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For Institutional Use Only – Not for Public Distribution For Institutional Use Only – Not for Public Distribution Partners Group Private Equity Limited ("PGPE Ltd") H1 2026 Results, 27 August 2026
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2 Table of contents 1 Highlights 2 Portfolio and performance update 3 Portfolio developments 4 Summary 5 Appendix
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Executive Summary 3Highlights Robust distribution activity, with c. 14% of net assets received during the period NAV impacted by a limited number of investments, largest detractors USIC, Emeria and Pharmathen 12-month gross portfolio performance of (8.3)%, with 2/3 attributable to four assets. Broader portfolio showed recovering performance in some inflection assets Young vintages delivering attractive early performance (Rosen, Velvet Care and MPM) Outlook: Environment supports a gradual recovery in transaction activity and exits, with continued focus on selective deployment Portfolio activity3 Strong liquidity position given portfolio distributions 111m EUR 13m EUR Distributed Invested 150m EUR 51m EUR Undrawn RCF4 Cash & Cash Equivalents (8.6)% YTD NAV total return1 13m EUR Shares buyback in H1 265 22m EUR H1 26 dividend paid EUR per share 11.57 (29.6)% YTD share price total return 7.08 EUR per share 9.9% Yield2 0.70 EUR per share NAV development Share price development Dividend Key messages + Shareholder returns Portfolio developments include dividend and interest income. Past performance is not indicative of future results. Shares may be worth more or less than original cost when sold. Current performance may be lower or higher than performance shown. The investments shown are underying of the Fund. There is no assurance that similar investments will be made. Share price return is based on EUR quote (Bloomberg: PEY LN). Actual events and figures may vary or differ significantly. Diversification does not ensure a profit or protect against loss. The value of shares and the income from them can go down as well as up as a result of market and currency fluctuations and investors may not get back the amount they originally invested. Total return calculation considers reinvestment of the dividend. 1 Portfolio developments (-8.6%), while favorable currency movements provided a partial offset (+1.0%). Other components are fees and other expenses (-1.4%). Figures may not add up due to share buybacks which are accretive to NAV per share. 2 Dividend yield considers the last twelve months dividends divided by closing share price as of 30 June 2026. PGPE Ltd has a dividend objective to distribute 5% of the previous year-end NAV in semi annual payments. 3 All balances and cash flows are translated at historical currency rates. All figures presented in the boxes above are calculated looking through PGPE Ltd's investments in other Partners Group programs. 4 Total credit facility size EUR 150 million as of 30 June 2026. 5 As part of the ongoing share buyback program. Source: Partners Group as of 30 June 2026.
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4 Table of contents 1 Highlights 2 Portfolio and performance update 3 Portfolio developments 4 Summary 5 Appendix
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A global diversified Private Equity portfolio 5 Region1 Single asset exposure1 Industry1 Asset class1 Well diversified portfolio by region, sector & vintage Top 10 portfolio companies Company Industry Inv. year % portfolio Industrials 2021 6.8 Real Estate Services 2021 6.1 Consumer discretionary 2018 5.7 Financials 2022 3.8 Industrials 2018 3.6 Industrials 2018 3.5 Information technology 2022 3.4 Industrials 2020 3.0 Consumer discretionary 2021 2.7 Information technology 2022 2.5 Europe 45% North America 44% Asia-Pacific 7% Rest of World 4% > 70 Private Equity Direct portfolio companies 99% Directs Portfolio and performance update Industrials 28% Health Care 16% Consumer Discretionary 15% Information Technology 16% Financials 7% Real Estate Services 6% Consumer Staples 6% Communication Services 3% Others 3% 2 Diversification does not ensure a profit or protect against loss. Actual allocations and performance may differ. There is no assurance that similar investments will be made. The investments are the ten largest portfolio companies by percentage of portfolio value in PGPE Ltd. Direct investments refer to those investments where PGPE Ltd holds an interest in a portfolio company, either directly (c.80% NAV) or through a Partners Group program (c. 20% NAV). Shown NAV of Vishal is net of taxes. Top 10 portfolio companies ranked by portfolio value on a look through basis, based on neutralized FX rates as of reporting date. 1 Portfolio composition based on the value of investments on a look-through basis as of 30 June 2026. Numbers may not add up due to rounding. Other industries Others 2% and Energy 1%. 2 Techem shows combined NAV across residual exposure to 2018 investment (contractually realized in 2025) and to the new investment agreed in 2025. Source: Partners Group as of 30 June 2026. Private Equity 98% Real Assets 2%
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Distribution activity continued to show solid momentum 6 Source: Partners Group (2026). For illustrative purposes only. Figures as of 30 June 2026. Past performance is not indicative of future results. There is no assurance that similar investments will be made. Multiple on invested capital and IRR figures are gross of fees to Partners Group. The figures presented on this slide are based on Partners Group's internal valuations at which holdings are held in the Fund. Selected investments are the largest five realized assets in the Company's portfolio in the first half of the year. Figures may not add up due to rounding. TVPI is gross of fees to Partners Group, FX neutralized. The investment examples shown are underlying investments of PGPE Ltd. 111 EURm >2.5x Gross investment multiple International specialty insurer and reinsurer 2019 Investment year 2019 Investment year 2018 Investment year Global dermatology and skincare leader Indian retailer offering affordable products German pharma- ceutical company >3.5x Gross investment multiple >8.5x Gross investment multiple >2.0x Gross investment multiple 2017 Investment year Healthcare technology company >1.5x Gross investment multiple 2020 Investment year Full exit Full exit Partial exitPartial exit Full exit Portfolio and performance update Clario 23 Convex Group 22 Galderma 19 Vishal Mega Mart 15 STADA Arzneimittel 11 Others 21
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Continued progress on realizations reshaping portfolio composition towards younger, well-performing assets 28% mature vintages 22% young vintages 50% inflection vintages Assets reaching latter stage of value creation profile Focus on operational value creation and returns 7 1.7x (2.7x) gross multiple on invested capital (realized)1 1.2x (1.2x) gross multiple on invested capital (realized)1 1.2x gross multiple on invested capital1 Positioned as early performance engine 4.6 Yrs Average hold period Portfolio and performance update Source: Partners Group (2026). For illustrative purposes only. Figures as of 30 June 2026. There is no assurance that similar investments will be made. Diversification does not ensure a profit or protect against loss. Past performance is not indicative of future results. Rationale: The investments shown represent current investments in PGPE Ltd and illustrate how vintage year diversification is concretely pursued across the lifecycle of PGPE Ltd. Mature vintages are defined as investments made prior to 2021. Inflection vintages are defined as investments made in 2021, 2022 and 2023. Young vintages are defined as investments made after 2023. Percentage splits are inclusive of PE Direct investments held in the portfolio. 1 Gross TVPI for PE Direct investments in the stated vintages; performance reported on a currency neutralized basis as of 30 June 2026.
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+1.9% +0.7% -4.5% -1.9% -6.4% -8.3%-10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% Young Inflection Mature Portfolio (excl. underperformers) H1 Underperformers Portfolio value creation LTM portfolio and operating performance 8 Source: Partners Group, data as of 30 June 2026. Past performance is not indicative of future results. Figures are subject to estimates and rounding. Performance is calculated on a FX-neutralized basis, with exchange rates per as-of date. There is no assurance that similar results will be achieved. There is no assurance that similar investments will be made. 1. Weighted average for the top 20 direct equity investments by NAV in PGPE Ltd as of 30 June 2026 based on available information. The investment examples shown are underlying investments of PGPE Ltd.. Metrics include direct equity investments where EBITDA multiple valuation methodology is used (sample represents 20 companies; 72% of NAV). Rounded to closest %. LTM portfolio performance breakdown 16.8x EV / EBITDA multiple 6.9x Net Debt / EBITDA 4.5% LTM EBITDA growth Q2 2026 top 20 portfolio metrics1 1. Operating performance remained under pressure, with renewed macro headwinds impacting business environment Valuation multiples and leverage broadly unchanged across the portfolio • Solid LTM portfolio performance across young vintage and recovering inflection vintage Select assets in mature vintages negatively impacted by market dynamics (e.g. Vishal, KinderCare, Guardian) • H1 specific detractors (USIC, Emeria, Pharmathen and Ammega) on the back of company-specific headwinds and market- driven pressures 1 1 3 2 Portfolio and performance update 4 2 3 4 % of portfolio NAV 21% 40% 28% 89% 11% 100% Portfolio (excl. detractors) detractors
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9 Source: Partners Group (2026). For illustrative purposes only. Past performance is not indicative of future results. Figures as of 30 June 2026. There is no assurance that similar investments will be made. There is no guarantee that comparable investments will be made. 1. First invested in USIC in 2018; extended ownership in 2022, realizing a gTVPI > 3.0x on initial investment. 2. First invested in 2016; extended ownership in 2021, realizing a gTVPI c. 3.0x on initial investment. Portfolio investments that faced exceptional operational or market challenges Private Equity Platform Update and Outlook Challenges: Dynamic market conditions continue to require strong commercial and operational execution Current focus: Commercial excellence, operational efficiency to support earnings growth and sustain/expand margins Global provider of mission-critical industrial belting solutions 3.5% Portfolio NAV 2018 Entry Challenges Weaker real estate market and lower transaction volumes delayed value creation from late 2022 Higher interest rates increased financing costs and constrained M&A activity Following recovery in 2025, renewed macro headwinds in the French brokerage market in 2026 Current focus: Improving operating efficiency, deleveraging and further developing the platform Service provider in the real estate sector: property management and residential real estate services 6.1% Portfolio NAV 2021 Entry2 Challenges: USIC has been contending with volume losses from client insourcing and operational headwinds Lower anticipated earnings growth Current focus: Operational and commercial initiatives to support value creation Provider of utility location services in the US 1.4% Portfolio NAV 2022 Entry1 Challenges Disruption in manufacturing operations (Q3 24), followed by remediation and restart (Q4 24 – Q4 25) FDA inspection (Q4 25) resulted in extensive observations FDA Import Alert (Apr 26) increased uncertainty around the return to US supply Current focus: Asset fully written down Developer and manufacturer of pharmaceuticals 0.0% Portfolio NAV 2022 Entry
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10 Table of contents 1 Highlights 2 Portfolio and performance update 3 Portfolio developments 4 Summary 5 Appendix
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Source: Partners Group (2026). Figures as of 30 June 2026 unless otherwise noted.Past performance is not indicative of future results.There is no assurance that similar investments will be made. Specific investments shown are exclusive to the direct private equity portfolio of the Fund.1 The portfolio comprises PGPE Ltd's direct and co-investment private equity holdings and represents 99% of its NAV as of 30 June 2026. "e" for expected. Forward- looking statements are based on current expectations, estimates and assumptions. Actual results may differ materially. There can be no assurance that any projected outcomes will be achieved.2 64% of total direct private equity NAV is assessed as on or above plan. 11 Outperforming Investment returns H1 2026 H2 2026e 2027e On plan Investment returns H1 2026 H2 2026e 2027e Delayed uplift Investment returns H1 2026 H2 2026e 2027e Challenged Investment returns H1 2026 H2 2026e 2027e Portfolio deep dive1 Portfolio and performance update 41% 23% 23% 13%
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Challenging entry vintages show early indicators of market recovery; seen across sectors 12 Source: Partners Group (2026). For illustrative purposes only . There is no assurance that similar investments will be made. Not representative of all portfolio companies. Companies selected from the 'Delayed uplift' assessment. Does not represent performance at the level of PGPE Ltd or any actual investor return. Portfolio and performance update Services US software provider offering environmental, health, and safety (EHS) solutions globally Consumer Swiss luxury watchmaker serving consumers with premium timepieces Pharmaceuticals US veterinary healthcare company providing bespoke medications and pharmaceuticals
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13 Source: Partners Group (2026). For illustrative purposes only. Past performance is not indicative of future results. There is no assurance that similar results will be achieved. Figures as of 2026-06-30. Sourced by Partners Group. Figures represent Private Equity Directs investments (excluding early-stage venture), that Partners Group made on behalf of its clientele. All cash flows and valuations have been converted to EUR using fixed exchange rates as of the report date. Gross figures are net of all underlying fund fees and carry (if any) but gross of fees to Partners Group. Largest dermatology platform in the US •Growth underpinned by a healthy backlog and favorable industry tailwinds despite near-term project timing headwinds •Focused on backlog conversion, enhancing commercial execution and targeted M&A Aftermarket commercial HVAC services provider Despite headwinds, 2021-2023 vintage continues to drive operational improvements and future value creation 1.5% Portfolio NAV 2021 Entry 2.5% Portfolio NAV 2022 Entry •Strong YoY revenue with notable same-store revenue growth of in Q1 2026 •Driving growth through provider expansion, AI- enabled workflows and selective M&A 3.5m+ Patient encounters 260+ Clinic locations 30 States6 >15,000 Customers served p.a. >2,800 Employees >100 Employee Shareholders Portfolio and performance update Pan-European ERP software provider to manufacturing small and mid-sized businesses 3.4% Portfolio NAV 2022 Entry •High-quality growth driven by recurring revenue growth and mix •Platform scaling through M&A, cloud transition and AI-enabled offering >25,000 Customers >2,000 Employees 20+ Software brands Manufacturer of parts and supplies for the residential HVAC market 6.8% Portfolio NAV 2021 Entry •Demand supported by extreme-weather-driven cooling needs and energy-efficiency upgrades across the installed base •Resilient organic execution, with further upside from M&A c. 400k Orders fulfilled p.a. c. 1,500 Employees 23 acquisitions since 2015
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14 USD 170m+ EBITDA opportunity with first set of initiatives USD 2.5bn+ Value creation opportunity (EV) 175+ AI specialists working on portfolio companies 2 AI-specialist PortCos supporting Partners Group portfolio Source: Partners Group (2026). For illustrative purposes only. There is no assurance that similar investments will be made. There is no assurance that stated strategy will always materialize. 1 Percent of Partners Group direct lead portfolio companies adopting at least one AI initiative. 2 AI adoption among large firms with over 250 employees as of February 2026. Data from Goldman Sachs. For illustrative purposes only. 3 Illustrative comparison based on differing universes and methodologies. Partners Group figure reflects direct lead portfolio companies; US firms figure reflects broader market estimates. The inclusion of this index/benchmark is used for comparison purposes and should not be construed to mean that there will necessarily be a correlation between the fund/'investment return and the index/benchmark. The fund is not managed nor designed to track such index. Illustrative % of companies adopting AI3 90% 35% Partners Group US firms Real-time AI initiatives across portfolio Horizontal agentic Al: Seamless patient scheduling Business Process Wave Vertical agentic Al: Al agentic policy reviews Business Performance Wave Multi-agentic ecosystem: Autonomous quality control Business Model Wave Leveraging AI as transformation lever Portfolio and performance update
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The Partners Group effect: Foundation Risk Partners x Version 1 Source: Partners Group (2026); Partners Group press release dated 3 August 2026. For illustrative purposes only. Figures are as of 30 June 2026 unless otherwise noted. Past performance is not indicative of future results. There is no assurance that similar investments will be made or that similar results will be achieved. There is no assurance that similar value creation outcomes can be repeated across the portfolio. Selected investments represent private equity investments of the Fund. 1 Profit defined as earnings before interest, tax, depreciation and amortization. Impact and margin uplift are measured at Foundation Risk Partners and are estimates prepared by Partners Group. 2 Net asset value as a percentage of total net asset value as of 30 June 2026. 15 Measured impact1 Foundation Risk Partners One of the fastest-growing US insurance brokerages, providing insurance and risk advisory solutions nationwide. 3.8% of Portfolio NAV2 | invested 2022 Version 1 Leading AI-first digital transformation provider across the UK, Ireland and the US, delivering data and cloud modernization services. 2.5% of Portfolio NAV2 | invested 2022 Version 1's AI Labs built two agentic solutions: one automating the new-client policy processing cycle, one automating policy checking Foundation Risk Partners implemented the solutions, reducing processing times for new clients and increasing close rates, translating into tangible uplift in profit Partners Group value creation engine -94% processing cycle time for new clients 2x increase in close rates +1.2% operating profit margin uplif1 USD 10m profit impact1 Portfolio and performance update
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Emerging winners 16 Source: Partners Group (2026). For illustrative purposes only. Past performance is not indicative of future results. There is no assurance that similar results will be achieved. as of 30 June 2026, unless otherwise stated. There is no assurance that similar investments will be made. Figures represent Private Equity Directs investments included in the PGPE Ltd portfolio. All cash flows and valuations have been converted to EUR using fixed exchange rates as of the report date. There is no assurance that stated strategy will always materialize. 2024-2025 cohort shows strength, with clear emerging winners and early outperformers Technological differentiation, pricing execution, ongoing operational improvements Strengthened financial profile, debt repricing and early dividend Emerging category winner with strong volume growth Margin expansion and cost discipline underpin continued momentum Growing share of the portfolio is at or nearing 2.0x, forming a recognized cohort of winners 2025 investments and platform-building assets off to a strong start Early outperformers Premium cat food growth driven by US and e-commerce expansion Continued share gains from distribution and consumption strength •Strong organic growth • Platform scaled through 36 acquisitions and ERP rollout across six operating companies Portfolio and performance update 2.1% Portfolio NAV 1.5% Portfolio NAV 1.4% Portfolio NAV 0.5% Portfolio NAV
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Robust investment pipeline across high-conviction themes, including signed investments and actionable opportunities 17Portfolio and performance update Electrification & Grid Services Leading UK utility infrastructure services provider Data center power demand to grow 20-25% p.a. through 20301 Beauty & Wellness European beauty and wellness platform ‘Clean beauty’ segment is growing at ~15% CAGR, >2x the broader beauty market3 AI Diagnostic Platforms Global leader in teleradiology AI systems- driven clinical support within hospital workflows Sports Leagues & Platforms Leading European sports talent agency Global sports economy to exceed $1tn by 20302 Source: Partners Group (2026). For illustrative purposes only. Past performance is not indicative of future returns. There is no assurance that similar investments will be made. Highlighted themes correspond to active private equity pipeline. Shown transactions are in Partners Group’s pipeline and may not close.1 S&P 500 Global. Data center grid-power demand to rise 22% in 2025, nearly triple by 2030 | S&P Global 2 Deloitte (2026). 2026 Global Sports Industry Outlook. 3 PWC (2025). Global entertainment and media industry revenues to hit US$3.5 trillion by 2029, driven by advertising, live events, and vide o games: PwC Global Entertainment & Media Outlook | PwC 3 Fortune Business Insights (2026). Clean Beauty Market Size, Industry Share, Growth, Report, 2034 Infrastructure & Building Services Modernization Global provider of testing, inspection, and certification services Aging infrastructure driving sustained demand for outsourced services
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Strictly confidential New Investment: Aroma-Zone 18 AT A GLANCE Source: Partners Group (2026). Past performance is not indicative of future results. For illustrative purposes only. There is no assurance that similar investments will be made or that similar results will be achieved. Selected investment represents a sample private equity investment that Partners Group made on behalf of its investors. The example shown represents a transaction expected in 2026 in the operating currency and may be part of several closed- and open-ended products, managed by Partners Group. 1 Revenue 2021-25A 36% CAGR. The transaction was announced in August 2026; closing subject to customary regulatory approvals. Beauty & Wellness Cabrières-d'Avignon, France Revenue since 20211 3x Store growth since 2021 7x >5m Unique customers Partners Group priorities to build a European champion Organic growth and store expansion, scaling the omnichannel footprint in France International expansion, building a European leader through stores and online growth Product innovation and operations, entering adjacent categories while upgrading manufacturing, logistics and CRM Aug 2026 One of the fastest-growing natural beauty and wellness brands in Europe Investment thesis: Category-defining natural beauty brand with attractive margins and strong organic growth Market context: Large beauty and wellness market supported by resilient demand and favorable consumer trends E XP E R T N A T U R E L E N S O IN S & B E A U T É Announcement Portfolio and performance update
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19 Table of contents 1 Highlights 2 Portfolio and performance update 3 Portfolio developments 4 Summary 5 Appendix
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20 Consistent deployment in attractive environment 3 Thematic research to build conviction against a more uncertain backdrop Source: Partners Group (2026). For illustration purposes only. Partners Group data as of 30 June 2026. There is no assurance that target returns will be achieved. There is no assurance that similar results will be achieved. There is no assurance that the above investment strategy will occur. The actual development can differ significantly. There is no assurance that similar investments will be made. Drive performance momentum 1 Compound winners while focusing on value recovery Growing cohort of emerging winners Value recovery initiatives gaining traction Continue realizations 2 Maintain strong realization momentum c. 14% NAV received in distributions in H1 2026 Ongoing liquidation of listed holdings, as well as exit preparation Recap and near-term priorities Attractive entry point thanks to valuation reset and lower cost of capital Summary Continued focus on disciplined underwriting and thematic research 5 new investments signed across thematic verticals (exp. H2 2026 execution)
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Why invest in PGPE Ltd Source: Partners Group (2026). Past performance is not indicative of future results. Diversification does not ensure profit or protect against loss. Shares may be worth more or less than original cost when sold. Current performance may be lower or higher than performance shown. There is no assurance that similar investments will be made. The value of shares and the income from them can go down as well as up as a result of market and currency fluctuations and investors may not get back the amount they originally invested. Diversification does not ensure a profit or protect against loss.1 Dividend yield considers the closing share price as of 30 June 2026. The Company has a dividend objective to distribute 5% of the previous year-end NAV in semi annual payments. Data as of 30 June 2026. Accessible Daily liquidity and immediate private equity exposure Diversified +70 investments globally across dozens attractive subsectors Attractive Well-balanced portfolio, resilient assets, with upside potential through realizations Track record Incorporated in 1999 and listed on the London Stock Exchange since 2007 Dividend objective 5% p.a. dividend on closing year NAV, distributed in semi- annual payments Experienced manager Managed by Partners Group, one of the largest firms in the global private markets industry 6.5% 10-year NAV Total Return (p.a.) 5.6% 10-year Share Price Total Return (p.a.) 38.8% Discount to NAV 9.9% LTM Dividend Yield1 21Summary
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22 Table of contents 1 Highlights 2 Portfolio and performance update 3 Portfolio developments 4 Summary 5 Appendix
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High-level summary of proposed dual share class Full details of the proposal will be set out in documentation to be published in Q3 2026 Source: Partners Group (2026). Shareholders should read the circular and prospectus to be published in due course and obtain their own financial, tax and/or legal advice before making any investment decision. Subject to shareholder approval, the dual share class structure is expected to become effective in late 2026, with the first separate share class NAVs reported in early 2027. 1 Timelines are indicative. 23Appendix Stage Timing What it means Announcement 18 June 2026 Board published the proposed dual class structure, including expected principal terms. Documentation Early September1 Publication of prospectus and shareholder circular including full details in relation to the proposed dual share class structure. Vote & Election September – October1 Shareholders required to vote on the proposal and choose their preferred share class. Implementation October – November1 Reclassification completed and reporting begins on separate share- class NAVs. PGPE Ltd Single ordinary share class Portfolio of private equity assets Today Continuation share class Portfolio of assetsNew investments New realization share class Post re-designation (illustrative example) Assets and liabilities allocated between the share classes on a pro-rata basis, reflecting shareholder elections between continuation and realization options Following implementation of the dual class structure, there will be two share classes listed and traded in EUR Voting timelines are shorter than in a usual AGM; shareholders are encouraged to cast their votes and make their elections as soon as practical after the publication of the circular
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an investment holding company which invests in private equity direct investments managed in its investment activities by Partners Group, a global private markets investment management firm with USD 186 billion1 in investment programs under management in private markets, of which USD 79 billion1 is in private equity aims to provide shareholders with long-term capital growth and an attractive dividend yield traded on the Main Market of the London Stock Exchange (ticker: PEY for the Euro Quote; PEYS for the Sterling Quote) History of PGPE Ltd Partners Group Private Equity Limited For illustrative purposes only. Company details including the ISIN, SEDOL and TIDM remained unchanged. 1 Unaudited, inclusive of all Partners Group affiliates, as of 30 June 2026. Source: Partners Group (2026). 24 Robust Capital Allocation Policy Established Change of name accepted at 2024 AGM: Partners Group Private Equity Limited Company shares introduced for trading on the Frankfurt Stock Exchange The convertible bond is converted into shares Reporting currency changed from USD to EUR The Company was founded with domicile in Guernsey Partners Group founded in Zug, Switzerland 20171996 2007 20121999 2006 2024 USD 700m raised through the issue of a zero-coupon convertible bond and invested the capital by way of commitments to private equity partnerships Company shares introduced for trading on the London Stock Exchange in Euro quote (trading symbol: PEY) Market quote in Sterling introduced (trading symbol: PEYS), alongside the existing Euro market quote 2011 Change of investment guidelines from Fund of Funds to directs only Company consolidated trading activity to the London Stock Exchange. Ceased being listed on the Frankfurt Stock Exchange 2025 Fee terms changed and investment objective updated 2026 Appendix Dual Share Class Proposal
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History of price discount to NAV explained 25 Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when sold. Current performance may be lower or higher than performance shown. 1 Discount development since 12 August 2016, Source for PGPE Ltd discount: Morningstar, as of 14 August 2026. Directs Funds 68% 32% 99% 1% 2015 2018 2026 -50% -40% -30% -20% -10% 0% 10% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Discount 10-year avg. discount H2 2022 dividend suspended FX hedging stopped Capital allocation policy established giving dividend first priority Shareholder engagement increased COVID-19 Sterling quote and dividend reinvestment plan established Geopolitical tensions increase 87% 13% Appendix Dual Share Class Proposal
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Fact sheet 26 Company details including the ISIN, SEDOL and TIDM remained unchanged. 1 For the purposes of liquidity management, the Company may temporarily invest part of the cash in the open-ended Partners Group Global Senior Loan Master Fund SICAV managed by the Investment Manager. Under the IMA, investments in the Partners Group Global Senior Loan Master Fund, at a management fee of 0.6% per annum. Further information available in the Annual Report, available on the Company's website. Source: Partners Group (2026). Company information Investment strategy Focus on Partners Group private equity direct investments Dividend objective The Company intends to distribute each year 5% of the previous year's year-end NAV, via semi-annual payments in June and December Board of Directors Structure Guernsey company Contact Partners Group Private Equity Ltd Tudor House, PO Box 477, St. Peter Port, Guernsey, Channel Islands. T: +44 1481 711 690 www.partnersgroupprivateequitylimited.com pgpe-ltd@partnersgroup.com Joint Corporate Brokers Deutsche Numis JP Morgan Cazenove Peter McKellar Nicola Paul Fionnuala Carvill Axel Holtrup Gerhard Roggemann Key facts Management Fee 1.5% p.a. Basis of management fee1: NAV less any temporary investments plus unfunded commitments to make direct investments. Performance Fee 15% of NAV performance, subject to a high-water mark (“HWM”), being the level where a performance fee was previously paid (with the initial HWM being the Company's NAV as at 31 December 2024) Listing London Stock Exchange (main market, premium segment) Trading information (Euro Quote) Ticker: London: PEY Bloomberg: London: PEY LN Reuters: PEY.L ISIN: London: GG00B28C2R28 WKN: London: A0LBRL SEDOL: London: B28C2R2 Trading information (Sterling Quote) Ticker: London: PEYS Bloomberg: London: PEYS LN Reuters: PEYS.L ISIN: London: GG00B28C2R28 SEDOL: London: BF012D4 Appendix
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A clear and robust capital allocation policy Support the liquidity position and waterfall to, first and foremost, meet the dividend objective Address the fundamental point of “reinvestment" opportunity Recognize the substantial incremental and ongoing return from buy backs at high share price to NAV discounts Manage actively the share price discount on an absolute and relative basis Provide existing and prospective shareholders with clarity and an efficient use of financial resources Share price discount ≥ 30% to last reported NAV 75% of Free Cash Flow will be used to acquire issued shares Acquired shares will be cancelled or placed into treasury Share price discount ≥ 20% but < 30% to last reported NAV 50% of Free Cash Flow will be used to acquire issued shares Acquired shares will be cancelled or placed into treasury Policy objectives Policy framework Share price discount < 20% to last reported NAV The Board continues to have the right, and flexibility, to undertake share buy backs if it so desires The dividend, ongoing fees, expenses, repayment of outstanding indebtedness, and a reserve to meet existing investment commitments, will be paid prior to excess Free Cash Flow being used for share buy backs The percentage share price discounts chosen should be seen in the context of the Company’s average share price discount over the last ten years and since listing of 18% and 24% respectively Source: Princess Private Equity Holding Limited annual report 2023. 27Appendix
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Defining Free Cash Flow Free Cash Flow ("FCF") 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: a) Payment of the dividend objective of 5% of the previous year end NAV; b) Fees, expenses and interest payable in managing and running the Company; c) Repayment of any drawn debt facilities; and d) 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. Free Cash Flow For illustrative purposes only. Numbers may not add up due to rounding. Source: Partners Group (2024) The quantum of Free Cash Flow ("FCF") will be calculated at the beginning of each quarter. The policy is subject to the limits and terms of the shareholder authority approved at each AGM to buy back the Company’s shares. The policy will be reviewed at least annually, by the Board and may be amended in light of Company and/or market conditions 1. Based on Partners Group's projections of average fees and costs, based, in part or in full, on hypothetical assumptions, models and/or other analysis. Figures are estimates and subject to rounding 2. Calculated as 3% on Company's NAV as of 31 December 2023. (Worked example for illustrative purposes only) Dec 2023 (EUR m) Scenario 2 (EUR m) Scenario 3 (EUR m) Starting cash 10 50 100 (+) Contracted distributions / secondary sales 27 35 50 (-) Payment of dividend objective for next 6 months -25 -25 -25 (-) Fees, expenses and interest for the next 6 months1 -15 -15 -15 (-) Repayment of drawn debt -19 0 0 (-) Reserve of 3% of NAV to fund existing undrawn commitments and follow on investments 2 -30 -30 -30 Total Free Cash Flow -52 15 80 % weight FCF for share buybacks (Discount ≥ 30%) 75% - 11 60 FCF for share buybacks (Discount ≥ 20%) 50% - 8 40 FCF for share buybacks (Discount < 20%) 0% - 0 0 28Appendix
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Disclaimer Any security offering is subject to certain investor eligibility criteria as detailed in the applicable offering documents. The information contained herein is confidential and may not be reproduced or circulated in whole or in part. The information is in summary form for convenience of presentation, it is not complete and it should not be relied upon as such. Any interests referenced herein have not been and will not be approved or disapproved by the U.S. Securities and Exchange Commission or by the securities regulatory authority of any U.S. state or any other relevant jurisdiction, and no other authority or commission has passed upon the accuracy or adequacy of this presentation. Any representation to the contrary is a criminal offense. All information, including performance information, has been prepared in good faith; however, Partners Group makes no representation or warranty express or implied, as to the accuracy or completeness of the information, and nothing herein shall be relied upon as a promise or representation as to past or future performance. This material may include information that is based, in part or in full, on hypothetical assumptions, models and/or other analysis of Partners Group (which may not necessarily be described herein), no representation or warranty is made as to the reasonableness of any such assumptions, models or analysis. Any charts which represent the composition of a portfolio of private markets investments serve as guidance only and are not intended to be an assurance of the actual allocation of private markets investments. The information set forth herein was gathered from various sources which Partners Group believes, but does not guarantee, to be reliable. Unless stated otherwise, any opinions expressed herein are current as of the date hereof and are subject to change at any time. All sources which have not been otherwise credited have derived from Partners Group. No representation is being made that any account or fund will or is likely to achieve profits or losses similar to the results being portrayed herein. The gross annual rate of returns represents the compound annual rate of return (“IRR”) before management fees, organizational expenses and the general partner’s allocation of profit, but in some instances (where indicated), net of the underlying general partner’s fees and expenses. The net annual rate of return represents the IRR after management fees, organizational expenses and the general partner’s allocation of profit. Actual realized returns on unrealized investments will depend on, among other factors, future operating results, the value of the assets, market conditions at the time of disposition, any related transaction costs, and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the valuations used in the performance data contained herein are based. Accordingly, the actual realized returns on these unrealized investments may differ materially from the returns indicated herein. Nothing contained herein should be deemed to be a prediction or projection of future performance of any investment. Certain information contained in this presentation constitutes "forward-looking statements," which can be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "anticipate", "target", "project", "estimate", "intend", "continue" or "believe" or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of any investment may differ materially from those reflected or contemplated in such forward-looking statements. Material notes to investors based in Australia Where product is available for acquisition: The information provided in this document is provided by Partners Group Private Markets (Australia) Pty Limited ACN 624 981 282 AFSL 509285 (PGA). The information contained in this document is not financial product advice and does not take into account your objectives, financial situation or needs. You should consider how appropriate the information is having regard to your objectives, financial situation and needs. You should consider the document for the Fund, and consider talking to a financial adviser before making a decision to invest in, or continuing to hold, interests in the Fund. Interests in the Fund are issued by the General Partner. Material notes to investors based in Brazil This document has been prepared exclusively for the purpose of providing information, and it is not to be considered as an offer for the sale of any security. The securities may not be offered, sold, redeemed or transferred in Brazil, as any public offering or distribution of securities in Brazil is not legal without prior registration with the Brazilian Securities Commission (CVM), nor has it been submitted to the foregoing agency for approval. 29Appendix
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27 August 2026 14:27 Disclaimer Material notes to investors based in Hong Kong The contents of this document have not been reviewed by any regulatory authority in Hong Kong. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. The shares / units of the collective investment scheme(s) mentioned may not be offered or sold by means of any document in Hong Kong other than (a) to "professional investors" as defined in the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (the "SFO") and any rules made under the SFO; or (b) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Chapter 32 of the Laws of Hong Kong) (the "CO") or which do not constitute an offer to the public within the meaning of the CO. The shares / units of the collective investment scheme(s) mentioned in this document are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the SFO and any rules made under the SFO. The content of this material is directed at "professional investors" as defined in the SFO and any rules made under the SFO, only. Therefore, neither the information made available in this document shall be construed as a distribution in or from Hong Kong to any person other than "professional investors" as defined in the SFO and any rules made under the SFO. Partners Group (Hong Kong) Private Limited, Suites 21-22, 18/F, Edinburgh Tower, The Landmark, 15 Queen’s Road Central, Hong Kong. (852)3610-0406. Material notes to investors based in Italy This information material is presented to investors by Partners Group (Luxembourg) S.A., Milan Branch, a branch enrolled in a dedicated section of the Bank of Italy’s Register (registration number 11). Partners Group (Luxembourg) S.A., Milan Branch is a branch of Partners Group (Luxembourg) S.A., an AIFM duly licensed by the Commission de Surveillance du Secteur Financier (CSSF). This document has been prepared exclusively for the purpose of providing information, and it is not to be considered as an offer for the sale of any security. Pursuant to this document, the interests may not be offered and a circular, advertisement or other document or offering material relating to such interests, may not be published, distributed or made available in the Republic of Italy or to any Italian resident investor in circumstances which would be in breach of relevant laws and regulation. Material notes to investors based in Japan The registration number for Partners Group Japan Kabushiki Kaisha in Japan is Kanto Local Finance Bureau No. 3099. (Financial Instruments business). Partners Group Japan Kabushiki Kaisha is a member of the Type II Financial Instruments Firms Association and the Japan Investment Advisory Association. The Financial Instruments Mediation Assistance Center ("FINMAC") is the appropriate financial arbitrator for any complaints or disputes regarding the firm's Type II Financial Instruments Business and Investment Advisory and Agency Business. (FINMAC phone +81 3 3667 8009 Fax +81 3 3669 9833) Material notes to investors based in Korea Neither the fund nor Partners Group is making any representation with respect to the eligibility of any recipients of this document to acquire the shares/units/interests therein under the laws of Korea, including but without limitation the Foreign Exchange Transaction Act and Regulations thereunder. The shares/units/interests may only be offered to Qualified Professional Investors, as such term is defined under the Financial Investment Services and Capital Markets Act, and none of the shares/units/interests may be offered, sold or delivered, or offered or sold to any person for re-offering or resale, directly or indirectly, in Korea or to any resident of Korea except pursuant to applicable laws and regulations of Korea. Material notes to investors based in the United Kingdom The products outlined in this communication are controlled investments for the purposes of the financial promotion restriction under section 21 of the Financial Services and Markets Act 2000 (“FSMA”) and are unregulated collective investment schemes for the purposes of section 238 of FSMA. This communication is exempt from the general restriction under sections 21 and 238 of FSMA on the communication of invitations or inducements to engage in investment activity on the grounds that it is made only to or directed only at persons to whom it may lawfully be distributed. 30Appendix