Key Takeaways
- • Partners Group Private Equity (PEY) shareholders approved a managed wind-down with 99.9% of votes cast in favour at an extraordinary general meeting, with turnout just over 62%. The £457m investment company will realise all its assets.
- • The company expects to return realisation proceeds to shareholders semi-annually from 31 March 2027, with more frequent returns possible, according to Chair Peter McKellar.
- • Alternative Liquidity Fund (ALF) approved voluntary liquidation with 99.99% support at a Guernsey EGM. Grant Thornton Advisors' Benjamin Rhodes and Oliver Beaton were appointed joint liquidators.
- • Unite Group's two main student accommodation funds posted third-quarter valuation declines: the Unite UK Student Accommodation Fund fell 4% to £2.8bn and the London Student Accommodation Joint Venture with GIC fell 3.4% to £1.9bn.
- • Unite said it is on track to sell £300m–£400m of properties this year, and 95.6% of its beds for the 2026/27 academic year were sold at 30 September, versus 95.3% a year earlier.
Summary
Shareholders in Partners Group Private Equity (PEY) have approved a managed wind-down of the £457m investment company. At an extraordinary general meeting held the previous day, 99.9% of votes cast were in favour of realising all of the company's assets. Turnout was just over 62%. Shareholders also elected, with 74.1% support, to exit through a new realisation share class, exceeding the 40% maximum set by the board. Chair Peter McKellar welcomed what he described as a "clear mandate" from shareholders. He said the company expects to return available realisation proceeds on a semi-annual basis from 31 March 2027, with more frequent distributions possible where circumstances allow.
Separately, Alternative Liquidity Fund (ALF) received 99.99% support for its voluntary liquidation at an EGM in Guernsey. The fund's managed wind-down had reduced the value of its Rampart Capital hedge fund holding to a market value of just £1m. Benjamin Rhodes and Oliver Beaton of Grant Thornton Advisors were appointed joint liquidators.
In real estate, Unite Group (UTG) reported that valuations of its main joint funds declined in the third quarter. The Unite UK Student Accommodation Fund (USAF) fell 4% to £2.8bn, and the London Student Accommodation Joint Venture (LSAV), which it runs with Singapore sovereign wealth fund GIC, fell 3.4% to £1.9bn. According to the company, the decline reflected rising property yields driven by a sell-off in global bond markets, along with lower rental values at properties where this year's income is below previous valuer assumptions. Room reservations were in line with expectations, and Unite said it is on track to sell £300m–£400m of properties this year. Activist investor Saba holds a 7% stake in the company.
The briefing also noted that Prettejohn is to chair Tritax Big Box. No further details were provided in the source material.
Separately, Alternative Liquidity Fund (ALF) received 99.99% support for its voluntary liquidation at an EGM in Guernsey. The fund's managed wind-down had reduced the value of its Rampart Capital hedge fund holding to a market value of just £1m. Benjamin Rhodes and Oliver Beaton of Grant Thornton Advisors were appointed joint liquidators.
In real estate, Unite Group (UTG) reported that valuations of its main joint funds declined in the third quarter. The Unite UK Student Accommodation Fund (USAF) fell 4% to £2.8bn, and the London Student Accommodation Joint Venture (LSAV), which it runs with Singapore sovereign wealth fund GIC, fell 3.4% to £1.9bn. According to the company, the decline reflected rising property yields driven by a sell-off in global bond markets, along with lower rental values at properties where this year's income is below previous valuer assumptions. Room reservations were in line with expectations, and Unite said it is on track to sell £300m–£400m of properties this year. Activist investor Saba holds a 7% stake in the company.
The briefing also noted that Prettejohn is to chair Tritax Big Box. No further details were provided in the source material.
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