A London-listed fund managed by Partners Group Holding AG will seek investor approval to wind down its entire portfolio after shareholders voted to exit their investments.
Shareholders representing 74.1% of Partners Group Private Equity Ltd. chose to have their investments sold and cash returned, the vehicle said in a statement Monday. The fund's board had earlier proposed a dual-share-class structure allowing investors to either remain invested or move into a "realization" category designed to return capital over time.
Following the vote, the board dropped its proposed two-share-class structure and will instead ask investors on Oct. 7 to approve an orderly wind-down. "Shareholders in the UK-listed investment company managed by Partners Group have selected the option to realize holdings at NAV as and when net proceeds are received, a solution that we actively worked alongside the board to develop," a Partners Group spokesperson said.
"This solution addresses structural issues inherent to listed vehicles and mirrors a typical closed-end fund structure," the spokesperson added. "Several institutional investors in the vehicle have indicated that they will continue to invest with Partners Group in other solutions."
Source: Bloomberg Markets · Summarized by HeadlinesBriefing