hedging gains and losses are attributable to hedging activities of the Group and managed on a central basis by the Investment Manager and Administrator and the Group's management and incentive fees paid are not considered to be segment expenses. The segment information provided by the Investment Manager with respect to reportable segments for the period is as follows:
01.01.2023 01.01.2022
In thousands of EUR 31.12.2023 31.12.2022
Private equity
Interest&dividendincome
47
543
Revaluation
54,660
25,693
Withholdingtaxondirectprivateequityinvestments
(832)
(428)
Netforeignexchangegains/(losses)
(10,253)
20,639
Totalnetincomeprivateequity
43,622
46,447
Segmentresultprivateequity
43,622
46,447
Private debt
Interestincome(includingpayment-in-kind)
(427)
(155)
Revaluation
7
(3,363)
Netforeignexchangegains/(losses)
(737)
1,425
Totalnetincomeprivatedebt
(1,157)
(2,093)
Segmentresultprivatedebt
(1,157)
(2,093)
Private real estate
Revaluation
(12)
(52)
Totalnetincomeprivaterealestate
(12)
(52)
Segmentresultprivaterealestate
(12)
(52)
Private infrastructure
Interest&dividendincome
244
-
Revaluation
4,387
2,721
Netforeignexchangegains/(losses)
(839)
1,223
Totalnetincomeprivateinfrastructure
3,792
3,944
Segmentresultprivateinfrastructure
3,792
3,944
Non-attributable
Netforeignexchangegains/(losses)
(17)
754
Totalnetincomenon-attributable
(17)
754
Segmentresultnon-attributable
(28,966)
(35,149)
Otherfinancialactivitiesnotallocated
1,142
(30,530)
Surplus/(loss)forperiod
18,421
(17,433)
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-270": { "value": "
9 Financial assets at fair value through profit or loss
9.1 PRIVATE EQUITY
31.12.2023
31.12.2022
In thousands of EUR
Balanceatbeginningofperiod
968,814
852,606
PurchaseofDirectandIndirectInvestments
4,790
154,905
DistributionsfromandproceedsfromsalesofDirectandIndirectInvestments
(47,799)
(84,127)
Accruedcashandpayment-in-kindinterest
11
(474)
Revaluation
54,660
25,693
Withholdingtaxondirectprivateequityinvestments
(832)
(428)
Netforeignexchangegains/(losses)
(10,253)
20,639
Balanceatendofperiod
969,391
968,814
Movementinunrealizedgains/(losses)stillheldatendofperiod
20,460
(23,482)
<>
9.2 PRIVATE DEBT
31.12.2023
31.12.2022
In thousands of EUR
Balanceatbeginningofperiod
22,136
162,771
PurchaseofDirectandIndirectInvestments
995
(423)
DistributionsfromandproceedsfromsalesofDirectandIndirectInvestments
(1,117)
(137,720)
Accruedcashandpayment-in-kindinterest
(661)
(554)
Revaluation
7
(3,363)
Netforeignexchangegains/(losses)
(737)
1,425
Balanceatendofperiod
20,623
22,136
Movementinunrealizedgains/(losses)stillheldatendofperiod
2,417
(510)
<>
Purchase of Direct and Indirect Investments represents capital calls from underlying investments made by the Group. The amounts
invested may be negative for certain investments and this may occur where either the Group has invested into underlying investments
and received rebates on fees charged within such underlying investments, or where an underlying third-party investment has returned
monies to the Group which have been previously called but unutilized.
The balance above includes investment(s) in the amount of EUR 7,860,870 (2022: EUR 9,236,858), which meet the characteristics of
both Private Equity and Private Debt asset class categorization. These investments continue to be classified within the Private Debt
investment categorization.
9.3 PRIVATE REAL ESTATE
31.12.2023
31.12.2022
In thousands of EUR
Balanceatbeginningofperiod
105
753
PurchaseofDirectandIndirectInvestments
(12)
(51)
DistributionsfromandproceedsfromsalesofDirectandIndirectInvestments
(4)
(545)
Revaluation
(12)
(52)
Balanceatendofperiod
77
105
Movementinunrealizedgains/(losses)stillheldatendofperiod
(28)
(649)
<> Purchase of Direct and Indirect Investments represents capital calls from underlying investments made by the Group. The amounts invested may be negative for certain investments and this may occur where either the Group has invested into underlying investments and received rebates on fees charged within such underlying investments, or where an underlying third-party investment has returned monies to the Group which have been previously called but unutilized. 9.4 PRIVATE INFRASTRUCTURE
31.12.2023
31.12.2022
In thousands of EUR
Balanceatbeginningofperiod
39,016
35,111
PurchaseofDirectandIndirectInvestments
1
454
DistributionsfromandproceedsfromsalesofDirectandIndirectInvestments
(3,597)
(493)
Revaluation
4,387
2,721
Netforeignexchangegains/(losses)
(839)
1,223
Balanceatendofperiod
38,968
39,016
Movementinunrealizedgains/(losses)stillheldatendofperiod
3,006
3,922
<> The balance above includes investment(s) in the amount of EUR 13,234,532 (2022: EUR 12,105,528), which meet the characteristics of both Private Equity and Private Infrastructure asset class categorization. These investments continue to be classified within the Private Infrastructure investment categorization. 11 Foreign exchange forward / option contracts
31.12.2023
31.12.2022
In thousands of EUR
Foreign exchange forward contracts
Unrealizedgains/(losses)
(22,889)
27,097
Realizedgains/(losses)
27,023
(55,475)
Totalgains/(losses)fromforwardcontracts
4,134
(28,378)
<> As at 31.12.2023 There were no open foreign currency hedging contracts / options. As at 31.12.2022 All contracts captured in the table below were able to be settled on a gross basis.
Open foreign exchange Volume of currency
Volumeofcurrency
Valuedate
Fair value (in
forward/option contracts sold (in thousands) bought (in thousands) thousands of
EUR)
Foreignexchangeforwardcontract
EUR54,141
USD57,200
04.01.2023
(523)
Foreignexchangeforwardcontract
USD57,200
EUR56,587
04.01.2023
2,968
Foreignexchangeforwardcontract
EUR54,183
USD57,300
18.01.2023
(521)
Foreignexchangeforwardcontract
USD57,300
EUR56,632
18.01.2023
2,968
Foreignexchangeforwardcontract
EUR40,605
GBP34,890
25.01.2023
(1,301)
Foreignexchangeforwardcontract
GBP34,890
EUR39,988
25.01.2023
686
Foreignexchangeforwardcontract
USD67,700
EUR69,129
01.02.2023
5,782
Foreignexchangeforwardcontract
USD67,700
EUR69,197
01.02.2023
5,850
Foreignexchangeforwardcontract
INR1,000,000
EUR11,432
15.02.2023
189
Foreignexchangeforwardcontract
INR1,000,000
EUR11,432
15.02.2023
189
Foreignexchangeforwardcontract
USD71,000
EUR68,271
08.03.2023
1,996
Foreignexchangeforwardcontract
USD71,000
EUR68,230
15.03.2023
1,979
Foreignexchangeforwardcontract
CHF12,400
EUR12,614
22.03.2023
17
Foreignexchangeforwardcontract
CHF26,750
EUR27,571
22.03.2023
395
Foreignexchangeforwardcontract
USD57,200
EUR53,786
05.04.2023
473
Foreignexchangeforwardcontract
USD57,300
EUR53,830
19.04.2023
471
Foreignexchangeforwardcontract
GBP34,890
EUR40,425
26.04.2023
1,271
14 Short-term credit facility The Company may borrow under a multi-currency revolving credit facility with Lloyds Bank Corporate Markets plc. The purpose of the facility is to provide funding for the acquisition of underlying investments and other working capital requirements. The facility is secured by way of a market standard security package including a pledge over the shares in Princess Private Equity Subholding Limited, a wholly owned subsidiary of the Company, and a pledge over ZKB Swiss and Credit Suisse bank accounts. The Company must maintain a total net asset value of at least EUR 500,000,000 (2022: EUR 350,000,000) and a total asset ratio (total debt plus current liabilities as a percentage of restricted net asset value) not greater than 25%. The restricted net asset value of the Program means total net asset value less: (a) the aggregate net asset value in the base currency, calculated using the exchange rate on the specified date, to the extent that it does not exceed the limits set out in the Diversity Tests as calculated based on (i) in respect of the period from the original date of this Agreement to and including the Reporting Switch Date, by reference to the most recent Quarterly Report or (ii) following the reporting switch date by reference to the most recent set of Annual Financial Statement, Semi-Annual Report or Quarterly Report; and (b) to the extent that the value of any shares of the Borrower that are acquired as per definition of Permitted Acquisition which is included in total net asset value, the value of such shares. Permitted Acquisition is (i) the acquisition of a Private Equity Investment directly or indirectly by Subco given that certain conditions are met, including compliance with financial covenants and the Investment Policy; and (ii) the acquisition by the Borrower of its own shares in the market or by tender offer, as permitted by the Constitutional Documents and the Companies (Guernsey) Law, 2008, in order to mitigate any discount to the net asset value at which such shares are trading. As at the end of the reporting period and the previous reporting period, no event of default has occurred. Dateofenteringtheagreement 27July2011 Amendmentdate 28February2023 Dateofterminationoftheagreement 13December2026 Totallendingcommitment EUR140,000,000(2022:EUR110,000,000) Basis of the interest on principal drawn is: Margin + Interest is payable using EURIBOR in relation to any loan in EUR plus margin. The margin is subject to the loan-to-value and is stepped between 2.95% and 3.25%. <>
31.12.2023
31.12.2022
In thousands of EUR
Short-term credit facility
Balanceatbeginningofperiod
-
25,000
Increaseincreditfacility
49,200
108,000
(Decrease)increditfacility
(30,200)
(133,000)
Balanceatendofperiod
19,000
-
17.16 OFFSETTING FINANCIAL INSTRUMENTS The Group is typically subject to master netting arrangements which are entered into with one or more derivative counterparties for all derivative assets and liabilities held with these counterparties. The Group may be required to maintain variation margin balances for the purpose of providing or receiving collateral on derivative positions. The Group and its counterparties have elected, where possible, to settle payment obligations between them on a net basis; however, in the event of an early termination in accordance with the terms of the master netting arrangement, the non-defaulting party can choose an early termination date for close-out netting of all outstanding transactions between the parties. Under the terms of the master netting arrangements, an early termination event includes the following: \u2022 Failure by a party to make payment when due; \u2022 Failure by a party to perform any obligation required by the agreement (other than payment) if such failure is not remedied within 20 business days after such failure; \u2022 Bankruptcy of a party. The Group's financial assets and liabilities subject to offsetting, enforceable master netting arrangements and similar agreements are presented by type of financial instrument. Amounts in \"D\" below relate to amounts subject to set-off that do not qualify for offsetting under \"B\" below. This includes amounts which are subject to set-off against the financial asset or financial liability disclosed in \"A\" which have not been offset in the audited consolidated statement of financial position. 17.17 OFFSETTING REPORTING PERIOD There are no financial assets or liabilities subject to offsetting, enforceable master netting arrangements and similar agreements as at the end of the reporting period. 17.18 OFFSETTING PREVIOUS REPORTING PERIOD Financial assets subjected to offsetting, enforceable master netting arrangements, and similar agreements:
A
B
C=A-B
D
E=C-D
in thousands of EUR
31.12.2022
Gross amounts
Gross amounts of
Net amounts of
Related amounts not set-off in the Net
of recognized recognized financial audited consolidated statement of amount
financial assets
financial liabilities
assets presented in
financial position
set-off in the the audited
audited consolidated
consolidated statement of
statement of financial position
financial position
Derivative assets
Financial
Cash/(Bank
Financial
Instruments Overdrafts) Instrument
Collateral
CounterpartyA
8,768
523
8,245
-
-
8,070
175
CounterpartyB
4,132
-
4,132
-
-
2,130
2,002
CounterpartyI
6,467
-
6,467
-
-
6,020
447
CounterpartyQ
17
-
17
-
-
-
17
CounterpartyAH
5,850
-
5,850
-
-
5,730
120
Financial liabilities subjected to offsetting, enforceable master netting arrangements, and similar agreements:
A
B
C=A-B
D
E=C-D
in thousands of EUR
31.12.2022
Gross amounts
Gross amounts of
Net amounts of
Related amounts not set-off in the audited
Net
of recognized recognized financial liabilities consolidated statement of financial amount
financial financial assets presented in the position
liabilities set-off in the audited
audited consolidated
consolidated statement of
statement of financial position
financial position
Derivative Financial Cash/(Bank Financial
liabilities Instruments Overdrafts) Instrument
Collateral
Counterparty
1,822
-
1,822
-
-
-
1,822
B 18 Fair value measurement IFRS 13 'Fair value measurement' requires the Group to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: \u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1); \u2022 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as observable prices or firm broker quotes) or indirectly (that is, derived from observable prices including discount adjustments to quoted prices in the case of regulatory restrictions to sell such securities) (level 2); \u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3). The level in the fair value hierarchy within which the fair value measurement is categorized in its entirety is determined on the basis of the lowest level of input that is significant to the fair value measurement in its entirety. For this purpose the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability. The determination of what constitutes \"observable\" requires significant judgement by the Group. The Group considers the observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. In the event that the Group holds any quoted investments, including any shares received as a result of an IPO or listed private market investments, these are valued based on quoted market prices in active markets and therefore classified in level 1. Any derivatives used for hedging and short-term investments valued using market dealer quotes can be redeemed at the fair value measured and are therefore classified in level 2. Level 3 comprises unquoted investments where the latest information, which may not coincide with the reporting date of the Group or the valuation date of the investments, provided by underlying investments and other business partners is reviewed, and widely recognized methods applied to value such investments are detailed in the 'Critical accounting estimates and judgements' note. The reconciliation of each class of financial instrument designated as level 3 is presented in the 'Financial assets at fair value through profit or loss' note. Transfers between level 1, 2 and 3, if any, are deemed to have happened at the end of the relevant reporting period. The Group's classification of financial assets and liabilities measured at fair value in the fair value hierarchy described above is presented as at the end of the relevant reporting period. 18.1 FAIR VALUE ESTIMATION REPORTING PERIOD
Level1
Level2
Level3
Totalbalance
In thousands of EUR
Assets
Othershort-termreceivables
-
-
4,245
4,245
Derivativesusedforhedging
-
-
-
-
Financial assets at fair value through profit or loss - equity
-
-
1,008,436
1,008,436
securities
Financial assets at fair value through profit or loss - debt
-
-
20,623
20,623
investments
Totalassets
-
-
1,033,304
1,033,304
Liabilities
Derivativesusedforhedging
-
-
-
-
Totalliabilities
-
-
-
-
<> During the reporting period, there were no transfers between level 3 and levels 1 and 2 of the fair value hierarchy. 18.2 FAIR VALUE ESTIMATION PREVIOUS REPORTING PERIOD
Level1
Level2
Level3
Totalbalance
In thousands of EUR
Assets
Othershort-termreceivables
-
-
3,867
3,867
Derivativesusedforhedging
-
24,711
-
24,711
Financial assets at fair value through profit or loss - equity
-
-
1,007,935
1,007,935
securities
Financial assets at fair value through profit or loss - debt
-
-
22,136
22,136
investments
Totalassets
-
24,711
1,033,938
1,058,649
Liabilities
Derivativesusedforhedging
-
(1,822)
-
(1,822)
Totalliabilities
-
(1,822)
-
(1,822)
<> During the previous reporting period, there were no transfers between level 3 and levels 1 and 2 of the fair value hierarchy. 18.3 FINANCIAL STATEMENT LINE ITEMS NOT HELD AT FAIR VALUE THROUGH PROFIT OR LOSS All assets and liabilities presented in the audited consolidated statement of financial position, except for those measured at fair value in accordance with IFRS 13, are measured at either amortized cost or their face value, both of which are deemed to be a reasonable approximation of their fair values. In conjunction with the fair value hierarchy disclosed in the 'Fair value measurement' note (Note 18): \u2022 Cash and cash equivalents as well as bank overdrafts are measured at values that would be reflective of level 1 prices. These include cash in hand, deposits held with banks, money market funds, other short-term investments in active markets and bank overdrafts. \u2022 Other receivables are measured at values that would be reflective of level 3 prices. These include contractual amounts for settlement of trades and other obligations due to the Group. \u2022 Accruals and other short-term payables represent the contractual amounts and obligations due by the Group for settlement of trades and expenses and are measured at values that would be reflective of level 2 prices, except for incentive fee accruals due by the Group which are reflective of level 3 prices. \u2022 Deferred payments are measured at values that would be reflective of level 2 prices. These consist of payments for financial assets purchased and receivables for financial assets sold, for which it was agreed with the contractual counterparty to defer one or more payment installments. \u2022 Borrowings include credit facilities and loan granted to the Group and are measured at values that would be reflective of level 2 prices. \u2022 Equity is a residual amount calculated by subtracting the total liabilities of the Group from the total assets of the Group. As the lowest level of input that is significant to the fair value measurement of the inputs into this equation is level 3, the values at which equity is measured would be reflective of level 3 prices. 18.4 SIGNIFICANT UNOBSERVABLE VALUATION INPUTS The Group primarily presents Level 3 investments using valuation techniques and inputs which consider the available underlying investment valuation information. Level 3 investments may consist of Equity instruments, Debt instruments, and Partnership investments. Partnership investments, if presented, include the Group's investments into external investment vehicles. Level 3 Partnership investments are generally valued at the Partnership investments' net asset values last reported by its governing bodies. When the reporting date of such net asset values does not coincide with the Group's reporting date, the net asset values are adjusted as a result of cash flows to/from a Partnership investment between the most recently available net asset value reported, and the end of the relevant reporting period. The valuation may also be adjusted for further information gathered through an ongoing investment monitoring process. This monitoring process includes, but is not limited to, binding bid offers, non-public information on developments of portfolio companies held by Partnership investments, syndicated transactions which involve such companies and the application of reporting standards by Partnership investments which do not apply the principle of fair valuation. The main inputs into the Group's valuation models for Equity and Debt instruments include: EBITDA multiples (based on budgeted/forward looking EBITDA or historical EBITDA of the issuer and EBITDA multiples of comparable listed companies for the equivalent period), discount rates, capitalization rates, price to book as well as price to earnings ratios and enterprise value to sales multiples. The Group also considers the original transaction prices, recent transactions in the same or similar instruments and completed third-party transactions in comparable instruments and adjusts the model as deemed necessary. Further inputs consist of external valuation appraisals and broker quotes. In order to assess level 3 valuations in accordance with the Constituent Documents, the performance of the investments held is reviewed on a regular basis. The appropriateness of the valuation model inputs, as well as the valuation result, is considered using various valuation methods and techniques generally recognized within the industry. From time to time, the Group may consider it appropriate to change the valuation model or technique used in the fair valuation depending on the individual investment circumstances, such as its maturity, stage of operations or recent transaction. The Group typically utilizes comparable trading multiples in arriving at the valuation for the Equity instruments. Comparable companies multiple techniques assume that the valuation of unquoted Equity instruments can be assessed by comparing performance measure multiples of similar quoted assets for which observable market prices are readily available. Factors considered in the determination of appropriate comparable public companies include industry, size, development stage, and strategy. Consequently, the most appropriate performance measure for determining the valuation of the relevant Equity instrument is selected (these include but are not limited to EBITDA multiples, price to earnings ratio for earnings or price to book ratio for book values). Trading multiples for each comparable company identified are calculated by dividing the enterprise value or market capitalization of the comparable company by the defined performance measure. The relevant trading multiples might be subject to adjustment for general qualitative differences such as liquidity, growth rate or quality of customer base between the valued Equity instrument and the comparable company set. The indicated fair value of the Equity instrument is determined by applying the relevant adjusted trading multiple to the identified performance measure of the valued company. The valuation of an Equity instrument may alternatively be derived using the discounted cash flow method by discounting its expected future cash flows to a present value at a rate of expected return that represents the time value of money and reflects its relative risks. Equity instruments can be valued by using the 'cash flow to investor' method (a debt instrument valuation), or indirectly, by deriving the enterprise value using the 'free cash flow to company' method and subsequently subtracting the investment's net debt in order to determine the equity value of the relevant investment. The expected future cash flows are determined based on agreed investment terms or expected growth rates. In addition, based on the current market environment an expected return of the respective Equity instrument is projected. The future cash flows are discounted to the date of the relevant reporting period end in order to determine the fair value. Debt instrument valuations are derived by applying widely acceptable valuation methods suitable for Debt instruments which include, but are not limited to, using reliable broker quotes and the comparable debt approach. Reliable broker quotes for Debt instruments are provided by a reputable financial information provider. These quotes are applied on the nominal value of such investments plus accrued interest (where applicable) to derive the fair value. The comparable debt approach arrives at the valuation of a Debt instrument by discounting its expected future cash flows to a present value with a benchmark rate derived from observable pricing levels of comparable debt instruments. Factors considered in the determination of such comparable instruments include, but are not limited to, industry, coupon, duration and maturity date. The Group utilizes the sales comparison method in arriving at the valuation for real estate investments, which are categorized under Equity instruments. The sales comparison method compares a real estate investment's characteristics with those of comparable properties which have recently been traded in the market. Factors considered in the determination of such comparable assets include, but are not limited to, size, location, development stage and property type. Consequently, the most appropriate measure for determining the valuation of the relevant real estate investment is selected (amongst others price per square foot, price per square meter). The comparable price per unit might be subject to adjustment for general qualitative differences which include, but are not limited to, quality of property and access to public transportation. The indicated fair value of the real estate investment is determined by applying the relevant price per unit to the respective real estate investment. The sales comparison method is most appropriate for real estate investments where the investment's size (e.g. square feet, square meters) is known and similar properties have recently traded in the market. The income method compares a real estate investment's net operating income to capitalization rates recently observed in the market to determine the present value. The capitalization rates from recent sales of comparable properties utilized in this method might be subject to adjustment for general qualitative differences which include, but are not limited to, quality of property, tenant mix and access to public transportation. Factors considered in the determination of such comparable properties include, but are not limited to, size, location, development stage and property type. The indicated fair value of the real estate investment is determined by applying the relevant capitalization rate to the real estate investment's net operating income. This method is most appropriate for income-generating real estate investments where the net operating income is known and similar properties have recently traded in the market. The valuation of level 3 Equity instruments derived using an unobservable input factor is directly affected by a change in that factor. The change in valuation of level 3 Equity instruments may vary between different investments of the same category as a result of individual levels of debt financing within such an investment. No interrelationship between unobservable inputs used in the Group's valuation of its level 3 investments has been identified. The Group presents investments whose fair values are measured in whole or in part using valuation techniques based on assumptions that are not supported by prices or other inputs from observable current market transactions in the same instrument and the effect of changing one or more of those assumptions behind the valuation techniques adopted based on reasonable possible alternative assumptions. Equity and Debt instruments may include certain investments using the valuation technique \"Reported fair value\". The Group receives external reporting where fair valuation of such investment is provided, hence their fair value is based on reported fair value rather than a direct investment valuation. The sensitivity analysis presents the potential change in fair value for each category of investments in absolute values. For a 5% movement in the significant unobservable input employed in the relevant valuation model, the corresponding incremental change in valuation of the investment is calculated. With respect to real estate equity investments, the sensitivity analysis as performed for Equity instruments, with changes in the relevant unobservable valuation inputs, would not translate into meaningful valuation movements. The reasons for this conclusion include, but are not limited to, the fact that variations in property location, quality and business plan result in comparisons across properties that are not meaningful. Unobservable inputs for a specific region will vary greatly based on the property's micro location, building finishes and amenities and leasing strategy. One-to-one comparisons are not possible even for buildings that are physically close to each other due to the differences in property features and occupancy. A sensitivity analysis is generally not performed for Equity and Debt instruments that have been invested into within the last three months of the relevant reporting period and where the acquisition cost was deemed to be fair value in accordance with IFRS 13 as insufficient time has passed to determine a reliable sensitivity range based on valuation inputs that would be considered appropriate by market participants. 18.5 SIGNIFICANT UNOBSERVABLE VALUATION INPUT TABLE REPORTING PERIOD
Type of
Fairvalueat
Valuationtechnique
Unobservableinput
Range(weighted
Sensitivity
security 31.12.2023 average)
Fair value in thousands of EUR
Equity
948,459
Market comparable Enterprise value
7.50x-35.20x
78,095
(78,095)
Instruments companies to EBITDA multiple (16.88x)
41,685
Discountedcashflow
Discountfactor
14.00%-16.75%
1,312
(1,312)
(14.55%)
25,046
ExitpriceRecenttransactionprice
n.a.
n.a.
n.a.
15,811
Marketcomparable
Pricetobookratio
1.90x-1.90x
791
(791)
companies (1.90x)
12,212
Market comparable
Enterprise value to sales
2.10x-
20.40x
761
(761)
companies multiple (6.81x)
419
Reportedfairvalue
Reportedfairvalue
n.a
21
(21)
Debt
4,836
Discountedcashflow
Discountfactor
12.00%-20.00%
55
(55)
Instruments (16.03%)
1,292 Market comparable Enterprise value
11.00x-11.00x
n.a.
n.a.
companies to EBITDA multiple (11.00x)
320
Market comparable
Enterprise value to sales
2.80x-2.80x
n.a.
n.a.
companies multiple (2.80x)
81
ExitpriceRecenttransactionprice
n.a.
n.a.
n.a.
Partnership
10,333
AdjustedreportednetReportednetassetvalue
n.a.
517
(517)
Investments asset value
454
Adjustedreportednet
Fairvalueadjustments
n.a.
23
(23)
asset value
1,060,948
Total
(31,889)AmountsfromPartnersGroupinvestmentvehicles
1,029,059
Totallevel3investments
n.a. - not meaningful as outlined in the note above <> The amounts from Partners Group investment vehicles pertain to non-investment related assets/(liabilities) and/or any difference in fair value classification of its underlying investments. In certain cases, this may also include underlying investments that are measured under level 1 or level 2 but presented under level 3 in fair value measurement note since the investments are held under external partnership investments. 18.6 SIGNIFICANT UNOBSERVABLE VALUATION INPUT TABLE PREVIOUS REPORTING PERIOD
Type of
Fairvalueat
Valuationtechnique
Unobservableinput
Range(weighted
Sensitivity
security 31.12.2022 average)
Fair value in thousands of EUR
Equity
930,259
Market comparable Enterprise value to
5.00x-34.00x
77,861
(77,861)
Instruments companies EBITDA multiple (15.94x)
35,721
Discountedcashflow
Discountfactor
13.45%-14.30%
255
(255)
(14.17%)
13,854
Marketcomparable
Pricetobookratio
1.68x-1.68x
693
(693)
companies (1.68x)
10,201
Recent
Recenttransactionprice
n.a.
n.a.
n.a.
financing/transaction
8,819
Market comparable
Enterprise value to sales
2.60x-
22.30x
424
(424)
companies multiple (8.23x)
671
Exitprice
Recenttransactionprice
n.a.
n.a.
n.a.
455
Reportedfairvalue
Reportedfairvalue
n.a
22
(22)
Debt
8,994
Brokerquotes
Indicativequotesforan
n.a.
n.a.
n.a.
Instruments inactive market
7,626
Discountedcashflow
Discountfactor
13.00%-23.00%
165
(165)
(15.78%)
81
Exitprice
Recenttransactionprice
n.a.
n.a.
n.a.
Partnership
24,272
AdjustedreportednetReportednetassetvalue
n.a.
1,214
(1,214)
Investments asset value
9
Adjustedreportednet
Fairvalueadjustments
n.a.
0
0
asset value
1,040,962
Total
(10,891)AmountsfromPartnersGroupinvestmentvehicles
1,030,071
Totallevel3investments
n.a. - not meaningful as outlined in the note above
<>
The amounts from Partners Group investment vehicles pertain to non-investment related assets/(liabilities) and/or any difference
in fair value classification of its underlying investments. In certain cases, this may also include underlying investments that are
measured under level 1 or level 2 but presented under level 3 in fair value measurement note since the investments are held
under external partnership investments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-227": { "value": "9 Financial assets at fair value through profit or loss 9.1 PRIVATE EQUITY
31.12.2023
31.12.2022
In thousands of EUR
Balanceatbeginningofperiod
968,814
852,606
PurchaseofDirectandIndirectInvestments
4,790
154,905
DistributionsfromandproceedsfromsalesofDirectandIndirectInvestments
(47,799)
(84,127)
Accruedcashandpayment-in-kindinterest
11
(474)
Revaluation
54,660
25,693
Withholdingtaxondirectprivateequityinvestments
(832)
(428)
Netforeignexchangegains/(losses)
(10,253)
20,639
Balanceatendofperiod
969,391
968,814
Movementinunrealizedgains/(losses)stillheldatendofperiod
20,460
(23,482)
<> 9.2 PRIVATE DEBT
31.12.2023
31.12.2022
In thousands of EUR
Balanceatbeginningofperiod
22,136
162,771
PurchaseofDirectandIndirectInvestments
995
(423)
DistributionsfromandproceedsfromsalesofDirectandIndirectInvestments
(1,117)
(137,720)
Accruedcashandpayment-in-kindinterest
(661)
(554)
Revaluation
7
(3,363)
Netforeignexchangegains/(losses)
(737)
1,425
Balanceatendofperiod
20,623
22,136
Movementinunrealizedgains/(losses)stillheldatendofperiod
2,417
(510)
<> Purchase of Direct and Indirect Investments represents capital calls from underlying investments made by the Group. The amounts invested may be negative for certain investments and this may occur where either the Group has invested into underlying investments and received rebates on fees charged within such underlying investments, or where an underlying third-party investment has returned monies to the Group which have been previously called but unutilized. The balance above includes investment(s) in the amount of EUR 7,860,870 (2022: EUR 9,236,858), which meet the characteristics of both Private Equity and Private Debt asset class categorization. These investments continue to be classified within the Private Debt investment categorization.
9.3 PRIVATE REAL ESTATE
31.12.2023
31.12.2022
In thousands of EUR
Balanceatbeginningofperiod
105
753
PurchaseofDirectandIndirectInvestments
(12)
(51)
DistributionsfromandproceedsfromsalesofDirectandIndirectInvestments
(4)
(545)
Revaluation
(12)
(52)
Balanceatendofperiod
77
105
Movementinunrealizedgains/(losses)stillheldatendofperiod
(28)
(649)
<>
Purchase of Direct and Indirect Investments represents capital calls from underlying investments made by the Group. The amounts
invested may be negative for certain investments and this may occur where either the Group has invested into underlying investments
and received rebates on fees charged within such underlying investments, or where an underlying third-party investment has returned
monies to the Group which have been previously called but unutilized.
9.4 PRIVATE INFRASTRUCTURE
31.12.2023
31.12.2022
In thousands of EUR
Balanceatbeginningofperiod
39,016
35,111
PurchaseofDirectandIndirectInvestments
1
454
DistributionsfromandproceedsfromsalesofDirectandIndirectInvestments
(3,597)
(493)
Revaluation
4,387
2,721
Netforeignexchangegains/(losses)
(839)
1,223
Balanceatendofperiod
38,968
39,016
Movementinunrealizedgains/(losses)stillheldatendofperiod
3,006
3,922
<>
The balance above includes investment(s) in the amount of EUR 13,234,532 (2022: EUR 12,105,528), which meet the characteristics
of both Private Equity and Private Infrastructure asset class categorization. These investments continue to be classified within the
Private Infrastructure investment categorization.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-254": { "value": "9 Financial assets at fair value through profit or loss 9.1 PRIVATE EQUITY
31.12.2023
31.12.2022
In thousands of EUR
Balanceatbeginningofperiod
968,814
852,606
PurchaseofDirectandIndirectInvestments
4,790
154,905
DistributionsfromandproceedsfromsalesofDirectandIndirectInvestments
(47,799)
(84,127)
Accruedcashandpayment-in-kindinterest
11
(474)
Revaluation
54,660
25,693
Withholdingtaxondirectprivateequityinvestments
(832)
(428)
Netforeignexchangegains/(losses)
(10,253)
20,639
Balanceatendofperiod
969,391
968,814
Movementinunrealizedgains/(losses)stillheldatendofperiod
20,460
(23,482)
<> 9.2 PRIVATE DEBT
31.12.2023
31.12.2022
In thousands of EUR
Balanceatbeginningofperiod
22,136
162,771
PurchaseofDirectandIndirectInvestments
995
(423)
DistributionsfromandproceedsfromsalesofDirectandIndirectInvestments
(1,117)
(137,720)
Accruedcashandpayment-in-kindinterest
(661)
(554)
Revaluation
7
(3,363)
Netforeignexchangegains/(losses)
(737)
1,425
Balanceatendofperiod
20,623
22,136
Movementinunrealizedgains/(losses)stillheldatendofperiod
2,417
(510)
<> Purchase of Direct and Indirect Investments represents capital calls from underlying investments made by the Group. The amounts invested may be negative for certain investments and this may occur where either the Group has invested into underlying investments and received rebates on fees charged within such underlying investments, or where an underlying third-party investment has returned monies to the Group which have been previously called but unutilized. The balance above includes investment(s) in the amount of EUR 7,860,870 (2022: EUR 9,236,858), which meet the characteristics of both Private Equity and Private Debt asset class categorization. These investments continue to be classified within the Private Debt investment categorization. 9.3 PRIVATE REAL ESTATE
31.12.2023
31.12.2022
In thousands of EUR
Balanceatbeginningofperiod
105
753
PurchaseofDirectandIndirectInvestments
(12)
(51)
DistributionsfromandproceedsfromsalesofDirectandIndirectInvestments
(4)
(545)
Revaluation
(12)
(52)
Balanceatendofperiod
77
105
Movementinunrealizedgains/(losses)stillheldatendofperiod
(28)
(649)
<> Purchase of Direct and Indirect Investments represents capital calls from underlying investments made by the Group. The amounts invested may be negative for certain investments and this may occur where either the Group has invested into underlying investments and received rebates on fees charged within such underlying investments, or where an underlying third-party investment has returned monies to the Group which have been previously called but unutilized. 9.4 PRIVATE INFRASTRUCTURE
31.12.2023
31.12.2022
In thousands of EUR
Balanceatbeginningofperiod
39,016
35,111
PurchaseofDirectandIndirectInvestments
1
454
DistributionsfromandproceedsfromsalesofDirectandIndirectInvestments
(3,597)
(493)
Revaluation
4,387
2,721
Netforeignexchangegains/(losses)
(839)
1,223
Balanceatendofperiod
38,968
39,016
Movementinunrealizedgains/(losses)stillheldatendofperiod
3,006
3,922
<> The balance above includes investment(s) in the amount of EUR 13,234,532 (2022: EUR 12,105,528), which meet the characteristics of both Private Equity and Private Infrastructure asset class categorization. These investments continue to be classified within the Private Infrastructure investment categorization.
18 Fair value measurement
IFRS 13 'Fair value measurement' requires the Group to classify fair value measurements using a fair value hierarchy that
reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:
\u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1);
\u2022 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is,
as observable prices or firm broker quotes) or indirectly (that is, derived from observable prices including discount adjustments
to quoted prices in the case of regulatory restrictions to sell such securities) (level 2);
\u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).
The level in the fair value hierarchy within which the fair value measurement is categorized in its entirety is determined on the
basis of the lowest level of input that is significant to the fair value measurement in its entirety. For this purpose the significance
of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs
that require significant adjustment based on unobservable inputs, that measurement is a level 3 measurement. Assessing the
significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific
to the asset or liability.
The determination of what constitutes \"observable\" requires significant judgement by the Group. The Group considers the
observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not
proprietary, and provided by independent sources that are actively involved in the relevant market.
In the event that the Group holds any quoted investments, including any shares received as a result of an IPO or listed private
market investments, these are valued based on quoted market prices in active markets and therefore classified in level 1.
Any derivatives used for hedging and short-term investments valued using market dealer quotes can be redeemed at the fair
value measured and are therefore classified in level 2.
Level 3 comprises unquoted investments where the latest information, which may not coincide with the reporting date of
the Group or the valuation date of the investments, provided by underlying investments and other business partners is reviewed,
and widely recognized methods applied to value such investments are detailed in the 'Critical accounting estimates and
judgements' note.
The reconciliation of each class of financial instrument designated as level 3 is presented in the 'Financial assets at fair value
through profit or loss' note.
Transfers between level 1, 2 and 3, if any, are deemed to have happened at the end of the relevant reporting period.
The Group's classification of financial assets and liabilities measured at fair value in the fair value hierarchy described above
is presented as at the end of the relevant reporting period.
18.1 FAIR VALUE ESTIMATION REPORTING PERIOD
Level1
Level2
Level3
Totalbalance
In thousands of EUR
Assets
Othershort-termreceivables
-
-
4,245
4,245
Derivativesusedforhedging
-
-
-
-
Financial assets at fair value through profit or loss - equity
-
-
1,008,436
1,008,436
securities
Financial assets at fair value through profit or loss - debt
-
-
20,623
20,623
investments
Totalassets
-
-
1,033,304
1,033,304
Liabilities
Derivativesusedforhedging
-
-
-
-
Totalliabilities
-
-
-
-
<>
During the reporting period, there were no transfers between level 3 and levels 1 and 2 of the fair value hierarchy.
18.2 FAIR VALUE ESTIMATION PREVIOUS REPORTING PERIOD
Level1
Level2
Level3
Totalbalance
In thousands of EUR
Assets
Othershort-termreceivables
-
-
3,867
3,867
Derivativesusedforhedging
-
24,711
-
24,711
Financial assets at fair value through profit or loss - equity
-
-
1,007,935
1,007,935
securities
Financial assets at fair value through profit or loss - debt
-
-
22,136
22,136
investments
Totalassets
-
24,711
1,033,938
1,058,649
Liabilities
Derivativesusedforhedging
-
(1,822)
-
(1,822)
Totalliabilities
-
(1,822)
-
(1,822)
<>
During the previous reporting period, there were no transfers between level 3 and levels 1 and 2 of the fair value hierarchy.
18.3 FINANCIAL STATEMENT LINE ITEMS NOT HELD AT FAIR VALUE THROUGH PROFIT OR LOSS
All assets and liabilities presented in the audited consolidated statement of financial position, except for those measured at
fair value in accordance with IFRS 13, are measured at either amortized cost or their face value, both of which are deemed to
be a reasonable approximation of their fair values.
In conjunction with the fair value hierarchy disclosed in the 'Fair value measurement' note (Note 18):
\u2022 Cash and cash equivalents as well as bank overdrafts are measured at values that would be reflective of level 1 prices.
These include cash in hand, deposits held with banks, money market funds, other short-term investments in active markets
and bank overdrafts.
\u2022 Other receivables are measured at values that would be reflective of level 3 prices. These include contractual amounts for
settlement of trades and other obligations due to the Group.
\u2022 Accruals and other short-term payables represent the contractual amounts and obligations due by the Group for settlement
of trades and expenses and are measured at values that would be reflective of level 2 prices, except for incentive fee
accruals due by the Group which are reflective of level 3 prices.
\u2022 Deferred payments are measured at values that would be reflective of level 2 prices. These consist of payments for financial
assets purchased and receivables for financial assets sold, for which it was agreed with the contractual counterparty to
defer one or more payment installments.
\u2022 Borrowings include credit facilities and loan granted to the Group and are measured at values that would be reflective of
level 2 prices.
\u2022 Equity is a residual amount calculated by subtracting the total liabilities of the Group from the total assets of the Group.
As the lowest level of input that is significant to the fair value measurement of the inputs into this equation is level 3, the
values at which equity is measured would be reflective of level 3 prices.
18.4 SIGNIFICANT UNOBSERVABLE VALUATION INPUTS
The Group primarily presents Level 3 investments using valuation techniques and inputs which consider the available underlying
investment valuation information. Level 3 investments may consist of Equity instruments, Debt instruments, and Partnership
investments. Partnership investments, if presented, include the Group's investments into external investment vehicles. Level
3 Partnership investments are generally valued at the Partnership investments' net asset values last reported by its governing
bodies. When the reporting date of such net asset values does not coincide with the Group's reporting date, the net asset
values are adjusted as a result of cash flows to/from a Partnership investment between the most recently available net asset
value reported, and the end of the relevant reporting period. The valuation may also be adjusted for further information
gathered through an ongoing investment monitoring process. This monitoring process includes, but is not limited to, binding
bid offers, non-public information on developments of portfolio companies held by Partnership investments, syndicated
transactions which involve such companies and the application of reporting standards by Partnership investments which do
not apply the principle of fair valuation.
The main inputs into the Group's valuation models for Equity and Debt instruments include: EBITDA multiples (based on
budgeted/forward looking EBITDA or historical EBITDA of the issuer and EBITDA multiples of comparable listed companies
for the equivalent period), discount rates, capitalization rates, price to book as well as price to earnings ratios and enterprise
value to sales multiples. The Group also considers the original transaction prices, recent transactions in the same or similar
instruments and completed third-party transactions in comparable instruments and adjusts the model as deemed necessary.
Further inputs consist of external valuation appraisals and broker quotes.
In order to assess level 3 valuations in accordance with the Constituent Documents, the performance of the investments
held is reviewed on a regular basis. The appropriateness of the valuation model inputs, as well as the valuation result, is
considered using various valuation methods and techniques generally recognized within the industry. From time to time, the
Group may consider it appropriate to change the valuation model or technique used in the fair valuation depending on the
individual investment circumstances, such as its maturity, stage of operations or recent transaction.
The Group typically utilizes comparable trading multiples in arriving at the valuation for the Equity instruments. Comparable companies multiple techniques assume that the valuation of unquoted Equity instruments can be assessed by comparing performance measure multiples of similar quoted assets for which observable market prices are readily available. Factors considered in the determination of appropriate comparable public companies include industry, size, development stage, and strategy. Consequently, the most appropriate performance measure for determining the valuation of the relevant Equity instrument is selected (these include but are not limited to EBITDA multiples, price to earnings ratio for earnings or price to book ratio for book values). Trading multiples for each comparable company identified are calculated by dividing the enterprise value or market capitalization of the comparable company by the defined performance measure. The relevant trading multiples might be subject to adjustment for general qualitative differences such as liquidity, growth rate or quality of customer base between the valued Equity instrument and the comparable company set. The indicated fair value of the Equity instrument is determined by applying the relevant adjusted trading multiple to the identified performance measure of the valued company. The valuation of an Equity instrument may alternatively be derived using the discounted cash flow method by discounting its expected future cash flows to a present value at a rate of expected return that represents the time value of money and reflects its relative risks. Equity instruments can be valued by using the 'cash flow to investor' method (a debt instrument valuation), or indirectly, by deriving the enterprise value using the 'free cash flow to company' method and subsequently subtracting the investment's net debt in order to determine the equity value of the relevant investment. The expected future cash flows are determined based on agreed investment terms or expected growth rates. In addition, based on the current market environment an expected return of the respective Equity instrument is projected. The future cash flows are discounted to the date of the relevant reporting period end in order to determine the fair value. Debt instrument valuations are derived by applying widely acceptable valuation methods suitable for Debt instruments which include, but are not limited to, using reliable broker quotes and the comparable debt approach. Reliable broker quotes for Debt instruments are provided by a reputable financial information provider. These quotes are applied on the nominal value of such investments plus accrued interest (where applicable) to derive the fair value. The comparable debt approach arrives at the valuation of a Debt instrument by discounting its expected future cash flows to a present value with a benchmark rate derived from observable pricing levels of comparable debt instruments. Factors considered in the determination of such comparable instruments include, but are not limited to, industry, coupon, duration and maturity date. The Group utilizes the sales comparison method in arriving at the valuation for real estate investments, which are categorized under Equity instruments. The sales comparison method compares a real estate investment's characteristics with those of comparable properties which have recently been traded in the market. Factors considered in the determination of such comparable assets include, but are not limited to, size, location, development stage and property type. Consequently, the most appropriate measure for determining the valuation of the relevant real estate investment is selected (amongst others price per square foot, price per square meter). The comparable price per unit might be subject to adjustment for general qualitative differences which include, but are not limited to, quality of property and access to public transportation. The indicated fair value of the real estate investment is determined by applying the relevant price per unit to the respective real estate investment. The sales comparison method is most appropriate for real estate investments where the investment's size (e.g. square feet, square meters) is known and similar properties have recently traded in the market. The income method compares a real estate investment's net operating income to capitalization rates recently observed in the market to determine the present value. The capitalization rates from recent sales of comparable properties utilized in this method might be subject to adjustment for general qualitative differences which include, but are not limited to, quality of property, tenant mix and access to public transportation. Factors considered in the determination of such comparable properties include, but are not limited to, size, location, development stage and property type. The indicated fair value of the real estate investment is determined by applying the relevant capitalization rate to the real estate investment's net operating income. This method is most appropriate for income-generating real estate investments where the net operating income is known and similar properties have recently traded in the market. The valuation of level 3 Equity instruments derived using an unobservable input factor is directly affected by a change in that factor. The change in valuation of level 3 Equity instruments may vary between different investments of the same category as a result of individual levels of debt financing within such an investment. No interrelationship between unobservable inputs used in the Group's valuation of its level 3 investments has been identified. The Group presents investments whose fair values are measured in whole or in part using valuation techniques based on assumptions that are not supported by prices or other inputs from observable current market transactions in the same instrument and the effect of changing one or more of those assumptions behind the valuation techniques adopted based on reasonable possible alternative assumptions. Equity and Debt instruments may include certain investments using the valuation technique \"Reported fair value\". The Group receives external reporting where fair valuation of such investment is provided, hence their fair value is based on reported fair value rather than a direct investment valuation. The sensitivity analysis presents the potential change in fair value for each category of investments in absolute values. For a 5% movement in the significant unobservable input employed in the relevant valuation model, the corresponding incremental change in valuation of the investment is calculated. With respect to real estate equity investments, the sensitivity analysis as performed for Equity instruments, with changes in the relevant unobservable valuation inputs, would not translate into meaningful valuation movements. The reasons for this conclusion include, but are not limited to, the fact that variations in property location, quality and business plan result in comparisons across properties that are not meaningful. Unobservable inputs for a specific region will vary greatly based on the property's micro location, building finishes and amenities and leasing strategy. One-to-one comparisons are not possible even for buildings that are physically close to each other due to the differences in property features and occupancy. A sensitivity analysis is generally not performed for Equity and Debt instruments that have been invested into within the last three months of the relevant reporting period and where the acquisition cost was deemed to be fair value in accordance with IFRS 13 as insufficient time has passed to determine a reliable sensitivity range based on valuation inputs that would be considered appropriate by market participants. 18.5 SIGNIFICANT UNOBSERVABLE VALUATION INPUT TABLE REPORTING PERIOD
Type of
Fairvalueat
Valuationtechnique
Unobservableinput
Range(weighted
Sensitivity
security 31.12.2023 average)
Fair value in thousands of EUR
Equity
948,459
Market comparable Enterprise value
7.50x-35.20x
78,095
(78,095)
Instruments companies to EBITDA multiple (16.88x)
41,685
Discountedcashflow
Discountfactor
14.00%-16.75%
1,312
(1,312)
(14.55%)
25,046
ExitpriceRecenttransactionprice
n.a.
n.a.
n.a.
15,811
Marketcomparable
Pricetobookratio
1.90x-1.90x
791
(791)
companies (1.90x)
12,212
Market comparable
Enterprise value to sales
2.10x-
20.40x
761
(761)
companies multiple (6.81x)
419
Reportedfairvalue
Reportedfairvalue
n.a
21
(21)
Debt
4,836
Discountedcashflow
Discountfactor
12.00%-20.00%
55
(55)
Instruments (16.03%)
1,292 Market comparable Enterprise value
11.00x-11.00x
n.a.
n.a.
companies to EBITDA multiple (11.00x)
320
Market comparable
Enterprise value to sales
2.80x-2.80x
n.a.
n.a.
companies multiple (2.80x)
81
ExitpriceRecenttransactionprice
n.a.
n.a.
n.a.
Partnership
10,333
AdjustedreportednetReportednetassetvalue
n.a.
517
(517)
Investments asset value
454
Adjustedreportednet
Fairvalueadjustments
n.a.
23
(23)
asset value
1,060,948
Total
(31,889)AmountsfromPartnersGroupinvestmentvehicles
1,029,059
Totallevel3investments
n.a. - not meaningful as outlined in the note above
<>
The amounts from Partners Group investment vehicles pertain to non-investment related assets/(liabilities) and/or any difference
in fair value classification of its underlying investments. In certain cases, this may also include underlying investments that are
measured under level 1 or level 2 but presented under level 3 in fair value measurement note since the investments are held
under external partnership investments.
18.6 SIGNIFICANT UNOBSERVABLE VALUATION INPUT TABLE PREVIOUS REPORTING PERIOD
Type of
Fairvalueat
Valuationtechnique
Unobservableinput
Range(weighted
Sensitivity
security 31.12.2022 average)
Fair value in thousands of EUR
Equity
930,259
Market comparable Enterprise value to
5.00x-34.00x
77,861
(77,861)
Instruments companies EBITDA multiple (15.94x)
35,721
Discountedcashflow
Discountfactor
13.45%-14.30%
255
(255)
(14.17%)
13,854
Marketcomparable
Pricetobookratio
1.68x-1.68x
693
(693)
companies (1.68x)
10,201
Recent
Recenttransactionprice
n.a.
n.a.
n.a.
financing/transaction
8,819
Market comparable
Enterprise value to sales
2.60x-
22.30x
424
(424)
companies multiple (8.23x)
671
Exitprice
Recenttransactionprice
n.a.
n.a.
n.a.
455
Reportedfairvalue
Reportedfairvalue
n.a
22
(22)
Debt
8,994
Brokerquotes
Indicativequotesforan
n.a.
n.a.
n.a.
Instruments inactive market
7,626
Discountedcashflow
Discountfactor
13.00%-23.00%
165
(165)
(15.78%)
81
Exitprice
Recenttransactionprice
n.a.
n.a.
n.a.
Partnership
24,272
AdjustedreportednetReportednetassetvalue
n.a.
1,214
(1,214)
Investments asset value
9
Adjustedreportednet
Fairvalueadjustments
n.a.
0
0
asset value
1,040,962
Total
(10,891)AmountsfromPartnersGroupinvestmentvehicles
1,030,071
Totallevel3investments
n.a. - not meaningful as outlined in the note above <> The amounts from Partners Group investment vehicles pertain to non-investment related assets/(liabilities) and/or any difference in fair value classification of its underlying investments. In certain cases, this may also include underlying investments that are measured under level 1 or level 2 but presented under level 3 in fair value measurement note since the investments are held under external partnership investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-228": { "value": "
10 Accruals and other short-term payables
As at the end of the reporting period, accruals and other short-term payables mainly include accrued incentive fees of EUR 37,732,990
(2022: collateral for hedging instruments of EUR 21,950,000, accrued incentive fees of EUR 28,831,537 and quarterly management
fees accrued in arrears of EUR 5,687,383).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-280": { "value": "10 Accruals and other short-term payables As at the end of the reporting period, accruals and other short-term payables mainly include accrued incentive fees of EUR 37,732,990 (2022: collateral for hedging instruments of EUR 21,950,000, accrued incentive fees of EUR 28,831,537 and quarterly management fees accrued in arrears of EUR 5,687,383).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-255": { "value": "10 Accruals and other short-term payables As at the end of the reporting period, accruals and other short-term payables mainly include accrued incentive fees of EUR 37,732,990 (2022: collateral for hedging instruments of EUR 21,950,000, accrued incentive fees of EUR 28,831,537 and quarterly management fees accrued in arrears of EUR 5,687,383).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-229": { "value": "
11 Foreign exchange forward / option contracts
31.12.2023
31.12.2022
In thousands of EUR
Foreign exchange forward contracts
Unrealizedgains/(losses)
(22,889)
27,097
Realizedgains/(losses)
27,023
(55,475)
Totalgains/(losses)fromforwardcontracts
4,134
(28,378)
<>
As at 31.12.2023
There were no open foreign currency hedging contracts / options.
As at 31.12.2022
All contracts captured in the table below were able to be settled on a gross basis.
Open foreign exchange Volume of currency
Volumeofcurrency
Valuedate
Fair value (in
forward/option contracts sold (in thousands) bought (in thousands) thousands of
EUR)
Foreignexchangeforwardcontract
EUR54,141
USD57,200
04.01.2023
(523)
Foreignexchangeforwardcontract
USD57,200
EUR56,587
04.01.2023
2,968
Foreignexchangeforwardcontract
EUR54,183
USD57,300
18.01.2023
(521)
Foreignexchangeforwardcontract
USD57,300
EUR56,632
18.01.2023
2,968
Foreignexchangeforwardcontract
EUR40,605
GBP34,890
25.01.2023
(1,301)
Foreignexchangeforwardcontract
GBP34,890
EUR39,988
25.01.2023
686
Foreignexchangeforwardcontract
USD67,700
EUR69,129
01.02.2023
5,782
Foreignexchangeforwardcontract
USD67,700
EUR69,197
01.02.2023
5,850
Foreignexchangeforwardcontract
INR1,000,000
EUR11,432
15.02.2023
189
Foreignexchangeforwardcontract
INR1,000,000
EUR11,432
15.02.2023
189
Foreignexchangeforwardcontract
USD71,000
EUR68,271
08.03.2023
1,996
Foreignexchangeforwardcontract
USD71,000
EUR68,230
15.03.2023
1,979
Foreignexchangeforwardcontract
CHF12,400
EUR12,614
22.03.2023
17
Foreignexchangeforwardcontract
CHF26,750
EUR27,571
22.03.2023
395
Foreignexchangeforwardcontract
USD57,200
EUR53,786
05.04.2023
473
Foreignexchangeforwardcontract
USD57,300
EUR53,830
19.04.2023
471
Foreignexchangeforwardcontract
GBP34,890
EUR40,425
26.04.2023
1,271
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-230": { "value": "
12 Share capital, treasury shares, and reserves
12.1 CAPITAL
31.12.2023
31.12.2022
In thousands of EUR
Issued and fully paid
69,151,168ordinarysharesofEUR0.001eachoutofthebondconversion
69
69
Totalissuedandfullypaidshares
69
69
<>
At the annual general meeting held in June 2023, the shareholders renewed the authority granted to Directors to purchase
up to 14.99% (2022: 14.99%) of the issued share capital of the Company.
During the reporting period, the Company did not buy back shares (2022: nil). No shares were canceled during the reporting
period and no shares were held as treasury shares at the end of the reporting period (2022: nil).
The total authorized shares consist of 200,100,000 ordinary shares of EUR 0.001 each (total value EUR 200,100) (2022:
200,100,000 ordinary shares of EUR 0.001 each).
12.2 RESERVES
The Directors have decided to present Reserves and Retained earnings as one reserve, both of which are distributable reserves
and similar in nature. This presentation remains consistent for the reporting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-256": { "value": "12.1 CAPITAL
31.12.2023
31.12.2022
In thousands of EUR
Issued and fully paid
69,151,168ordinarysharesofEUR0.001eachoutofthebondconversion
69
69
Totalissuedandfullypaidshares
69
69
<> At the annual general meeting held in June 2023, the shareholders renewed the authority granted to Directors to purchase up to 14.99% (2022: 14.99%) of the issued share capital of the Company. During the reporting period, the Company did not buy back shares (2022: nil). No shares were canceled during the reporting period and no shares were held as treasury shares at the end of the reporting period (2022: nil). The total authorized shares consist of 200,100,000 ordinary shares of EUR 0.001 each (total value EUR 200,100) (2022: 200,100,000 ordinary shares of EUR 0.001 each). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-257": { "value": "12.2 RESERVES The Directors have decided to present Reserves and Retained earnings as one reserve, both of which are distributable reserves and similar in nature. This presentation remains consistent for the reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-231": { "value": "
13 Commitments to Direct and Indirect Investments
31.12.2023
31.12.2022
In thousands of EUR
Unfundedcommitmentstranslatedattherateprevailingatendofperiod
115,294
103,325
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-232": { "value": "
14 Short-term credit facility
The Company may borrow under a multi-currency revolving credit facility with Lloyds Bank Corporate Markets plc. The purpose
of the facility is to provide funding for the acquisition of underlying investments and other working capital requirements.
The facility is secured by way of a market standard security package including a pledge over the shares in Princess Private
Equity Subholding Limited, a wholly owned subsidiary of the Company, and a pledge over ZKB Swiss and Credit Suisse bank
accounts.
The Company must maintain a total net asset value of at least EUR 500,000,000 (2022: EUR 350,000,000) and a total asset
ratio (total debt plus current liabilities as a percentage of restricted net asset value) not greater than 25%. The restricted net
asset value of the Program means total net asset value less:
(a) the aggregate net asset value in the base currency, calculated using the exchange rate on the specified date, to the extent
that it does not exceed the limits set out in the Diversity Tests as calculated based on (i) in respect of the period from the
original date of this Agreement to and including the Reporting Switch Date, by reference to the most recent Quarterly Report
or (ii) following the reporting switch date by reference to the most recent set of Annual Financial Statement, Semi-Annual
Report or Quarterly Report; and
(b) to the extent that the value of any shares of the Borrower that are acquired as per definition of Permitted Acquisition which
is included in total net asset value, the value of such shares. Permitted Acquisition is (i) the acquisition of a Private Equity
Investment directly or indirectly by Subco given that certain conditions are met, including compliance with financial covenants
and the Investment Policy; and (ii) the acquisition by the Borrower of its own shares in the market or by tender offer, as
permitted by the Constitutional Documents and the Companies (Guernsey) Law, 2008, in order to mitigate any discount to
the net asset value at which such shares are trading.
As at the end of the reporting period and the previous reporting period, no event of default has occurred.
Dateofenteringtheagreement 27July2011
Amendmentdate 28February2023
Dateofterminationoftheagreement 13December2026
Totallendingcommitment EUR140,000,000(2022:EUR110,000,000)
Basis of the interest on principal drawn is: Margin +
Interest is payable using EURIBOR in relation to any loan in EUR plus
margin. The margin is subject to the loan-to-value and is stepped
between 2.95% and 3.25%.
<>
31.12.2023
31.12.2022
In thousands of EUR
Short-term credit facility
Balanceatbeginningofperiod
-
25,000
Increaseincreditfacility
49,200
108,000
(Decrease)increditfacility
(30,200)
(133,000)
Balanceatendofperiod
19,000
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-258": { "value": "14 Short-term credit facility The Company may borrow under a multi-currency revolving credit facility with Lloyds Bank Corporate Markets plc. The purpose of the facility is to provide funding for the acquisition of underlying investments and other working capital requirements. The facility is secured by way of a market standard security package including a pledge over the shares in Princess Private Equity Subholding Limited, a wholly owned subsidiary of the Company, and a pledge over ZKB Swiss and Credit Suisse bank accounts. The Company must maintain a total net asset value of at least EUR 500,000,000 (2022: EUR 350,000,000) and a total asset ratio (total debt plus current liabilities as a percentage of restricted net asset value) not greater than 25%. The restricted net asset value of the Program means total net asset value less: (a) the aggregate net asset value in the base currency, calculated using the exchange rate on the specified date, to the extent that it does not exceed the limits set out in the Diversity Tests as calculated based on (i) in respect of the period from the original date of this Agreement to and including the Reporting Switch Date, by reference to the most recent Quarterly Report or (ii) following the reporting switch date by reference to the most recent set of Annual Financial Statement, Semi-Annual Report or Quarterly Report; and (b) to the extent that the value of any shares of the Borrower that are acquired as per definition of Permitted Acquisition which is included in total net asset value, the value of such shares. Permitted Acquisition is (i) the acquisition of a Private Equity Investment directly or indirectly by Subco given that certain conditions are met, including compliance with financial covenants and the Investment Policy; and (ii) the acquisition by the Borrower of its own shares in the market or by tender offer, as permitted by the Constitutional Documents and the Companies (Guernsey) Law, 2008, in order to mitigate any discount to the net asset value at which such shares are trading. As at the end of the reporting period and the previous reporting period, no event of default has occurred. Dateofenteringtheagreement 27July2011 Amendmentdate 28February2023 Dateofterminationoftheagreement 13December2026 Totallendingcommitment EUR140,000,000(2022:EUR110,000,000) Basis of the interest on principal drawn is: Margin + Interest is payable using EURIBOR in relation to any loan in EUR plus margin. The margin is subject to the loan-to-value and is stepped between 2.95% and 3.25%. <>
31.12.2023
31.12.2022
In thousands of EUR
Short-term credit facility
Balanceatbeginningofperiod
-
25,000
Increaseincreditfacility
49,200
108,000
(Decrease)increditfacility
(30,200)
(133,000)
Balanceatendofperiod
19,000
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-233": { "value": "
15 Incentive fees
31.12.2023
31.12.2022
In thousands of EUR
Balanceatbeginningofperiod
28,831
17,530
ChangeinincentivefeesattributabletoInvestmentManager
11,027
18,829
31.12.2023
31.12.2022
In thousands of EUR
Incentivefeespaid/payable
(2,125)
(7,528)
Balanceatendofperiod
37,733
28,831
Incentivefeesaccrued
69,352
61,896
Incentivefeerebatesaccrued
(31,619)
(33,065)
Totalnetincentivefees
37,733
28,831
<>
The incentive fee balance as at the end of each period presented above represents a net amount which consists of incentive
fees accrued and incentive fee rebates accrued. Both net incentive fee balance as well as gross incentive fees accrued and
incentive fee rebates accrued as at the end of each period are presented separately.
", "dimensions": { "concept": "ppehl:DisclosureOfIncentiveFees", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-234": { "value": "
16 Earnings per share and net assets per share
Basic earnings per share are calculated by dividing the surplus or loss for the financial period attributable to the shareholders
by the weighted average number of shares outstanding during the period. Diluted earnings per share are calculated by adjusting
the weighted average number of shares outstanding to assume conversion of all dilutive potential shares, if any. There were
no dilutive effects on the Company's shares during 2023 and 2022.
The net asset value per share is calculated by dividing the net assets in the consolidated statement of financial position by the
number of shares outstanding at the end of the reporting period.
31.12.2023
31.12.2022
In thousands of EUR
NetassetsoftheGroup
979,245
1,011,304
Outstandingsharesattheendofthereportingperiod
69,151,168.00
69,151,168.00
Netassetspershareatperiodend
14.16
14.62
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-259": { "value": "16 Earnings per share and net assets per share Basic earnings per share are calculated by dividing the surplus or loss for the financial period attributable to the shareholders by the weighted average number of shares outstanding during the period. Diluted earnings per share are calculated by adjusting the weighted average number of shares outstanding to assume conversion of all dilutive potential shares, if any. There were no dilutive effects on the Company's shares during 2023 and 2022. The net asset value per share is calculated by dividing the net assets in the consolidated statement of financial position by the number of shares outstanding at the end of the reporting period.
31.12.2023
31.12.2022
In thousands of EUR
NetassetsoftheGroup
979,245
1,011,304
Outstandingsharesattheendofthereportingperiod
69,151,168.00
69,151,168.00
Netassetspershareatperiodend
14.16
14.62
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-235": { "value": "
17 Financial risk management
The Group's activities expose it to a variety of financial risks, including the effects of changes in debt and equity market prices,
foreign currency exchange rates and interest rates. There is also counterparty risk from bank balances and derivatives (and
money market instruments if held by the Group). That would be the risk that a counterparty to a financial instrument will fail
to discharge an obligation or commitment it has entered into with the Group. The Group's overall risk management policy
focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the financial performance
of the Group. During the reporting period, the Group discontinued the hedging of currency exposures. The Group now reports
the underlying investment currencies on a monthly basis, to allow investors who prefer a hedged exposure to apply their own
hedging overlay.
Following the transition of non-USD interbank offered rates (\"IBORs\") to alternative reference rates in previous reporting
years, the Group successfully made the transition to appropriate reference rates when USD LIBOR ceased on 30 June 2023.
17.1 FOREIGN CURRENCY EXCHANGE RISK
The Group holds assets and liabilities denominated in currencies other than its Functional Currency. The value of assets and
liabilities denominated in other currencies will fluctuate due to changes in exchange rates. The main currency risk for the Group
results from assets and liabilities held in other currencies where a change of exchange rates can have a material impact on the
value of assets and liabilities.
The annual volatility analysis uses cross-currency rates over the last ten years to the relevant period end in order to incorporate
long-term rate volatility trends. The analysis is based on the assumption that the non-Functional Currency fluctuates by the
annual volatility percentage, with all other variables held constant, and the amount by which the value of applicable net assets
would correspondingly fluctuate higher or lower is presented below. The foreign currency exposures below are presented net
of any foreign currency hedging instruments outstanding as at the end of the respective period.
31.12.2023
31.12.2022
In thousands of EUR
NetassetsdenominatedinAUD
1
4
NetassetsdenominatedinCHF
52,556
8,214
NetassetsdenominatedinGBP
38,634
(1,444)
NetassetsdenominatedinUSD
430,879
77,847
NetassetsdenominatedinINR
25,179
(2,691)
NetassetsdenominatedinILS
1
-
ApplicableannualvolatilityAUD
7.85%
8.46%
ApplicableannualvolatilityCHF
6.31%
6.30%
ApplicableannualvolatilityGBP
6.55%
6.89%
ApplicableannualvolatilityUSD
7.51%
7.45%
ApplicableannualvolatilityINR
7.85%
8.58%
ApplicableannualvolatilityILS
7.97%
7.57%
Fluctuationofnetassetsandcorrespondingresultsdependingonabove-mentionedvolatility
40,183
5,987
<>
17.2 INTEREST RATE RISK
The Group may invest in interest-bearing mezzanine and senior debt investments that are exposed to cash flow interest rate
risk due to changes in market interest rates. The interest on mezzanine and senior debt investments is based on alternative
reference rates. A decrease in the market interest rates can lead to a decrease in the interest income of the Group.
Cash and cash equivalents are only short-term and therefore interest rate exposure is limited. Excess cash balances may be
placed into instruments with fixed interest rates when necessary. As at 31 December 2023, there were no term deposits
(2022: nil).
The interest rates quoted against the general market are analyzed as part of the Group's liquidity monitoring process to ensure
that these are competitive and action is taken when appropriate.
Other than as stated herein, the income and operating cash flows are substantially independent from changes in market interest
rates.
A change of 100 basis points in interest rates at the reporting date would have resulted in either an increase or a (decrease) in surplus or loss by the amounts stated below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant and is performed on the same basis for each relevant reporting period. The risk exposures of the Group to variable rate instruments are presented in 'Variable Rate Instruments'. The sensitivity of the Group's variable rate instruments to movements in interest rates is presented as at the end of each relevant reporting period. 17.3 VARIABLE RATE INSTRUMENTS
31.12.2023
31.12.2022
In thousands of EUR
Mezzanineandseniordebtinvestments
295
9,055
Cashandcashequivalents
9,744
14,851
Creditfacility
(19,000)
-
Totalvariablerateinstruments
(8,961)
23,906
<> 17.4 SENSITIVITY ANALYSIS REPORTING PERIOD
100bpincrease
100bpdecrease
In thousands of EUR
Impactonvariablerateinstruments
(90)
90
<> 17.5 SENSITIVITY ANALYSIS PREVIOUS REPORTING PERIOD
100bp increase 100bp decrease
In thousands of EUR
Impactonvariablerateinstruments
239
(239)
<> 17.6 CREDIT RISK Whilst the Group intends to diversify its portfolio of investments, the Group's investment activities may result in credit risk relating to investments in which the Group has direct or indirect (through underlying investments and investments in subsidiaries) exposure. A negative credit development or a default of an investment in which the Group has direct or indirect exposure will lead to a lower net asset value and to lower dividend and interest income from assets within the private debt operating segment or where the Group holds a direct interest. In addition, the Investment Manager regularly conducts a concentration risk analysis on the underlying investments and has concluded that no action needs to be taken. It is expected that investments will include those made in private debt funds. Many of the private debt funds may be wholly unregulated investment vehicles. In addition, certain of the private debt funds may have limited or no operational history and have no proven track record in achieving their stated investment objective. The investment risk is managed by an investment strategy that diversifies the investments in terms of geography, financing stage, industry or time.
Derivative counterparties and cash transactions are typically limited to high credit quality financial institutions, which are
governed by an internal rating system calculated based on publicly available data and takes into account the ratings assigned
by credit rating agencies such as Moody's and Standard & Poor's. However, in certain rare circumstances, the Investment
Manager's best execution committee has the authority to approve such transactions with specific counterparties who do not
have ratings as a one-off authorization, with considerations related to best execution price, liquidity and availability of other
counterparties. The Investment Manager ensures that surplus cash is invested in temporary investments. In addition, where
the Group holds significant amounts of cash the Investment Manager may seek to diversify this exposure across multiple
financial institutions.
The Group may also invest in mezzanine and senior debt facilities of private market investment backed underlying investments.
These underlying investments' financial performance is monitored on a monthly basis and classified by an internal rating system,
which consists of five categories: too early, with issues, on plan, above plan and outperformer. When assessing the investment
the Investment Manager takes into account a number of factors, including the financial position and actual versus expected
performance. The term \"too early\" is used during the period just after the initial investment when there is insufficient information
to assess the actual performance of the underlying investment. If an underlying investment's performance is classified as \"with
issues\", the mezzanine or senior debt facility will be closely and regularly monitored by the Investment Manager, with regular
communications being held with the manager of the underlying investment so that the actual value can be assessed and, if
necessary, written down. The amount of any unrealized loss is disclosed herein and the change of credit quality, if any, is
reflected in the fair value of the instrument.
The Group provides mezzanine and senior debt facilities to private companies which are represented as debt instruments. No
collateral is received from the underlying companies. The credit quality of these investments is based on the financial performance
of the individual portfolio company. For those assets that are not past due, it is believed that the risk of default is small and
the capital repayments and interest payments will be made in accordance with the agreed terms and conditions.
As part of the quarterly fair value assessment the Investment Manager takes into consideration any breaches in covenants
and any changes in general market conditions.
The Group has no significant concentration of credit risk other than as detailed herein.
The table 'Rating of Mezzanine and Senior Debt Investments' presents the classification of the Group's mezzanine and senior
debt investments in the categories described above at the end of each reporting period presented. The tables 'Duration of
Credit Risk Reporting Period' and 'Duration of Credit Risk Previous Reporting Period' present the duration of credit risk of
the Group as at the end of each period, respectively.
17.7 RATING OF MEZZANINE AND SENIOR DEBT INVESTMENTS
31.12.2023
31.12.2022
In thousands of EUR
Tooearly
-
-
Withissues
295
9,055
Onplan
-
-
Aboveplan
-
-
Outperformer
-
-
Total
295
9,055
17.8 DURATION OF CREDIT RISK REPORTING PERIOD
Not past due Past due less Past due more
In thousands of EUR than 1 year than 1 year
Derivativeassets
-
-
-
Cashandcashequivalents
9,744
-
-
Othershort-termreceivables
4,245
-
-
Otherlong-termreceivables
1,383
-
-
Mezzanineandseniordebtinvestments
295
-
-
<> As at the end of the Reporting Period, the Group held cash of EUR 6,866,109 and EUR 2,877,533 with two International Swiss-based banking groups which at the date had a Standard & Poor's rating of Aaa and Moody's rating of A3, respectively. 17.9 DURATION OF CREDIT RISK PREVIOUS REPORTING PERIOD
Not past due Past due less Past due more
In thousands of EUR than 1 year than 1 year
Derivativeassets
24,711
-
-
Cashandcashequivalents
14,851
-
-
Othershort-termreceivables
3,867
-
-
Otherlong-termreceivables
1,433
-
-
Mezzanineandseniordebtinvestments
9,055
-
-
<> As at the end of the previous reporting period, the Group held cash of EUR 8,833,976 and EUR 6,016,526 with two international Swiss-based banking groups which at that date had ratings of Baa1 (Moody's) and Aaa (Moody's). 17.10 LIQUIDITY RISK Liquidity risk arises where the Group may not be able to meet the obligations as and when these fall due for settlement. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. As the unfunded commitments can be drawn at any time, there may be periods when the Group appears to have inadequate liquidity to fund its investments or settle other amounts payable by the Group due to either changes in foreign currency exchange rates that may have an impact on the fair value of hedges and unfunded commitments to underlying investments or the receipt of recallable distributions from underlying investments that increase the unfunded commitments to such investments without a corresponding increase in unfunded commitments due from investors. The liquidity risk is managed through the use of quantitative models by the Investment Manager's internal risk committee on a quarterly basis. If the risk committee concludes that there is a risk of insufficient liquidity to fund investments, actions are taken into consideration such as entering into a credit facility, reducing the amount of listed private equity, if any, or the selling of investments on the secondary market. The Group's financial instruments include investments in unlisted securities, which are not traded in an organized public market and may generally be illiquid. As a result, the Group may not be able to quickly liquidate its investments in these instruments
at an amount close to fair value in order to respond to its liquidity requirements or to specific events such as deterioration in
their creditworthiness. The Group may address short-term illiquidity by means of third-party financing or by delaying or
suspending the dividend. In the event of the risk of insufficient liquidity extending over a time horizon of at least twelve months
into the future, the Group can seek additional liquidity by means of third-party financing or, alternatively, disposal of investments
in the secondary market.
The tables 'Liquidity Risk Reporting Period' and 'Liquidity Risk Previous Reporting Period' present the maturity bands of the
Group's assets and liabilities at the end of each period, respectively.
17.11 LIQUIDITY RISK REPORTING PERIOD
Lessthan3
3to12months
More than 12
In thousands of EUR months months
UnfundedcommitmentstoDirectandIndirectInvestments
(115,294)
-
-
Liabilitiesfallingduewithinoneyear
(27,858)
(37,733)
-
Derivativeassets
-
-
-
Currentassets
14,394
-
-
Otherlong-termreceivables
-
-
1,383
Undrawncreditfacility
121,000
-
-
Total
(7,758)
(37,733)
1,383
<>
17.12 LIQUIDITY RISK PREVIOUS REPORTING PERIOD
Lessthan3
3to12months
More than 12
In thousands of EUR months months
UnfundedcommitmentstoDirectandIndirectInvestments
(103,325)
-
-
Liabilitiesfallingduewithinoneyear
(32,976)
(28,831)
-
Derivativeliabilities
(1,822)
-
-
Derivativeassets
22,496
2,215
-
Currentassets
18,718
-
-
Otherlong-termreceivables
-
-
1,433
Undrawncreditfacility
110,000
-
-
Total
13,091
(26,616)
1,433
<>
Liabilities falling due within a year predominantly comprise accrued incentive fees for an amount of EUR 37'732'991 (2022:
EUR 28,831,537). While this amount is categorized as a one-year liability, this sum is subject to the realization of the respective
investments.
17.13 OVERCOMMITMENT TO INVESTMENTS
As a result of maintaining a substantially full investment level over time, the Group may be subject to the risk of a shortfall of
liquidity available to meet its obligations in extreme events when distribution from investments is delayed or drawdowns from
commitments to funds are accelerated significantly beyond the expected values. To mitigate this risk, the development of
liquidity available and the outlook for the net cash flows of the Group based on a quarterly assessment utilizing quantitative
cash flow forecast models and prevailing market inputs are continuously monitored, and the Group may employ appropriate
measures such as re-investing distributions received from an investment to fund capital calls from other investments. The
investment strategy is based on the Investment Manager\u2019s quantitative models, which use both top-down and bottom-up
inputs to run scenarios that ultimately inform or limit the investment activity.
17.14 CAPITAL RISK MANAGEMENT
The Group's objective when managing capital is to safeguard its ability to continue as a going concern and to maintain a strong
capital base so as to retain investor, creditor and market confidence with regards to its investment objectives. The Group's
capital is represented by its total equity. The Board of Directors also monitors the level of discount between the market price
of its equity and the Group's net asset value per share in open-market transactions. The Board has sought to manage the level
of discount by regular communication with investors and the general market and is planning to implement a capital allocation
policy in the next financial year as an additional tool to manage the discount level where appropriate.
As party to a credit facility contract, the Group is required to meet certain covenants and monitors its compliance with these
externally imposed restrictions. The covenants and the Group's compliance with them are described in the 'Short-term credit
facility' note (Note 14).
17.15 MARKET PRICE RISK
Financial assets at fair value through profit or loss held directly or indirectly bear risks of capital losses. This risk is moderated
through a careful selection of investments within specified limits. The Group's investments are monitored on a regular basis
and their performance is reviewed on a quarterly basis. The Group's performance is measured against MSCI Daily Total Return
Net World Local Index which is used as its primary reference index. The Group checks on a regular basis the weightings of
the index, its composition, price development and volatility in order to incorporate long-term price volatility trends.
The annual volatility of the reference index is shown based on the last ten years to the end of the relevant reporting period.
Under the assumption that the financial assets at fair value through profit or loss fluctuate by the annual volatility percentage,
with all other variables held constant, the fair value of such assets, if any, would fluctuate in direct proportion as presented
below.
31.12.2023
31.12.2022
In thousands of EUR
Financialassetsatfairvaluethroughprofitorloss
1,029,059
1,030,071
Totalassetssubjecttomarketrisk
1,029,059
1,030,071
Annualexpectedvolatility
14.08%
13.91%
Potentialimpactonauditedconsolidatedfinancialstatements
144,892
143,283
17.16 OFFSETTING FINANCIAL INSTRUMENTS
The Group is typically subject to master netting arrangements which are entered into with one or more derivative counterparties
for all derivative assets and liabilities held with these counterparties. The Group may be required to maintain variation margin
balances for the purpose of providing or receiving collateral on derivative positions.
The Group and its counterparties have elected, where possible, to settle payment obligations between them on a net basis;
however, in the event of an early termination in accordance with the terms of the master netting arrangement, the non-defaulting
party can choose an early termination date for close-out netting of all outstanding transactions between the parties. Under
the terms of the master netting arrangements, an early termination event includes the following:
\u2022 Failure by a party to make payment when due;
\u2022 Failure by a party to perform any obligation required by the agreement (other than payment) if such failure is not remedied
within 20 business days after such failure;
\u2022 Bankruptcy of a party.
The Group's financial assets and liabilities subject to offsetting, enforceable master netting arrangements and similar agreements
are presented by type of financial instrument.
Amounts in \"D\" below relate to amounts subject to set-off that do not qualify for offsetting under \"B\" below. This includes
amounts which are subject to set-off against the financial asset or financial liability disclosed in \"A\" which have not been offset
in the audited consolidated statement of financial position.
17.17 OFFSETTING REPORTING PERIOD
There are no financial assets or liabilities subject to offsetting, enforceable master netting arrangements and similar agreements
as at the end of the reporting period.
17.18 OFFSETTING PREVIOUS REPORTING PERIOD
Financial assets subjected to offsetting, enforceable master netting arrangements, and similar agreements:
A
B
C=A-B
D
E=C-D
in thousands of EUR
31.12.2022
Gross amounts
Gross amounts of
Net amounts of
Related amounts not set-off in the Net
of recognized recognized financial audited consolidated statement of amount
financial assets
financial liabilities
assets presented in
financial position
set-off in the the audited
audited consolidated
consolidated statement of
statement of financial position
financial position
Derivative assets
Financial
Cash/(Bank
Financial
Instruments Overdrafts) Instrument
Collateral
CounterpartyA
8,768
523
8,245
-
-
8,070
175
CounterpartyB
4,132
-
4,132
-
-
2,130
2,002
CounterpartyI
6,467
-
6,467
-
-
6,020
447
CounterpartyQ
17
-
17
-
-
-
17
CounterpartyAH
5,850
-
5,850
-
-
5,730
120
Financial liabilities subjected to offsetting, enforceable master netting arrangements, and similar agreements:
A
B
C=A-B
D
E=C-D
in thousands of EUR
31.12.2022
Gross amounts
Gross amounts of
Net amounts of
Related amounts not set-off in the audited
Net
of recognized recognized financial liabilities consolidated statement of financial amount
financial financial assets presented in the position
liabilities set-off in the audited
audited consolidated
consolidated statement of
statement of financial position
financial position
Derivative Financial Cash/(Bank Financial
liabilities Instruments Overdrafts) Instrument
Collateral
Counterparty
1,822
-
1,822
-
-
-
1,822
B
<>
17.19 STRUCTURED ENTITIES
IFRS 12 'Disclosure of interests in other entities' requires the Group to disclose details regarding structured entities invested
into by the Group. A structured entity in accordance with IFRS 12 is an entity that has been designed so that voting or similar
rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative
tasks only and the relevant activities are directed by means of contractual arrangements. A structured entity often has some
or all of the following features or attributes:
\u2022 Restricted activities.
\u2022 A narrow and well-defined objective, such as to provide a source of capital or funding to an entity or provide investment
opportunities for investors by passing on risks and rewards associated with the assets of the structured entity to investors.
\u2022 Insufficient equity to permit the structured entity to finance its activities without subordinated financial support.
\u2022 Financing in the form of multiple contractually linked instruments to investors that create concentrations of credit or other
risks (tranches).
The Group considers all Indirect Investments held to be structured entities. Indirect Investments are included within the line
item 'Financial assets at fair value through profit or loss' in the audited consolidated statement of financial position. Unrealized
gains/losses arising from such Indirect Investments are accounted for within the line item 'Revaluation' in the audited consolidated
statement of comprehensive income. The risk concentration of the Indirect Investments is disclosed with respect to geographic
region and investment strategy. The net asset value of each line represents the fair value of the respective Indirect Investments
as well as the maximum exposure to loss resulting from such investments.
17.20 STRUCTURED ENTITIES REPORTING PERIOD
31.12.2023
NAV in thousands of EUR
Region & Strategy
North America
Buyout
216,947
Specialsituations
13,210
Venturecapital
55
Western Europe
Buyout
158,037
Realestate
77
Venturecapital
7,600
Infrastructure
15,231
Rest of World
Buyout
2,042
Venturecapital
4,848
<>
17.21 STRUCTURED ENTITIES PREVIOUS REPORTING PERIOD
31.12.2022
NAV in thousands of EUR
Region & Strategy
North America
Buyout
276,267
Specialsituations
14,035
Venturecapital
1,131
Western Europe
Buyout
213,651
Realestate
105
Venturecapital
7,805
Infrastructure
14,478
Rest of World
Buyout
7,051
Venturecapital
8,561
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-260": { "value": "17.1 FOREIGN CURRENCY EXCHANGE RISK The Group holds assets and liabilities denominated in currencies other than its Functional Currency. The value of assets and liabilities denominated in other currencies will fluctuate due to changes in exchange rates. The main currency risk for the Group results from assets and liabilities held in other currencies where a change of exchange rates can have a material impact on the value of assets and liabilities. The annual volatility analysis uses cross-currency rates over the last ten years to the relevant period end in order to incorporate long-term rate volatility trends. The analysis is based on the assumption that the non-Functional Currency fluctuates by the annual volatility percentage, with all other variables held constant, and the amount by which the value of applicable net assets would correspondingly fluctuate higher or lower is presented below. The foreign currency exposures below are presented net of any foreign currency hedging instruments outstanding as at the end of the respective period.
31.12.2023
31.12.2022
In thousands of EUR
NetassetsdenominatedinAUD
1
4
NetassetsdenominatedinCHF
52,556
8,214
NetassetsdenominatedinGBP
38,634
(1,444)
NetassetsdenominatedinUSD
430,879
77,847
NetassetsdenominatedinINR
25,179
(2,691)
NetassetsdenominatedinILS
1
-
ApplicableannualvolatilityAUD
7.85%
8.46%
ApplicableannualvolatilityCHF
6.31%
6.30%
ApplicableannualvolatilityGBP
6.55%
6.89%
ApplicableannualvolatilityUSD
7.51%
7.45%
ApplicableannualvolatilityINR
7.85%
8.58%
ApplicableannualvolatilityILS
7.97%
7.57%
Fluctuationofnetassetsandcorrespondingresultsdependingonabove-mentionedvolatility
40,183
5,987
<> 17.2 INTEREST RATE RISK The Group may invest in interest-bearing mezzanine and senior debt investments that are exposed to cash flow interest rate risk due to changes in market interest rates. The interest on mezzanine and senior debt investments is based on alternative reference rates. A decrease in the market interest rates can lead to a decrease in the interest income of the Group. Cash and cash equivalents are only short-term and therefore interest rate exposure is limited. Excess cash balances may be placed into instruments with fixed interest rates when necessary. As at 31 December 2023, there were no term deposits (2022: nil). The interest rates quoted against the general market are analyzed as part of the Group's liquidity monitoring process to ensure that these are competitive and action is taken when appropriate. Other than as stated herein, the income and operating cash flows are substantially independent from changes in market interest rates.
A change of 100 basis points in interest rates at the reporting date would have resulted in either an increase or a (decrease)
in surplus or loss by the amounts stated below. This analysis assumes that all other variables, in particular foreign currency
rates, remain constant and is performed on the same basis for each relevant reporting period.
The risk exposures of the Group to variable rate instruments are presented in 'Variable Rate Instruments'. The sensitivity of
the Group's variable rate instruments to movements in interest rates is presented as at the end of each relevant reporting
period.
17.3 VARIABLE RATE INSTRUMENTS
31.12.2023
31.12.2022
In thousands of EUR
Mezzanineandseniordebtinvestments
295
9,055
Cashandcashequivalents
9,744
14,851
Creditfacility
(19,000)
-
Totalvariablerateinstruments
(8,961)
23,906
<>
17.4 SENSITIVITY ANALYSIS REPORTING PERIOD
100bpincrease
100bpdecrease
In thousands of EUR
Impactonvariablerateinstruments
(90)
90
<>
17.5 SENSITIVITY ANALYSIS PREVIOUS REPORTING PERIOD
100bp increase 100bp decrease
In thousands of EUR
Impactonvariablerateinstruments
239
(239)
17.15 MARKET PRICE RISK Financial assets at fair value through profit or loss held directly or indirectly bear risks of capital losses. This risk is moderated through a careful selection of investments within specified limits. The Group's investments are monitored on a regular basis and their performance is reviewed on a quarterly basis. The Group's performance is measured against MSCI Daily Total Return Net World Local Index which is used as its primary reference index. The Group checks on a regular basis the weightings of the index, its composition, price development and volatility in order to incorporate long-term price volatility trends. The annual volatility of the reference index is shown based on the last ten years to the end of the relevant reporting period. Under the assumption that the financial assets at fair value through profit or loss fluctuate by the annual volatility percentage, with all other variables held constant, the fair value of such assets, if any, would fluctuate in direct proportion as presented below.
31.12.2023
31.12.2022
In thousands of EUR
Financialassetsatfairvaluethroughprofitorloss
1,029,059
1,030,071
Totalassetssubjecttomarketrisk
1,029,059
1,030,071
Annualexpectedvolatility
14.08%
13.91%
Potentialimpactonauditedconsolidatedfinancialstatements
144,892
143,283
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-271": { "value": "A change of 100 basis points in interest rates at the reporting date would have resulted in either an increase or a (decrease) in surplus or loss by the amounts stated below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant and is performed on the same basis for each relevant reporting period. The risk exposures of the Group to variable rate instruments are presented in 'Variable Rate Instruments'. The sensitivity of the Group's variable rate instruments to movements in interest rates is presented as at the end of each relevant reporting period. 17.3 VARIABLE RATE INSTRUMENTS
31.12.2023
31.12.2022
In thousands of EUR
Mezzanineandseniordebtinvestments
295
9,055
Cashandcashequivalents
9,744
14,851
Creditfacility
(19,000)
-
Totalvariablerateinstruments
(8,961)
23,906
<> 17.4 SENSITIVITY ANALYSIS REPORTING PERIOD
100bpincrease
100bpdecrease
In thousands of EUR
Impactonvariablerateinstruments
(90)
90
<> 17.5 SENSITIVITY ANALYSIS PREVIOUS REPORTING PERIOD
100bp increase 100bp decrease
In thousands of EUR
Impactonvariablerateinstruments
239
(239)
", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-261": { "value": "
17.6 CREDIT RISK
Whilst the Group intends to diversify its portfolio of investments, the Group's investment activities may result in credit risk
relating to investments in which the Group has direct or indirect (through underlying investments and investments in subsidiaries)
exposure. A negative credit development or a default of an investment in which the Group has direct or indirect exposure will
lead to a lower net asset value and to lower dividend and interest income from assets within the private debt operating segment
or where the Group holds a direct interest. In addition, the Investment Manager regularly conducts a concentration risk analysis
on the underlying investments and has concluded that no action needs to be taken.
It is expected that investments will include those made in private debt funds. Many of the private debt funds may be wholly
unregulated investment vehicles. In addition, certain of the private debt funds may have limited or no operational history and
have no proven track record in achieving their stated investment objective. The investment risk is managed by an investment
strategy that diversifies the investments in terms of geography, financing stage, industry or time.
Derivative counterparties and cash transactions are typically limited to high credit quality financial institutions, which are governed by an internal rating system calculated based on publicly available data and takes into account the ratings assigned by credit rating agencies such as Moody's and Standard & Poor's. However, in certain rare circumstances, the Investment Manager's best execution committee has the authority to approve such transactions with specific counterparties who do not have ratings as a one-off authorization, with considerations related to best execution price, liquidity and availability of other counterparties. The Investment Manager ensures that surplus cash is invested in temporary investments. In addition, where the Group holds significant amounts of cash the Investment Manager may seek to diversify this exposure across multiple financial institutions. The Group may also invest in mezzanine and senior debt facilities of private market investment backed underlying investments. These underlying investments' financial performance is monitored on a monthly basis and classified by an internal rating system, which consists of five categories: too early, with issues, on plan, above plan and outperformer. When assessing the investment the Investment Manager takes into account a number of factors, including the financial position and actual versus expected performance. The term \"too early\" is used during the period just after the initial investment when there is insufficient information to assess the actual performance of the underlying investment. If an underlying investment's performance is classified as \"with issues\", the mezzanine or senior debt facility will be closely and regularly monitored by the Investment Manager, with regular communications being held with the manager of the underlying investment so that the actual value can be assessed and, if necessary, written down. The amount of any unrealized loss is disclosed herein and the change of credit quality, if any, is reflected in the fair value of the instrument. The Group provides mezzanine and senior debt facilities to private companies which are represented as debt instruments. No collateral is received from the underlying companies. The credit quality of these investments is based on the financial performance of the individual portfolio company. For those assets that are not past due, it is believed that the risk of default is small and the capital repayments and interest payments will be made in accordance with the agreed terms and conditions. As part of the quarterly fair value assessment the Investment Manager takes into consideration any breaches in covenants and any changes in general market conditions. The Group has no significant concentration of credit risk other than as detailed herein. The table 'Rating of Mezzanine and Senior Debt Investments' presents the classification of the Group's mezzanine and senior debt investments in the categories described above at the end of each reporting period presented. The tables 'Duration of Credit Risk Reporting Period' and 'Duration of Credit Risk Previous Reporting Period' present the duration of credit risk of the Group as at the end of each period, respectively. 17.7 RATING OF MEZZANINE AND SENIOR DEBT INVESTMENTS
31.12.2023
31.12.2022
In thousands of EUR
Tooearly
-
-
Withissues
295
9,055
Onplan
-
-
Aboveplan
-
-
Outperformer
-
-
Total
295
9,055
17.8 DURATION OF CREDIT RISK REPORTING PERIOD
Not past due Past due less Past due more
In thousands of EUR than 1 year than 1 year
Derivativeassets
-
-
-
Cashandcashequivalents
9,744
-
-
Othershort-termreceivables
4,245
-
-
Otherlong-termreceivables
1,383
-
-
Mezzanineandseniordebtinvestments
295
-
-
<>
As at the end of the Reporting Period, the Group held cash of EUR 6,866,109 and EUR 2,877,533 with two International
Swiss-based banking groups which at the date had a Standard & Poor's rating of Aaa and Moody's rating of A3, respectively.
17.9 DURATION OF CREDIT RISK PREVIOUS REPORTING PERIOD
Not past due Past due less Past due more
In thousands of EUR than 1 year than 1 year
Derivativeassets
24,711
-
-
Cashandcashequivalents
14,851
-
-
Othershort-termreceivables
3,867
-
-
Otherlong-termreceivables
1,433
-
-
Mezzanineandseniordebtinvestments
9,055
-
-
<>
As at the end of the previous reporting period, the Group held cash of EUR 8,833,976 and EUR 6,016,526 with two international
Swiss-based banking groups which at that date had ratings of Baa1 (Moody's) and Aaa (Moody's).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-262": { "value": "
17.10 LIQUIDITY RISK
Liquidity risk arises where the Group may not be able to meet the obligations as and when these fall due for settlement.
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding
through an adequate amount of committed credit facilities and the ability to close out market positions.
As the unfunded commitments can be drawn at any time, there may be periods when the Group appears to have inadequate
liquidity to fund its investments or settle other amounts payable by the Group due to either changes in foreign currency
exchange rates that may have an impact on the fair value of hedges and unfunded commitments to underlying investments
or the receipt of recallable distributions from underlying investments that increase the unfunded commitments to such
investments without a corresponding increase in unfunded commitments due from investors. The liquidity risk is managed
through the use of quantitative models by the Investment Manager's internal risk committee on a quarterly basis. If the risk
committee concludes that there is a risk of insufficient liquidity to fund investments, actions are taken into consideration such
as entering into a credit facility, reducing the amount of listed private equity, if any, or the selling of investments on the
secondary market.
The Group's financial instruments include investments in unlisted securities, which are not traded in an organized public market
and may generally be illiquid. As a result, the Group may not be able to quickly liquidate its investments in these instruments
at an amount close to fair value in order to respond to its liquidity requirements or to specific events such as deterioration in their creditworthiness. The Group may address short-term illiquidity by means of third-party financing or by delaying or suspending the dividend. In the event of the risk of insufficient liquidity extending over a time horizon of at least twelve months into the future, the Group can seek additional liquidity by means of third-party financing or, alternatively, disposal of investments in the secondary market. The tables 'Liquidity Risk Reporting Period' and 'Liquidity Risk Previous Reporting Period' present the maturity bands of the Group's assets and liabilities at the end of each period, respectively. 17.11 LIQUIDITY RISK REPORTING PERIOD
Lessthan3
3to12months
More than 12
In thousands of EUR months months
UnfundedcommitmentstoDirectandIndirectInvestments
(115,294)
-
-
Liabilitiesfallingduewithinoneyear
(27,858)
(37,733)
-
Derivativeassets
-
-
-
Currentassets
14,394
-
-
Otherlong-termreceivables
-
-
1,383
Undrawncreditfacility
121,000
-
-
Total
(7,758)
(37,733)
1,383
<> 17.12 LIQUIDITY RISK PREVIOUS REPORTING PERIOD
Lessthan3
3to12months
More than 12
In thousands of EUR months months
UnfundedcommitmentstoDirectandIndirectInvestments
(103,325)
-
-
Liabilitiesfallingduewithinoneyear
(32,976)
(28,831)
-
Derivativeliabilities
(1,822)
-
-
Derivativeassets
22,496
2,215
-
Currentassets
18,718
-
-
Otherlong-termreceivables
-
-
1,433
Undrawncreditfacility
110,000
-
-
Total
13,091
(26,616)
1,433
<> Liabilities falling due within a year predominantly comprise accrued incentive fees for an amount of EUR 37'732'991 (2022: EUR 28,831,537). While this amount is categorized as a one-year liability, this sum is subject to the realization of the respective investments. 17.13 OVERCOMMITMENT TO INVESTMENTS As a result of maintaining a substantially full investment level over time, the Group may be subject to the risk of a shortfall of liquidity available to meet its obligations in extreme events when distribution from investments is delayed or drawdowns from commitments to funds are accelerated significantly beyond the expected values. To mitigate this risk, the development of liquidity available and the outlook for the net cash flows of the Group based on a quarterly assessment utilizing quantitative cash flow forecast models and prevailing market inputs are continuously monitored, and the Group may employ appropriate measures such as re-investing distributions received from an investment to fund capital calls from other investments. The investment strategy is based on the Investment Manager\u2019s quantitative models, which use both top-down and bottom-up inputs to run scenarios that ultimately inform or limit the investment activity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-278": { "value": "17.11 LIQUIDITY RISK REPORTING PERIOD
Lessthan3
3to12months
More than 12
In thousands of EUR months months
UnfundedcommitmentstoDirectandIndirectInvestments
(115,294)
-
-
Liabilitiesfallingduewithinoneyear
(27,858)
(37,733)
-
Derivativeassets
-
-
-
Currentassets
14,394
-
-
Otherlong-termreceivables
-
-
1,383
Undrawncreditfacility
121,000
-
-
Total
(7,758)
(37,733)
1,383
<> 17.12 LIQUIDITY RISK PREVIOUS REPORTING PERIOD
Lessthan3
3to12months
More than 12
In thousands of EUR months months
UnfundedcommitmentstoDirectandIndirectInvestments
(103,325)
-
-
Liabilitiesfallingduewithinoneyear
(32,976)
(28,831)
-
Derivativeliabilities
(1,822)
-
-
Derivativeassets
22,496
2,215
-
Currentassets
18,718
-
-
Otherlong-termreceivables
-
-
1,433
Undrawncreditfacility
110,000
-
-
Total
13,091
(26,616)
1,433
<> Liabilities falling due within a year predominantly comprise accrued incentive fees for an amount of EUR 37'732'991 (2022: EUR 28,831,537). While this amount is categorized as a one-year liability, this sum is subject to the realization of the respective investments. ", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-275": { "value": "17.11 LIQUIDITY RISK REPORTING PERIOD
Lessthan3
3to12months
More than 12
In thousands of EUR months months
UnfundedcommitmentstoDirectandIndirectInvestments
(115,294)
-
-
Liabilitiesfallingduewithinoneyear
(27,858)
(37,733)
-
Derivativeassets
-
-
-
Currentassets
14,394
-
-
Otherlong-termreceivables
-
-
1,383
Undrawncreditfacility
121,000
-
-
Total
(7,758)
(37,733)
1,383
<> 17.12 LIQUIDITY RISK PREVIOUS REPORTING PERIOD
Lessthan3
3to12months
More than 12
In thousands of EUR months months
UnfundedcommitmentstoDirectandIndirectInvestments
(103,325)
-
-
Liabilitiesfallingduewithinoneyear
(32,976)
(28,831)
-
Derivativeliabilities
(1,822)
-
-
Derivativeassets
22,496
2,215
-
Currentassets
18,718
-
-
Otherlong-termreceivables
-
-
1,433
Undrawncreditfacility
110,000
-
-
Total
13,091
(26,616)
1,433
<> Liabilities falling due within a year predominantly comprise accrued incentive fees for an amount of EUR 37'732'991 (2022: EUR 28,831,537). While this amount is categorized as a one-year liability, this sum is subject to the realization of the respective investments. ", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-272": { "value": "17.11 LIQUIDITY RISK REPORTING PERIOD
Lessthan3
3to12months
More than 12
In thousands of EUR months months
UnfundedcommitmentstoDirectandIndirectInvestments
(115,294)
-
-
Liabilitiesfallingduewithinoneyear
(27,858)
(37,733)
-
Derivativeassets
-
-
-
Currentassets
14,394
-
-
Otherlong-termreceivables
-
-
1,383
Undrawncreditfacility
121,000
-
-
Total
(7,758)
(37,733)
1,383
<> 17.12 LIQUIDITY RISK PREVIOUS REPORTING PERIOD
Lessthan3
3to12months
More than 12
In thousands of EUR months months
UnfundedcommitmentstoDirectandIndirectInvestments
(103,325)
-
-
Liabilitiesfallingduewithinoneyear
(32,976)
(28,831)
-
Derivativeliabilities
(1,822)
-
-
Derivativeassets
22,496
2,215
-
Currentassets
18,718
-
-
Otherlong-termreceivables
-
-
1,433
Undrawncreditfacility
110,000
-
-
Total
13,091
(26,616)
1,433
<> Liabilities falling due within a year predominantly comprise accrued incentive fees for an amount of EUR 37'732'991 (2022: EUR 28,831,537). While this amount is categorized as a one-year liability, this sum is subject to the realization of the respective investments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisForFinancialAssetsHeldForManagingLiquidityRiskExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-263": { "value": "17.14 CAPITAL RISK MANAGEMENT The Group's objective when managing capital is to safeguard its ability to continue as a going concern and to maintain a strong capital base so as to retain investor, creditor and market confidence with regards to its investment objectives. The Group's capital is represented by its total equity. The Board of Directors also monitors the level of discount between the market price of its equity and the Group's net asset value per share in open-market transactions. The Board has sought to manage the level of discount by regular communication with investors and the general market and is planning to implement a capital allocation policy in the next financial year as an additional tool to manage the discount level where appropriate. As party to a credit facility contract, the Group is required to meet certain covenants and monitors its compliance with these externally imposed restrictions. The covenants and the Group's compliance with them are described in the 'Short-term credit facility' note (Note 14). ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-264": { "value": "17.16 OFFSETTING FINANCIAL INSTRUMENTS The Group is typically subject to master netting arrangements which are entered into with one or more derivative counterparties for all derivative assets and liabilities held with these counterparties. The Group may be required to maintain variation margin balances for the purpose of providing or receiving collateral on derivative positions. The Group and its counterparties have elected, where possible, to settle payment obligations between them on a net basis; however, in the event of an early termination in accordance with the terms of the master netting arrangement, the non-defaulting party can choose an early termination date for close-out netting of all outstanding transactions between the parties. Under the terms of the master netting arrangements, an early termination event includes the following: \u2022 Failure by a party to make payment when due; \u2022 Failure by a party to perform any obligation required by the agreement (other than payment) if such failure is not remedied within 20 business days after such failure; \u2022 Bankruptcy of a party. The Group's financial assets and liabilities subject to offsetting, enforceable master netting arrangements and similar agreements are presented by type of financial instrument. Amounts in \"D\" below relate to amounts subject to set-off that do not qualify for offsetting under \"B\" below. This includes amounts which are subject to set-off against the financial asset or financial liability disclosed in \"A\" which have not been offset in the audited consolidated statement of financial position. 17.17 OFFSETTING REPORTING PERIOD There are no financial assets or liabilities subject to offsetting, enforceable master netting arrangements and similar agreements as at the end of the reporting period. 17.18 OFFSETTING PREVIOUS REPORTING PERIOD Financial assets subjected to offsetting, enforceable master netting arrangements, and similar agreements:
A
B
C=A-B
D
E=C-D
in thousands of EUR
31.12.2022
Gross amounts
Gross amounts of
Net amounts of
Related amounts not set-off in the Net
of recognized recognized financial audited consolidated statement of amount
financial assets
financial liabilities
assets presented in
financial position
set-off in the the audited
audited consolidated
consolidated statement of
statement of financial position
financial position
Derivative assets
Financial
Cash/(Bank
Financial
Instruments Overdrafts) Instrument
Collateral
CounterpartyA
8,768
523
8,245
-
-
8,070
175
CounterpartyB
4,132
-
4,132
-
-
2,130
2,002
CounterpartyI
6,467
-
6,467
-
-
6,020
447
CounterpartyQ
17
-
17
-
-
-
17
CounterpartyAH
5,850
-
5,850
-
-
5,730
120
Financial liabilities subjected to offsetting, enforceable master netting arrangements, and similar agreements:
A
B
C=A-B
D
E=C-D
in thousands of EUR
31.12.2022
Gross amounts
Gross amounts of
Net amounts of
Related amounts not set-off in the audited
Net
of recognized recognized financial liabilities consolidated statement of financial amount
financial financial assets presented in the position
liabilities set-off in the audited
audited consolidated
consolidated statement of
statement of financial position
financial position
Derivative Financial Cash/(Bank Financial
liabilities Instruments Overdrafts) Instrument
Collateral
Counterparty
1,822
-
1,822
-
-
-
1,822
B ", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-265": { "value": "17.19 STRUCTURED ENTITIES IFRS 12 'Disclosure of interests in other entities' requires the Group to disclose details regarding structured entities invested into by the Group. A structured entity in accordance with IFRS 12 is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements. A structured entity often has some or all of the following features or attributes: \u2022 Restricted activities. \u2022 A narrow and well-defined objective, such as to provide a source of capital or funding to an entity or provide investment opportunities for investors by passing on risks and rewards associated with the assets of the structured entity to investors. \u2022 Insufficient equity to permit the structured entity to finance its activities without subordinated financial support. \u2022 Financing in the form of multiple contractually linked instruments to investors that create concentrations of credit or other risks (tranches). The Group considers all Indirect Investments held to be structured entities. Indirect Investments are included within the line item 'Financial assets at fair value through profit or loss' in the audited consolidated statement of financial position. Unrealized gains/losses arising from such Indirect Investments are accounted for within the line item 'Revaluation' in the audited consolidated statement of comprehensive income. The risk concentration of the Indirect Investments is disclosed with respect to geographic region and investment strategy. The net asset value of each line represents the fair value of the respective Indirect Investments as well as the maximum exposure to loss resulting from such investments. 17.20 STRUCTURED ENTITIES REPORTING PERIOD
31.12.2023
NAV in thousands of EUR
Region & Strategy
North America
Buyout
216,947
Specialsituations
13,210
Venturecapital
55
Western Europe
Buyout
158,037
Realestate
77
Venturecapital
7,600
Infrastructure
15,231
Rest of World
Buyout
2,042
Venturecapital
4,848
<> 17.21 STRUCTURED ENTITIES PREVIOUS REPORTING PERIOD
31.12.2022
NAV in thousands of EUR
Region & Strategy
North America
Buyout
276,267
Specialsituations
14,035
Venturecapital
1,131
Western Europe
Buyout
213,651
Realestate
105
Venturecapital
7,805
Infrastructure
14,478
Rest of World
Buyout
7,051
Venturecapital
8,561
", "dimensions": { "concept": "ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-273": { "value": "17.19 STRUCTURED ENTITIES IFRS 12 'Disclosure of interests in other entities' requires the Group to disclose details regarding structured entities invested into by the Group. A structured entity in accordance with IFRS 12 is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements. A structured entity often has some or all of the following features or attributes: \u2022 Restricted activities. \u2022 A narrow and well-defined objective, such as to provide a source of capital or funding to an entity or provide investment opportunities for investors by passing on risks and rewards associated with the assets of the structured entity to investors. \u2022 Insufficient equity to permit the structured entity to finance its activities without subordinated financial support. \u2022 Financing in the form of multiple contractually linked instruments to investors that create concentrations of credit or other risks (tranches). The Group considers all Indirect Investments held to be structured entities. Indirect Investments are included within the line item 'Financial assets at fair value through profit or loss' in the audited consolidated statement of financial position. Unrealized gains/losses arising from such Indirect Investments are accounted for within the line item 'Revaluation' in the audited consolidated statement of comprehensive income. The risk concentration of the Indirect Investments is disclosed with respect to geographic region and investment strategy. The net asset value of each line represents the fair value of the respective Indirect Investments as well as the maximum exposure to loss resulting from such investments. 17.20 STRUCTURED ENTITIES REPORTING PERIOD
31.12.2023
NAV in thousands of EUR
Region & Strategy
North America
Buyout
216,947
Specialsituations
13,210
Venturecapital
55
Western Europe
Buyout
158,037
Realestate
77
Venturecapital
7,600
Infrastructure
15,231
Rest of World
Buyout
2,042
Venturecapital
4,848
<> 17.21 STRUCTURED ENTITIES PREVIOUS REPORTING PERIOD
31.12.2022
NAV in thousands of EUR
Region & Strategy
North America
Buyout
276,267
Specialsituations
14,035
Venturecapital
1,131
Western Europe
Buyout
213,651
Realestate
105
Venturecapital
7,805
Infrastructure
14,478
Rest of World
Buyout
7,051
Venturecapital
8,561
20 Group entities - significant subsidiaries Princess Private Equity Subholding Limited Incorporated in Guernsey Ownership interest as at 31 December 2023 and 31 December 2022: 100% Activity: Investment services company Princess Direct Investments, L.P. Inc. Incorporated in Guernsey Ownership interest as at 31 December 2023 and 31 December 2022: 100% Activity: Investment services partnership", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-236": { "value": "18 Fair value measurement IFRS 13 'Fair value measurement' requires the Group to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: \u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1); \u2022 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as observable prices or firm broker quotes) or indirectly (that is, derived from observable prices including discount adjustments to quoted prices in the case of regulatory restrictions to sell such securities) (level 2); \u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3). The level in the fair value hierarchy within which the fair value measurement is categorized in its entirety is determined on the basis of the lowest level of input that is significant to the fair value measurement in its entirety. For this purpose the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability. The determination of what constitutes \"observable\" requires significant judgement by the Group. The Group considers the observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. In the event that the Group holds any quoted investments, including any shares received as a result of an IPO or listed private market investments, these are valued based on quoted market prices in active markets and therefore classified in level 1. Any derivatives used for hedging and short-term investments valued using market dealer quotes can be redeemed at the fair value measured and are therefore classified in level 2. Level 3 comprises unquoted investments where the latest information, which may not coincide with the reporting date of the Group or the valuation date of the investments, provided by underlying investments and other business partners is reviewed, and widely recognized methods applied to value such investments are detailed in the 'Critical accounting estimates and judgements' note. The reconciliation of each class of financial instrument designated as level 3 is presented in the 'Financial assets at fair value through profit or loss' note. Transfers between level 1, 2 and 3, if any, are deemed to have happened at the end of the relevant reporting period. The Group's classification of financial assets and liabilities measured at fair value in the fair value hierarchy described above is presented as at the end of the relevant reporting period. 18.1 FAIR VALUE ESTIMATION REPORTING PERIOD
Level1
Level2
Level3
Totalbalance
In thousands of EUR
Assets
Othershort-termreceivables
-
-
4,245
4,245
Derivativesusedforhedging
-
-
-
-
Financial assets at fair value through profit or loss - equity
-
-
1,008,436
1,008,436
securities
Financial assets at fair value through profit or loss - debt
-
-
20,623
20,623
investments
Totalassets
-
-
1,033,304
1,033,304
Liabilities
Derivativesusedforhedging
-
-
-
-
Totalliabilities
-
-
-
-
<> During the reporting period, there were no transfers between level 3 and levels 1 and 2 of the fair value hierarchy. 18.2 FAIR VALUE ESTIMATION PREVIOUS REPORTING PERIOD
Level1
Level2
Level3
Totalbalance
In thousands of EUR
Assets
Othershort-termreceivables
-
-
3,867
3,867
Derivativesusedforhedging
-
24,711
-
24,711
Financial assets at fair value through profit or loss - equity
-
-
1,007,935
1,007,935
securities
Financial assets at fair value through profit or loss - debt
-
-
22,136
22,136
investments
Totalassets
-
24,711
1,033,938
1,058,649
Liabilities
Derivativesusedforhedging
-
(1,822)
-
(1,822)
Totalliabilities
-
(1,822)
-
(1,822)
<> During the previous reporting period, there were no transfers between level 3 and levels 1 and 2 of the fair value hierarchy. 18.3 FINANCIAL STATEMENT LINE ITEMS NOT HELD AT FAIR VALUE THROUGH PROFIT OR LOSS All assets and liabilities presented in the audited consolidated statement of financial position, except for those measured at fair value in accordance with IFRS 13, are measured at either amortized cost or their face value, both of which are deemed to be a reasonable approximation of their fair values. In conjunction with the fair value hierarchy disclosed in the 'Fair value measurement' note (Note 18): \u2022 Cash and cash equivalents as well as bank overdrafts are measured at values that would be reflective of level 1 prices. These include cash in hand, deposits held with banks, money market funds, other short-term investments in active markets and bank overdrafts. \u2022 Other receivables are measured at values that would be reflective of level 3 prices. These include contractual amounts for settlement of trades and other obligations due to the Group. \u2022 Accruals and other short-term payables represent the contractual amounts and obligations due by the Group for settlement of trades and expenses and are measured at values that would be reflective of level 2 prices, except for incentive fee accruals due by the Group which are reflective of level 3 prices. \u2022 Deferred payments are measured at values that would be reflective of level 2 prices. These consist of payments for financial assets purchased and receivables for financial assets sold, for which it was agreed with the contractual counterparty to defer one or more payment installments. \u2022 Borrowings include credit facilities and loan granted to the Group and are measured at values that would be reflective of level 2 prices. \u2022 Equity is a residual amount calculated by subtracting the total liabilities of the Group from the total assets of the Group. As the lowest level of input that is significant to the fair value measurement of the inputs into this equation is level 3, the values at which equity is measured would be reflective of level 3 prices. 18.4 SIGNIFICANT UNOBSERVABLE VALUATION INPUTS The Group primarily presents Level 3 investments using valuation techniques and inputs which consider the available underlying investment valuation information. Level 3 investments may consist of Equity instruments, Debt instruments, and Partnership investments. Partnership investments, if presented, include the Group's investments into external investment vehicles. Level 3 Partnership investments are generally valued at the Partnership investments' net asset values last reported by its governing bodies. When the reporting date of such net asset values does not coincide with the Group's reporting date, the net asset values are adjusted as a result of cash flows to/from a Partnership investment between the most recently available net asset value reported, and the end of the relevant reporting period. The valuation may also be adjusted for further information gathered through an ongoing investment monitoring process. This monitoring process includes, but is not limited to, binding bid offers, non-public information on developments of portfolio companies held by Partnership investments, syndicated transactions which involve such companies and the application of reporting standards by Partnership investments which do not apply the principle of fair valuation. The main inputs into the Group's valuation models for Equity and Debt instruments include: EBITDA multiples (based on budgeted/forward looking EBITDA or historical EBITDA of the issuer and EBITDA multiples of comparable listed companies for the equivalent period), discount rates, capitalization rates, price to book as well as price to earnings ratios and enterprise value to sales multiples. The Group also considers the original transaction prices, recent transactions in the same or similar instruments and completed third-party transactions in comparable instruments and adjusts the model as deemed necessary. Further inputs consist of external valuation appraisals and broker quotes. In order to assess level 3 valuations in accordance with the Constituent Documents, the performance of the investments held is reviewed on a regular basis. The appropriateness of the valuation model inputs, as well as the valuation result, is considered using various valuation methods and techniques generally recognized within the industry. From time to time, the Group may consider it appropriate to change the valuation model or technique used in the fair valuation depending on the individual investment circumstances, such as its maturity, stage of operations or recent transaction.
The Group typically utilizes comparable trading multiples in arriving at the valuation for the Equity instruments. Comparable
companies multiple techniques assume that the valuation of unquoted Equity instruments can be assessed by comparing
performance measure multiples of similar quoted assets for which observable market prices are readily available. Factors
considered in the determination of appropriate comparable public companies include industry, size, development stage, and
strategy. Consequently, the most appropriate performance measure for determining the valuation of the relevant Equity
instrument is selected (these include but are not limited to EBITDA multiples, price to earnings ratio for earnings or price to
book ratio for book values). Trading multiples for each comparable company identified are calculated by dividing the enterprise
value or market capitalization of the comparable company by the defined performance measure. The relevant trading multiples
might be subject to adjustment for general qualitative differences such as liquidity, growth rate or quality of customer base
between the valued Equity instrument and the comparable company set. The indicated fair value of the Equity instrument is
determined by applying the relevant adjusted trading multiple to the identified performance measure of the valued company.
The valuation of an Equity instrument may alternatively be derived using the discounted cash flow method by discounting its
expected future cash flows to a present value at a rate of expected return that represents the time value of money and reflects
its relative risks. Equity instruments can be valued by using the 'cash flow to investor' method (a debt instrument valuation),
or indirectly, by deriving the enterprise value using the 'free cash flow to company' method and subsequently subtracting the
investment's net debt in order to determine the equity value of the relevant investment. The expected future cash flows are
determined based on agreed investment terms or expected growth rates. In addition, based on the current market environment
an expected return of the respective Equity instrument is projected. The future cash flows are discounted to the date of the
relevant reporting period end in order to determine the fair value.
Debt instrument valuations are derived by applying widely acceptable valuation methods suitable for Debt instruments which
include, but are not limited to, using reliable broker quotes and the comparable debt approach.
Reliable broker quotes for Debt instruments are provided by a reputable financial information provider. These quotes are
applied on the nominal value of such investments plus accrued interest (where applicable) to derive the fair value. The comparable
debt approach arrives at the valuation of a Debt instrument by discounting its expected future cash flows to a present value
with a benchmark rate derived from observable pricing levels of comparable debt instruments. Factors considered in the
determination of such comparable instruments include, but are not limited to, industry, coupon, duration and maturity date.
The Group utilizes the sales comparison method in arriving at the valuation for real estate investments, which are categorized
under Equity instruments. The sales comparison method compares a real estate investment's characteristics with those of
comparable properties which have recently been traded in the market. Factors considered in the determination of such
comparable assets include, but are not limited to, size, location, development stage and property type. Consequently, the most
appropriate measure for determining the valuation of the relevant real estate investment is selected (amongst others price per
square foot, price per square meter). The comparable price per unit might be subject to adjustment for general qualitative
differences which include, but are not limited to, quality of property and access to public transportation. The indicated fair
value of the real estate investment is determined by applying the relevant price per unit to the respective real estate investment.
The sales comparison method is most appropriate for real estate investments where the investment's size (e.g. square feet,
square meters) is known and similar properties have recently traded in the market.
The income method compares a real estate investment's net operating income to capitalization rates recently observed in the
market to determine the present value. The capitalization rates from recent sales of comparable properties utilized in this
method might be subject to adjustment for general qualitative differences which include, but are not limited to, quality of
property, tenant mix and access to public transportation. Factors considered in the determination of such comparable properties
include, but are not limited to, size, location, development stage and property type. The indicated fair value of the real estate
investment is determined by applying the relevant capitalization rate to the real estate investment's net operating income. This
method is most appropriate for income-generating real estate investments where the net operating income is known and
similar properties have recently traded in the market.
The valuation of level 3 Equity instruments derived using an unobservable input factor is directly affected by a change in that
factor. The change in valuation of level 3 Equity instruments may vary between different investments of the same category
as a result of individual levels of debt financing within such an investment.
No interrelationship between unobservable inputs used in the Group's valuation of its level 3 investments has been identified.
The Group presents investments whose fair values are measured in whole or in part using valuation techniques based on
assumptions that are not supported by prices or other inputs from observable current market transactions in the same instrument
and the effect of changing one or more of those assumptions behind the valuation techniques adopted based on reasonable
possible alternative assumptions.
Equity and Debt instruments may include certain investments using the valuation technique \"Reported fair value\". The Group
receives external reporting where fair valuation of such investment is provided, hence their fair value is based on reported fair
value rather than a direct investment valuation.
The sensitivity analysis presents the potential change in fair value for each category of investments in absolute values. For a
5% movement in the significant unobservable input employed in the relevant valuation model, the corresponding incremental
change in valuation of the investment is calculated.
With respect to real estate equity investments, the sensitivity analysis as performed for Equity instruments, with changes in
the relevant unobservable valuation inputs, would not translate into meaningful valuation movements. The reasons for this
conclusion include, but are not limited to, the fact that variations in property location, quality and business plan result in
comparisons across properties that are not meaningful. Unobservable inputs for a specific region will vary greatly based on
the property's micro location, building finishes and amenities and leasing strategy. One-to-one comparisons are not possible
even for buildings that are physically close to each other due to the differences in property features and occupancy.
A sensitivity analysis is generally not performed for Equity and Debt instruments that have been invested into within the last
three months of the relevant reporting period and where the acquisition cost was deemed to be fair value in accordance with
IFRS 13 as insufficient time has passed to determine a reliable sensitivity range based on valuation inputs that would be
considered appropriate by market participants.
18.5 SIGNIFICANT UNOBSERVABLE VALUATION INPUT TABLE REPORTING PERIOD
Type of
Fairvalueat
Valuationtechnique
Unobservableinput
Range(weighted
Sensitivity
security 31.12.2023 average)
Fair value in thousands of EUR
Equity
948,459
Market comparable Enterprise value
7.50x-35.20x
78,095
(78,095)
Instruments companies to EBITDA multiple (16.88x)
41,685
Discountedcashflow
Discountfactor
14.00%-16.75%
1,312
(1,312)
(14.55%)
25,046
ExitpriceRecenttransactionprice
n.a.
n.a.
n.a.
15,811
Marketcomparable
Pricetobookratio
1.90x-1.90x
791
(791)
companies (1.90x)
12,212
Market comparable
Enterprise value to sales
2.10x-
20.40x
761
(761)
companies multiple (6.81x)
419
Reportedfairvalue
Reportedfairvalue
n.a
21
(21)
Debt
4,836
Discountedcashflow
Discountfactor
12.00%-20.00%
55
(55)
Instruments (16.03%)
1,292 Market comparable Enterprise value
11.00x-11.00x
n.a.
n.a.
companies to EBITDA multiple (11.00x)
320
Market comparable
Enterprise value to sales
2.80x-2.80x
n.a.
n.a.
companies multiple (2.80x)
81
ExitpriceRecenttransactionprice
n.a.
n.a.
n.a.
Partnership
10,333
AdjustedreportednetReportednetassetvalue
n.a.
517
(517)
Investments asset value
454
Adjustedreportednet
Fairvalueadjustments
n.a.
23
(23)
asset value
1,060,948
Total
(31,889)AmountsfromPartnersGroupinvestmentvehicles
1,029,059
Totallevel3investments
n.a. - not meaningful as outlined in the note above <> The amounts from Partners Group investment vehicles pertain to non-investment related assets/(liabilities) and/or any difference in fair value classification of its underlying investments. In certain cases, this may also include underlying investments that are measured under level 1 or level 2 but presented under level 3 in fair value measurement note since the investments are held under external partnership investments. 18.6 SIGNIFICANT UNOBSERVABLE VALUATION INPUT TABLE PREVIOUS REPORTING PERIOD
Type of
Fairvalueat
Valuationtechnique
Unobservableinput
Range(weighted
Sensitivity
security 31.12.2022 average)
Fair value in thousands of EUR
Equity
930,259
Market comparable Enterprise value to
5.00x-34.00x
77,861
(77,861)
Instruments companies EBITDA multiple (15.94x)
35,721
Discountedcashflow
Discountfactor
13.45%-14.30%
255
(255)
(14.17%)
13,854
Marketcomparable
Pricetobookratio
1.68x-1.68x
693
(693)
companies (1.68x)
10,201
Recent
Recenttransactionprice
n.a.
n.a.
n.a.
financing/transaction
8,819
Market comparable
Enterprise value to sales
2.60x-
22.30x
424
(424)
companies multiple (8.23x)
671
Exitprice
Recenttransactionprice
n.a.
n.a.
n.a.
455
Reportedfairvalue
Reportedfairvalue
n.a
22
(22)
Debt
8,994
Brokerquotes
Indicativequotesforan
n.a.
n.a.
n.a.
Instruments inactive market
7,626
Discountedcashflow
Discountfactor
13.00%-23.00%
165
(165)
(15.78%)
81
Exitprice
Recenttransactionprice
n.a.
n.a.
n.a.
Partnership
24,272
AdjustedreportednetReportednetassetvalue
n.a.
1,214
(1,214)
Investments asset value
9
Adjustedreportednet
Fairvalueadjustments
n.a.
0
0
asset value
1,040,962
Total
(10,891)AmountsfromPartnersGroupinvestmentvehicles
1,030,071
Totallevel3investments
n.a. - not meaningful as outlined in the note above <> The amounts from Partners Group investment vehicles pertain to non-investment related assets/(liabilities) and/or any difference in fair value classification of its underlying investments. In certain cases, this may also include underlying investments that are measured under level 1 or level 2 but presented under level 3 in fair value measurement note since the investments are held under external partnership investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-281": { "value": "18.4 SIGNIFICANT UNOBSERVABLE VALUATION INPUTS The Group primarily presents Level 3 investments using valuation techniques and inputs which consider the available underlying investment valuation information. Level 3 investments may consist of Equity instruments, Debt instruments, and Partnership investments. Partnership investments, if presented, include the Group's investments into external investment vehicles. Level 3 Partnership investments are generally valued at the Partnership investments' net asset values last reported by its governing bodies. When the reporting date of such net asset values does not coincide with the Group's reporting date, the net asset values are adjusted as a result of cash flows to/from a Partnership investment between the most recently available net asset value reported, and the end of the relevant reporting period. The valuation may also be adjusted for further information gathered through an ongoing investment monitoring process. This monitoring process includes, but is not limited to, binding bid offers, non-public information on developments of portfolio companies held by Partnership investments, syndicated transactions which involve such companies and the application of reporting standards by Partnership investments which do not apply the principle of fair valuation. The main inputs into the Group's valuation models for Equity and Debt instruments include: EBITDA multiples (based on budgeted/forward looking EBITDA or historical EBITDA of the issuer and EBITDA multiples of comparable listed companies for the equivalent period), discount rates, capitalization rates, price to book as well as price to earnings ratios and enterprise value to sales multiples. The Group also considers the original transaction prices, recent transactions in the same or similar instruments and completed third-party transactions in comparable instruments and adjusts the model as deemed necessary. Further inputs consist of external valuation appraisals and broker quotes. In order to assess level 3 valuations in accordance with the Constituent Documents, the performance of the investments held is reviewed on a regular basis. The appropriateness of the valuation model inputs, as well as the valuation result, is considered using various valuation methods and techniques generally recognized within the industry. From time to time, the Group may consider it appropriate to change the valuation model or technique used in the fair valuation depending on the individual investment circumstances, such as its maturity, stage of operations or recent transaction. The Group typically utilizes comparable trading multiples in arriving at the valuation for the Equity instruments. Comparable companies multiple techniques assume that the valuation of unquoted Equity instruments can be assessed by comparing performance measure multiples of similar quoted assets for which observable market prices are readily available. Factors considered in the determination of appropriate comparable public companies include industry, size, development stage, and strategy. Consequently, the most appropriate performance measure for determining the valuation of the relevant Equity instrument is selected (these include but are not limited to EBITDA multiples, price to earnings ratio for earnings or price to book ratio for book values). Trading multiples for each comparable company identified are calculated by dividing the enterprise value or market capitalization of the comparable company by the defined performance measure. The relevant trading multiples might be subject to adjustment for general qualitative differences such as liquidity, growth rate or quality of customer base between the valued Equity instrument and the comparable company set. The indicated fair value of the Equity instrument is determined by applying the relevant adjusted trading multiple to the identified performance measure of the valued company. The valuation of an Equity instrument may alternatively be derived using the discounted cash flow method by discounting its expected future cash flows to a present value at a rate of expected return that represents the time value of money and reflects its relative risks. Equity instruments can be valued by using the 'cash flow to investor' method (a debt instrument valuation), or indirectly, by deriving the enterprise value using the 'free cash flow to company' method and subsequently subtracting the investment's net debt in order to determine the equity value of the relevant investment. The expected future cash flows are determined based on agreed investment terms or expected growth rates. In addition, based on the current market environment an expected return of the respective Equity instrument is projected. The future cash flows are discounted to the date of the relevant reporting period end in order to determine the fair value. Debt instrument valuations are derived by applying widely acceptable valuation methods suitable for Debt instruments which include, but are not limited to, using reliable broker quotes and the comparable debt approach. Reliable broker quotes for Debt instruments are provided by a reputable financial information provider. These quotes are applied on the nominal value of such investments plus accrued interest (where applicable) to derive the fair value. The comparable debt approach arrives at the valuation of a Debt instrument by discounting its expected future cash flows to a present value with a benchmark rate derived from observable pricing levels of comparable debt instruments. Factors considered in the determination of such comparable instruments include, but are not limited to, industry, coupon, duration and maturity date. The Group utilizes the sales comparison method in arriving at the valuation for real estate investments, which are categorized under Equity instruments. The sales comparison method compares a real estate investment's characteristics with those of comparable properties which have recently been traded in the market. Factors considered in the determination of such comparable assets include, but are not limited to, size, location, development stage and property type. Consequently, the most appropriate measure for determining the valuation of the relevant real estate investment is selected (amongst others price per square foot, price per square meter). The comparable price per unit might be subject to adjustment for general qualitative differences which include, but are not limited to, quality of property and access to public transportation. The indicated fair value of the real estate investment is determined by applying the relevant price per unit to the respective real estate investment. The sales comparison method is most appropriate for real estate investments where the investment's size (e.g. square feet, square meters) is known and similar properties have recently traded in the market. The income method compares a real estate investment's net operating income to capitalization rates recently observed in the market to determine the present value. The capitalization rates from recent sales of comparable properties utilized in this method might be subject to adjustment for general qualitative differences which include, but are not limited to, quality of property, tenant mix and access to public transportation. Factors considered in the determination of such comparable properties include, but are not limited to, size, location, development stage and property type. The indicated fair value of the real estate investment is determined by applying the relevant capitalization rate to the real estate investment's net operating income. This method is most appropriate for income-generating real estate investments where the net operating income is known and similar properties have recently traded in the market. The valuation of level 3 Equity instruments derived using an unobservable input factor is directly affected by a change in that factor. The change in valuation of level 3 Equity instruments may vary between different investments of the same category as a result of individual levels of debt financing within such an investment. No interrelationship between unobservable inputs used in the Group's valuation of its level 3 investments has been identified. The Group presents investments whose fair values are measured in whole or in part using valuation techniques based on assumptions that are not supported by prices or other inputs from observable current market transactions in the same instrument and the effect of changing one or more of those assumptions behind the valuation techniques adopted based on reasonable possible alternative assumptions. Equity and Debt instruments may include certain investments using the valuation technique \"Reported fair value\". The Group receives external reporting where fair valuation of such investment is provided, hence their fair value is based on reported fair value rather than a direct investment valuation. The sensitivity analysis presents the potential change in fair value for each category of investments in absolute values. For a 5% movement in the significant unobservable input employed in the relevant valuation model, the corresponding incremental change in valuation of the investment is calculated. With respect to real estate equity investments, the sensitivity analysis as performed for Equity instruments, with changes in the relevant unobservable valuation inputs, would not translate into meaningful valuation movements. The reasons for this conclusion include, but are not limited to, the fact that variations in property location, quality and business plan result in comparisons across properties that are not meaningful. Unobservable inputs for a specific region will vary greatly based on the property's micro location, building finishes and amenities and leasing strategy. One-to-one comparisons are not possible even for buildings that are physically close to each other due to the differences in property features and occupancy. A sensitivity analysis is generally not performed for Equity and Debt instruments that have been invested into within the last three months of the relevant reporting period and where the acquisition cost was deemed to be fair value in accordance with IFRS 13 as insufficient time has passed to determine a reliable sensitivity range based on valuation inputs that would be considered appropriate by market participants. 18.5 SIGNIFICANT UNOBSERVABLE VALUATION INPUT TABLE REPORTING PERIOD
Type of
Fairvalueat
Valuationtechnique
Unobservableinput
Range(weighted
Sensitivity
security 31.12.2023 average)
Fair value in thousands of EUR
Equity
948,459
Market comparable Enterprise value
7.50x-35.20x
78,095
(78,095)
Instruments companies to EBITDA multiple (16.88x)
41,685
Discountedcashflow
Discountfactor
14.00%-16.75%
1,312
(1,312)
(14.55%)
25,046
ExitpriceRecenttransactionprice
n.a.
n.a.
n.a.
15,811
Marketcomparable
Pricetobookratio
1.90x-1.90x
791
(791)
companies (1.90x)
12,212
Market comparable
Enterprise value to sales
2.10x-
20.40x
761
(761)
companies multiple (6.81x)
419
Reportedfairvalue
Reportedfairvalue
n.a
21
(21)
Debt
4,836
Discountedcashflow
Discountfactor
12.00%-20.00%
55
(55)
Instruments (16.03%)
1,292 Market comparable Enterprise value
11.00x-11.00x
n.a.
n.a.
companies to EBITDA multiple (11.00x)
320
Market comparable
Enterprise value to sales
2.80x-2.80x
n.a.
n.a.
companies multiple (2.80x)
81
ExitpriceRecenttransactionprice
n.a.
n.a.
n.a.
Partnership
10,333
AdjustedreportednetReportednetassetvalue
n.a.
517
(517)
Investments asset value
454
Adjustedreportednet
Fairvalueadjustments
n.a.
23
(23)
asset value
1,060,948
Total
(31,889)AmountsfromPartnersGroupinvestmentvehicles
1,029,059
Totallevel3investments
n.a. - not meaningful as outlined in the note above <> The amounts from Partners Group investment vehicles pertain to non-investment related assets/(liabilities) and/or any difference in fair value classification of its underlying investments. In certain cases, this may also include underlying investments that are measured under level 1 or level 2 but presented under level 3 in fair value measurement note since the investments are held under external partnership investments. 18.6 SIGNIFICANT UNOBSERVABLE VALUATION INPUT TABLE PREVIOUS REPORTING PERIOD
Type of
Fairvalueat
Valuationtechnique
Unobservableinput
Range(weighted
Sensitivity
security 31.12.2022 average)
Fair value in thousands of EUR
Equity
930,259
Market comparable Enterprise value to
5.00x-34.00x
77,861
(77,861)
Instruments companies EBITDA multiple (15.94x)
35,721
Discountedcashflow
Discountfactor
13.45%-14.30%
255
(255)
(14.17%)
13,854
Marketcomparable
Pricetobookratio
1.68x-1.68x
693
(693)
companies (1.68x)
10,201
Recent
Recenttransactionprice
n.a.
n.a.
n.a.
financing/transaction
8,819
Market comparable
Enterprise value to sales
2.60x-
22.30x
424
(424)
companies multiple (8.23x)
671
Exitprice
Recenttransactionprice
n.a.
n.a.
n.a.
455
Reportedfairvalue
Reportedfairvalue
n.a
22
(22)
Debt
8,994
Brokerquotes
Indicativequotesforan
n.a.
n.a.
n.a.
Instruments inactive market
7,626
Discountedcashflow
Discountfactor
13.00%-23.00%
165
(165)
(15.78%)
81
Exitprice
Recenttransactionprice
n.a.
n.a.
n.a.
Partnership
24,272
AdjustedreportednetReportednetassetvalue
n.a.
1,214
(1,214)
Investments asset value
9
Adjustedreportednet
Fairvalueadjustments
n.a.
0
0
asset value
1,040,962
Total
(10,891)AmountsfromPartnersGroupinvestmentvehicles
1,030,071
Totallevel3investments
n.a. - not meaningful as outlined in the note above <> The amounts from Partners Group investment vehicles pertain to non-investment related assets/(liabilities) and/or any difference in fair value classification of its underlying investments. In certain cases, this may also include underlying investments that are measured under level 1 or level 2 but presented under level 3 in fair value measurement note since the investments are held under external partnership investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-279": { "value": "18.4 SIGNIFICANT UNOBSERVABLE VALUATION INPUTS The Group primarily presents Level 3 investments using valuation techniques and inputs which consider the available underlying investment valuation information. Level 3 investments may consist of Equity instruments, Debt instruments, and Partnership investments. Partnership investments, if presented, include the Group's investments into external investment vehicles. Level 3 Partnership investments are generally valued at the Partnership investments' net asset values last reported by its governing bodies. When the reporting date of such net asset values does not coincide with the Group's reporting date, the net asset values are adjusted as a result of cash flows to/from a Partnership investment between the most recently available net asset value reported, and the end of the relevant reporting period. The valuation may also be adjusted for further information gathered through an ongoing investment monitoring process. This monitoring process includes, but is not limited to, binding bid offers, non-public information on developments of portfolio companies held by Partnership investments, syndicated transactions which involve such companies and the application of reporting standards by Partnership investments which do not apply the principle of fair valuation. The main inputs into the Group's valuation models for Equity and Debt instruments include: EBITDA multiples (based on budgeted/forward looking EBITDA or historical EBITDA of the issuer and EBITDA multiples of comparable listed companies for the equivalent period), discount rates, capitalization rates, price to book as well as price to earnings ratios and enterprise value to sales multiples. The Group also considers the original transaction prices, recent transactions in the same or similar instruments and completed third-party transactions in comparable instruments and adjusts the model as deemed necessary. Further inputs consist of external valuation appraisals and broker quotes. In order to assess level 3 valuations in accordance with the Constituent Documents, the performance of the investments held is reviewed on a regular basis. The appropriateness of the valuation model inputs, as well as the valuation result, is considered using various valuation methods and techniques generally recognized within the industry. From time to time, the Group may consider it appropriate to change the valuation model or technique used in the fair valuation depending on the individual investment circumstances, such as its maturity, stage of operations or recent transaction. The Group typically utilizes comparable trading multiples in arriving at the valuation for the Equity instruments. Comparable companies multiple techniques assume that the valuation of unquoted Equity instruments can be assessed by comparing performance measure multiples of similar quoted assets for which observable market prices are readily available. Factors considered in the determination of appropriate comparable public companies include industry, size, development stage, and strategy. Consequently, the most appropriate performance measure for determining the valuation of the relevant Equity instrument is selected (these include but are not limited to EBITDA multiples, price to earnings ratio for earnings or price to book ratio for book values). Trading multiples for each comparable company identified are calculated by dividing the enterprise value or market capitalization of the comparable company by the defined performance measure. The relevant trading multiples might be subject to adjustment for general qualitative differences such as liquidity, growth rate or quality of customer base between the valued Equity instrument and the comparable company set. The indicated fair value of the Equity instrument is determined by applying the relevant adjusted trading multiple to the identified performance measure of the valued company. The valuation of an Equity instrument may alternatively be derived using the discounted cash flow method by discounting its expected future cash flows to a present value at a rate of expected return that represents the time value of money and reflects its relative risks. Equity instruments can be valued by using the 'cash flow to investor' method (a debt instrument valuation), or indirectly, by deriving the enterprise value using the 'free cash flow to company' method and subsequently subtracting the investment's net debt in order to determine the equity value of the relevant investment. The expected future cash flows are determined based on agreed investment terms or expected growth rates. In addition, based on the current market environment an expected return of the respective Equity instrument is projected. The future cash flows are discounted to the date of the relevant reporting period end in order to determine the fair value. Debt instrument valuations are derived by applying widely acceptable valuation methods suitable for Debt instruments which include, but are not limited to, using reliable broker quotes and the comparable debt approach. Reliable broker quotes for Debt instruments are provided by a reputable financial information provider. These quotes are applied on the nominal value of such investments plus accrued interest (where applicable) to derive the fair value. The comparable debt approach arrives at the valuation of a Debt instrument by discounting its expected future cash flows to a present value with a benchmark rate derived from observable pricing levels of comparable debt instruments. Factors considered in the determination of such comparable instruments include, but are not limited to, industry, coupon, duration and maturity date. The Group utilizes the sales comparison method in arriving at the valuation for real estate investments, which are categorized under Equity instruments. The sales comparison method compares a real estate investment's characteristics with those of comparable properties which have recently been traded in the market. Factors considered in the determination of such comparable assets include, but are not limited to, size, location, development stage and property type. Consequently, the most appropriate measure for determining the valuation of the relevant real estate investment is selected (amongst others price per square foot, price per square meter). The comparable price per unit might be subject to adjustment for general qualitative differences which include, but are not limited to, quality of property and access to public transportation. The indicated fair value of the real estate investment is determined by applying the relevant price per unit to the respective real estate investment. The sales comparison method is most appropriate for real estate investments where the investment's size (e.g. square feet, square meters) is known and similar properties have recently traded in the market. The income method compares a real estate investment's net operating income to capitalization rates recently observed in the market to determine the present value. The capitalization rates from recent sales of comparable properties utilized in this method might be subject to adjustment for general qualitative differences which include, but are not limited to, quality of property, tenant mix and access to public transportation. Factors considered in the determination of such comparable properties include, but are not limited to, size, location, development stage and property type. The indicated fair value of the real estate investment is determined by applying the relevant capitalization rate to the real estate investment's net operating income. This method is most appropriate for income-generating real estate investments where the net operating income is known and similar properties have recently traded in the market. The valuation of level 3 Equity instruments derived using an unobservable input factor is directly affected by a change in that factor. The change in valuation of level 3 Equity instruments may vary between different investments of the same category as a result of individual levels of debt financing within such an investment. No interrelationship between unobservable inputs used in the Group's valuation of its level 3 investments has been identified. The Group presents investments whose fair values are measured in whole or in part using valuation techniques based on assumptions that are not supported by prices or other inputs from observable current market transactions in the same instrument and the effect of changing one or more of those assumptions behind the valuation techniques adopted based on reasonable possible alternative assumptions. Equity and Debt instruments may include certain investments using the valuation technique \"Reported fair value\". The Group receives external reporting where fair valuation of such investment is provided, hence their fair value is based on reported fair value rather than a direct investment valuation. The sensitivity analysis presents the potential change in fair value for each category of investments in absolute values. For a 5% movement in the significant unobservable input employed in the relevant valuation model, the corresponding incremental change in valuation of the investment is calculated. With respect to real estate equity investments, the sensitivity analysis as performed for Equity instruments, with changes in the relevant unobservable valuation inputs, would not translate into meaningful valuation movements. The reasons for this conclusion include, but are not limited to, the fact that variations in property location, quality and business plan result in comparisons across properties that are not meaningful. Unobservable inputs for a specific region will vary greatly based on the property's micro location, building finishes and amenities and leasing strategy. One-to-one comparisons are not possible even for buildings that are physically close to each other due to the differences in property features and occupancy. A sensitivity analysis is generally not performed for Equity and Debt instruments that have been invested into within the last three months of the relevant reporting period and where the acquisition cost was deemed to be fair value in accordance with IFRS 13 as insufficient time has passed to determine a reliable sensitivity range based on valuation inputs that would be considered appropriate by market participants. 18.5 SIGNIFICANT UNOBSERVABLE VALUATION INPUT TABLE REPORTING PERIOD
Type of
Fairvalueat
Valuationtechnique
Unobservableinput
Range(weighted
Sensitivity
security 31.12.2023 average)
Fair value in thousands of EUR
Equity
948,459
Market comparable Enterprise value
7.50x-35.20x
78,095
(78,095)
Instruments companies to EBITDA multiple (16.88x)
41,685
Discountedcashflow
Discountfactor
14.00%-16.75%
1,312
(1,312)
(14.55%)
25,046
ExitpriceRecenttransactionprice
n.a.
n.a.
n.a.
15,811
Marketcomparable
Pricetobookratio
1.90x-1.90x
791
(791)
companies (1.90x)
12,212
Market comparable
Enterprise value to sales
2.10x-
20.40x
761
(761)
companies multiple (6.81x)
419
Reportedfairvalue
Reportedfairvalue
n.a
21
(21)
Debt
4,836
Discountedcashflow
Discountfactor
12.00%-20.00%
55
(55)
Instruments (16.03%)
1,292 Market comparable Enterprise value
11.00x-11.00x
n.a.
n.a.
companies to EBITDA multiple (11.00x)
320
Market comparable
Enterprise value to sales
2.80x-2.80x
n.a.
n.a.
companies multiple (2.80x)
81
ExitpriceRecenttransactionprice
n.a.
n.a.
n.a.
Partnership
10,333
AdjustedreportednetReportednetassetvalue
n.a.
517
(517)
Investments asset value
454
Adjustedreportednet
Fairvalueadjustments
n.a.
23
(23)
asset value
1,060,948
Total
(31,889)AmountsfromPartnersGroupinvestmentvehicles
1,029,059
Totallevel3investments
n.a. - not meaningful as outlined in the note above <> The amounts from Partners Group investment vehicles pertain to non-investment related assets/(liabilities) and/or any difference in fair value classification of its underlying investments. In certain cases, this may also include underlying investments that are measured under level 1 or level 2 but presented under level 3 in fair value measurement note since the investments are held under external partnership investments. 18.6 SIGNIFICANT UNOBSERVABLE VALUATION INPUT TABLE PREVIOUS REPORTING PERIOD
Type of
Fairvalueat
Valuationtechnique
Unobservableinput
Range(weighted
Sensitivity
security 31.12.2022 average)
Fair value in thousands of EUR
Equity
930,259
Market comparable Enterprise value to
5.00x-34.00x
77,861
(77,861)
Instruments companies EBITDA multiple (15.94x)
35,721
Discountedcashflow
Discountfactor
13.45%-14.30%
255
(255)
(14.17%)
13,854
Marketcomparable
Pricetobookratio
1.68x-1.68x
693
(693)
companies (1.68x)
10,201
Recent
Recenttransactionprice
n.a.
n.a.
n.a.
financing/transaction
8,819
Market comparable
Enterprise value to sales
2.60x-
22.30x
424
(424)
companies multiple (8.23x)
671
Exitprice
Recenttransactionprice
n.a.
n.a.
n.a.
455
Reportedfairvalue
Reportedfairvalue
n.a
22
(22)
Debt
8,994
Brokerquotes
Indicativequotesforan
n.a.
n.a.
n.a.
Instruments inactive market
7,626
Discountedcashflow
Discountfactor
13.00%-23.00%
165
(165)
(15.78%)
81
Exitprice
Recenttransactionprice
n.a.
n.a.
n.a.
Partnership
24,272
AdjustedreportednetReportednetassetvalue
n.a.
1,214
(1,214)
Investments asset value
9
Adjustedreportednet
Fairvalueadjustments
n.a.
0
0
asset value
1,040,962
Total
(10,891)AmountsfromPartnersGroupinvestmentvehicles
1,030,071
Totallevel3investments
n.a. - not meaningful as outlined in the note above <> The amounts from Partners Group investment vehicles pertain to non-investment related assets/(liabilities) and/or any difference in fair value classification of its underlying investments. In certain cases, this may also include underlying investments that are measured under level 1 or level 2 but presented under level 3 in fair value measurement note since the investments are held under external partnership investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfAssetsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-276": { "value": "18.4 SIGNIFICANT UNOBSERVABLE VALUATION INPUTS The Group primarily presents Level 3 investments using valuation techniques and inputs which consider the available underlying investment valuation information. Level 3 investments may consist of Equity instruments, Debt instruments, and Partnership investments. Partnership investments, if presented, include the Group's investments into external investment vehicles. Level 3 Partnership investments are generally valued at the Partnership investments' net asset values last reported by its governing bodies. When the reporting date of such net asset values does not coincide with the Group's reporting date, the net asset values are adjusted as a result of cash flows to/from a Partnership investment between the most recently available net asset value reported, and the end of the relevant reporting period. The valuation may also be adjusted for further information gathered through an ongoing investment monitoring process. This monitoring process includes, but is not limited to, binding bid offers, non-public information on developments of portfolio companies held by Partnership investments, syndicated transactions which involve such companies and the application of reporting standards by Partnership investments which do not apply the principle of fair valuation. The main inputs into the Group's valuation models for Equity and Debt instruments include: EBITDA multiples (based on budgeted/forward looking EBITDA or historical EBITDA of the issuer and EBITDA multiples of comparable listed companies for the equivalent period), discount rates, capitalization rates, price to book as well as price to earnings ratios and enterprise value to sales multiples. The Group also considers the original transaction prices, recent transactions in the same or similar instruments and completed third-party transactions in comparable instruments and adjusts the model as deemed necessary. Further inputs consist of external valuation appraisals and broker quotes. In order to assess level 3 valuations in accordance with the Constituent Documents, the performance of the investments held is reviewed on a regular basis. The appropriateness of the valuation model inputs, as well as the valuation result, is considered using various valuation methods and techniques generally recognized within the industry. From time to time, the Group may consider it appropriate to change the valuation model or technique used in the fair valuation depending on the individual investment circumstances, such as its maturity, stage of operations or recent transaction. The Group typically utilizes comparable trading multiples in arriving at the valuation for the Equity instruments. Comparable companies multiple techniques assume that the valuation of unquoted Equity instruments can be assessed by comparing performance measure multiples of similar quoted assets for which observable market prices are readily available. Factors considered in the determination of appropriate comparable public companies include industry, size, development stage, and strategy. Consequently, the most appropriate performance measure for determining the valuation of the relevant Equity instrument is selected (these include but are not limited to EBITDA multiples, price to earnings ratio for earnings or price to book ratio for book values). Trading multiples for each comparable company identified are calculated by dividing the enterprise value or market capitalization of the comparable company by the defined performance measure. The relevant trading multiples might be subject to adjustment for general qualitative differences such as liquidity, growth rate or quality of customer base between the valued Equity instrument and the comparable company set. The indicated fair value of the Equity instrument is determined by applying the relevant adjusted trading multiple to the identified performance measure of the valued company. The valuation of an Equity instrument may alternatively be derived using the discounted cash flow method by discounting its expected future cash flows to a present value at a rate of expected return that represents the time value of money and reflects its relative risks. Equity instruments can be valued by using the 'cash flow to investor' method (a debt instrument valuation), or indirectly, by deriving the enterprise value using the 'free cash flow to company' method and subsequently subtracting the investment's net debt in order to determine the equity value of the relevant investment. The expected future cash flows are determined based on agreed investment terms or expected growth rates. In addition, based on the current market environment an expected return of the respective Equity instrument is projected. The future cash flows are discounted to the date of the relevant reporting period end in order to determine the fair value. Debt instrument valuations are derived by applying widely acceptable valuation methods suitable for Debt instruments which include, but are not limited to, using reliable broker quotes and the comparable debt approach. Reliable broker quotes for Debt instruments are provided by a reputable financial information provider. These quotes are applied on the nominal value of such investments plus accrued interest (where applicable) to derive the fair value. The comparable debt approach arrives at the valuation of a Debt instrument by discounting its expected future cash flows to a present value with a benchmark rate derived from observable pricing levels of comparable debt instruments. Factors considered in the determination of such comparable instruments include, but are not limited to, industry, coupon, duration and maturity date. The Group utilizes the sales comparison method in arriving at the valuation for real estate investments, which are categorized under Equity instruments. The sales comparison method compares a real estate investment's characteristics with those of comparable properties which have recently been traded in the market. Factors considered in the determination of such comparable assets include, but are not limited to, size, location, development stage and property type. Consequently, the most appropriate measure for determining the valuation of the relevant real estate investment is selected (amongst others price per square foot, price per square meter). The comparable price per unit might be subject to adjustment for general qualitative differences which include, but are not limited to, quality of property and access to public transportation. The indicated fair value of the real estate investment is determined by applying the relevant price per unit to the respective real estate investment. The sales comparison method is most appropriate for real estate investments where the investment's size (e.g. square feet, square meters) is known and similar properties have recently traded in the market. The income method compares a real estate investment's net operating income to capitalization rates recently observed in the market to determine the present value. The capitalization rates from recent sales of comparable properties utilized in this method might be subject to adjustment for general qualitative differences which include, but are not limited to, quality of property, tenant mix and access to public transportation. Factors considered in the determination of such comparable properties include, but are not limited to, size, location, development stage and property type. The indicated fair value of the real estate investment is determined by applying the relevant capitalization rate to the real estate investment's net operating income. This method is most appropriate for income-generating real estate investments where the net operating income is known and similar properties have recently traded in the market. The valuation of level 3 Equity instruments derived using an unobservable input factor is directly affected by a change in that factor. The change in valuation of level 3 Equity instruments may vary between different investments of the same category as a result of individual levels of debt financing within such an investment. No interrelationship between unobservable inputs used in the Group's valuation of its level 3 investments has been identified. The Group presents investments whose fair values are measured in whole or in part using valuation techniques based on assumptions that are not supported by prices or other inputs from observable current market transactions in the same instrument and the effect of changing one or more of those assumptions behind the valuation techniques adopted based on reasonable possible alternative assumptions. Equity and Debt instruments may include certain investments using the valuation technique \"Reported fair value\". The Group receives external reporting where fair valuation of such investment is provided, hence their fair value is based on reported fair value rather than a direct investment valuation. The sensitivity analysis presents the potential change in fair value for each category of investments in absolute values. For a 5% movement in the significant unobservable input employed in the relevant valuation model, the corresponding incremental change in valuation of the investment is calculated. With respect to real estate equity investments, the sensitivity analysis as performed for Equity instruments, with changes in the relevant unobservable valuation inputs, would not translate into meaningful valuation movements. The reasons for this conclusion include, but are not limited to, the fact that variations in property location, quality and business plan result in comparisons across properties that are not meaningful. Unobservable inputs for a specific region will vary greatly based on the property's micro location, building finishes and amenities and leasing strategy. One-to-one comparisons are not possible even for buildings that are physically close to each other due to the differences in property features and occupancy. A sensitivity analysis is generally not performed for Equity and Debt instruments that have been invested into within the last three months of the relevant reporting period and where the acquisition cost was deemed to be fair value in accordance with IFRS 13 as insufficient time has passed to determine a reliable sensitivity range based on valuation inputs that would be considered appropriate by market participants. 18.5 SIGNIFICANT UNOBSERVABLE VALUATION INPUT TABLE REPORTING PERIOD
Type of
Fairvalueat
Valuationtechnique
Unobservableinput
Range(weighted
Sensitivity
security 31.12.2023 average)
Fair value in thousands of EUR
Equity
948,459
Market comparable Enterprise value
7.50x-35.20x
78,095
(78,095)
Instruments companies to EBITDA multiple (16.88x)
41,685
Discountedcashflow
Discountfactor
14.00%-16.75%
1,312
(1,312)
(14.55%)
25,046
ExitpriceRecenttransactionprice
n.a.
n.a.
n.a.
15,811
Marketcomparable
Pricetobookratio
1.90x-1.90x
791
(791)
companies (1.90x)
12,212
Market comparable
Enterprise value to sales
2.10x-
20.40x
761
(761)
companies multiple (6.81x)
419
Reportedfairvalue
Reportedfairvalue
n.a
21
(21)
Debt
4,836
Discountedcashflow
Discountfactor
12.00%-20.00%
55
(55)
Instruments (16.03%)
1,292 Market comparable Enterprise value
11.00x-11.00x
n.a.
n.a.
companies to EBITDA multiple (11.00x)
320
Market comparable
Enterprise value to sales
2.80x-2.80x
n.a.
n.a.
companies multiple (2.80x)
81
ExitpriceRecenttransactionprice
n.a.
n.a.
n.a.
Partnership
10,333
AdjustedreportednetReportednetassetvalue
n.a.
517
(517)
Investments asset value
454
Adjustedreportednet
Fairvalueadjustments
n.a.
23
(23)
asset value
1,060,948
Total
(31,889)AmountsfromPartnersGroupinvestmentvehicles
1,029,059
Totallevel3investments
n.a. - not meaningful as outlined in the note above <> The amounts from Partners Group investment vehicles pertain to non-investment related assets/(liabilities) and/or any difference in fair value classification of its underlying investments. In certain cases, this may also include underlying investments that are measured under level 1 or level 2 but presented under level 3 in fair value measurement note since the investments are held under external partnership investments. 18.6 SIGNIFICANT UNOBSERVABLE VALUATION INPUT TABLE PREVIOUS REPORTING PERIOD
Type of
Fairvalueat
Valuationtechnique
Unobservableinput
Range(weighted
Sensitivity
security 31.12.2022 average)
Fair value in thousands of EUR
Equity
930,259
Market comparable Enterprise value to
5.00x-34.00x
77,861
(77,861)
Instruments companies EBITDA multiple (15.94x)
35,721
Discountedcashflow
Discountfactor
13.45%-14.30%
255
(255)
(14.17%)
13,854
Marketcomparable
Pricetobookratio
1.68x-1.68x
693
(693)
companies (1.68x)
10,201
Recent
Recenttransactionprice
n.a.
n.a.
n.a.
financing/transaction
8,819
Market comparable
Enterprise value to sales
2.60x-
22.30x
424
(424)
companies multiple (8.23x)
671
Exitprice
Recenttransactionprice
n.a.
n.a.
n.a.
455
Reportedfairvalue
Reportedfairvalue
n.a
22
(22)
Debt
8,994
Brokerquotes
Indicativequotesforan
n.a.
n.a.
n.a.
Instruments inactive market
7,626
Discountedcashflow
Discountfactor
13.00%-23.00%
165
(165)
(15.78%)
81
Exitprice
Recenttransactionprice
n.a.
n.a.
n.a.
Partnership
24,272
AdjustedreportednetReportednetassetvalue
n.a.
1,214
(1,214)
Investments asset value
9
Adjustedreportednet
Fairvalueadjustments
n.a.
0
0
asset value
1,040,962
Total
(10,891)AmountsfromPartnersGroupinvestmentvehicles
1,030,071
Totallevel3investments
n.a. - not meaningful as outlined in the note above <> The amounts from Partners Group investment vehicles pertain to non-investment related assets/(liabilities) and/or any difference in fair value classification of its underlying investments. In certain cases, this may also include underlying investments that are measured under level 1 or level 2 but presented under level 3 in fair value measurement note since the investments are held under external partnership investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfEquityExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-284": { "value": "18.5 SIGNIFICANT UNOBSERVABLE VALUATION INPUT TABLE REPORTING PERIOD
Type of
Fairvalueat
Valuationtechnique
Unobservableinput
Range(weighted
Sensitivity
security 31.12.2023 average)
Fair value in thousands of EUR
Equity
948,459
Market comparable Enterprise value
7.50x-35.20x
78,095
(78,095)
Instruments companies to EBITDA multiple (16.88x)
41,685
Discountedcashflow
Discountfactor
14.00%-16.75%
1,312
(1,312)
(14.55%)
25,046
ExitpriceRecenttransactionprice
n.a.
n.a.
n.a.
15,811
Marketcomparable
Pricetobookratio
1.90x-1.90x
791
(791)
companies (1.90x)
12,212
Market comparable
Enterprise value to sales
2.10x-
20.40x
761
(761)
companies multiple (6.81x)
419
Reportedfairvalue
Reportedfairvalue
n.a
21
(21)
Debt
4,836
Discountedcashflow
Discountfactor
12.00%-20.00%
55
(55)
Instruments (16.03%)
1,292 Market comparable Enterprise value
11.00x-11.00x
n.a.
n.a.
companies to EBITDA multiple (11.00x)
320
Market comparable
Enterprise value to sales
2.80x-2.80x
n.a.
n.a.
companies multiple (2.80x)
81
ExitpriceRecenttransactionprice
n.a.
n.a.
n.a.
Partnership
10,333
AdjustedreportednetReportednetassetvalue
n.a.
517
(517)
Investments asset value
454
Adjustedreportednet
Fairvalueadjustments
n.a.
23
(23)
asset value
1,060,948
Total
(31,889)AmountsfromPartnersGroupinvestmentvehicles
1,029,059
Totallevel3investments
n.a. - not meaningful as outlined in the note above <> The amounts from Partners Group investment vehicles pertain to non-investment related assets/(liabilities) and/or any difference in fair value classification of its underlying investments. In certain cases, this may also include underlying investments that are measured under level 1 or level 2 but presented under level 3 in fair value measurement note since the investments are held under external partnership investments. 18.6 SIGNIFICANT UNOBSERVABLE VALUATION INPUT TABLE PREVIOUS REPORTING PERIOD
Type of
Fairvalueat
Valuationtechnique
Unobservableinput
Range(weighted
Sensitivity
security 31.12.2022 average)
Fair value in thousands of EUR
Equity
930,259
Market comparable Enterprise value to
5.00x-34.00x
77,861
(77,861)
Instruments companies EBITDA multiple (15.94x)
35,721
Discountedcashflow
Discountfactor
13.45%-14.30%
255
(255)
(14.17%)
13,854
Marketcomparable
Pricetobookratio
1.68x-1.68x
693
(693)
companies (1.68x)
10,201
Recent
Recenttransactionprice
n.a.
n.a.
n.a.
financing/transaction
8,819
Market comparable
Enterprise value to sales
2.60x-
22.30x
424
(424)
companies multiple (8.23x)
671
Exitprice
Recenttransactionprice
n.a.
n.a.
n.a.
455
Reportedfairvalue
Reportedfairvalue
n.a
22
(22)
Debt
8,994
Brokerquotes
Indicativequotesforan
n.a.
n.a.
n.a.
Instruments inactive market
7,626
Discountedcashflow
Discountfactor
13.00%-23.00%
165
(165)
(15.78%)
81
Exitprice
Recenttransactionprice
n.a.
n.a.
n.a.
Partnership
24,272
AdjustedreportednetReportednetassetvalue
n.a.
1,214
(1,214)
Investments asset value
9
Adjustedreportednet
Fairvalueadjustments
n.a.
0
0
asset value
1,040,962
Total
(10,891)AmountsfromPartnersGroupinvestmentvehicles
1,030,071
Totallevel3investments
n.a. - not meaningful as outlined in the note above <> The amounts from Partners Group investment vehicles pertain to non-investment related assets/(liabilities) and/or any difference in fair value classification of its underlying investments. In certain cases, this may also include underlying investments that are measured under level 1 or level 2 but presented under level 3 in fair value measurement note since the investments are held under external partnership investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsEntitysOwnEquityInstrumentsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-283": { "value": "18.5 SIGNIFICANT UNOBSERVABLE VALUATION INPUT TABLE REPORTING PERIOD
Type of
Fairvalueat
Valuationtechnique
Unobservableinput
Range(weighted
Sensitivity
security 31.12.2023 average)
Fair value in thousands of EUR
Equity
948,459
Market comparable Enterprise value
7.50x-35.20x
78,095
(78,095)
Instruments companies to EBITDA multiple (16.88x)
41,685
Discountedcashflow
Discountfactor
14.00%-16.75%
1,312
(1,312)
(14.55%)
25,046
ExitpriceRecenttransactionprice
n.a.
n.a.
n.a.
15,811
Marketcomparable
Pricetobookratio
1.90x-1.90x
791
(791)
companies (1.90x)
12,212
Market comparable
Enterprise value to sales
2.10x-
20.40x
761
(761)
companies multiple (6.81x)
419
Reportedfairvalue
Reportedfairvalue
n.a
21
(21)
Debt
4,836
Discountedcashflow
Discountfactor
12.00%-20.00%
55
(55)
Instruments (16.03%)
1,292 Market comparable Enterprise value
11.00x-11.00x
n.a.
n.a.
companies to EBITDA multiple (11.00x)
320
Market comparable
Enterprise value to sales
2.80x-2.80x
n.a.
n.a.
companies multiple (2.80x)
81
ExitpriceRecenttransactionprice
n.a.
n.a.
n.a.
Partnership
10,333
AdjustedreportednetReportednetassetvalue
n.a.
517
(517)
Investments asset value
454
Adjustedreportednet
Fairvalueadjustments
n.a.
23
(23)
asset value
1,060,948
Total
(31,889)AmountsfromPartnersGroupinvestmentvehicles
1,029,059
Totallevel3investments
n.a. - not meaningful as outlined in the note above <> The amounts from Partners Group investment vehicles pertain to non-investment related assets/(liabilities) and/or any difference in fair value classification of its underlying investments. In certain cases, this may also include underlying investments that are measured under level 1 or level 2 but presented under level 3 in fair value measurement note since the investments are held under external partnership investments. 18.6 SIGNIFICANT UNOBSERVABLE VALUATION INPUT TABLE PREVIOUS REPORTING PERIOD
Type of
Fairvalueat
Valuationtechnique
Unobservableinput
Range(weighted
Sensitivity
security 31.12.2022 average)
Fair value in thousands of EUR
Equity
930,259
Market comparable Enterprise value to
5.00x-34.00x
77,861
(77,861)
Instruments companies EBITDA multiple (15.94x)
35,721
Discountedcashflow
Discountfactor
13.45%-14.30%
255
(255)
(14.17%)
13,854
Marketcomparable
Pricetobookratio
1.68x-1.68x
693
(693)
companies (1.68x)
10,201
Recent
Recenttransactionprice
n.a.
n.a.
n.a.
financing/transaction
8,819
Market comparable
Enterprise value to sales
2.60x-
22.30x
424
(424)
companies multiple (8.23x)
671
Exitprice
Recenttransactionprice
n.a.
n.a.
n.a.
455
Reportedfairvalue
Reportedfairvalue
n.a
22
(22)
Debt
8,994
Brokerquotes
Indicativequotesforan
n.a.
n.a.
n.a.
Instruments inactive market
7,626
Discountedcashflow
Discountfactor
13.00%-23.00%
165
(165)
(15.78%)
81
Exitprice
Recenttransactionprice
n.a.
n.a.
n.a.
Partnership
24,272
AdjustedreportednetReportednetassetvalue
n.a.
1,214
(1,214)
Investments asset value
9
Adjustedreportednet
Fairvalueadjustments
n.a.
0
0
asset value
1,040,962
Total
(10,891)AmountsfromPartnersGroupinvestmentvehicles
1,030,071
Totallevel3investments
n.a. - not meaningful as outlined in the note above <> The amounts from Partners Group investment vehicles pertain to non-investment related assets/(liabilities) and/or any difference in fair value classification of its underlying investments. In certain cases, this may also include underlying investments that are measured under level 1 or level 2 but presented under level 3 in fair value measurement note since the investments are held under external partnership investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-282": { "value": "18.5 SIGNIFICANT UNOBSERVABLE VALUATION INPUT TABLE REPORTING PERIOD
Type of
Fairvalueat
Valuationtechnique
Unobservableinput
Range(weighted
Sensitivity
security 31.12.2023 average)
Fair value in thousands of EUR
Equity
948,459
Market comparable Enterprise value
7.50x-35.20x
78,095
(78,095)
Instruments companies to EBITDA multiple (16.88x)
41,685
Discountedcashflow
Discountfactor
14.00%-16.75%
1,312
(1,312)
(14.55%)
25,046
ExitpriceRecenttransactionprice
n.a.
n.a.
n.a.
15,811
Marketcomparable
Pricetobookratio
1.90x-1.90x
791
(791)
companies (1.90x)
12,212
Market comparable
Enterprise value to sales
2.10x-
20.40x
761
(761)
companies multiple (6.81x)
419
Reportedfairvalue
Reportedfairvalue
n.a
21
(21)
Debt
4,836
Discountedcashflow
Discountfactor
12.00%-20.00%
55
(55)
Instruments (16.03%)
1,292 Market comparable Enterprise value
11.00x-11.00x
n.a.
n.a.
companies to EBITDA multiple (11.00x)
320
Market comparable
Enterprise value to sales
2.80x-2.80x
n.a.
n.a.
companies multiple (2.80x)
81
ExitpriceRecenttransactionprice
n.a.
n.a.
n.a.
Partnership
10,333
AdjustedreportednetReportednetassetvalue
n.a.
517
(517)
Investments asset value
454
Adjustedreportednet
Fairvalueadjustments
n.a.
23
(23)
asset value
1,060,948
Total
(31,889)AmountsfromPartnersGroupinvestmentvehicles
1,029,059
Totallevel3investments
n.a. - not meaningful as outlined in the note above <> The amounts from Partners Group investment vehicles pertain to non-investment related assets/(liabilities) and/or any difference in fair value classification of its underlying investments. In certain cases, this may also include underlying investments that are measured under level 1 or level 2 but presented under level 3 in fair value measurement note since the investments are held under external partnership investments. 18.6 SIGNIFICANT UNOBSERVABLE VALUATION INPUT TABLE PREVIOUS REPORTING PERIOD
Type of
Fairvalueat
Valuationtechnique
Unobservableinput
Range(weighted
Sensitivity
security 31.12.2022 average)
Fair value in thousands of EUR
Equity
930,259
Market comparable Enterprise value to
5.00x-34.00x
77,861
(77,861)
Instruments companies EBITDA multiple (15.94x)
35,721
Discountedcashflow
Discountfactor
13.45%-14.30%
255
(255)
(14.17%)
13,854
Marketcomparable
Pricetobookratio
1.68x-1.68x
693
(693)
companies (1.68x)
10,201
Recent
Recenttransactionprice
n.a.
n.a.
n.a.
financing/transaction
8,819
Market comparable
Enterprise value to sales
2.60x-
22.30x
424
(424)
companies multiple (8.23x)
671
Exitprice
Recenttransactionprice
n.a.
n.a.
n.a.
455
Reportedfairvalue
Reportedfairvalue
n.a
22
(22)
Debt
8,994
Brokerquotes
Indicativequotesforan
n.a.
n.a.
n.a.
Instruments inactive market
7,626
Discountedcashflow
Discountfactor
13.00%-23.00%
165
(165)
(15.78%)
81
Exitprice
Recenttransactionprice
n.a.
n.a.
n.a.
Partnership
24,272
AdjustedreportednetReportednetassetvalue
n.a.
1,214
(1,214)
Investments asset value
9
Adjustedreportednet
Fairvalueadjustments
n.a.
0
0
asset value
1,040,962
Total
(10,891)AmountsfromPartnersGroupinvestmentvehicles
1,030,071
Totallevel3investments
n.a. - not meaningful as outlined in the note above <> The amounts from Partners Group investment vehicles pertain to non-investment related assets/(liabilities) and/or any difference in fair value classification of its underlying investments. In certain cases, this may also include underlying investments that are measured under level 1 or level 2 but presented under level 3 in fair value measurement note since the investments are held under external partnership investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsAssetsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-237": { "value": "
19 Related party transactions and balances
A related party to the Group is an entity or person which has the ability to directly or indirectly control the Group, or vice
versa, or to exercise significant influence over the Group in making financial and operating decisions or is a member of the key
management team, including their immediate families, of the Group or its Board of Directors. Entities are also related where
they are members of the same group.
In this regard, the following are considered related parties in the context of these audited consolidated financial statements:
Partners Group Holding AG, all entities owned and controlled by Partners Group Holding AG, all entities advised by Partners
Group AG, and each of their key management.
The following represents the transactions and balances of the Group with related parties:
19.1 TRANSACTIONS
31.12.2023
31.12.2022
In thousands of EUR
Managementfeeexpenses
15,535
13,874
PartnersGroupAG
15,535
13,874
Administrationfeeexpenses
474
471
PartnersGroup(Guernsey)Limited
474
471
Servicefeeexpenses
292
208
PartnersGroupAG
292
208
Incentivefeeexpenses
11,027
18,829
PartnersGroupAG
11,027
18,829
Incentivefeepaid
(2,125)
(7,528)
PartnersGroupAG
(2,125)
(7,528)
Directors'feeexpenses:
280
294
Investedamountsanddistributionsfrom/(to)PartnersGroupadvisedproducts(investment
37,007
87,781
side), net
Investments in Partners Group advised products at the end of the Reporting Period amounted to EUR 941,631,978 (2022:
EUR 1,161,415,890).
19.2 PERIOD-END BALANCES
31.12.2023
31.12.2022
In thousands of EUR
Othershort-termreceivables
873
666
PartnersGroupaffiliatedentities
872
666
ReceivablefromInvestments
1
-
Accrualsandothershort-termpayables
(6,364)
(10,006)
PartnersGroupaffiliatedentities
(6,270)
(10,006)
PayabletoInvestments
(94)
-
Accruedincentivefee
(37,733)
(28,831)
PartnersGroupAG
(37,733)
(28,831)
InvestmentsinPartnersGroupadvisedproducts
941,632
1,161,416
FairvalueofinvestmentsadvisedbyPartnersGrouporrelatedparties
696,669
682,005
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-266": { "value": "19 Related party transactions and balances A related party to the Group is an entity or person which has the ability to directly or indirectly control the Group, or vice versa, or to exercise significant influence over the Group in making financial and operating decisions or is a member of the key management team, including their immediate families, of the Group or its Board of Directors. Entities are also related where they are members of the same group. In this regard, the following are considered related parties in the context of these audited consolidated financial statements: Partners Group Holding AG, all entities owned and controlled by Partners Group Holding AG, all entities advised by Partners Group AG, and each of their key management. The following represents the transactions and balances of the Group with related parties: 19.1 TRANSACTIONS
31.12.2023
31.12.2022
In thousands of EUR
Managementfeeexpenses
15,535
13,874
PartnersGroupAG
15,535
13,874
Administrationfeeexpenses
474
471
PartnersGroup(Guernsey)Limited
474
471
Servicefeeexpenses
292
208
PartnersGroupAG
292
208
Incentivefeeexpenses
11,027
18,829
PartnersGroupAG
11,027
18,829
Incentivefeepaid
(2,125)
(7,528)
PartnersGroupAG
(2,125)
(7,528)
Directors'feeexpenses:
280
294
Investedamountsanddistributionsfrom/(to)PartnersGroupadvisedproducts(investment
37,007
87,781
side), net
Investments in Partners Group advised products at the end of the Reporting Period amounted to EUR 941,631,978 (2022: EUR 1,161,415,890). 19.2 PERIOD-END BALANCES
31.12.2023
31.12.2022
In thousands of EUR
Othershort-termreceivables
873
666
PartnersGroupaffiliatedentities
872
666
ReceivablefromInvestments
1
-
Accrualsandothershort-termpayables
(6,364)
(10,006)
PartnersGroupaffiliatedentities
(6,270)
(10,006)
PayabletoInvestments
(94)
-
Accruedincentivefee
(37,733)
(28,831)
PartnersGroupAG
(37,733)
(28,831)
InvestmentsinPartnersGroupadvisedproducts
941,632
1,161,416
FairvalueofinvestmentsadvisedbyPartnersGrouporrelatedparties
696,669
682,005
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-238": { "value": "
20 Group entities - significant subsidiaries
Princess Private Equity Subholding Limited
Incorporated in Guernsey
Ownership interest as at 31 December 2023 and 31 December 2022: 100%
Activity: Investment services company
Princess Direct Investments, L.P. Inc.
Incorporated in Guernsey
Ownership interest as at 31 December 2023 and 31 December 2022: 100%
Activity: Investment services partnership
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-267": { "value": "20 Group entities - significant subsidiaries Princess Private Equity Subholding Limited Incorporated in Guernsey Ownership interest as at 31 December 2023 and 31 December 2022: 100% Activity: Investment services company Princess Direct Investments, L.P. Inc. Incorporated in Guernsey Ownership interest as at 31 December 2023 and 31 December 2022: 100% Activity: Investment services partnership", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-239": { "value": "
21 Events after the reporting date
Two additional directors were appointed to the Board after the reporting date: Axel Holtrup was appointed on 15 February
2024 and Gerhard Roggemann was appointed on 21 March 2024.
The Board of Directors is of the opinion that no other events took place between the end of the reporting period and the date
of approval of these consolidated financial statements that would require disclosure in or adjustments to the amounts recognized
in these audited consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-240": { "value": "
22 Approval of these financial statements
The Board of Directors approved these audited consolidated financial statements on 22 March 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }