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"ifrs-full:CashAndCashEquivalents", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-188": { "value": "9744000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-194": { "value": "1 Organization and business activity Partners Group Private Equity Limited is an investment holding company established on 12 May 1999. The Company was originally established under the name of Princess Private Equity Holding Limited and was renamed on 21 June 2024 to Partners Group Private Equity Limited. 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; the Company 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-1": { "value": "Partners Group Private Equity Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-189": { "value": "Partners Group Private Equity Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-2": { "value": "The Company was originally established under the name of Princess Private Equity Holding Limited and was renamed on 21 June 2024 to Partners Group Private Equity Limited.", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-191": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-3": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-190": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-4": { "value": "limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-195": { "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 Accounting Standards, 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, judgments
and estimates are significant to the audited consolidated financial statements are disclosed in Note 4, 'Critical accounting
estimates and judgments'.
The Directors of the Company have elected to prepare audited consolidated financial statements for the period ended 31
December 2024 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 in accordance with Section 243 of
The Companies (Guernsey) Law, 2008.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-229": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-193": { "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 2024, the following existing revised IFRS Accounting Standards and interpretations to existing standards
were required to be adopted. The Group has consequently adopted all relevant and below-mentioned standards since 1
January 2024:
\u25a0
Amendments to IAS 1 Presentation of Financial Statements (effective from 1 January 2024) - Non-current Liabilities with
Covenants;
There are no other standards, amendments to standards or interpretations that are effective for annual periods beginning
on 1 January 2024 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:
\u25a0
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates - Lack of Exchangeability (effective from 1
January 2025);
\u25a0
Amendment to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments (effective from 1 January
2026);
\u25a0
IFRS 18 Presentation and Disclosure in Financial Statements (effective from 1 January 2027);
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
Partners Group AG, appointed as the Investment Manager by the Directors, serves as the chief operating decision maker,
responsible for resource allocation and performance assessment of each operating segment. The operating segments are
reported internally across the Partners Group platform as private equity, private credit, private real estate, private infrastructure,
private resources and private markets royalties. However, for reporting to the Company's Board of Directors, these segments
are combined into Private Equity and Other Assets. To align the financial statement presentation with the Investment
Manager's portfolio categorization, the operating segments have now been reclassified as \"Private Equity\" and \"Other
Assets\" in the annual report for the year ended 31 December 2024 and subsequent reports. The \"Other Assets\" category
now includes investments previously part of private credit, private real estate, and private infrastructure segments. Comparative
figures have been restated to match the new presentation. The Directors have approved the changes to segmental reporting
made by the Investment Manager, considering the substantial revenue, net income, and assets in the Private Equity segment.
The \"Other Assets\" category represents less than 10% of the total. This presentation is in accordance with IFRS 8 Operating
Segments.
The reclassification of certain investments to the Private Equity segment detailed in Note 9 is considered an immaterial
change in financial statement presentation.
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:
\u25a0
obtains funds from one or more investors for the purpose of providing those investors with investment management
services;
\u25a0
commits to its investors that its business purpose is to invest funds solely for returns from capital appreciation, investment
income or both; and
\u25a0
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 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 their 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 judgments
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 judgments 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 judgments
In order to determine the underlying assumptions of such methods significant judgment is required. The areas of such
judgment include, but are not limited to:
\u25a0
Selection of valuation technique;
\u25a0
Selection of a set of comparable listed companies;
\u25a0
Selection of performance measures of such listed companies in order to determine comparable trading multiples;
\u25a0
Selection of recent transactions for the sales comparison method; and
\u25a0
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:
\u25a0
Determination of adjustments to comparable trading multiples based on qualitative factors;
\u25a0
Determination of future cash flows;
\u25a0
Determination of applicable discount rates considering own and counterparties' credit risk;
\u25a0
Determination of applicable capitalization rates for the income method;
\u25a0
Determination of price within the bid-ask spread for investments with available broker quotes;
\u25a0
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;
\u25a0
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;
\u25a0
Review of recent transaction prices and merger and acquisition activity for similar Direct Investments;
\u25a0
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;
\u25a0
Review of current market environment and the impact of it on the Direct and Indirect Investments; and
\u25a0
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 judgments 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:
\u25a0
Historical statistical data: external and internal data serve as the statistical basis of the quantitative model;
\u25a0
Current portfolio company information: the model is updated to take into account current data from the Group's Direct
and Indirect Investments;
\u25a0
Input from the Investment Manager's investment professionals: quantitative and qualitative inputs from the general market
environment and specific portfolio in the model;
\u25a0
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
\u25a0
Use of borrowings and anticipated usage of such borrowings for anticipated drawdowns in relation to unfunded
commitments to Direct and Indirect Investments.
There are judgments 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 judgment
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
Accounting Standards, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-196": { "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 2024, the following existing revised IFRS Accounting Standards and interpretations to existing standards were required to be adopted. The Group has consequently adopted all relevant and below-mentioned standards since 1 January 2024: \u25a0 Amendments to IAS 1 Presentation of Financial Statements (effective from 1 January 2024) - Non-current Liabilities with Covenants; There are no other standards, amendments to standards or interpretations that are effective for annual periods beginning on 1 January 2024 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: \u25a0 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates - Lack of Exchangeability (effective from 1 January 2025); \u25a0 Amendment to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments (effective from 1 January 2026); \u25a0 IFRS 18 Presentation and Disclosure in Financial Statements (effective from 1 January 2027); 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-230": { "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 2024, the following existing revised IFRS Accounting Standards and interpretations to existing standards were required to be adopted. The Group has consequently adopted all relevant and below-mentioned standards since 1 January 2024: \u25a0 Amendments to IAS 1 Presentation of Financial Statements (effective from 1 January 2024) - Non-current Liabilities with Covenants; There are no other standards, amendments to standards or interpretations that are effective for annual periods beginning on 1 January 2024 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-231": { "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: \u25a0 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates - Lack of Exchangeability (effective from 1 January 2025); \u25a0 Amendment to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments (effective from 1 January 2026); \u25a0 IFRS 18 Presentation and Disclosure in Financial Statements (effective from 1 January 2027); 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-197": { "value": "Segmental reporting Partners Group AG, appointed as the Investment Manager by the Directors, serves as the chief operating decision maker, responsible for resource allocation and performance assessment of each operating segment. The operating segments are reported internally across the Partners Group platform as private equity, private credit, private real estate, private infrastructure, private resources and private markets royalties. However, for reporting to the Company's Board of Directors, these segments are combined into Private Equity and Other Assets. To align the financial statement presentation with the Investment Manager's portfolio categorization, the operating segments have now been reclassified as \"Private Equity\" and \"Other Assets\" in the annual report for the year ended 31 December 2024 and subsequent reports. The \"Other Assets\" category now includes investments previously part of private credit, private real estate, and private infrastructure segments. Comparative figures have been restated to match the new presentation. The Directors have approved the changes to segmental reporting made by the Investment Manager, considering the substantial revenue, net income, and assets in the Private Equity segment. The \"Other Assets\" category represents less than 10% of the total. This presentation is in accordance with IFRS 8 Operating Segments. The reclassification of certain investments to the Private Equity segment detailed in Note 9 is considered an immaterial change in financial statement presentation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-198": { "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: \u25a0 obtains funds from one or more investors for the purpose of providing those investors with investment management services; \u25a0 commits to its investors that its business purpose is to invest funds solely for returns from capital appreciation, investment income or both; and \u25a0 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-232": { "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: \u25a0 obtains funds from one or more investors for the purpose of providing those investors with investment management services; \u25a0 commits to its investors that its business purpose is to invest funds solely for returns from capital appreciation, investment income or both; and \u25a0 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-199": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-200": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-201": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-233": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-202": { "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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-234": { "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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-255": { "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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-260": { "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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-263": { "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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-265": { "value": "(b) Recognition and derecognition All transactions relating to financial assets and financial liabilities at fair value through profit or loss are recognized 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-203": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-204": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-205": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-206": { "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 their entirety or a portion thereof.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-207": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-208": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-209": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-235": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-210": { "value": "4 Critical accounting estimates and judgments 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 judgments 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 judgments In order to determine the underlying assumptions of such methods significant judgment is required. The areas of such judgment include, but are not limited to: \u25a0 Selection of valuation technique; \u25a0 Selection of a set of comparable listed companies; \u25a0 Selection of performance measures of such listed companies in order to determine comparable trading multiples; \u25a0 Selection of recent transactions for the sales comparison method; and \u25a0 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: \u25a0 Determination of adjustments to comparable trading multiples based on qualitative factors; \u25a0 Determination of future cash flows; \u25a0 Determination of applicable discount rates considering own and counterparties' credit risk; \u25a0 Determination of applicable capitalization rates for the income method; \u25a0 Determination of price within the bid-ask spread for investments with available broker quotes; \u25a0 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; \u25a0 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; \u25a0 Review of recent transaction prices and merger and acquisition activity for similar Direct Investments; \u25a0 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; \u25a0 Review of current market environment and the impact of it on the Direct and Indirect Investments; and \u25a0 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 judgments 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: \u25a0 Historical statistical data: external and internal data serve as the statistical basis of the quantitative model; \u25a0 Current portfolio company information: the model is updated to take into account current data from the Group's Direct and Indirect Investments; \u25a0 Input from the Investment Manager's investment professionals: quantitative and qualitative inputs from the general market environment and specific portfolio in the model; \u25a0 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 \u25a0 Use of borrowings and anticipated usage of such borrowings for anticipated drawdowns in relation to unfunded commitments to Direct and Indirect Investments. There are judgments 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 judgment 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 Accounting Standards, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-211": { "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 compounded 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 142,958 (2023: EUR 146,443).
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-236": { "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 compounded 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-237": { "value": "Audit fees During the reporting period, the Company paid audit fees in the amount of EUR 142,958 (2023: EUR 146,443). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-212": { "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 1'600 (2023: GBP 1'200) per annum
for the granting of the exemption.
The Group is treated as a corporation for U.S. federal income tax purposes. According to U.S. tax laws, the Company's
effectively connected taxable income is subject to a federal tax rate of 21%. Such tax is reported as Income tax expense
in the audited consolidated statement of comprehensive income.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-213": { "value": "
7 Dividends
During the reporting period, the Board of Directors of Partners Group Private Equity Limited declared two interim dividends,
each of EUR 0.355 per ordinary share, which were paid on 17 June 2024 and 13 December 2024 to shareholders on the
register of members as at 17 May 2024 and 8 November 2024, respectively, in total amounting to EUR 49.1 million (total
dividend in 2023: 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).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-238": { "value": "0.355", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-239": { "value": "0.365", "decimals": 3, "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-214": { "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 six 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. To align the financial
statement presentation with the Investment Manager's portfolio categorization, the operating segments have been reclassified
as \"Private Equity\" and \"Other Assets\". The \"Other Assets\" category now includes investments previously part of private
credit, private real estate, and private infrastructure segments. The changes in the reportable segments are disclosed in
Note 3.
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:
Restated
01.01.2024
01.01.2023
In thousands of EUR 31.12.2024 31.12.2023
Private equity
Interest & dividend income
10,474
47
Revaluation
128,843
54,660
Withholding tax on direct private equity investments
(2,281)
(832)
Net foreign exchange gains / (losses)
27,200
(10,253)
Total net income private equity
164,236
43,622
Segment result private equity
164,236
43,622
Other Assets
Interest & dividend income
-
(183)
Revaluation
(11,664)
4,382
Withholding tax on other assets
(110)
-
Net foreign exchange gains / (losses)
1,867
(1,576)
Total net income other assets
(9,907)
2,623
Non-attributable
Interest & dividend income
64
-
Net foreign exchange gains / (losses)
(180)
(17)
Total net income non-attributable
(116)
(17)
Segment result non-attributable (including total net income non-attributable)
(42,840)
(28,963)
Other financial activities not allocated
(2,309)
1,142
Surplus / (loss) for the financial period before tax
109,180
18,424
Income tax expense
(260)
(3)
Surplus / (loss) for the financial period after tax
108,920
18,421
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-256": { "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 six 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. To align the financial statement presentation with the Investment Manager's portfolio categorization, the operating segments have been reclassified as \"Private Equity\" and \"Other Assets\". The \"Other Assets\" category now includes investments previously part of private credit, private real estate, and private infrastructure segments. The changes in the reportable segments are disclosed in Note 3. 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:
Restated
01.01.2024
01.01.2023
In thousands of EUR 31.12.2024 31.12.2023
Private equity
Interest & dividend income
10,474
47
Revaluation
128,843
54,660
Withholding tax on direct private equity investments
(2,281)
(832)
Net foreign exchange gains / (losses)
27,200
(10,253)
Total net income private equity
164,236
43,622
Segment result private equity
164,236
43,622
Other Assets
Interest & dividend income
-
(183)
Revaluation
(11,664)
4,382
Withholding tax on other assets
(110)
-
Net foreign exchange gains / (losses)
1,867
(1,576)
Total net income other assets
(9,907)
2,623
Non-attributable
Interest & dividend income
64
-
Net foreign exchange gains / (losses)
(180)
(17)
Total net income non-attributable
(116)
(17)
Segment result non-attributable (including total net income non-attributable)
(42,840)
(28,963)
Other financial activities not allocated
(2,309)
1,142
Surplus / (loss) for the financial period before tax
109,180
18,424
Income tax expense
(260)
(3)
Surplus / (loss) for the financial period after tax
108,920
18,421
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-240": { "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 six 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. To align the financial statement presentation with the Investment Manager's portfolio categorization, the operating segments have been reclassified as \"Private Equity\" and \"Other Assets\". The \"Other Assets\" category now includes investments previously part of private credit, private real estate, and private infrastructure segments. The changes in the reportable segments are disclosed in Note 3. 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:
Restated
01.01.2024
01.01.2023
In thousands of EUR 31.12.2024 31.12.2023
Private equity
Interest & dividend income
10,474
47
Revaluation
128,843
54,660
Withholding tax on direct private equity investments
(2,281)
(832)
Net foreign exchange gains / (losses)
27,200
(10,253)
Total net income private equity
164,236
43,622
Segment result private equity
164,236
43,622
Other Assets
Interest & dividend income
-
(183)
Revaluation
(11,664)
4,382
Withholding tax on other assets
(110)
-
Net foreign exchange gains / (losses)
1,867
(1,576)
Total net income other assets
(9,907)
2,623
Non-attributable
Interest & dividend income
64
-
Net foreign exchange gains / (losses)
(180)
(17)
Total net income non-attributable
(116)
(17)
Segment result non-attributable (including total net income non-attributable)
(42,840)
(28,963)
Other financial activities not allocated
(2,309)
1,142
Surplus / (loss) for the financial period before tax
109,180
18,424
Income tax expense
(260)
(3)
Surplus / (loss) for the financial period after tax
108,920
18,421
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-215": { "value": "
9 Financial assets at fair value through profit or loss
9.1 PRIVATE EQUITY
31.12.2024
31.12.2023
In thousands of EUR
Balance at beginning of period
969,391
968,814
Purchase of Direct and Indirect Investments
33,094
4,790
Distributions from and proceeds from sales of Direct and Indirect Investments
(127,288)
(47,799)
Reclassification of investments
21,095
-
Accrued cash and PIK interest
(11)
11
Revaluation
128,843
54,660
Withholding tax on direct private equity investments
(2,281)
(832)
Net foreign exchange gains / (losses)
27,200
(10,253)
Balance at end of period
1,050,043
969,391
Movement in unrealized gains / (losses) still held at end of period
50,565
20,460
9.2 OTHER ASSETS
Restated
31.12.2024
31.12.2023
In thousands of EUR
Balance at beginning of period
59,668
61,257
Purchase of Direct and Indirect Investments
1
984
Distributions from and proceeds from sales of Direct and Indirect Investments
(3,660)
(4,718)
Reclassification of investments
(21,095)
-
Accrued cash and PIK interest
-
(661)
Revaluation
(11,664)
4,382
Withholding tax on other assets
(110)
-
Net foreign exchange gains / (losses)
1,867
(1,576)
Balance at end of period
25,007
59,668
Movement in unrealized gains / (losses) still held at end of period
(4,210)
5,395
At the beginning of the reporting period, two investments were reclassified from Other Assets to Private Equity, amounting
to EUR 21,095,402, due to a review of categorization. This reclassification does not represent any changes in the investments
themselves and has no impact on the net asset value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-241": { "value": "9 Financial assets at fair value through profit or loss 9.1 PRIVATE EQUITY
31.12.2024
31.12.2023
In thousands of EUR
Balance at beginning of period
969,391
968,814
Purchase of Direct and Indirect Investments
33,094
4,790
Distributions from and proceeds from sales of Direct and Indirect Investments
(127,288)
(47,799)
Reclassification of investments
21,095
-
Accrued cash and PIK interest
(11)
11
Revaluation
128,843
54,660
Withholding tax on direct private equity investments
(2,281)
(832)
Net foreign exchange gains / (losses)
27,200
(10,253)
Balance at end of period
1,050,043
969,391
Movement in unrealized gains / (losses) still held at end of period
50,565
20,460
9.2 OTHER ASSETS
Restated
31.12.2024
31.12.2023
In thousands of EUR
Balance at beginning of period
59,668
61,257
Purchase of Direct and Indirect Investments
1
984
Distributions from and proceeds from sales of Direct and Indirect Investments
(3,660)
(4,718)
Reclassification of investments
(21,095)
-
Accrued cash and PIK interest
-
(661)
Revaluation
(11,664)
4,382
Withholding tax on other assets
(110)
-
Net foreign exchange gains / (losses)
1,867
(1,576)
Balance at end of period
25,007
59,668
Movement in unrealized gains / (losses) still held at end of period
(4,210)
5,395
At the beginning of the reporting period, two investments were reclassified from Other Assets to Private Equity, amounting to EUR 21,095,402, due to a review of categorization. This reclassification does not represent any changes in the investments themselves and has no impact on the net asset 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: \u25a0 Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1); \u25a0 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); \u25a0 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 judgments' 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
During the reporting period, there were no transfers between level 3 and levels 1 and 2 of the fair value hierarchy.
Level 1
Level 2
Level 3
Total balance
In thousands of EUR
Assets
Other short-term receivables
-
-
1,153
1,153
Financial assets at fair value through profit or loss - equity
-
-
1,067,600
1,067,600
securities
Financial assets at fair value through profit or loss - debt
-
-
7,450
7,450
investments
Total assets
-
-
1,076,203
1,076,203
Liabilities
Total liabilities
-
-
-
-
18.2 FAIR VALUE ESTIMATION PREVIOUS REPORTING PERIOD
Level 1 Level 2 Level 3 Total balance
In thousands of EUR
Assets
Other short-term receivables
-
-
4,245
4,245
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
Total assets
-
-
1,033,304
1,033,304
Liabilities
Total liabilities
-
-
-
-
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): \u25a0 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. \u25a0 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. \u25a0 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. \u25a0 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. \u25a0 Borrowings include credit facilities and loan granted to the Group and are measured at values that would be reflective of level 2 prices. \u25a0 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. The main inputs into the Group's valuation models for Equity 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 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, 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 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. Other methods used include EBITDA multiples and enterprise value to sales multiples. 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 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\". Such investments invest solely into an external investment vehicle, 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 investment 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. A sensitivity analysis is generally not performed for Equity and Debt Instruments that have been acquired 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 Fair value at Valuation Significant Range Sensitivity
security 31.12.2024 technique
Unobservable
(weighted
input average)
Fair value in thousands of EUR
Equity 863,104 Market Enterprise value
7.70x - 33.10x
68,809
(68,809)
Instruments comparable to EBITDA (17.33x)
multiple
companies
39,637 Exit price Recent n.a. n.a. n.a.
transaction price
29,001
Discounted
Discount factor
12.90% - 15.30%
696
(696)
cash flow (14.00%)
21,101
Market
Price to book
1.92x - 1.92x
1'055
(1,055)
comparable ratio (1.92x)
companies
15,416 Market Enterprise value 2.00x - 16.50x 755 (755)
comparable
companies
to sales multiple
(5.46x)
2,555 Recent
Recent
n.a. n.a. n.a.
financing/ transaction price
transaction
374 Reported fair Reported fair
n.a
19
(19)
value
value
Debt
2,173
Market
Enterprise value
7.25x - 7.50x
n.a.
n.a.
Instruments comparable to EBITDA (7.43x)
companies
640 Discounted
Discount factor
15.00% - 15.00%
5 (5)
cash flow
(15.00%)
26 Exit price Recent n.a. n.a. n.a.
transaction price
Partnership 6,980 Adjusted Reported net n.a. 349 (349)
Investments reported net asset value
asset value
360 Adjusted Fair value n.a. 18 (18)
reported net adjustments
asset value
981,368
Total
93,682 Amounts from Partners Group investment vehicles
1,075,050
Total level 3 investments
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 Fair value at Valuation Significant Range Sensitivity
security 31.12.2024 technique
Unobservable
(weighted
input average)
Fair value in thousands of EUR
Equity
948,459
Market
Enterprise value
7.50x- 35.20x
78,095
(78,095)
Instruments comparable
to EBITDA
(16.88x)
companies
multiple
41,685
Discounted
Discount factor
14.00% - 16.75%
1,312
(1,312)
cash flow
(14.55%)
25,046
Exit price Recent n.a. n.a. n.a.
transaction price
15,811 Market Price to book 1.90x - 1.90x 791 (791)
comparable ratio (1.90x)
companies
12,212 Market
Enterprise value
2.10x- 20.40x
761
(761)
comparable
to sales multiple
(6.81x)
companies
419 Reported Reported fair n.a 21 (21)
fair value value
Debt 4,836
Discounted
Discount factor
12.00% - 20.00%
55 (55)
Instruments
cash flow
(16.03%)
1,292 Market
Enterprise value
11.00x - 11.00x
n.a.
n.a.
comparable to EBITDA (11.00x)
companies multiple
320 Market
Enterprise value
2.80x - 2.80x
n.a. n.a.
comparable
to sales multiple
(2.80x)
companies
81 Exit price Recent
n.a.
n.a.
n.a.
transaction price
Partnership 10,333 Adjusted Reported net n.a.
517
(517)
Investments reported net asset value
asset value
Adjusted Fair value n.a. 23 (23)
454
reported net adjustments
asset value
1,060,948
Total
(31,889) Amounts from Partners Group investment vehicles
1,029,059
Total level 3 investments
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-257": { "value": "9 Financial assets at fair value through profit or loss 9.1 PRIVATE EQUITY
31.12.2024
31.12.2023
In thousands of EUR
Balance at beginning of period
969,391
968,814
Purchase of Direct and Indirect Investments
33,094
4,790
Distributions from and proceeds from sales of Direct and Indirect Investments
(127,288)
(47,799)
Reclassification of investments
21,095
-
Accrued cash and PIK interest
(11)
11
Revaluation
128,843
54,660
Withholding tax on direct private equity investments
(2,281)
(832)
Net foreign exchange gains / (losses)
27,200
(10,253)
Balance at end of period
1,050,043
969,391
Movement in unrealized gains / (losses) still held at end of period
50,565
20,460
9.2 OTHER ASSETS
Restated
31.12.2024
31.12.2023
In thousands of EUR
Balance at beginning of period
59,668
61,257
Purchase of Direct and Indirect Investments
1
984
Distributions from and proceeds from sales of Direct and Indirect Investments
(3,660)
(4,718)
Reclassification of investments
(21,095)
-
Accrued cash and PIK interest
-
(661)
Revaluation
(11,664)
4,382
Withholding tax on other assets
(110)
-
Net foreign exchange gains / (losses)
1,867
(1,576)
Balance at end of period
25,007
59,668
Movement in unrealized gains / (losses) still held at end of period
(4,210)
5,395
At the beginning of the reporting period, two investments were reclassified from Other Assets to Private Equity, amounting to EUR 21,095,402, due to a review of categorization. This reclassification does not represent any changes in the investments themselves and has no impact on the net asset value. 11 Foreign exchange forward contracts The Group discontinued hedging currency exposures beginning on 1 April 2023. 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 (2023: EUR 500,000,000) 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 Group 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. Date of entering the agreement Amendment date Date of termination of the agreement Total lending commitment Basis of the interest on principal drawn is: Margin + 27 July 2011 28 February 2023 13 December 2026 EUR 140,000,000 (2023: EUR 140,000,000) 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%.
31.12.2024
31.12.2023
In thousands of EUR
Short-term credit facility
Balance at beginning of period
19,000
-
Increase in credit facility
55,000
49,200
(Decrease) in credit facility
(74,000)
(30,200)
Balance at end of period
-
19,000
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: \u25a0 Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1); \u25a0 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); \u25a0 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 judgments' 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 During the reporting period, there were no transfers between level 3 and levels 1 and 2 of the fair value hierarchy.
Level 1
Level 2
Level 3
Total balance
In thousands of EUR
Assets
Other short-term receivables
-
-
1,153
1,153
Financial assets at fair value through profit or loss - equity
-
-
1,067,600
1,067,600
securities
Financial assets at fair value through profit or loss - debt
-
-
7,450
7,450
investments
Total assets
-
-
1,076,203
1,076,203
Liabilities
Total liabilities
-
-
-
-
18.2 FAIR VALUE ESTIMATION PREVIOUS REPORTING PERIOD
Level 1 Level 2 Level 3 Total balance
In thousands of EUR
Assets
Other short-term receivables
-
-
4,245
4,245
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
Total assets
-
-
1,033,304
1,033,304
Liabilities
Total liabilities
-
-
-
-
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): \u25a0 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. \u25a0 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. \u25a0 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. \u25a0 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. \u25a0 Borrowings include credit facilities and loan granted to the Group and are measured at values that would be reflective of level 2 prices. \u25a0 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. The main inputs into the Group's valuation models for Equity 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 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, 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 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. Other methods used include EBITDA multiples and enterprise value to sales multiples. 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 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\". Such investments invest solely into an external investment vehicle, 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 investment 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. A sensitivity analysis is generally not performed for Equity and Debt Instruments that have been acquired 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 Fair value at Valuation Significant Range Sensitivity
security 31.12.2024 technique
Unobservable
(weighted
input average)
Fair value in thousands of EUR
Equity 863,104 Market Enterprise value
7.70x - 33.10x
68,809
(68,809)
Instruments comparable to EBITDA (17.33x)
multiple
companies
39,637 Exit price Recent n.a. n.a. n.a.
transaction price
29,001
Discounted
Discount factor
12.90% - 15.30%
696
(696)
cash flow (14.00%)
21,101
Market
Price to book
1.92x - 1.92x
1'055
(1,055)
comparable ratio (1.92x)
companies
15,416 Market Enterprise value 2.00x - 16.50x 755 (755)
comparable
companies
to sales multiple
(5.46x)
2,555 Recent
Recent
n.a. n.a. n.a.
financing/ transaction price
transaction
374 Reported fair Reported fair
n.a
19
(19)
value
value
Debt
2,173
Market
Enterprise value
7.25x - 7.50x
n.a.
n.a.
Instruments comparable to EBITDA (7.43x)
companies
640 Discounted
Discount factor
15.00% - 15.00%
5 (5)
cash flow
(15.00%)
26 Exit price Recent n.a. n.a. n.a.
transaction price
Partnership 6,980 Adjusted Reported net n.a. 349 (349)
Investments reported net asset value
asset value
360 Adjusted Fair value n.a. 18 (18)
reported net adjustments
asset value
981,368
Total
93,682 Amounts from Partners Group investment vehicles
1,075,050
Total level 3 investments
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 Fair value at Valuation Significant Range Sensitivity
security 31.12.2024 technique
Unobservable
(weighted
input average)
Fair value in thousands of EUR
Equity
948,459
Market
Enterprise value
7.50x- 35.20x
78,095
(78,095)
Instruments comparable
to EBITDA
(16.88x)
companies
multiple
41,685
Discounted
Discount factor
14.00% - 16.75%
1,312
(1,312)
cash flow
(14.55%)
25,046
Exit price Recent n.a. n.a. n.a.
transaction price
15,811 Market Price to book 1.90x - 1.90x 791 (791)
comparable ratio (1.90x)
companies
12,212 Market
Enterprise value
2.10x- 20.40x
761
(761)
comparable
to sales multiple
(6.81x)
companies
419 Reported Reported fair n.a 21 (21)
fair value value
Debt 4,836
Discounted
Discount factor
12.00% - 20.00%
55 (55)
Instruments
cash flow
(16.03%)
1,292 Market
Enterprise value
11.00x - 11.00x
n.a.
n.a.
comparable to EBITDA (11.00x)
companies multiple
320 Market
Enterprise value
2.80x - 2.80x
n.a. n.a.
comparable
to sales multiple
(2.80x)
companies
81 Exit price Recent
n.a.
n.a.
n.a.
transaction price
Partnership 10,333 Adjusted Reported net n.a.
517
(517)
Investments reported net asset value
asset value
Adjusted Fair value n.a. 23 (23)
454
reported net adjustments
asset value
1,060,948
Total
(31,889) Amounts from Partners Group investment vehicles
1,029,059
Total level 3 investments
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-261": { "value": "9.2 OTHER ASSETS
Restated
31.12.2024
31.12.2023
In thousands of EUR
Balance at beginning of period
59,668
61,257
Purchase of Direct and Indirect Investments
1
984
Distributions from and proceeds from sales of Direct and Indirect Investments
(3,660)
(4,718)
Reclassification of investments
(21,095)
-
Accrued cash and PIK interest
-
(661)
Revaluation
(11,664)
4,382
Withholding tax on other assets
(110)
-
Net foreign exchange gains / (losses)
1,867
(1,576)
Balance at end of period
25,007
59,668
Movement in unrealized gains / (losses) still held at end of period
(4,210)
5,395
At the beginning of the reporting period, two investments were reclassified from Other Assets to Private Equity, amounting to EUR 21,095,402, due to a review of categorization. This reclassification does not represent any changes in the investments themselves and has no impact on the net asset value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-216": { "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 50,314,960 (2023: accrued incentive fees of EUR 37,732,990).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-242": { "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 50,314,960 (2023: accrued incentive fees of EUR 37,732,990).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-266": { "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 50,314,960 (2023: accrued incentive fees of EUR 37,732,990). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-217": { "value": "
11 Foreign exchange forward contracts
The Group discontinued hedging currency exposures beginning on 1 April 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-219": { "value": "
31.12.2024
31.12.2023
In thousands of EUR
Unfunded commitments translated at the rate prevailing at end of period
120,579
115,294
13 Commitments to Direct and Indirect Investments", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-245": { "value": "
31.12.2024
31.12.2023
In thousands of EUR
Unfunded commitments translated at the rate prevailing at end of period
120,579
115,294
13 Commitments to Direct and Indirect Investments", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-218": { "value": "
12 Share capital, treasury shares, and reserves
12.1 CAPITAL
31.12.2024
31.12.2023
In thousands of EUR
Issued and fully paid
69,151,168 ordinary shares of EUR 0.001 each out of the bond conversion
69
69
Total issued and fully paid shares
69
69
At the annual general meeting held on 21 June 2024, the shareholders renewed the authority granted to Directors to
purchase up to 14.99% (2023: 14.99%) of the issued share capital of the Company.
During the reporting period, the Company did not buy back shares (2023: nil). No shares were canceled during the reporting
period and no shares were held as treasury shares at the end of the reporting period (2023: nil).
The total authorized share capital consists of 200,100,000 ordinary shares of EUR 0.001 each (total value EUR 200,100)
(2023: 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-244": { "value": "12.1 CAPITAL
31.12.2024
31.12.2023
In thousands of EUR
Issued and fully paid
69,151,168 ordinary shares of EUR 0.001 each out of the bond conversion
69
69
Total issued and fully paid shares
69
69
At the annual general meeting held on 21 June 2024, the shareholders renewed the authority granted to Directors to purchase up to 14.99% (2023: 14.99%) of the issued share capital of the Company. During the reporting period, the Company did not buy back shares (2023: nil). No shares were canceled during the reporting period and no shares were held as treasury shares at the end of the reporting period (2023: nil). The total authorized share capital consists of 200,100,000 ordinary shares of EUR 0.001 each (total value EUR 200,100) (2023: 200,100,000 ordinary shares of EUR 0.001 each). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-243": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-220": { "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 (2023: EUR 500,000,000) 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 Group 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.
Date of entering the agreement
Amendment date
Date of termination of the agreement
Total lending commitment
Basis of the interest on principal drawn is: Margin +
27 July 2011
28 February 2023
13 December 2026
EUR 140,000,000 (2023: EUR 140,000,000)
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%.
31.12.2024
31.12.2023
In thousands of EUR
Short-term credit facility
Balance at beginning of period
19,000
-
Increase in credit facility
55,000
49,200
(Decrease) in credit facility
(74,000)
(30,200)
Balance at end of period
-
19,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-246": { "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 (2023: EUR 500,000,000) 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 Group 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. Date of entering the agreement Amendment date Date of termination of the agreement Total lending commitment Basis of the interest on principal drawn is: Margin + 27 July 2011 28 February 2023 13 December 2026 EUR 140,000,000 (2023: EUR 140,000,000) 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%.
31.12.2024
31.12.2023
In thousands of EUR
Short-term credit facility
Balance at beginning of period
19,000
-
Increase in credit facility
55,000
49,200
(Decrease) in credit facility
(74,000)
(30,200)
Balance at end of period
-
19,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-221": { "value": "15 Incentive fees 31.12.2024 31.12.2023 In thousands of EUR Balance at beginning of period 37,733 28,831 Change in incentive fees attributable to Investment Manager 25,051 11,027 Incentive fees paid/payable (12,469) (2,125) Balance at end of period 50,315 37,733 Incentive fees accrued 84,479 69,352 Incentive fee rebates accrued (34,164) (31,619) Total net incentive fees 50,315 37,733 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-222": { "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 2024 and 2023.
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.
31.12.2024
31.12.2023
In thousands of EUR
Net asset value of the Group
1,039,068
979,245
Outstanding shares at the end of the reporting period
69,151,168.00
69,151,168.00
Net asset value per share at period end (in EUR)
15.03
14.16
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-247": { "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 2024 and 2023. 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.
31.12.2024
31.12.2023
In thousands of EUR
Net asset value of the Group
1,039,068
979,245
Outstanding shares at the end of the reporting period
69,151,168.00
69,151,168.00
Net asset value per share at period end (in EUR)
15.03
14.16
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-223": { "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 previous 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.
31.12.2024
31.12.2023
In thousands of EUR
Net assets denominated in AUD
1
1
Net assets denominated in CHF
52,824
52,556
Net assets denominated in GBP
24,709
38,634
Net assets denominated in USD
416,803
430,879
Net assets denominated in INR
46,841
25,179
Net assets denominated in ILS
1
1
Applicable annual volatility AUD
7.88%
7.85%
Applicable annual volatility CHF
6.45%
6.31%
31.12.2024
31.12.2023
In thousands of EUR
Applicable annual volatility GBP
6.48%
6.55%
Applicable annual volatility USD
7.43%
7.51%
Applicable annual volatility INR
7.69%
7.85%
Applicable annual volatility ILS
8.15%
7.97%
Fluctuation of net assets and corresponding results depending on above-mentioned volatility
39,579
40,183
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 2024, there were no term deposits (2023: 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
31.12.2024 31.12.2023
In thousands of EUR
Mezzanine and senior debt investments 19 295
Cash and cash equivalents
18,651
9,744
Credit facility
-
(19,000)
Total variable rate instruments
18,670
(8,961)
17.4 SENSITIVITY ANALYSIS REPORTING PERIOD
100bp increase
100bp
In thousands of EUR
decrease
Impact on variable rate instruments
187
(187)
17.5 SENSITIVITY ANALYSIS PREVIOUS REPORTING PERIOD
100bp increase 100bp
In thousands of EUR decrease
Impact on variable rate instruments
(90)
90
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 private credit within the other
assets 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 credit funds within the other assets operating segment.
Many of the private credit funds may be wholly unregulated investment vehicles. In addition, certain of the private credit
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
31.12.2024
31.12.2023
In thousands of EUR
Too early
-
-
With issues
19
295
On plan
-
-
Above plan
-
-
Outperformer
-
-
Total
19
295
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
Cash and cash equivalents
18,651
-
-
Other short-term receivables
1,153
-
-
Other long-term receivables
54
-
-
Mezzanine and senior debt investments
19
-
-
As at the end of the Reporting Period, the Group held cash of EUR 15,796,960 with an International Swiss-based banking group, which at that date had an S&P rating of A-2 and EUR 2,853,593 with a Swiss-based bank, which at that date had a Moody's rating of P-1. 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
Cash and cash equivalents
9,744
-
-
Other short-term receivables
4,245
-
-
Other long-term receivables
1,383
-
-
Mezzanine and senior debt investments
295
-
-
As at the end of the Previous 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.
17.10 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 unfunded commitments to underlying
investments or the receipt of recallable distributions from underlying investments that increase the unfunded commitments
to such investments. 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 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.
In March 2024, the Board introduced a Capital Allocation Policy to further support efficient liquidity management. The policy
provides for a rolling six-month Free Cash Flow forecast which prioritizes the meeting of the dividend objective and quantifies
expected surplus working capital available for share buy backs.
T
he 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
Less than 3
3 to 12 months
More than 12
In thousands of EUR
months
months
Unfunded commitments to Direct and Indirect Investments
(120,579)
-
-
Liabilities falling due within one year
(5,525)
(50,315)
-
Current assets
19,804
-
-
Other long-term receivables
-
-
54
Undrawn credit facility
140,000
-
-
Total
33,700
(50,315)
54
17.12 LIQUIDITY RISK PREVIOUS REPORTING PERIOD
Less than 3 3 to 12 months More than 12
In thousands of EUR
months
months
Unfunded commitments to Direct and Indirect Investments
(115,294)
-
-
Liabilities falling due within one year
(27,858)
(37,733)
-
Current assets
14,394
-
-
Other long-term receivables
-
-
1,383
Undrawn credit facility
121,000
-
-
Total
(7,758)
(37,733)
1,383
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 introduced the following
Capital Allocation Policy in March 2024 as an additional tool to manage the discount level where appropriate:
Once the share price is at a discount of more than or equal to 30% to the last reported NAV, 75% of \"Free Cash Flow\" will
be used to acquire issued shares, either for cancellation or to be placed into treasury for potential re-issue, until such time
as the discount is less than 30%. Where the share price is at a discount of more than or equal to 20% to the last reported
NAV, but less than 30%, 50% of Free Cash Flow will be used to acquire issued shares until such time as the discount is
less than 20%.
Free Cash Flow is defined as gross cash plus distributions and secondary sales contracted to be received by the Company,
less (for the next rolling 6 months) a provision for:
1. payment of the current dividend objective of 5% of the previous year end NAV;
2. fees, expenses and interest payable in managing and running the Company;
3. the repayment of any drawn debt facilities; and
4. a reserve of 3% of net assets, to cover anticipated cash drawn in respect of existing fund commitments, follow-on funding
for existing direct investments, and new direct investments at an advanced stage where such sums are committed. The
quantum of Free Cash Flow will be calculated at the beginning of each quarter. The above policy is subject to the limits and
terms of the shareholder authority approved at each AGM to buy back up to 14.99% of the Company's shares. The policy
will be reviewed regularly, and at least annually, by the Board and may be amended in light of Company and/or market
conditions. The Board reserves the right to undertake share buy backs at discounts of less than 20%.
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.
31.12.2024
31.12.2023
In thousands of EUR
Financial assets at fair value through profit or loss
1,075,050
1,029,059
Total assets subject to market risk
1,075,050
1,029,059
Annual expected volatility
14.12%
14.08%
Potential impact on audited consolidated financial statements
151,797
144,892
17.16 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:
\u25a0
Restricted activities.
\u25a0
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.
\u25a0
Insufficient equity to permit the structured entity to finance its activities without subordinated financial support.
\u25a0
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.
The presentation of the investment strategies have been aligned with the Investment Manager's portfolio categorization
and have now been reclassified as \"Buyout\" and \"Other strategies\" in the annual report for the year ended 31 December
2024 and subsequent reports. The \"Other strategies\" category now includes previous investment strategies such as special
situations, venture capital, real estate, infrastructure and growth. Comparative figures have been restated to match the new
presentation.
T
he table below has been prepared on a non look-through basis. Further details on the Group's portfolio prepared on a
look-through basis are shown on Portfolio composition page.
17.17 STRUCTURED ENTITIES REPORTING PERIOD
31.12.2024
NAV in thousands of EUR
Region & Strategy
North America
Buyout
292,096
Other strategies 7,655
Western Europe
Buyout
272,623
Other strategies 28,568
Rest of World
Buyout
1,943
Other strategies
2,505
17.18 STRUCTURED ENTITIES PREVIOUS REPORTING PERIOD
31.12.2023
NAV in thousands of EUR
Region & Strategy
North America
Buyout 216,947
Other strategies 13,265
Western Europe
Buyout
158,037
Other strategies 22,908
Rest of World
Buyout
2,042
Other strategies
4,848
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-248": { "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.
31.12.2024
31.12.2023
In thousands of EUR
Net assets denominated in AUD
1
1
Net assets denominated in CHF
52,824
52,556
Net assets denominated in GBP
24,709
38,634
Net assets denominated in USD
416,803
430,879
Net assets denominated in INR
46,841
25,179
Net assets denominated in ILS
1
1
Applicable annual volatility AUD
7.88%
7.85%
Applicable annual volatility CHF
6.45%
6.31%
31.12.2024
31.12.2023
In thousands of EUR
Applicable annual volatility GBP
6.48%
6.55%
Applicable annual volatility USD
7.43%
7.51%
Applicable annual volatility INR
7.69%
7.85%
Applicable annual volatility ILS
8.15%
7.97%
Fluctuation of net assets and corresponding results depending on above-mentioned volatility
39,579
40,183
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 2024, there were no term deposits (2023: 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
31.12.2024 31.12.2023
In thousands of EUR
Mezzanine and senior debt investments 19 295
Cash and cash equivalents
18,651
9,744
Credit facility
-
(19,000)
Total variable rate instruments
18,670
(8,961)
17.4 SENSITIVITY ANALYSIS REPORTING PERIOD
100bp increase
100bp
In thousands of EUR
decrease
Impact on variable rate instruments
187
(187)
17.5 SENSITIVITY ANALYSIS PREVIOUS REPORTING PERIOD
100bp increase 100bp
In thousands of EUR decrease
Impact on variable rate instruments
(90)
90
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.
31.12.2024
31.12.2023
In thousands of EUR
Financial assets at fair value through profit or loss
1,075,050
1,029,059
Total assets subject to market risk
1,075,050
1,029,059
Annual expected volatility
14.12%
14.08%
Potential impact on audited consolidated financial statements
151,797
144,892
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-258": { "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
31.12.2024 31.12.2023
In thousands of EUR
Mezzanine and senior debt investments 19 295
Cash and cash equivalents
18,651
9,744
Credit facility
-
(19,000)
Total variable rate instruments
18,670
(8,961)
17.4 SENSITIVITY ANALYSIS REPORTING PERIOD
100bp increase
100bp
In thousands of EUR
decrease
Impact on variable rate instruments
187
(187)
", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-249": { "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 private credit within the other assets 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 credit funds within the other assets operating segment. Many of the private credit funds may be wholly unregulated investment vehicles. In addition, certain of the private credit 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
31.12.2024
31.12.2023
In thousands of EUR
Too early
-
-
With issues
19
295
On plan
-
-
Above plan
-
-
Outperformer
-
-
Total
19
295
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
Cash and cash equivalents
18,651
-
-
Other short-term receivables
1,153
-
-
Other long-term receivables
54
-
-
Mezzanine and senior debt investments
19
-
-
As at the end of the Reporting Period, the Group held cash of EUR 15,796,960 with an International Swiss-based banking
group, which at that date had an S&P rating of A-2 and EUR 2,853,593 with a Swiss-based bank, which at that date had a
Moody's rating of P-1.
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
Cash and cash equivalents
9,744
-
-
Other short-term receivables
4,245
-
-
Other long-term receivables
1,383
-
-
Mezzanine and senior debt investments
295
-
-
As at the end of the Previous 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-250": { "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 unfunded commitments to underlying investments or the receipt of recallable distributions from underlying investments that increase the unfunded commitments to such investments. 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 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. In March 2024, the Board introduced a Capital Allocation Policy to further support efficient liquidity management. The policy provides for a rolling six-month Free Cash Flow forecast which prioritizes the meeting of the dividend objective and quantifies expected surplus working capital available for share buy backs. 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
Less than 3
3 to 12 months
More than 12
In thousands of EUR
months
months
Unfunded commitments to Direct and Indirect Investments
(120,579)
-
-
Liabilities falling due within one year
(5,525)
(50,315)
-
Current assets
19,804
-
-
Other long-term receivables
-
-
54
Undrawn credit facility
140,000
-
-
Total
33,700
(50,315)
54
17.12 LIQUIDITY RISK PREVIOUS REPORTING PERIOD
Less than 3 3 to 12 months More than 12
In thousands of EUR
months
months
Unfunded commitments to Direct and Indirect Investments
(115,294)
-
-
Liabilities falling due within one year
(27,858)
(37,733)
-
Current assets
14,394
-
-
Other long-term receivables
-
-
1,383
Undrawn credit facility
121,000
-
-
Total
(7,758)
(37,733)
1,383
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-251": { "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 introduced the following Capital Allocation Policy in March 2024 as an additional tool to manage the discount level where appropriate: Once the share price is at a discount of more than or equal to 30% to the last reported NAV, 75% of \"Free Cash Flow\" will be used to acquire issued shares, either for cancellation or to be placed into treasury for potential re-issue, until such time as the discount is less than 30%. Where the share price is at a discount of more than or equal to 20% to the last reported NAV, but less than 30%, 50% of Free Cash Flow will be used to acquire issued shares until such time as the discount is less than 20%. Free Cash Flow is defined as gross cash plus distributions and secondary sales contracted to be received by the Company, less (for the next rolling 6 months) a provision for: 1. payment of the current dividend objective of 5% of the previous year end NAV; 2. fees, expenses and interest payable in managing and running the Company; 3. the repayment of any drawn debt facilities; and 4. a reserve of 3% of net assets, to cover anticipated cash drawn in respect of existing fund commitments, follow-on funding for existing direct investments, and new direct investments at an advanced stage where such sums are committed. The quantum of Free Cash Flow will be calculated at the beginning of each quarter. The above policy is subject to the limits and terms of the shareholder authority approved at each AGM to buy back up to 14.99% of the Company's shares. The policy will be reviewed regularly, and at least annually, by the Board and may be amended in light of Company and/or market conditions. The Board reserves the right to undertake share buy backs at discounts of less than 20%. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-252": { "value": "17.16 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: \u25a0 Restricted activities. \u25a0 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. \u25a0 Insufficient equity to permit the structured entity to finance its activities without subordinated financial support. \u25a0 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. The presentation of the investment strategies have been aligned with the Investment Manager's portfolio categorization and have now been reclassified as \"Buyout\" and \"Other strategies\" in the annual report for the year ended 31 December 2024 and subsequent reports. The \"Other strategies\" category now includes previous investment strategies such as special situations, venture capital, real estate, infrastructure and growth. Comparative figures have been restated to match the new presentation. T he table below has been prepared on a non look-through basis. Further details on the Group's portfolio prepared on a look-through basis are shown on Portfolio composition page.
17.17 STRUCTURED ENTITIES REPORTING PERIOD
31.12.2024
NAV in thousands of EUR
Region & Strategy
North America
Buyout
292,096
Other strategies 7,655
Western Europe
Buyout
272,623
Other strategies 28,568
Rest of World
Buyout
1,943
Other strategies
2,505
17.18 STRUCTURED ENTITIES PREVIOUS REPORTING PERIOD
31.12.2023
NAV in thousands of EUR
Region & Strategy
North America
Buyout 216,947
Other strategies 13,265
Western Europe
Buyout
158,037
Other strategies 22,908
Rest of World
Buyout
2,042
Other strategies
4,848
", "dimensions": { "concept": "ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-259": { "value": "17.16 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: \u25a0 Restricted activities. \u25a0 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. \u25a0 Insufficient equity to permit the structured entity to finance its activities without subordinated financial support. \u25a0 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. The presentation of the investment strategies have been aligned with the Investment Manager's portfolio categorization and have now been reclassified as \"Buyout\" and \"Other strategies\" in the annual report for the year ended 31 December 2024 and subsequent reports. The \"Other strategies\" category now includes previous investment strategies such as special situations, venture capital, real estate, infrastructure and growth. Comparative figures have been restated to match the new presentation. T he table below has been prepared on a non look-through basis. Further details on the Group's portfolio prepared on a look-through basis are shown on Portfolio composition page. 17.17 STRUCTURED ENTITIES REPORTING PERIOD
31.12.2024
NAV in thousands of EUR
Region & Strategy
North America
Buyout
292,096
Other strategies 7,655
Western Europe
Buyout
272,623
Other strategies 28,568
Rest of World
Buyout
1,943
Other strategies
2,505
17.18 STRUCTURED ENTITIES PREVIOUS REPORTING PERIOD
31.12.2023
NAV in thousands of EUR
Region & Strategy
North America
Buyout 216,947
Other strategies 13,265
Western Europe
Buyout
158,037
Other strategies 22,908
Rest of World
Buyout
2,042
Other strategies
4,848
20 Group entities - significant subsidiaries Princess Private Equity Subholding Limited Incorporated in Guernsey Ownership interest as at 31 December 2024 and 31 December 2023: 100% Activity: Investment services company Princess Direct Investments, L.P. Inc. Incorporated in Guernsey Ownership interest as at 31 December 2024 and 31 December 2023: 100% Activity: Investment services partnership ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-224": { "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:
\u25a0
Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1);
\u25a0
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);
\u25a0
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 judgments' 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 During the reporting period, there were no transfers between level 3 and levels 1 and 2 of the fair value hierarchy.
Level 1
Level 2
Level 3
Total balance
In thousands of EUR
Assets
Other short-term receivables
-
-
1,153
1,153
Financial assets at fair value through profit or loss - equity
-
-
1,067,600
1,067,600
securities
Financial assets at fair value through profit or loss - debt
-
-
7,450
7,450
investments
Total assets
-
-
1,076,203
1,076,203
Liabilities
Total liabilities
-
-
-
-
18.2 FAIR VALUE ESTIMATION PREVIOUS REPORTING PERIOD
Level 1 Level 2 Level 3 Total balance
In thousands of EUR
Assets
Other short-term receivables
-
-
4,245
4,245
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
Total assets
-
-
1,033,304
1,033,304
Liabilities
Total liabilities
-
-
-
-
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):
\u25a0
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.
\u25a0
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.
\u25a0
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.
\u25a0
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.
\u25a0
Borrowings include credit facilities and loan granted to the Group and are measured at values that would be reflective
of level 2 prices.
\u25a0
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.
The main inputs into the Group's valuation models for Equity 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 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, 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 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. Other methods used include EBITDA multiples and
enterprise value to sales multiples.
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 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\". Such
investments invest solely into an external investment vehicle, 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 investment 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.
A sensitivity analysis is generally not performed for Equity and Debt Instruments that have been acquired 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 Fair value at Valuation Significant Range Sensitivity
security 31.12.2024 technique
Unobservable
(weighted
input average)
Fair value in thousands of EUR
Equity 863,104 Market Enterprise value
7.70x - 33.10x
68,809
(68,809)
Instruments comparable to EBITDA (17.33x)
multiple
companies
39,637 Exit price Recent n.a. n.a. n.a.
transaction price
29,001
Discounted
Discount factor
12.90% - 15.30%
696
(696)
cash flow (14.00%)
21,101
Market
Price to book
1.92x - 1.92x
1'055
(1,055)
comparable ratio (1.92x)
companies
15,416 Market Enterprise value 2.00x - 16.50x 755 (755)
comparable
companies
to sales multiple
(5.46x)
2,555 Recent
Recent
n.a. n.a. n.a.
financing/ transaction price
transaction
374 Reported fair Reported fair
n.a
19
(19)
value
value
Debt
2,173
Market
Enterprise value
7.25x - 7.50x
n.a.
n.a.
Instruments comparable to EBITDA (7.43x)
companies
640 Discounted
Discount factor
15.00% - 15.00%
5 (5)
cash flow
(15.00%)
26 Exit price Recent n.a. n.a. n.a.
transaction price
Partnership 6,980 Adjusted Reported net n.a. 349 (349)
Investments reported net asset value
asset value
360 Adjusted Fair value n.a. 18 (18)
reported net adjustments
asset value
981,368
Total
93,682 Amounts from Partners Group investment vehicles
1,075,050
Total level 3 investments
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 Fair value at Valuation Significant Range Sensitivity
security 31.12.2024 technique
Unobservable
(weighted
input average)
Fair value in thousands of EUR
Equity
948,459
Market
Enterprise value
7.50x- 35.20x
78,095
(78,095)
Instruments comparable
to EBITDA
(16.88x)
companies
multiple
41,685
Discounted
Discount factor
14.00% - 16.75%
1,312
(1,312)
cash flow
(14.55%)
25,046
Exit price Recent n.a. n.a. n.a.
transaction price
15,811 Market Price to book 1.90x - 1.90x 791 (791)
comparable ratio (1.90x)
companies
12,212 Market
Enterprise value
2.10x- 20.40x
761
(761)
comparable
to sales multiple
(6.81x)
companies
419 Reported Reported fair n.a 21 (21)
fair value value
Debt 4,836
Discounted
Discount factor
12.00% - 20.00%
55 (55)
Instruments
cash flow
(16.03%)
1,292 Market
Enterprise value
11.00x - 11.00x
n.a.
n.a.
comparable to EBITDA (11.00x)
companies multiple
320 Market
Enterprise value
2.80x - 2.80x
n.a. n.a.
comparable
to sales multiple
(2.80x)
companies
81 Exit price Recent
n.a.
n.a.
n.a.
transaction price
Partnership 10,333 Adjusted Reported net n.a.
517
(517)
Investments reported net asset value
asset value
Adjusted Fair value n.a. 23 (23)
454
reported net adjustments
asset value
1,060,948
Total
(31,889) Amounts from Partners Group investment vehicles
1,029,059
Total level 3 investments
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-262": { "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. The main inputs into the Group's valuation models for Equity 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 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, 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 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. Other methods used include EBITDA multiples and enterprise value to sales multiples. 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 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\". Such investments invest solely into an external investment vehicle, 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 investment 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. A sensitivity analysis is generally not performed for Equity and Debt Instruments that have been acquired 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 Fair value at Valuation Significant Range Sensitivity
security 31.12.2024 technique
Unobservable
(weighted
input average)
Fair value in thousands of EUR
Equity 863,104 Market Enterprise value
7.70x - 33.10x
68,809
(68,809)
Instruments comparable to EBITDA (17.33x)
multiple
companies
39,637 Exit price Recent n.a. n.a. n.a.
transaction price
29,001
Discounted
Discount factor
12.90% - 15.30%
696
(696)
cash flow (14.00%)
21,101
Market
Price to book
1.92x - 1.92x
1'055
(1,055)
comparable ratio (1.92x)
companies
15,416 Market Enterprise value 2.00x - 16.50x 755 (755)
comparable
companies
to sales multiple
(5.46x)
2,555 Recent
Recent
n.a. n.a. n.a.
financing/ transaction price
transaction
374 Reported fair Reported fair
n.a
19
(19)
value
value
Debt
2,173
Market
Enterprise value
7.25x - 7.50x
n.a.
n.a.
Instruments comparable to EBITDA (7.43x)
companies
640 Discounted
Discount factor
15.00% - 15.00%
5 (5)
cash flow
(15.00%)
26 Exit price Recent n.a. n.a. n.a.
transaction price
Partnership 6,980 Adjusted Reported net n.a. 349 (349)
Investments reported net asset value
asset value
360 Adjusted Fair value n.a. 18 (18)
reported net adjustments
asset value
981,368
Total
93,682 Amounts from Partners Group investment vehicles
1,075,050
Total level 3 investments
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 Fair value at Valuation Significant Range Sensitivity
security 31.12.2024 technique
Unobservable
(weighted
input average)
Fair value in thousands of EUR
Equity
948,459
Market
Enterprise value
7.50x- 35.20x
78,095
(78,095)
Instruments comparable
to EBITDA
(16.88x)
companies
multiple
41,685
Discounted
Discount factor
14.00% - 16.75%
1,312
(1,312)
cash flow
(14.55%)
25,046
Exit price Recent n.a. n.a. n.a.
transaction price
15,811 Market Price to book 1.90x - 1.90x 791 (791)
comparable ratio (1.90x)
companies
12,212 Market
Enterprise value
2.10x- 20.40x
761
(761)
comparable
to sales multiple
(6.81x)
companies
419 Reported Reported fair n.a 21 (21)
fair value value
Debt 4,836
Discounted
Discount factor
12.00% - 20.00%
55 (55)
Instruments
cash flow
(16.03%)
1,292 Market
Enterprise value
11.00x - 11.00x
n.a.
n.a.
comparable to EBITDA (11.00x)
companies multiple
320 Market
Enterprise value
2.80x - 2.80x
n.a. n.a.
comparable
to sales multiple
(2.80x)
companies
81 Exit price Recent
n.a.
n.a.
n.a.
transaction price
Partnership 10,333 Adjusted Reported net n.a.
517
(517)
Investments reported net asset value
asset value
Adjusted Fair value n.a. 23 (23)
454
reported net adjustments
asset value
1,060,948
Total
(31,889) Amounts from Partners Group investment vehicles
1,029,059
Total level 3 investments
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-264": { "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. The main inputs into the Group's valuation models for Equity 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 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, 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 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. Other methods used include EBITDA multiples and enterprise value to sales multiples. 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 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\". Such investments invest solely into an external investment vehicle, 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 investment 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. A sensitivity analysis is generally not performed for Equity and Debt Instruments that have been acquired 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 Fair value at Valuation Significant Range Sensitivity
security 31.12.2024 technique
Unobservable
(weighted
input average)
Fair value in thousands of EUR
Equity 863,104 Market Enterprise value
7.70x - 33.10x
68,809
(68,809)
Instruments comparable to EBITDA (17.33x)
multiple
companies
39,637 Exit price Recent n.a. n.a. n.a.
transaction price
29,001
Discounted
Discount factor
12.90% - 15.30%
696
(696)
cash flow (14.00%)
21,101
Market
Price to book
1.92x - 1.92x
1'055
(1,055)
comparable ratio (1.92x)
companies
15,416 Market Enterprise value 2.00x - 16.50x 755 (755)
comparable
companies
to sales multiple
(5.46x)
2,555 Recent
Recent
n.a. n.a. n.a.
financing/ transaction price
transaction
374 Reported fair Reported fair
n.a
19
(19)
value
value
Debt
2,173
Market
Enterprise value
7.25x - 7.50x
n.a.
n.a.
Instruments comparable to EBITDA (7.43x)
companies
640 Discounted
Discount factor
15.00% - 15.00%
5 (5)
cash flow
(15.00%)
26 Exit price Recent n.a. n.a. n.a.
transaction price
Partnership 6,980 Adjusted Reported net n.a. 349 (349)
Investments reported net asset value
asset value
360 Adjusted Fair value n.a. 18 (18)
reported net adjustments
asset value
981,368
Total
93,682 Amounts from Partners Group investment vehicles
1,075,050
Total level 3 investments
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 Fair value at Valuation Significant Range Sensitivity
security 31.12.2024 technique
Unobservable
(weighted
input average)
Fair value in thousands of EUR
Equity
948,459
Market
Enterprise value
7.50x- 35.20x
78,095
(78,095)
Instruments comparable
to EBITDA
(16.88x)
companies
multiple
41,685
Discounted
Discount factor
14.00% - 16.75%
1,312
(1,312)
cash flow
(14.55%)
25,046
Exit price Recent n.a. n.a. n.a.
transaction price
15,811 Market Price to book 1.90x - 1.90x 791 (791)
comparable ratio (1.90x)
companies
12,212 Market
Enterprise value
2.10x- 20.40x
761
(761)
comparable
to sales multiple
(6.81x)
companies
419 Reported Reported fair n.a 21 (21)
fair value value
Debt 4,836
Discounted
Discount factor
12.00% - 20.00%
55 (55)
Instruments
cash flow
(16.03%)
1,292 Market
Enterprise value
11.00x - 11.00x
n.a.
n.a.
comparable to EBITDA (11.00x)
companies multiple
320 Market
Enterprise value
2.80x - 2.80x
n.a. n.a.
comparable
to sales multiple
(2.80x)
companies
81 Exit price Recent
n.a.
n.a.
n.a.
transaction price
Partnership 10,333 Adjusted Reported net n.a.
517
(517)
Investments reported net asset value
asset value
Adjusted Fair value n.a. 23 (23)
454
reported net adjustments
asset value
1,060,948
Total
(31,889) Amounts from Partners Group investment vehicles
1,029,059
Total level 3 investments
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-267": { "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. The main inputs into the Group's valuation models for Equity 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 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, 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 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. Other methods used include EBITDA multiples and enterprise value to sales multiples. 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 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\". Such investments invest solely into an external investment vehicle, 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 investment 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. A sensitivity analysis is generally not performed for Equity and Debt Instruments that have been acquired 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 Fair value at Valuation Significant Range Sensitivity
security 31.12.2024 technique
Unobservable
(weighted
input average)
Fair value in thousands of EUR
Equity 863,104 Market Enterprise value
7.70x - 33.10x
68,809
(68,809)
Instruments comparable to EBITDA (17.33x)
multiple
companies
39,637 Exit price Recent n.a. n.a. n.a.
transaction price
29,001
Discounted
Discount factor
12.90% - 15.30%
696
(696)
cash flow (14.00%)
21,101
Market
Price to book
1.92x - 1.92x
1'055
(1,055)
comparable ratio (1.92x)
companies
15,416 Market Enterprise value 2.00x - 16.50x 755 (755)
comparable
companies
to sales multiple
(5.46x)
2,555 Recent
Recent
n.a. n.a. n.a.
financing/ transaction price
transaction
374 Reported fair Reported fair
n.a
19
(19)
value
value
Debt
2,173
Market
Enterprise value
7.25x - 7.50x
n.a.
n.a.
Instruments comparable to EBITDA (7.43x)
companies
640 Discounted
Discount factor
15.00% - 15.00%
5 (5)
cash flow
(15.00%)
26 Exit price Recent n.a. n.a. n.a.
transaction price
Partnership 6,980 Adjusted Reported net n.a. 349 (349)
Investments reported net asset value
asset value
360 Adjusted Fair value n.a. 18 (18)
reported net adjustments
asset value
981,368
Total
93,682 Amounts from Partners Group investment vehicles
1,075,050
Total level 3 investments
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 Fair value at Valuation Significant Range Sensitivity
security 31.12.2024 technique
Unobservable
(weighted
input average)
Fair value in thousands of EUR
Equity
948,459
Market
Enterprise value
7.50x- 35.20x
78,095
(78,095)
Instruments comparable
to EBITDA
(16.88x)
companies
multiple
41,685
Discounted
Discount factor
14.00% - 16.75%
1,312
(1,312)
cash flow
(14.55%)
25,046
Exit price Recent n.a. n.a. n.a.
transaction price
15,811 Market Price to book 1.90x - 1.90x 791 (791)
comparable ratio (1.90x)
companies
12,212 Market
Enterprise value
2.10x- 20.40x
761
(761)
comparable
to sales multiple
(6.81x)
companies
419 Reported Reported fair n.a 21 (21)
fair value value
Debt 4,836
Discounted
Discount factor
12.00% - 20.00%
55 (55)
Instruments
cash flow
(16.03%)
1,292 Market
Enterprise value
11.00x - 11.00x
n.a.
n.a.
comparable to EBITDA (11.00x)
companies multiple
320 Market
Enterprise value
2.80x - 2.80x
n.a. n.a.
comparable
to sales multiple
(2.80x)
companies
81 Exit price Recent
n.a.
n.a.
n.a.
transaction price
Partnership 10,333 Adjusted Reported net n.a.
517
(517)
Investments reported net asset value
asset value
Adjusted Fair value n.a. 23 (23)
454
reported net adjustments
asset value
1,060,948
Total
(31,889) Amounts from Partners Group investment vehicles
1,029,059
Total level 3 investments
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-268": { "value": "18.5 SIGNIFICANT UNOBSERVABLE VALUATION INPUT TABLE REPORTING PERIOD
Type of Fair value at Valuation Significant Range Sensitivity
security 31.12.2024 technique
Unobservable
(weighted
input average)
Fair value in thousands of EUR
Equity 863,104 Market Enterprise value
7.70x - 33.10x
68,809
(68,809)
Instruments comparable to EBITDA (17.33x)
multiple
companies
39,637 Exit price Recent n.a. n.a. n.a.
transaction price
29,001
Discounted
Discount factor
12.90% - 15.30%
696
(696)
cash flow (14.00%)
21,101
Market
Price to book
1.92x - 1.92x
1'055
(1,055)
comparable ratio (1.92x)
companies
15,416 Market Enterprise value 2.00x - 16.50x 755 (755)
comparable
companies
to sales multiple
(5.46x)
2,555 Recent
Recent
n.a. n.a. n.a.
financing/ transaction price
transaction
374 Reported fair Reported fair
n.a
19
(19)
value
value
Debt
2,173
Market
Enterprise value
7.25x - 7.50x
n.a.
n.a.
Instruments comparable to EBITDA (7.43x)
companies
640 Discounted
Discount factor
15.00% - 15.00%
5 (5)
cash flow
(15.00%)
26 Exit price Recent n.a. n.a. n.a.
transaction price
Partnership 6,980 Adjusted Reported net n.a. 349 (349)
Investments reported net asset value
asset value
360 Adjusted Fair value n.a. 18 (18)
reported net adjustments
asset value
981,368
Total
93,682 Amounts from Partners Group investment vehicles
1,075,050
Total level 3 investments
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 Fair value at Valuation Significant Range Sensitivity
security 31.12.2024 technique
Unobservable
(weighted
input average)
Fair value in thousands of EUR
Equity
948,459
Market
Enterprise value
7.50x- 35.20x
78,095
(78,095)
Instruments comparable
to EBITDA
(16.88x)
companies
multiple
41,685
Discounted
Discount factor
14.00% - 16.75%
1,312
(1,312)
cash flow
(14.55%)
25,046
Exit price Recent n.a. n.a. n.a.
transaction price
15,811 Market Price to book 1.90x - 1.90x 791 (791)
comparable ratio (1.90x)
companies
12,212 Market
Enterprise value
2.10x- 20.40x
761
(761)
comparable
to sales multiple
(6.81x)
companies
419 Reported Reported fair n.a 21 (21)
fair value value
Debt 4,836
Discounted
Discount factor
12.00% - 20.00%
55 (55)
Instruments
cash flow
(16.03%)
1,292 Market
Enterprise value
11.00x - 11.00x
n.a.
n.a.
comparable to EBITDA (11.00x)
companies multiple
320 Market
Enterprise value
2.80x - 2.80x
n.a. n.a.
comparable
to sales multiple
(2.80x)
companies
81 Exit price Recent
n.a.
n.a.
n.a.
transaction price
Partnership 10,333 Adjusted Reported net n.a.
517
(517)
Investments reported net asset value
asset value
Adjusted Fair value n.a. 23 (23)
454
reported net adjustments
asset value
1,060,948
Total
(31,889) Amounts from Partners Group investment vehicles
1,029,059
Total level 3 investments
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-269": { "value": "18.5 SIGNIFICANT UNOBSERVABLE VALUATION INPUT TABLE REPORTING PERIOD
Type of Fair value at Valuation Significant Range Sensitivity
security 31.12.2024 technique
Unobservable
(weighted
input average)
Fair value in thousands of EUR
Equity 863,104 Market Enterprise value
7.70x - 33.10x
68,809
(68,809)
Instruments comparable to EBITDA (17.33x)
multiple
companies
39,637 Exit price Recent n.a. n.a. n.a.
transaction price
29,001
Discounted
Discount factor
12.90% - 15.30%
696
(696)
cash flow (14.00%)
21,101
Market
Price to book
1.92x - 1.92x
1'055
(1,055)
comparable ratio (1.92x)
companies
15,416 Market Enterprise value 2.00x - 16.50x 755 (755)
comparable
companies
to sales multiple
(5.46x)
2,555 Recent
Recent
n.a. n.a. n.a.
financing/ transaction price
transaction
374 Reported fair Reported fair
n.a
19
(19)
value
value
Debt
2,173
Market
Enterprise value
7.25x - 7.50x
n.a.
n.a.
Instruments comparable to EBITDA (7.43x)
companies
640 Discounted
Discount factor
15.00% - 15.00%
5 (5)
cash flow
(15.00%)
26 Exit price Recent n.a. n.a. n.a.
transaction price
Partnership 6,980 Adjusted Reported net n.a. 349 (349)
Investments reported net asset value
asset value
360 Adjusted Fair value n.a. 18 (18)
reported net adjustments
asset value
981,368
Total
93,682 Amounts from Partners Group investment vehicles
1,075,050
Total level 3 investments
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 Fair value at Valuation Significant Range Sensitivity
security 31.12.2024 technique
Unobservable
(weighted
input average)
Fair value in thousands of EUR
Equity
948,459
Market
Enterprise value
7.50x- 35.20x
78,095
(78,095)
Instruments comparable
to EBITDA
(16.88x)
companies
multiple
41,685
Discounted
Discount factor
14.00% - 16.75%
1,312
(1,312)
cash flow
(14.55%)
25,046
Exit price Recent n.a. n.a. n.a.
transaction price
15,811 Market Price to book 1.90x - 1.90x 791 (791)
comparable ratio (1.90x)
companies
12,212 Market
Enterprise value
2.10x- 20.40x
761
(761)
comparable
to sales multiple
(6.81x)
companies
419 Reported Reported fair n.a 21 (21)
fair value value
Debt 4,836
Discounted
Discount factor
12.00% - 20.00%
55 (55)
Instruments
cash flow
(16.03%)
1,292 Market
Enterprise value
11.00x - 11.00x
n.a.
n.a.
comparable to EBITDA (11.00x)
companies multiple
320 Market
Enterprise value
2.80x - 2.80x
n.a. n.a.
comparable
to sales multiple
(2.80x)
companies
81 Exit price Recent
n.a.
n.a.
n.a.
transaction price
Partnership 10,333 Adjusted Reported net n.a.
517
(517)
Investments reported net asset value
asset value
Adjusted Fair value n.a. 23 (23)
454
reported net adjustments
asset value
1,060,948
Total
(31,889) Amounts from Partners Group investment vehicles
1,029,059
Total level 3 investments
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-270": { "value": "18.5 SIGNIFICANT UNOBSERVABLE VALUATION INPUT TABLE REPORTING PERIOD
Type of Fair value at Valuation Significant Range Sensitivity
security 31.12.2024 technique
Unobservable
(weighted
input average)
Fair value in thousands of EUR
Equity 863,104 Market Enterprise value
7.70x - 33.10x
68,809
(68,809)
Instruments comparable to EBITDA (17.33x)
multiple
companies
39,637 Exit price Recent n.a. n.a. n.a.
transaction price
29,001
Discounted
Discount factor
12.90% - 15.30%
696
(696)
cash flow (14.00%)
21,101
Market
Price to book
1.92x - 1.92x
1'055
(1,055)
comparable ratio (1.92x)
companies
15,416 Market Enterprise value 2.00x - 16.50x 755 (755)
comparable
companies
to sales multiple
(5.46x)
2,555 Recent
Recent
n.a. n.a. n.a.
financing/ transaction price
transaction
374 Reported fair Reported fair
n.a
19
(19)
value
value
Debt
2,173
Market
Enterprise value
7.25x - 7.50x
n.a.
n.a.
Instruments comparable to EBITDA (7.43x)
companies
640 Discounted
Discount factor
15.00% - 15.00%
5 (5)
cash flow
(15.00%)
26 Exit price Recent n.a. n.a. n.a.
transaction price
Partnership 6,980 Adjusted Reported net n.a. 349 (349)
Investments reported net asset value
asset value
360 Adjusted Fair value n.a. 18 (18)
reported net adjustments
asset value
981,368
Total
93,682 Amounts from Partners Group investment vehicles
1,075,050
Total level 3 investments
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 Fair value at Valuation Significant Range Sensitivity
security 31.12.2024 technique
Unobservable
(weighted
input average)
Fair value in thousands of EUR
Equity
948,459
Market
Enterprise value
7.50x- 35.20x
78,095
(78,095)
Instruments comparable
to EBITDA
(16.88x)
companies
multiple
41,685
Discounted
Discount factor
14.00% - 16.75%
1,312
(1,312)
cash flow
(14.55%)
25,046
Exit price Recent n.a. n.a. n.a.
transaction price
15,811 Market Price to book 1.90x - 1.90x 791 (791)
comparable ratio (1.90x)
companies
12,212 Market
Enterprise value
2.10x- 20.40x
761
(761)
comparable
to sales multiple
(6.81x)
companies
419 Reported Reported fair n.a 21 (21)
fair value value
Debt 4,836
Discounted
Discount factor
12.00% - 20.00%
55 (55)
Instruments
cash flow
(16.03%)
1,292 Market
Enterprise value
11.00x - 11.00x
n.a.
n.a.
comparable to EBITDA (11.00x)
companies multiple
320 Market
Enterprise value
2.80x - 2.80x
n.a. n.a.
comparable
to sales multiple
(2.80x)
companies
81 Exit price Recent
n.a.
n.a.
n.a.
transaction price
Partnership 10,333 Adjusted Reported net n.a.
517
(517)
Investments reported net asset value
asset value
Adjusted Fair value n.a. 23 (23)
454
reported net adjustments
asset value
1,060,948
Total
(31,889) Amounts from Partners Group investment vehicles
1,029,059
Total level 3 investments
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-225": { "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, and jointly 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.
As at the end of the Reporting Period, certain balances within the financial statements include components related to
transactions with related parties. These are identified and disclosed in accordance with the relevant accounting standards,
within the tables below, and where relevant within the 'related party / shareholder's loan', 'other long-term receivables',
'other long-term payables', 'other short-term receivables' and 'accruals and other short-term payables' notes, included within
these Audited Financial Statements.
The following represents the transactions and balances of the Group with related parties:
19.1 TRANSACTIONS
31.12.2024
31.12.2023
In thousands of EUR
Management fee expenses
14,744
15,535
Partners Group AG
14,744
15,535
Administration fee expenses
469
474
Partners Group (Guernsey) Limited
469
474
Service fee expenses
250
292
Partners Group AG
250
292
Incentive fee expenses
25,051
11,027
Partners Group AG
25,051
11,027
Incentive fee paid
(12,469)
(2,125)
Partners Group AG
(12,469)
(2,125)
Directors' fee expenses
370
280
Invested amounts and distributions from / (to) Partners Group advised products (investment
22,971
37,007
side), net
19.2 PERIOD-END BALANCES
31.12.2024
31.12.2023
In thousands of EUR
Other short-term receivables
1,053
873
Partners Group affiliated entities
1,053
872
Receivable from Investments
-
1
Accruals and other short-term payables
(4,367)
(6,364)
Partners Group affiliated entities
(4,367)
(6,270)
Payable to Investments
-
(94)
Accrued incentive fee
(50,315)
(37,733)
Partners Group AG
(50,315)
(37,733)
Investments in Partners Group advised products
947,217
941,632
Fair value of investments advised by Partners Group or related parties
781,756
696,669
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-253": { "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, and jointly 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. As at the end of the Reporting Period, certain balances within the financial statements include components related to transactions with related parties. These are identified and disclosed in accordance with the relevant accounting standards, within the tables below, and where relevant within the 'related party / shareholder's loan', 'other long-term receivables', 'other long-term payables', 'other short-term receivables' and 'accruals and other short-term payables' notes, included within these Audited Financial Statements. The following represents the transactions and balances of the Group with related parties: 19.1 TRANSACTIONS
31.12.2024
31.12.2023
In thousands of EUR
Management fee expenses
14,744
15,535
Partners Group AG
14,744
15,535
Administration fee expenses
469
474
Partners Group (Guernsey) Limited
469
474
Service fee expenses
250
292
Partners Group AG
250
292
Incentive fee expenses
25,051
11,027
Partners Group AG
25,051
11,027
Incentive fee paid
(12,469)
(2,125)
Partners Group AG
(12,469)
(2,125)
Directors' fee expenses
370
280
Invested amounts and distributions from / (to) Partners Group advised products (investment
22,971
37,007
side), net
19.2 PERIOD-END BALANCES
31.12.2024
31.12.2023
In thousands of EUR
Other short-term receivables
1,053
873
Partners Group affiliated entities
1,053
872
Receivable from Investments
-
1
Accruals and other short-term payables
(4,367)
(6,364)
Partners Group affiliated entities
(4,367)
(6,270)
Payable to Investments
-
(94)
Accrued incentive fee
(50,315)
(37,733)
Partners Group AG
(50,315)
(37,733)
Investments in Partners Group advised products
947,217
941,632
Fair value of investments advised by Partners Group or related parties
781,756
696,669
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-226": { "value": "
20 Group entities - significant subsidiaries
Princess Private Equity Subholding Limited
Incorporated in Guernsey
Ownership interest as at 31 December 2024 and 31 December 2023: 100%
Activity: Investment services company
Princess Direct Investments, L.P. Inc.
Incorporated in Guernsey
Ownership interest as at 31 December 2024 and 31 December 2023: 100%
Activity: Investment services partnership
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-254": { "value": "20 Group entities - significant subsidiaries Princess Private Equity Subholding Limited Incorporated in Guernsey Ownership interest as at 31 December 2024 and 31 December 2023: 100% Activity: Investment services company Princess Direct Investments, L.P. Inc. Incorporated in Guernsey Ownership interest as at 31 December 2024 and 31 December 2023: 100% Activity: Investment services partnership ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-227": { "value": "
21 Events after the reporting date
The terms of the Investment Management Agreement have been revised with effect from 1 January 2025 to change the
basis of the investment management fee and incentive fee. The change has no impact on the management and incentive
fees accrued at 31 December 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-228": { "value": "
22 Approval of these financial statements
The Board of Directors approved these audited consolidated financial statements on 20 March 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }