| 01.01.2025 | 01.01.2024 | |
| In thousands of EUR | 31.12.2025 | 31.12.2024 |
| Private equity | ||
Interest & dividend income | 11,807 | 10,474 |
Net gains / (losses) on private equity investments | (1,596) | 128,843 |
Net gains / (losses) on incentive fee rebates | (18,494) | - |
Withholding tax on private equity investments | (7) | (2,281) |
Net foreign exchange gains / (losses) | (55,573) | 27,200 |
Total net income private equity | (63,863) | 164,236 |
Segment result private equity | (63,863) | 164,236 |
| Other assets | ||
Net gains / (losses) on other assets | (2,794) | (11,664) |
Withholding tax on other assets | - | (110) |
Net foreign exchange gains / (losses) | (2,750) | 1,867 |
Total net income other assets | (5,544) | (9,907) |
Segment result other assets | (5,544) | (9,907) |
| Non-attributable | ||
Interest & dividend income | 61 | 64 |
Net foreign exchange gains / (losses) | (424) | (180) |
Total net income non-attributable | (363) | (116) |
Segment result non-attributable (including total net income non-attributable) | (17,417) | (42,840) |
Other financial activities not allocated | (3,110) | (2,309) |
Profit / (loss) for the financial period before tax | (89,934) | 109,180 |
Income tax expense | (8) | (260) |
Profit / (loss) for the financial period after tax | (89,942) | 108,920 |
| 01.01.2025 | 01.01.2024 | |
| In thousands of EUR | 31.12.2025 | 31.12.2024 |
| Private equity | ||
Interest & dividend income | 11,807 | 10,474 |
Net gains / (losses) on private equity investments | (1,596) | 128,843 |
Net gains / (losses) on incentive fee rebates | (18,494) | - |
Withholding tax on private equity investments | (7) | (2,281) |
Net foreign exchange gains / (losses) | (55,573) | 27,200 |
Total net income private equity | (63,863) | 164,236 |
Segment result private equity | (63,863) | 164,236 |
| Other assets | ||
Net gains / (losses) on other assets | (2,794) | (11,664) |
Withholding tax on other assets | - | (110) |
Net foreign exchange gains / (losses) | (2,750) | 1,867 |
Total net income other assets | (5,544) | (9,907) |
Segment result other assets | (5,544) | (9,907) |
| Non-attributable | ||
Interest & dividend income | 61 | 64 |
Net foreign exchange gains / (losses) | (424) | (180) |
Total net income non-attributable | (363) | (116) |
Segment result non-attributable (including total net income non-attributable) | (17,417) | (42,840) |
Other financial activities not allocated | (3,110) | (2,309) |
Profit / (loss) for the financial period before tax | (89,934) | 109,180 |
Income tax expense | (8) | (260) |
Profit / (loss) for the financial period after tax | (89,942) | 108,920 |
| 01.01.2025 | 01.01.2024 | |
| In thousands of EUR | 31.12.2025 | 31.12.2024 |
| Private equity | ||
Interest & dividend income | 11,807 | 10,474 |
Net gains / (losses) on private equity investments | (1,596) | 128,843 |
Net gains / (losses) on incentive fee rebates | (18,494) | - |
Withholding tax on private equity investments | (7) | (2,281) |
Net foreign exchange gains / (losses) | (55,573) | 27,200 |
Total net income private equity | (63,863) | 164,236 |
Segment result private equity | (63,863) | 164,236 |
| Other assets | ||
Net gains / (losses) on other assets | (2,794) | (11,664) |
Withholding tax on other assets | - | (110) |
Net foreign exchange gains / (losses) | (2,750) | 1,867 |
Total net income other assets | (5,544) | (9,907) |
Segment result other assets | (5,544) | (9,907) |
| Non-attributable | ||
Interest & dividend income | 61 | 64 |
Net foreign exchange gains / (losses) | (424) | (180) |
Total net income non-attributable | (363) | (116) |
Segment result non-attributable (including total net income non-attributable) | (17,417) | (42,840) |
Other financial activities not allocated | (3,110) | (2,309) |
Profit / (loss) for the financial period before tax | (89,934) | 109,180 |
Income tax expense | (8) | (260) |
Profit / (loss) for the financial period after tax | (89,942) | 108,920 |
31.12.2025 | 31.12.2024 | |
| In thousands of EUR | ||
Balance at beginning of period | 1,050,043 | 969,391 |
Incentive fee rebates at 1 January 2025 (refer to Note 14) | 34,164 | - |
Balance at beginning of period including accrued incentive fee rebates | 1,084,207 | 969,391 |
Purchase of Direct and Indirect Investments | 86,581 | 33,094 |
Distributions from and proceeds from sales of Direct and Indirect Investments | (181,084) | (127,288) |
Reclassification of investments | - | 21,095 |
Accrued cash and PIK interest | - | (11) |
Net gains / (losses) on private equity investments | (1,596) | 128,843 |
Net gains / (losses) on incentive fee rebates | (18,494) | - |
Withholding tax on private equity investments | (7) | (2,281) |
Net foreign exchange gains / (losses) | (55,573) | 27,200 |
Balance at end of period | 914,034 | 1,050,043 |
Private equity investments | 898,364 | - |
Incentive fee rebates | 15,670 | - |
Changes in unrealized gains / (losses) on private equity investments held at end of period | (177,540) | 50,565 |
| and included within net gains / (losses) on private equity investments |
31.12.2025 | 31.12.2024 | |
| In thousands of EUR | ||
Balance at beginning of period | 25,007 | 59,668 |
Purchase of Direct and Indirect Investments | 15,000 | 1 |
Distributions from and proceeds from sales of Direct and Indirect Investments | (18,960) | (3,660) |
Reclassification of investments | - | (21,095) |
Net gains / (losses) on other assets | (2,794) | (11,664) |
Withholding tax on other assets | - | (110) |
Net foreign exchange gains / (losses) | (2,750) | 1,867 |
Balance at end of period | 15,503 | 25,007 |
Changes in unrealized gains / (losses) on other assets held at end of period and included | (2,526) | (4,210) |
| within net gains / (losses) on other assets |
31.12.2025 | 31.12.2024 | |
| In thousands of EUR | ||
Balance at beginning of period | 1,050,043 | 969,391 |
Incentive fee rebates at 1 January 2025 (refer to Note 14) | 34,164 | - |
Balance at beginning of period including accrued incentive fee rebates | 1,084,207 | 969,391 |
Purchase of Direct and Indirect Investments | 86,581 | 33,094 |
Distributions from and proceeds from sales of Direct and Indirect Investments | (181,084) | (127,288) |
Reclassification of investments | - | 21,095 |
Accrued cash and PIK interest | - | (11) |
Net gains / (losses) on private equity investments | (1,596) | 128,843 |
Net gains / (losses) on incentive fee rebates | (18,494) | - |
Withholding tax on private equity investments | (7) | (2,281) |
Net foreign exchange gains / (losses) | (55,573) | 27,200 |
Balance at end of period | 914,034 | 1,050,043 |
Private equity investments | 898,364 | - |
Incentive fee rebates | 15,670 | - |
Changes in unrealized gains / (losses) on private equity investments held at end of period | (177,540) | 50,565 |
| and included within net gains / (losses) on private equity investments |
31.12.2025 | 31.12.2024 | |
| In thousands of EUR | ||
Balance at beginning of period | 25,007 | 59,668 |
Purchase of Direct and Indirect Investments | 15,000 | 1 |
Distributions from and proceeds from sales of Direct and Indirect Investments | (18,960) | (3,660) |
Reclassification of investments | - | (21,095) |
Net gains / (losses) on other assets | (2,794) | (11,664) |
Withholding tax on other assets | - | (110) |
Net foreign exchange gains / (losses) | (2,750) | 1,867 |
Balance at end of period | 15,503 | 25,007 |
Changes in unrealized gains / (losses) on other assets held at end of period and included | (2,526) | (4,210) |
| within net gains / (losses) on other assets |
Level 1 | Level 2 | Level 3 | Total balance | |
| In thousands of EUR | ||||
| Assets | ||||
| Other short-termreceivables | - | - | 4,773 | 4,773 |
Financial assets at fair value through profit or loss - equity | - | - | 926,577 | 926,577 |
| securities | ||||
Financial assets at fair value through profit or loss - debt | - | - | 2,960 | 2,960 |
| investments | ||||
| Total assets | - | - | 934,310 | 934,310 |
| Liabilities | ||||
| Total liabilities | - | - | - | - |
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 | ||||
Financialassets at fair value through profit or loss - debt | - | - | 7,450 | 7,450 |
| investments | ||||
| Total assets | - | - | 1,076,203 | 1,076,203 |
| Liabilities | ||||
| Total liabilities | - | - | - | - |
| Type of | Fair value at | Valuation | Unobservable | Range | Sensitivity | |
| security | 31.12.2025 | technique | input | (weighted | ||
| average) | +5% | -5% | ||||
| Fair value in thousands of EUR | ||||||
| Equity | 742,892 | Market Enterprise value | 3.00x- 41.85x | 62,045 | (62,045) | |
| Instruments | comparable | to EBITDA | (17.53x) | |||
companies | multiple | |||||
| 30,320 | Exit price | Recent | n.a. | n.a. | n.a. | |
| transaction price | ||||||
26,572 | Market | Price to book | 1.92x - 2.30x | 1,329 | (1,329) | |
| comparable | ratio | (1.99x) | ||||
| companies | ||||||
11,614 | Market Enterprise value | 1.18x - 15.60x | 662 | (662) | ||
comparable | to sales multiple | (6.59x) | ||||
| companies | ||||||
9,025 | Recent financing | Recent | n.a. | n.a. | n.a. | |
| / transaction | transaction price | |||||
1,947 | Discounted cash | Discount factor | 13.10% - | 17 | (17) | |
| flow | 13.10% | |||||
| (13.10%) | ||||||
418 | Reported fair | Reported fair | n.a. | 0 | 0 | |
| value | value | |||||
| Debt | 1,941 | Discounted cash | Discount factor | 0% - 0% (0%) | 0 | 0 |
| Instruments | flow | |||||
| 23 | Exit price | Recent | n.a. | n.a. | n.a. | |
| transaction price | ||||||
| Partnership | 8,593 | Adjusted | Reported net | n.a. | 430 | (430) |
| Investments | reported net | asset value | ||||
| asset value | ||||||
(131) Adjusted | Fair value | n.a. | (7) | 7 | ||
| reported net | adjustments | |||||
| asset value | ||||||
833,214 | Total | |||||
80'653 | Amounts from Partners Group investment vehicles | |||||
15'670 | Incentive fee rebates at end of period | |||||
929'537 | Total level 3 investments |
Type of | Fair value at | Valuation | Unobservable | Range | Sensitivity | |
security | 31.12.2024 | technique | input | (weighted | ||
| average) | +5% | -5% | ||||
| 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) | |||
companies | multiple | |||||
| 39,637 | Exit price | Recent | n.a. | n.a. | n.a. | |
| transaction price | ||||||
29,001 | Discounted cash | Discount factor | 12.90% - | 696 | (696) | |
| flow | 15.30% | |||||
| (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 | to sales multiple | (5.46x) | ||||
| companies | ||||||
2,555 | Recent financing | Recent | n.a. | n.a. | n.a. | |
/ transaction transaction price | ||||||
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 | multiple | |||||
640 | Discounted cash | Discount factor | 15.00% - | 5 | (5) | |
| flow | 15.00% | |||||
| (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 |
31.12.2025 | 31.12.2024 | |
| In thousands of EUR | ||
Balance at beginning of period | 1,050,043 | 969,391 |
Incentive fee rebates at 1 January 2025 (refer to Note 14) | 34,164 | - |
Balance at beginning of period including accrued incentive fee rebates | 1,084,207 | 969,391 |
Purchase of Direct and Indirect Investments | 86,581 | 33,094 |
Distributions from and proceeds from sales of Direct and Indirect Investments | (181,084) | (127,288) |
Reclassification of investments | - | 21,095 |
Accrued cash and PIK interest | - | (11) |
Net gains / (losses) on private equity investments | (1,596) | 128,843 |
Net gains / (losses) on incentive fee rebates | (18,494) | - |
Withholding tax on private equity investments | (7) | (2,281) |
Net foreign exchange gains / (losses) | (55,573) | 27,200 |
Balance at end of period | 914,034 | 1,050,043 |
Private equity investments | 898,364 | - |
Incentive fee rebates | 15,670 | - |
Changes in unrealized gains / (losses) on private equity investments held at end of period | (177,540) | 50,565 |
| and included within net gains / (losses) on private equity investments |
31.12.2025 | 31.12.2024 | |
| In thousands of EUR | ||
Balance at beginning of period | 25,007 | 59,668 |
Purchase of Direct and Indirect Investments | 15,000 | 1 |
Distributions from and proceeds from sales of Direct and Indirect Investments | (18,960) | (3,660) |
Reclassification of investments | - | (21,095) |
Net gains / (losses) on other assets | (2,794) | (11,664) |
Withholding tax on other assets | - | (110) |
Net foreign exchange gains / (losses) | (2,750) | 1,867 |
Balance at end of period | 15,503 | 25,007 |
Changes in unrealized gains / (losses) on other assets held at end of period and included | (2,526) | (4,210) |
| within net gains / (losses) on other assets |
31.12.2025 | 31.12.2024 | |
| In thousands of EUR | ||
Balance at beginning of period | - | 19,000 |
Drawdown of credit facility | 99,100 | 55,000 |
Repayment of credit facility | (99,100) | (74,000) |
Balance at end of period | - | - |
Level 1 | Level 2 | Level 3 | Total balance | |
| In thousands of EUR | ||||
| Assets | ||||
| Other short-termreceivables | - | - | 4,773 | 4,773 |
Financial assets at fair value through profit or loss - equity | - | - | 926,577 | 926,577 |
| securities | ||||
Financial assets at fair value through profit or loss - debt | - | - | 2,960 | 2,960 |
| investments | ||||
| Total assets | - | - | 934,310 | 934,310 |
| Liabilities | ||||
| Total liabilities | - | - | - | - |
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 | ||||
Financialassets at fair value through profit or loss - debt | - | - | 7,450 | 7,450 |
| investments | ||||
| Total assets | - | - | 1,076,203 | 1,076,203 |
| Liabilities | ||||
| Total liabilities | - | - | - | - |
| Type of | Fair value at | Valuation | Unobservable | Range | Sensitivity | |
| security | 31.12.2025 | technique | input | (weighted | ||
| average) | +5% | -5% | ||||
| Fair value in thousands of EUR | ||||||
| Equity | 742,892 | Market Enterprise value | 3.00x- 41.85x | 62,045 | (62,045) | |
| Instruments | comparable | to EBITDA | (17.53x) | |||
companies | multiple | |||||
| 30,320 | Exit price | Recent | n.a. | n.a. | n.a. | |
| transaction price | ||||||
26,572 | Market | Price to book | 1.92x - 2.30x | 1,329 | (1,329) | |
| comparable | ratio | (1.99x) | ||||
| companies | ||||||
11,614 | Market Enterprise value | 1.18x - 15.60x | 662 | (662) | ||
comparable | to sales multiple | (6.59x) | ||||
| companies | ||||||
9,025 | Recent financing | Recent | n.a. | n.a. | n.a. | |
| / transaction | transaction price | |||||
1,947 | Discounted cash | Discount factor | 13.10% - | 17 | (17) | |
| flow | 13.10% | |||||
| (13.10%) | ||||||
418 | Reported fair | Reported fair | n.a. | 0 | 0 | |
| value | value | |||||
| Debt | 1,941 | Discounted cash | Discount factor | 0% - 0% (0%) | 0 | 0 |
| Instruments | flow | |||||
| 23 | Exit price | Recent | n.a. | n.a. | n.a. | |
| transaction price | ||||||
| Partnership | 8,593 | Adjusted | Reported net | n.a. | 430 | (430) |
| Investments | reported net | asset value | ||||
| asset value | ||||||
(131) Adjusted | Fair value | n.a. | (7) | 7 | ||
| reported net | adjustments | |||||
| asset value | ||||||
833,214 | Total | |||||
80'653 | Amounts from Partners Group investment vehicles | |||||
15'670 | Incentive fee rebates at end of period | |||||
929'537 | Total level 3 investments |
Type of | Fair value at | Valuation | Unobservable | Range | Sensitivity | |
security | 31.12.2024 | technique | input | (weighted | ||
| average) | +5% | -5% | ||||
| 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) | |||
companies | multiple | |||||
| 39,637 | Exit price | Recent | n.a. | n.a. | n.a. | |
| transaction price | ||||||
29,001 | Discounted cash | Discount factor | 12.90% - | 696 | (696) | |
| flow | 15.30% | |||||
| (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 | to sales multiple | (5.46x) | ||||
| companies | ||||||
2,555 | Recent financing | Recent | n.a. | n.a. | n.a. | |
/ transaction transaction price | ||||||
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 | multiple | |||||
640 | Discounted cash | Discount factor | 15.00% - | 5 | (5) | |
| flow | 15.00% | |||||
| (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 |
31.12.2025 | 31.12.2024 | |
| In thousands of EUR | ||
Balance at beginning of period | 25,007 | 59,668 |
Purchase of Direct and Indirect Investments | 15,000 | 1 |
Distributions from and proceeds from sales of Direct and Indirect Investments | (18,960) | (3,660) |
Reclassification of investments | - | (21,095) |
Net gains / (losses) on other assets | (2,794) | (11,664) |
Withholding tax on other assets | - | (110) |
Net foreign exchange gains / (losses) | (2,750) | 1,867 |
Balance at end of period | 15,503 | 25,007 |
Changes in unrealized gains / (losses) on other assets held at end of period and included | (2,526) | (4,210) |
| within net gains / (losses) on other assets |
31.12.2025 | 31.12.2024 | |
| In thousands of EUR | ||
200,100,000 ordinary shares of EUR 0.001 each | 200 | 200 |
Total authorized shares | 200 | 200 |
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 |
31.12.2025 | 31.12.2024 | |||
Number of shares | Value | Number of shares | Value | |
(in thousands of EUR) | (in thousands of EUR) | |||
| Ordinary shares | ||||
Balance at beginning of period | 69,151,168 | 69 | 69,151,168 | 69 |
Shares issued during the period | - | - | - | - |
Shares cancelled during the period | - | - | - | - |
Balance at end of period | 69,151,168 | 69 | 69,151,168 | 69 |
| Treasury shares | ||||
Balance at beginning of | - | - | - | - |
| period | ||||
Shares repurchased | 562,025 | 5,840 | - | - |
during the period | ||||
Shares sold during t h e | - | - | - | - |
| period | ||||
Shares cancelled during the period | - | - | - | - |
Balance at end of | 562,025 | 5,840 | - | - |
| period | ||||
| Ordinary shares | 68,589,143 | 69,151,168 | ||
excluding treasury | ||||
shares at period end | ||||
Weighted average | 69,083,808 | 69,151,168 | ||
number of ordinary | ||||
shares excluding | ||||
treasury shares during | ||||
the period |
31.12.2025 | 31.12.2024 | |
| In thousands of EUR | ||
200,100,000 ordinary shares of EUR 0.001 each | 200 | 200 |
Total authorized shares | 200 | 200 |
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 |
31.12.2025 | 31.12.2024 | |||
Number of shares | Value | Number of shares | Value | |
(in thousands of EUR) | (in thousands of EUR) | |||
| Ordinary shares | ||||
Balance at beginning of period | 69,151,168 | 69 | 69,151,168 | 69 |
Shares issued during the period | - | - | - | - |
Shares cancelled during the period | - | - | - | - |
Balance at end of period | 69,151,168 | 69 | 69,151,168 | 69 |
| Treasury shares | ||||
Balance at beginning of | - | - | - | - |
| period | ||||
Shares repurchased | 562,025 | 5,840 | - | - |
during the period | ||||
Shares sold during t h e | - | - | - | - |
| period | ||||
Shares cancelled during the period | - | - | - | - |
Balance at end of | 562,025 | 5,840 | - | - |
| period | ||||
| Ordinary shares | 68,589,143 | 69,151,168 | ||
excluding treasury | ||||
shares at period end | ||||
Weighted average | 69,083,808 | 69,151,168 | ||
number of ordinary | ||||
shares excluding | ||||
treasury shares during | ||||
the period |
31.12.2025 | 31.12.2024 | |
| In thousands of EUR | ||
Unfunded commitments translated at the rate prevailing at end of period | 119,802 | 120,579 |
31.12.2025 | 31.12.2024 | |
| In thousands of EUR | ||
Unfunded commitments translated at the rate prevailing at end of period | 119,802 | 120,579 |
31.12.2025 | 31.12.2024 | |
| In thousands of EUR | ||
Balance at beginning of period | - | 19,000 |
Drawdown of credit facility | 99,100 | 55,000 |
Repayment of credit facility | (99,100) | (74,000) |
Balance at end of period | - | - |
31.12.2025 | 31.12.2024 | |
| In thousands of EUR | ||
Balance at beginning of period | - | 19,000 |
Drawdown of credit facility | 99,100 | 55,000 |
Repayment of credit facility | (99,100) | (74,000) |
Balance at end of period | - | - |
31.12.2025 | 31.12.2024 | |
| In thousands of EUR | ||
Balance at beginning of period | 50,315 | 37,733 |
| Reclassification of incentive fee rebates (see Note 4 and 9) | 34,164 | - |
| Balance at beginning of period excluding accrued incentive fee rebates | 84,479 | 37,733 |
Change in incentive fees attributable to Investment Manager | - | 25,051 |
Incentive fees paid | (27,711) | (12,469) |
Balance at end of period | 56,768 | 50,315 |
| Incentive fee expense accrued | - | - |
| Incentive fee rebates accrued | - | (34,164) |
| Crystallized Incentive Fee | 56,768 | 84,479 |
| Total net incentive fees | 56,768 | 50,315 |
31.12.2025 | 31.12.2024 | |
| In thousands of EUR | ||
Net asset value of the Group | 891,520 | 1,039,068 |
Outstanding shares at the end of the reporting period | 68,589,143 | 69,151,168 |
Net asset value per share at period end (in EUR) | 13.00 | 15.03 |
31.12.2025 | 31.12.2024 | |
| In thousands of EUR | ||
Net asset value of the Group | 891,520 | 1,039,068 |
Outstanding shares at the end of the reporting period | 68,589,143 | 69,151,168 |
Net asset value per share at period end (in EUR) | 13.00 | 15.03 |
31.12.2025 | 31.12.2024 | |
| In thousands of EUR | ||
Net assets denominated in AUD | - | 1 |
Net assets denominated in CHF | 41,970 | 52,824 |
Net assets denominated in GBP | 27,973 | 24,709 |
Net assets denominated in SEK | 3,188 | - |
Net assets denominated in USD | 360,427 | 416,803 |
Net assets denominated in BRL | 2,695 | - |
Net assets denominated in INR | 40,231 | 46,841 |
Net assets denominated in ILS | 1 | 1 |
Applicable annual volatility AUD | 7.38% | 7.88% |
Applicable annual volatility CHF | 4.38% | 6.45% |
Applicable annual volatility GBP | 5.98% | 6.48% |
Applicable annual volatility SEK | 5.75% | 5.66% |
Applicable annual volatility USD | 7.04% | 7.43% |
Applicable annual volatility BRL | 13.20% | 14.30% |
Applicable annual volatility INR | 6.64% | 7.69% |
Applicable annual volatility ILS | 7.87% | 8.15% |
Fluctuation of net assets and corresponding results depending on above-mentioned volatility | 32,096 | 39,579 |
31.12.2025 | 31.12.2024 | |
| In thousands of EUR | ||
Mezzanine and senior debt investments | 17 | 19 |
| Cash and cash equivalents | 8,138 | 18,651 |
| Total variable rate instruments | 8,155 | 18,670 |
100bp increase | 100bp | |
| In thousands of EUR | decrease | |
Impact on variable rate instruments | 82 | (82) |
100bp increase | 100bp | |
| In thousands of EUR | decrease | |
Impact on variable rate instruments | 187 | (187) |
31.12.2025 | 31.12.2024 | |
| In thousands of EUR | ||
Too early | - | - |
31.12.2025 | 31.12.2024 | |
| In thousands of EUR | ||
With issues | 17 | 19 |
On plan | - | - |
Above plan | - | - |
Outperformer | - | - |
Total | 17 | 19 |
Not past due | Past due less | Past due more | |
| In thousands of EUR | than 1 year | than 1 year | |
Cash and cash equivalents | 8,138 | - | - |
| Other short-term receivables | 4,773 | - | - |
| Other long-term receivables | 49 | - | - |
Deferred receivables on investments | 14,132 | - | - |
Mezzanine and senior debt investments | 17 | - | - |
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 | - | - |
Deferred receivables on investments | - | - | - |
Mezzanine and senior debt investments | 19 | - | - |
Less than 3 | 3 to 12 months | More than 12 | |
| In thousands of EUR | months | months | |
Unfunded commitments to Direct and Indirect Investments | (119,802) | - | - |
Current liabilities | (8,341) | (56,768) | - |
Current assets | 12,911 | - | - |
| Other long-term receivables | - | - | 4 9 |
Deferred receivables on investments | - | - | 14,132 |
| Undrawn credit facility | 150,000 | - | - |
Total | 34,768 | (56,768) | 14,181 |
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) | - | - |
Current liabilities | (5,525) | (50,315) | - |
Current assets | 19,804 | - | - |
Other long-term receivables | - | - | 54 |
Deferred receivables on investments | - | - | - |
Undrawn credit facility | 140,000 | - | - |
Total | 33,700 | (50,315) | 54 |
31.12.2025 | 31.12.2024 | |
| In thousands of EUR | ||
Financial assets at fair value through profit or loss | 929,537 | 1,075,050 |
Total assets subject to market risk | 929,537 | 1,075,050 |
Annual expected volatility | 13.58% | 14.12% |
Potential impact on audited consolidated financial statements | 126,231 | 151,797 |
| 31.12.2025 | |
| NAV in thousands of EUR | |
Region & Strategy | |
| North America | |
Buyout | 197,841 |
Other strategies | 6,289 |
| Western Europe | |
Buyout | 232,576 |
Other strategies | 29,487 |
Rest of World | |
Buyout | 1,630 |
Other strategies | 3,742 |
| 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 |
31.12.2025 | 31.12.2024 | |
| In thousands of EUR | ||
Net assets denominated in AUD | - | 1 |
Net assets denominated in CHF | 41,970 | 52,824 |
Net assets denominated in GBP | 27,973 | 24,709 |
Net assets denominated in SEK | 3,188 | - |
Net assets denominated in USD | 360,427 | 416,803 |
Net assets denominated in BRL | 2,695 | - |
Net assets denominated in INR | 40,231 | 46,841 |
Net assets denominated in ILS | 1 | 1 |
Applicable annual volatility AUD | 7.38% | 7.88% |
Applicable annual volatility CHF | 4.38% | 6.45% |
Applicable annual volatility GBP | 5.98% | 6.48% |
Applicable annual volatility SEK | 5.75% | 5.66% |
Applicable annual volatility USD | 7.04% | 7.43% |
Applicable annual volatility BRL | 13.20% | 14.30% |
Applicable annual volatility INR | 6.64% | 7.69% |
Applicable annual volatility ILS | 7.87% | 8.15% |
Fluctuation of net assets and corresponding results depending on above-mentioned volatility | 32,096 | 39,579 |
31.12.2025 | 31.12.2024 | |
| In thousands of EUR | ||
Mezzanine and senior debt investments | 17 | 19 |
| Cash and cash equivalents | 8,138 | 18,651 |
| Total variable rate instruments | 8,155 | 18,670 |
100bp increase | 100bp | |
| In thousands of EUR | decrease | |
Impact on variable rate instruments | 82 | (82) |
100bp increase | 100bp | |
| In thousands of EUR | decrease | |
Impact on variable rate instruments | 187 | (187) |
31.12.2025 | 31.12.2024 | |
| In thousands of EUR | ||
Financial assets at fair value through profit or loss | 929,537 | 1,075,050 |
Total assets subject to market risk | 929,537 | 1,075,050 |
Annual expected volatility | 13.58% | 14.12% |
Potential impact on audited consolidated financial statements | 126,231 | 151,797 |
31.12.2025 | 31.12.2024 | |
| In thousands of EUR | ||
Mezzanine and senior debt investments | 17 | 19 |
| Cash and cash equivalents | 8,138 | 18,651 |
| Total variable rate instruments | 8,155 | 18,670 |
100bp increase | 100bp | |
| In thousands of EUR | decrease | |
Impact on variable rate instruments | 82 | (82) |
31.12.2025 | 31.12.2024 | |
| In thousands of EUR | ||
Too early | - | - |
31.12.2025 | 31.12.2024 | |
| In thousands of EUR | ||
With issues | 17 | 19 |
On plan | - | - |
Above plan | - | - |
Outperformer | - | - |
Total | 17 | 19 |
Not past due | Past due less | Past due more | |
| In thousands of EUR | than 1 year | than 1 year | |
Cash and cash equivalents | 8,138 | - | - |
| Other short-term receivables | 4,773 | - | - |
| Other long-term receivables | 49 | - | - |
Deferred receivables on investments | 14,132 | - | - |
Mezzanine and senior debt investments | 17 | - | - |
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 | - | - |
Deferred receivables on investments | - | - | - |
Mezzanine and senior debt investments | 19 | - | - |
Less than 3 | 3 to 12 months | More than 12 | |
| In thousands of EUR | months | months | |
Unfunded commitments to Direct and Indirect Investments | (119,802) | - | - |
Current liabilities | (8,341) | (56,768) | - |
Current assets | 12,911 | - | - |
| Other long-term receivables | - | - | 4 9 |
Deferred receivables on investments | - | - | 14,132 |
| Undrawn credit facility | 150,000 | - | - |
Total | 34,768 | (56,768) | 14,181 |
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) | - | - |
Current liabilities | (5,525) | (50,315) | - |
Current assets | 19,804 | - | - |
Other long-term receivables | - | - | 54 |
Deferred receivables on investments | - | - | - |
Undrawn credit facility | 140,000 | - | - |
Total | 33,700 | (50,315) | 54 |
| 31.12.2025 | |
| NAV in thousands of EUR | |
Region & Strategy | |
| North America | |
Buyout | 197,841 |
Other strategies | 6,289 |
| Western Europe | |
Buyout | 232,576 |
Other strategies | 29,487 |
Rest of World | |
Buyout | 1,630 |
Other strategies | 3,742 |
| 31.12.2025 | |
| NAV in thousands of EUR | |
Region & Strategy | |
| North America | |
Buyout | 197,841 |
Other strategies | 6,289 |
| Western Europe | |
Buyout | 232,576 |
Other strategies | 29,487 |
Rest of World | |
Buyout | 1,630 |
Other strategies | 3,742 |
| 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 |
| 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 |
Level 1 | Level 2 | Level 3 | Total balance | |
| In thousands of EUR | ||||
| Assets | ||||
| Other short-termreceivables | - | - | 4,773 | 4,773 |
Financial assets at fair value through profit or loss - equity | - | - | 926,577 | 926,577 |
| securities | ||||
Financial assets at fair value through profit or loss - debt | - | - | 2,960 | 2,960 |
| investments | ||||
| Total assets | - | - | 934,310 | 934,310 |
| Liabilities | ||||
| Total liabilities | - | - | - | - |
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 | ||||
Financialassets at fair value through profit or loss - debt | - | - | 7,450 | 7,450 |
| investments | ||||
| Total assets | - | - | 1,076,203 | 1,076,203 |
| Liabilities | ||||
| Total liabilities | - | - | - | - |
| Type of | Fair value at | Valuation | Unobservable | Range | Sensitivity | |
| security | 31.12.2025 | technique | input | (weighted | ||
| average) | +5% | -5% | ||||
| Fair value in thousands of EUR | ||||||
| Equity | 742,892 | Market Enterprise value | 3.00x- 41.85x | 62,045 | (62,045) | |
| Instruments | comparable | to EBITDA | (17.53x) | |||
companies | multiple | |||||
| 30,320 | Exit price | Recent | n.a. | n.a. | n.a. | |
| transaction price | ||||||
26,572 | Market | Price to book | 1.92x - 2.30x | 1,329 | (1,329) | |
| comparable | ratio | (1.99x) | ||||
| companies | ||||||
11,614 | Market Enterprise value | 1.18x - 15.60x | 662 | (662) | ||
comparable | to sales multiple | (6.59x) | ||||
| companies | ||||||
9,025 | Recent financing | Recent | n.a. | n.a. | n.a. | |
| / transaction | transaction price | |||||
1,947 | Discounted cash | Discount factor | 13.10% - | 17 | (17) | |
| flow | 13.10% | |||||
| (13.10%) | ||||||
418 | Reported fair | Reported fair | n.a. | 0 | 0 | |
| value | value | |||||
| Debt | 1,941 | Discounted cash | Discount factor | 0% - 0% (0%) | 0 | 0 |
| Instruments | flow | |||||
| 23 | Exit price | Recent | n.a. | n.a. | n.a. | |
| transaction price | ||||||
| Partnership | 8,593 | Adjusted | Reported net | n.a. | 430 | (430) |
| Investments | reported net | asset value | ||||
| asset value | ||||||
(131) Adjusted | Fair value | n.a. | (7) | 7 | ||
| reported net | adjustments | |||||
| asset value | ||||||
833,214 | Total | |||||
80'653 | Amounts from Partners Group investment vehicles | |||||
15'670 | Incentive fee rebates at end of period | |||||
929'537 | Total level 3 investments |
Type of | Fair value at | Valuation | Unobservable | Range | Sensitivity | |
security | 31.12.2024 | technique | input | (weighted | ||
| average) | +5% | -5% | ||||
| 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) | |||
companies | multiple | |||||
| 39,637 | Exit price | Recent | n.a. | n.a. | n.a. | |
| transaction price | ||||||
29,001 | Discounted cash | Discount factor | 12.90% - | 696 | (696) | |
| flow | 15.30% | |||||
| (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 | to sales multiple | (5.46x) | ||||
| companies | ||||||
2,555 | Recent financing | Recent | n.a. | n.a. | n.a. | |
/ transaction transaction price | ||||||
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 | multiple | |||||
640 | Discounted cash | Discount factor | 15.00% - | 5 | (5) | |
| flow | 15.00% | |||||
| (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 |
| Type of | Fair value at | Valuation | Unobservable | Range | Sensitivity | |
| security | 31.12.2025 | technique | input | (weighted | ||
| average) | +5% | -5% | ||||
| Fair value in thousands of EUR | ||||||
| Equity | 742,892 | Market Enterprise value | 3.00x- 41.85x | 62,045 | (62,045) | |
| Instruments | comparable | to EBITDA | (17.53x) | |||
companies | multiple | |||||
| 30,320 | Exit price | Recent | n.a. | n.a. | n.a. | |
| transaction price | ||||||
26,572 | Market | Price to book | 1.92x - 2.30x | 1,329 | (1,329) | |
| comparable | ratio | (1.99x) | ||||
| companies | ||||||
11,614 | Market Enterprise value | 1.18x - 15.60x | 662 | (662) | ||
comparable | to sales multiple | (6.59x) | ||||
| companies | ||||||
9,025 | Recent financing | Recent | n.a. | n.a. | n.a. | |
| / transaction | transaction price | |||||
1,947 | Discounted cash | Discount factor | 13.10% - | 17 | (17) | |
| flow | 13.10% | |||||
| (13.10%) | ||||||
418 | Reported fair | Reported fair | n.a. | 0 | 0 | |
| value | value | |||||
| Debt | 1,941 | Discounted cash | Discount factor | 0% - 0% (0%) | 0 | 0 |
| Instruments | flow | |||||
| 23 | Exit price | Recent | n.a. | n.a. | n.a. | |
| transaction price | ||||||
| Partnership | 8,593 | Adjusted | Reported net | n.a. | 430 | (430) |
| Investments | reported net | asset value | ||||
| asset value | ||||||
(131) Adjusted | Fair value | n.a. | (7) | 7 | ||
| reported net | adjustments | |||||
| asset value | ||||||
833,214 | Total | |||||
80'653 | Amounts from Partners Group investment vehicles | |||||
15'670 | Incentive fee rebates at end of period | |||||
929'537 | Total level 3 investments |
Type of | Fair value at | Valuation | Unobservable | Range | Sensitivity | |
security | 31.12.2024 | technique | input | (weighted | ||
| average) | +5% | -5% | ||||
| 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) | |||
companies | multiple | |||||
| 39,637 | Exit price | Recent | n.a. | n.a. | n.a. | |
| transaction price | ||||||
29,001 | Discounted cash | Discount factor | 12.90% - | 696 | (696) | |
| flow | 15.30% | |||||
| (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 | to sales multiple | (5.46x) | ||||
| companies | ||||||
2,555 | Recent financing | Recent | n.a. | n.a. | n.a. | |
/ transaction transaction price | ||||||
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 | multiple | |||||
640 | Discounted cash | Discount factor | 15.00% - | 5 | (5) | |
| flow | 15.00% | |||||
| (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 |
| Type of | Fair value at | Valuation | Unobservable | Range | Sensitivity | |
| security | 31.12.2025 | technique | input | (weighted | ||
| average) | +5% | -5% | ||||
| Fair value in thousands of EUR | ||||||
| Equity | 742,892 | Market Enterprise value | 3.00x- 41.85x | 62,045 | (62,045) | |
| Instruments | comparable | to EBITDA | (17.53x) | |||
companies | multiple | |||||
| 30,320 | Exit price | Recent | n.a. | n.a. | n.a. | |
| transaction price | ||||||
26,572 | Market | Price to book | 1.92x - 2.30x | 1,329 | (1,329) | |
| comparable | ratio | (1.99x) | ||||
| companies | ||||||
11,614 | Market Enterprise value | 1.18x - 15.60x | 662 | (662) | ||
comparable | to sales multiple | (6.59x) | ||||
| companies | ||||||
9,025 | Recent financing | Recent | n.a. | n.a. | n.a. | |
| / transaction | transaction price | |||||
1,947 | Discounted cash | Discount factor | 13.10% - | 17 | (17) | |
| flow | 13.10% | |||||
| (13.10%) | ||||||
418 | Reported fair | Reported fair | n.a. | 0 | 0 | |
| value | value | |||||
| Debt | 1,941 | Discounted cash | Discount factor | 0% - 0% (0%) | 0 | 0 |
| Instruments | flow | |||||
| 23 | Exit price | Recent | n.a. | n.a. | n.a. | |
| transaction price | ||||||
| Partnership | 8,593 | Adjusted | Reported net | n.a. | 430 | (430) |
| Investments | reported net | asset value | ||||
| asset value | ||||||
(131) Adjusted | Fair value | n.a. | (7) | 7 | ||
| reported net | adjustments | |||||
| asset value | ||||||
833,214 | Total | |||||
80'653 | Amounts from Partners Group investment vehicles | |||||
15'670 | Incentive fee rebates at end of period | |||||
929'537 | Total level 3 investments |
Type of | Fair value at | Valuation | Unobservable | Range | Sensitivity | |
security | 31.12.2024 | technique | input | (weighted | ||
| average) | +5% | -5% | ||||
| 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) | |||
companies | multiple | |||||
| 39,637 | Exit price | Recent | n.a. | n.a. | n.a. | |
| transaction price | ||||||
29,001 | Discounted cash | Discount factor | 12.90% - | 696 | (696) | |
| flow | 15.30% | |||||
| (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 | to sales multiple | (5.46x) | ||||
| companies | ||||||
2,555 | Recent financing | Recent | n.a. | n.a. | n.a. | |
/ transaction transaction price | ||||||
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 | multiple | |||||
640 | Discounted cash | Discount factor | 15.00% - | 5 | (5) | |
| flow | 15.00% | |||||
| (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 |
| Type of | Fair value at | Valuation | Unobservable | Range | Sensitivity | |
| security | 31.12.2025 | technique | input | (weighted | ||
| average) | +5% | -5% | ||||
| Fair value in thousands of EUR | ||||||
| Equity | 742,892 | Market Enterprise value | 3.00x- 41.85x | 62,045 | (62,045) | |
| Instruments | comparable | to EBITDA | (17.53x) | |||
companies | multiple | |||||
| 30,320 | Exit price | Recent | n.a. | n.a. | n.a. | |
| transaction price | ||||||
26,572 | Market | Price to book | 1.92x - 2.30x | 1,329 | (1,329) | |
| comparable | ratio | (1.99x) | ||||
| companies | ||||||
11,614 | Market Enterprise value | 1.18x - 15.60x | 662 | (662) | ||
comparable | to sales multiple | (6.59x) | ||||
| companies | ||||||
9,025 | Recent financing | Recent | n.a. | n.a. | n.a. | |
| / transaction | transaction price | |||||
1,947 | Discounted cash | Discount factor | 13.10% - | 17 | (17) | |
| flow | 13.10% | |||||
| (13.10%) | ||||||
418 | Reported fair | Reported fair | n.a. | 0 | 0 | |
| value | value | |||||
| Debt | 1,941 | Discounted cash | Discount factor | 0% - 0% (0%) | 0 | 0 |
| Instruments | flow | |||||
| 23 | Exit price | Recent | n.a. | n.a. | n.a. | |
| transaction price | ||||||
| Partnership | 8,593 | Adjusted | Reported net | n.a. | 430 | (430) |
| Investments | reported net | asset value | ||||
| asset value | ||||||
(131) Adjusted | Fair value | n.a. | (7) | 7 | ||
| reported net | adjustments | |||||
| asset value | ||||||
833,214 | Total | |||||
80'653 | Amounts from Partners Group investment vehicles | |||||
15'670 | Incentive fee rebates at end of period | |||||
929'537 | Total level 3 investments |
Type of | Fair value at | Valuation | Unobservable | Range | Sensitivity | |
security | 31.12.2024 | technique | input | (weighted | ||
| average) | +5% | -5% | ||||
| 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) | |||
companies | multiple | |||||
| 39,637 | Exit price | Recent | n.a. | n.a. | n.a. | |
| transaction price | ||||||
29,001 | Discounted cash | Discount factor | 12.90% - | 696 | (696) | |
| flow | 15.30% | |||||
| (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 | to sales multiple | (5.46x) | ||||
| companies | ||||||
2,555 | Recent financing | Recent | n.a. | n.a. | n.a. | |
/ transaction transaction price | ||||||
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 | multiple | |||||
640 | Discounted cash | Discount factor | 15.00% - | 5 | (5) | |
| flow | 15.00% | |||||
| (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 |
| Type of | Fair value at | Valuation | Unobservable | Range | Sensitivity | |
| security | 31.12.2025 | technique | input | (weighted | ||
| average) | +5% | -5% | ||||
| Fair value in thousands of EUR | ||||||
| Equity | 742,892 | Market Enterprise value | 3.00x- 41.85x | 62,045 | (62,045) | |
| Instruments | comparable | to EBITDA | (17.53x) | |||
companies | multiple | |||||
| 30,320 | Exit price | Recent | n.a. | n.a. | n.a. | |
| transaction price | ||||||
26,572 | Market | Price to book | 1.92x - 2.30x | 1,329 | (1,329) | |
| comparable | ratio | (1.99x) | ||||
| companies | ||||||
11,614 | Market Enterprise value | 1.18x - 15.60x | 662 | (662) | ||
comparable | to sales multiple | (6.59x) | ||||
| companies | ||||||
9,025 | Recent financing | Recent | n.a. | n.a. | n.a. | |
| / transaction | transaction price | |||||
1,947 | Discounted cash | Discount factor | 13.10% - | 17 | (17) | |
| flow | 13.10% | |||||
| (13.10%) | ||||||
418 | Reported fair | Reported fair | n.a. | 0 | 0 | |
| value | value | |||||
| Debt | 1,941 | Discounted cash | Discount factor | 0% - 0% (0%) | 0 | 0 |
| Instruments | flow | |||||
| 23 | Exit price | Recent | n.a. | n.a. | n.a. | |
| transaction price | ||||||
| Partnership | 8,593 | Adjusted | Reported net | n.a. | 430 | (430) |
| Investments | reported net | asset value | ||||
| asset value | ||||||
(131) Adjusted | Fair value | n.a. | (7) | 7 | ||
| reported net | adjustments | |||||
| asset value | ||||||
833,214 | Total | |||||
80'653 | Amounts from Partners Group investment vehicles | |||||
15'670 | Incentive fee rebates at end of period | |||||
929'537 | Total level 3 investments |
Type of | Fair value at | Valuation | Unobservable | Range | Sensitivity | |
security | 31.12.2024 | technique | input | (weighted | ||
| average) | +5% | -5% | ||||
| 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) | |||
companies | multiple | |||||
| 39,637 | Exit price | Recent | n.a. | n.a. | n.a. | |
| transaction price | ||||||
29,001 | Discounted cash | Discount factor | 12.90% - | 696 | (696) | |
| flow | 15.30% | |||||
| (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 | to sales multiple | (5.46x) | ||||
| companies | ||||||
2,555 | Recent financing | Recent | n.a. | n.a. | n.a. | |
/ transaction transaction price | ||||||
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 | multiple | |||||
640 | Discounted cash | Discount factor | 15.00% - | 5 | (5) | |
| flow | 15.00% | |||||
| (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 |
| Type of | Fair value at | Valuation | Unobservable | Range | Sensitivity | |
| security | 31.12.2025 | technique | input | (weighted | ||
| average) | +5% | -5% | ||||
| Fair value in thousands of EUR | ||||||
| Equity | 742,892 | Market Enterprise value | 3.00x- 41.85x | 62,045 | (62,045) | |
| Instruments | comparable | to EBITDA | (17.53x) | |||
companies | multiple | |||||
| 30,320 | Exit price | Recent | n.a. | n.a. | n.a. | |
| transaction price | ||||||
26,572 | Market | Price to book | 1.92x - 2.30x | 1,329 | (1,329) | |
| comparable | ratio | (1.99x) | ||||
| companies | ||||||
11,614 | Market Enterprise value | 1.18x - 15.60x | 662 | (662) | ||
comparable | to sales multiple | (6.59x) | ||||
| companies | ||||||
9,025 | Recent financing | Recent | n.a. | n.a. | n.a. | |
| / transaction | transaction price | |||||
1,947 | Discounted cash | Discount factor | 13.10% - | 17 | (17) | |
| flow | 13.10% | |||||
| (13.10%) | ||||||
418 | Reported fair | Reported fair | n.a. | 0 | 0 | |
| value | value | |||||
| Debt | 1,941 | Discounted cash | Discount factor | 0% - 0% (0%) | 0 | 0 |
| Instruments | flow | |||||
| 23 | Exit price | Recent | n.a. | n.a. | n.a. | |
| transaction price | ||||||
| Partnership | 8,593 | Adjusted | Reported net | n.a. | 430 | (430) |
| Investments | reported net | asset value | ||||
| asset value | ||||||
(131) Adjusted | Fair value | n.a. | (7) | 7 | ||
| reported net | adjustments | |||||
| asset value | ||||||
833,214 | Total | |||||
80'653 | Amounts from Partners Group investment vehicles | |||||
15'670 | Incentive fee rebates at end of period | |||||
929'537 | Total level 3 investments |
Type of | Fair value at | Valuation | Unobservable | Range | Sensitivity | |
security | 31.12.2024 | technique | input | (weighted | ||
| average) | +5% | -5% | ||||
| 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) | |||
companies | multiple | |||||
| 39,637 | Exit price | Recent | n.a. | n.a. | n.a. | |
| transaction price | ||||||
29,001 | Discounted cash | Discount factor | 12.90% - | 696 | (696) | |
| flow | 15.30% | |||||
| (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 | to sales multiple | (5.46x) | ||||
| companies | ||||||
2,555 | Recent financing | Recent | n.a. | n.a. | n.a. | |
/ transaction transaction price | ||||||
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 | multiple | |||||
640 | Discounted cash | Discount factor | 15.00% - | 5 | (5) | |
| flow | 15.00% | |||||
| (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 |
| Type of | Fair value at | Valuation | Unobservable | Range | Sensitivity | |
| security | 31.12.2025 | technique | input | (weighted | ||
| average) | +5% | -5% | ||||
| Fair value in thousands of EUR | ||||||
| Equity | 742,892 | Market Enterprise value | 3.00x- 41.85x | 62,045 | (62,045) | |
| Instruments | comparable | to EBITDA | (17.53x) | |||
companies | multiple | |||||
| 30,320 | Exit price | Recent | n.a. | n.a. | n.a. | |
| transaction price | ||||||
26,572 | Market | Price to book | 1.92x - 2.30x | 1,329 | (1,329) | |
| comparable | ratio | (1.99x) | ||||
| companies | ||||||
11,614 | Market Enterprise value | 1.18x - 15.60x | 662 | (662) | ||
comparable | to sales multiple | (6.59x) | ||||
| companies | ||||||
9,025 | Recent financing | Recent | n.a. | n.a. | n.a. | |
| / transaction | transaction price | |||||
1,947 | Discounted cash | Discount factor | 13.10% - | 17 | (17) | |
| flow | 13.10% | |||||
| (13.10%) | ||||||
418 | Reported fair | Reported fair | n.a. | 0 | 0 | |
| value | value | |||||
| Debt | 1,941 | Discounted cash | Discount factor | 0% - 0% (0%) | 0 | 0 |
| Instruments | flow | |||||
| 23 | Exit price | Recent | n.a. | n.a. | n.a. | |
| transaction price | ||||||
| Partnership | 8,593 | Adjusted | Reported net | n.a. | 430 | (430) |
| Investments | reported net | asset value | ||||
| asset value | ||||||
(131) Adjusted | Fair value | n.a. | (7) | 7 | ||
| reported net | adjustments | |||||
| asset value | ||||||
833,214 | Total | |||||
80'653 | Amounts from Partners Group investment vehicles | |||||
15'670 | Incentive fee rebates at end of period | |||||
929'537 | Total level 3 investments |
Type of | Fair value at | Valuation | Unobservable | Range | Sensitivity | |
security | 31.12.2024 | technique | input | (weighted | ||
| average) | +5% | -5% | ||||
| 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) | |||
companies | multiple | |||||
| 39,637 | Exit price | Recent | n.a. | n.a. | n.a. | |
| transaction price | ||||||
29,001 | Discounted cash | Discount factor | 12.90% - | 696 | (696) | |
| flow | 15.30% | |||||
| (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 | to sales multiple | (5.46x) | ||||
| companies | ||||||
2,555 | Recent financing | Recent | n.a. | n.a. | n.a. | |
/ transaction transaction price | ||||||
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 | multiple | |||||
640 | Discounted cash | Discount factor | 15.00% - | 5 | (5) | |
| flow | 15.00% | |||||
| (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 |
31.12.2025 | 31.12.2024 | |
| In thousands of EUR | ||
Management fee expenses | 13,633 | 14,744 |
Partners Group AG | 13,633 | 14,744 |
Administration fee expenses | 468 | 469 |
Partners Group (Guernsey) Limited | 468 | 469 |
Service fee expenses | 250 | 250 |
Partners Group AG | 250 | 250 |
Incentive fee expenses | - | 25,051 |
Partners Group AG | - | 25,051 |
Incentive fee paid | (27,711) | (12,469) |
Partners Group AG | (27,711) | (12,469) |
Directors' fee expenses | 446 | 370 |
| Invested amounts and distributions from / (to) Partners Group advised entities (investment | 96,802 | 22,971 |
| side), net |
31.12.2025 | 31.12.2024 | |
| In thousands of EUR | ||
| Deferred receivable on investments | 14,132 | - |
| Partners Group affiliated entities | 14,132 | - |
| Other short-term receivables | - | 1,053 |
| Partners Group affiliated entities | - | 1,053 |
| Accruals and other short-term payables | - | (4,367) |
| Partners Group affiliated entities | - | (4,367) |
| Crystallized incentive fee | (56,768) | (84,479) |
| Partners Group AG | (56,768) | (84,479) |
| Incentive fee payable | - | - |
| Partners Group AG | - | - |
| Fair value of incentive fee rebates (2024: incentive fee rebate receivable) | 18,494 | 34,164 |
| Commitments to Partners Group advised entities (investment side) | 1,002,834 | 947,217 |
| Fair value of investments advised by Partners Group or related parties | 646,224 | 781,756 |
31.12.2025 | 31.12.2024 | |
| In thousands of EUR | ||
Management fee expenses | 13,633 | 14,744 |
Partners Group AG | 13,633 | 14,744 |
Administration fee expenses | 468 | 469 |
Partners Group (Guernsey) Limited | 468 | 469 |
Service fee expenses | 250 | 250 |
Partners Group AG | 250 | 250 |
Incentive fee expenses | - | 25,051 |
Partners Group AG | - | 25,051 |
Incentive fee paid | (27,711) | (12,469) |
Partners Group AG | (27,711) | (12,469) |
Directors' fee expenses | 446 | 370 |
| Invested amounts and distributions from / (to) Partners Group advised entities (investment | 96,802 | 22,971 |
| side), net |
31.12.2025 | 31.12.2024 | |
| In thousands of EUR | ||
| Deferred receivable on investments | 14,132 | - |
| Partners Group affiliated entities | 14,132 | - |
| Other short-term receivables | - | 1,053 |
| Partners Group affiliated entities | - | 1,053 |
| Accruals and other short-term payables | - | (4,367) |
| Partners Group affiliated entities | - | (4,367) |
| Crystallized incentive fee | (56,768) | (84,479) |
| Partners Group AG | (56,768) | (84,479) |
| Incentive fee payable | - | - |
| Partners Group AG | - | - |
| Fair value of incentive fee rebates (2024: incentive fee rebate receivable) | 18,494 | 34,164 |
| Commitments to Partners Group advised entities (investment side) | 1,002,834 | 947,217 |
| Fair value of investments advised by Partners Group or related parties | 646,224 | 781,756 |