Basically a private credit problem at the moment. It's just a question of how Partners Group will continue to deal with it. I saw the fall in the share price and was initially puzzled. Basically, I think $PGHN is one of the better/best asset managers. But news like this is of course absolutely fatal. I'll re-evaluate my position and the current CRV and see what conclusion I come to. You have them in your portfolio too, don't you?
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@Get_Rich_or_Die_Tryin Yes, I have them in the depot, and I'll see what the reactions from the company are.
The fund investors were certainly aware of this, and I think Partners Group is absolutely legally protected here - the gating is there precisely for such situations, to prevent an emergency sale of company shares below value. The fact that this happens in extreme cases is certainly written in bold letters in the fund prospectus. But as long as the markets are rising, nobody reads it. Now that the risk is real, everyone is surprised.
The problem for us as Partners Group shareholders is not that the structure is failing, but that the image of the "convenient, liquid private equity investment for everyone" is cracking. And that could put a noticeable brake on future new business with private clients and thus reduce management fees. We may see this in September with the next figures. I remain relaxed ....
The fund investors were certainly aware of this, and I think Partners Group is absolutely legally protected here - the gating is there precisely for such situations, to prevent an emergency sale of company shares below value. The fact that this happens in extreme cases is certainly written in bold letters in the fund prospectus. But as long as the markets are rising, nobody reads it. Now that the risk is real, everyone is surprised.
The problem for us as Partners Group shareholders is not that the structure is failing, but that the image of the "convenient, liquid private equity investment for everyone" is cracking. And that could put a noticeable brake on future new business with private clients and thus reduce management fees. We may see this in September with the next figures. I remain relaxed ....
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