Partners Group Global Value SICAV Semi-Annual … · equity, private debt, private real estate, ......

For use with institutions only – not for use in the United States

10:00am–11:00am (Zurich, Frankfurt) / 9:00am–10:00am (Dublin, London)

+44 (0) 207 107 06 13 (United Kingdom)+41 (0) 58 310 5000 (from Continental Europe)

All lines will be open 10 minutes prior to the beginning of the conference call.

Partners Group Global Value SICAV Semi-Annual Conference Call

14 February 2018

Civica | Private Equity

Table of contents

2

1 Partners Group

2 Key figures and overview

3 Market environment and portfolio activity

4 Performance and outlook

5 Appendix

PARTNERS GROUP GLOBAL VALUE SICAV SEMI-ANNUAL CONFERENCE CALL

Global private markets investment management

1 Unaudited, inclusive of all Partners Group affiliates, as of 31 December 2017.2 Team figures as of 31 December 2017.3 Does not include corporate senior debt.4 Partners Group Holding AG is listed on the SIX Swiss Exchange.

Integrated approach

Direct, secondary and primary investment capabilities across private markets

Wide network

>450 direct investments3

>800 private markets investment partners

>300 advisory board seats

Tested risk management

Chief Risk Officer and adedicated team of portfolio and risk managers

Client focused structuring

In-house team of over 50 professionals2 offering customized structuring, legal and tax services

Independent

Combined, employees are the largest shareholder

Private markets focus

EUR 61.9 billion1 AuM in private equity, private debt, private real estate, private infrastructure

Stable & transparent

Long-term incentive structuresListed on the SIX SwissExchange4

Strong resources

Over 1,000 employees2

representing approximately 50nationalities across 19 offices

3PARTNERS GROUP

Partners Group 2017 investment platform overview

Investment platform update

• USD 13.3 billion invested in private markets opportunities on behalf of our clients

• USD 8.3 billion direct investments based on 3,843 direct opportunities screened

• USD 4.1 billion invested in 30 assets

• USD 4.2 billion invested in 47 credits

• USD 2.2 billion secondary investments; USD 137 billion screened across all asset classes

• USD 2.8 billion invested with select best-in-class managers in the private markets industry

North America

27 direct investments

Europe


Asia-Pacific/RoW


Note: preliminary and estimated figures; figures exclude investments executed for short-term loans, cash management purposes and syndication partner investments. The number of credits does not include liquid loans in the syndicated debt market.

77 direct investments across the globe

4PARTNERS GROUP

Table of contents

5

1 Partners Group




5 Appendix


Recent portfolio highlights Partners Group Global Value SICAV

6

• Healthy level of distributions of EUR 207m (H2 2016: EUR 123m) driven by exits of direct equity

assets and repayments of debt investments

• The Fund expects to further benefit from the attractive exit environment

Healthy distribution activity in H2

• Net performance overview1:

• Since inception in 2007: +99.0%

• H2 2017: +2.4%

• Net outperformance of MSCI World TR of >17%2 at a volatility of 4.8% and a correlation of 0.23

• Direct investments such as, AlliedUniversal, Frontmatec and Multiplan were amongst the main performance drivers

Attractive 10 year+ track record

• EUR 474m were invested in 19 new investments , thereof 16 direct and 3 secondary transaction,

furthermore the Fund committed EUR 202m to 7 primary investments

• Continuously selective investment process with a decline rate of 98%

Stable deal flow supports strong investmentactivity in H2

Past performance is not indicative of future results. 1 NAV per share and performance figures are relating to Partners Group Global Value SICAV R (EUR) as of 31 December 2017. Performance figures are calculated net of all underlying and Partners Group fees. Source: Partners Group 31 December 2017. Figures may be subject to decimal rounding. 2 For illustrative purposes only. The inclusion of this benchmark/index is used for comparison purposes and should not be construed to mean that there will necessarily be a correlation between the Fund and the benchmark/index.

KEY FIGURES AND OVERVIEW

• Driven by investor demand and performance the Fund grew by 8.5% in the second half of 2017 to a total of EUR 2'044m

• As of year end the investment level stands at target of ~90%

Key figures

7

Key figures % change

31.12.2017 30.06.2017 31.12.2016 H2 2017

NAV per share1 203.91 199.07 193.99 +2.4%

Fund size (in EUR m) 2'044 1'883 1'553 +8.5%

Investment level2 89.8% 80.4% 89.1% +11.7%

Cash and cash equivalents (in %) 12.7% 21.3% 13.8% -40.2%

Unfunded commitments (in %) 33.3% 24.6% 26.4% +35.5%

Past performance is not indicative of future results. 1 NAV per share and performance figures are relating to Partners Group Global Value SICAV R (EUR). 2 based on total assets. Source: Partners Group 31 December 2017.


8

Investment and distribution activity in H2 2017

EUR 426 million deployed, including…

• EUR 51m in USIC, the leading North American providerof underground utility locating services

• EUR 43m in Civica, a UK-based software provider of digital solutions

• EUR 43m in CPA Global, a service company of a broad range of software and services across the intellectual property life cycle

EUR 207 million of distributions, including…

• EUR 32m proceeds from the sale of Project Firefox, a provider of high-speed broadband communication infrastructure

• EUR 20m from the debt repayment of Acrisure, US-based national group of agencies offering insurance and risk management

• EUR 19m from the partial sale of VAT Group AG, the global market leader in high-end vacuum valves

Past performance is not indicative of future results. There is no assurance that similar investments will be made. As of 31 December 2017. Figures are calculated on a look-through basis. Figures maybe subject to rounding. 1 Other includes drawdowns from fund portfolio. 2 Other includes distributions from the portfolio. Source: Partners Group 31 December 2017.

Investments1

Distributions2

USIC12%

Civica10%

CPA Global10%

Stada Arzneimittel AG7%

SPI Global5%Key Retirement

Group4%

Project Preakness3%

Other49%

Project Firefox16%

Acrisure10%

VAT Group AG9%

Global Blue7%KinderCare

Education7%

Other51%

Strictly confidential


Broad diversification: Portfolio composition as of 31 December 2017

9

Source: Partners Group 31 December 2017. Diversification does not guarantee a profit or protect against loss. The charts above represent the composition of the Fund’s current portfolio of private equity investments as of the date referenced; they are not intended to represent the composition of such portfolio at any time after such date. There can be no assurance that the Fund’s actual allocation of private equity investments will resemble the allocations shown above at any time after the date referenced. Exposure to special situations includes real estate and distressed investments.

Type Strategy

IndustryGeographic region

Primary26%

Secondary14%

Direct60%

Venture capital3%

Debt & Special situations

25%

Buyout72%

North America41%

Europe44%

Asia-Pacific12%

Rest of World3%

Consumer discretionary

20%

Utilities1%

Healthcare17%

Telecommunication services

2%Industrials

11%Energy

1%

Financials13%

Materials7%

Information technology

19%

Consumer staples

9%


Currency exposure by share class after hedging

10

EUR share classes1 GBP share classes1

1 Currency allocation as of 31 December 2017 after hedging. Source: Partners Group

USD share classes1

CHF share classes1 JPY share class1AUD share class1

USD14%

EUR80%

GBP2%

Other4%

USD85%

EUR10%

GBP2%

Other3%

USD14%

EUR10%

GBP2%

CHF70%

Other4%

USD14%

EUR10%

GBP2%

Other4%

JPY70%

USD14%

EUR10%

GBP73%

Other3%

USD14%

EUR10%

GBP2%

Other3%

AUD71%


Table of contents

11

1 Partners Group




5 Appendix


0

200

400

600

800

2003 2005 2007 2009 2011 2013 2015 2017

Dry powder broadly keeping up with deal volumes

Dry powder is rising to a record high

Private equity dry powder, in USD bn

Private equity deal volumes below pre-crisis levels

Private equity buyouts, aggregate deal value in USD bn

Source: Preqin (January 2018), S&P LCD (Q3 2017), Partners Group.

0

200

400

600

800

1000

1200

2003 2005 2007 2009 2011 2013 2015 2017

Buyout Distressed PE Growth Venture Capital

Dry powder in years of investment activity, buyout only

0

1

2

3

4

2005 2006 2007 2011 2012 2013 2014 2015 2016 2017

2-3 years on average

2 ½ to 3 ½ years on average

12MARKET ENVIRONMENT AND PORTFOLIO ACTIVITY

9.7 9.7

8.9 9.29.7

9.2

10.09.6

9.79.1

7.78.5

9.710.3

10.0 10.3

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

2007 2008 2009 2010 2014 2015 2016 Q3 2017

Europe US Typical large cap range

Average EV/EBITDA multiples and approximations for typical large-cap deals

Valuations rising to new record highs, yet with realistic financing parameters

Near record valuations, especially for large-caps

Interest coverage defined as EBITDA/cash interestSource: Partners Group and S&P Global Leveraged Lending Review (Q3 2017).

12-15x

12-14x

11-13x

10-12x

Interest coverage cushions still comfortable

Interest coverage ratio for US buyout deals, with EBITDA of > EUR 50m

2.3 2.1

3.2 3.43.0 3.1 3.1

0

1

2

3

4

2006 2007 2013 2014 2015 2016 2017

Buyout transactions backed by elevated leverage levels

Total debt over EBITDA

5.9

5.1

4.1 4.2 4.4 4.5 4.75.0 5.0 4.9 5.0

2x

3x

4x

5x

6x

7x

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q32017

Europe US



Healthcare

Remy Hauser21 years of industry experience, with Partners Group since 2001. Prior to joining Partners Group, he worked at Credit Suisse Financial Services.

Media/ Telco & IT

Christian Unger23 years of industry experience. Prior to joining Partners Group, he was global CEO of Ringier AG, Switzerland’s largest media company.

Financials / BusinessServices (Co-head)

Lukas Bucher17 years of industry experience. Prior to joining Partners Group, he worked at The Boston Consulting Group (BCG) and had an assignment at Credit Suisse.

Lane McDonald18 years of industry experience. Prior to joining Partners Group, she worked at DLJ, JetBlue, American Express, Delta Air Lines and Bain & Company.

Industrials

Fredrik Henzler23 years of operating experience. Prior to joining Partners Group, he led 50 operating efficiency projects for private equity portfolio companies.

Consumer

Tim Johannessen27 years of operating experience. Prior to Partners Group, he worked at East Asiatic Company, Numico , Kraft Foods and Mondelēz International.

Partners Group has the largest globally deployed, vertically organized team of operating specialists in the small- and mid-cap market

14

Adam Heltzer13 years of industry experience. Prior to joining Partners Group, he worked at the World Economic Forum, the Louis Berger Group and CG/LA Infrastructure.

Re

al E

sta

te

He

alt

hca

re

Infr

a-

stru

ctu

re

IT

Med

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Tel

co

Co

nsu

me

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Fin

an

cia

ls

Ind

ust

ria

ls

Operational

value creationInitiate and drive value creation projects in portfolio companies

Industry

expertiseIn-depth industry insights and

expertise on a global base

Valuation and

monitoringEnsure timely fair value reports

>25 dedicated IVC professionals3 globally complemented by 220 industrial partners

Vertical heads1Set up

ESG2

For illustrative purposes only. The Industry value creation (IVC) team is an integrated part of Partners Group's deal team, ensuring advanced industry and operational expertise throughout the entire investment process from sourcing to exit. 1 The IVC team's industry specialists are organized by verticals and deployed globally. Each of the verticals is headed by an senior professional with deep industry experience in a leadership role. 2 ESG: Environmental, Social and Governance. 3 Employee information as of 31 December 2017 For illustrative purposes only.

MARKET ENVIRONMENT AND PORTFOLIO ACTIVITY


58 10

28 4 100

Control Initiate Assist Manage Total

47

32 318 100

Top Line Bottom Line Finance Multiple Total

The power of combining local deal teams with global industry value creation specialists

15

In %

In %

Past performance is not indicative of future results. For illustrative purposes only. 1 Value creation in 2017 across all active non listed, Partners Group Direct Investments 2012 (EUR), L.P. Inc. and Partners Group Direct Investments 2016 (EUR), L.P. Inc. portfolio companies acquired before 31.12.2016. Data as of 31 December 2017. Bottom Line refers to a company's net earnings. Top Line refers to a company's gross sales or revenues. EBITDA=Earnings before Interests, Taxes, Depreciation and Amortisation Partners Group data as of 31 December 2016. PG Direct 2012 & 2016 were selected as reference examples due to the fact that PG GV SICAV is also invested in 95,5% of the investments of PG Direct 2012's portfolio and in 100% of PG Direct 2016's portfolio.

Results1Measurable results in 2017 …

Projects by Partners Group’s role

Projects by Levers>200 ongoing value creation initiatives

>70 initiatives realized in 2017

>200 board meetings held

Actively engaged >75 value creation projects

More than 100 business introductions throughout the portfolio

20%

18%

0.1x

>13k

Revenue growth

EBITDA growth

Leverage decrease

Jobs created


16

Private equity

• Platform companies – acquire companies and lead add-on acquisition program for platform build-out

• Category winners – companies that are leaders in their industry in terms of market share or growth

• Defensive leaders – niche leaders with strong defensive capabilities

EMs refers to emerging markets. Source: Partners Group Private Markets Navigator, Outlook 2018. For illustrative purposes only

Early & international educationSpecialization & digitalization

Market opportunity: Trend towards specialization and digitalization of services, in parallel to the Industry 4.0 trend

Relative value / investment focus: • Focus on companies offering digitally-

enabled manufacturing solutions• In business services, TMT and consumer

sectors, identify companies that pair specialized expertise in a process or product with digital solutions

Market opportunity: Private education operators across the entire education stream, serving markets with poor perception of public education quality and strong desire for international education

Relative value / investment focus: • Focus on Pre-K and K-12 and pathway

education providers with a structured and differentiated curriculum

• English-language education in EMs

Outsourcing

Market opportunity: Growing demand for outsourcing of services to acquire expertise or for cost containment

Relative value / investment focus: • Exploit trend towards cost optimization

solutions, such as business process outsourcing (e.g. non-core functions) and software

• Identify specialist service providers in niche segments

Key investment strategies and transformative trends: private equity


Utility Locating Business


Lead investment

National leader in underground utility locating services for the outsourced 811 market.

Sourcing Tracked / Intermediary

Entry date November 20171

Entry EV2/multiple USD 1,825m/13.1x

Geography United States

Headquarters Indianapolis, Indiana

Industry Industrials

Deal team Joel Schwartz, Sujit John, Paul Luce (INFR), Dan Ambrosia, Travis Chulick (INFR), Wyatt Laikind, Chris Dederick

IVC lead Fredrik Henzler

Source: Partners Group 31 December 2017. Company information. USIC is the largest lead direct investment in H2 2017. For illustrative purposes only.


Utility Locating Business


Past performance is not indicative of future results. For illustrative purposes only. There is no assurance that similar investments will be made. Value creation initiatives are targets. Actual performance may vary. Source: Partners Group 31 December 2017; Company information. 1 Current financials are for FY 2017E.

Investment criteria

Market leading: #1 national provider of outsourced utility locating services by a factor of 10x

Historical cyclical resilience: Stable performance through downturn through gains from outsourcing

Value proposition & competitive advantages: Significant scale economies & customer cost savings

M&A: Opportunity to consolidate adjacent private locate market at highly-accretive multiples

FCF generation: 16% EBITDA margins and 87% FCF conversion

Long-standing customer relationships: 95% of revenue generated from 10+ year relationships

Strong management team: Deep expertise in route-based services

Control investment: lead deal with majority ownership

Value creation

• Increase share in 811 market: Invest in sales force to capture smaller customers, improve density in existing regions and increase customer outsourcing, build scale via M&A in lower density regions, improve pricing discipline

• Grow scale in private locate market: Build out dedicated M&A team to acquire small private locating businesses at highly accretive multiples of 5x-6x

• Improve key operational metrics: Invest in IT infrastructure to provide better data analytics in route management, headcount management, workload and queue balancing

Company performance

Sales Adj. EBITDA Net debt

Entry USD 866.5m USD 139.4m 7.0x

Current1 USD 866.5m USD 139.4m 7.0x


SPi Global

Lead investment

Leading business process outsourcing service provider to education, technical and research publishers

Sourcing PG's Global Network

Entry date August 2017

Entry EV USD 330m.

Investment partner None

Geography Philippines

Headquarters Manila, Philippines

Industry Business Services

Deal team Cyrus Driver, Florian Marquis, Carl Rodrigues, Joseph Khoo, Murali Nair

IVC lead Christian Unger

Board seats Cyrus Driver, Florian Marquis, Christian Unger


Source: Partners Group. Figures as of 31 August 2017. 1 Signing date, SPI Global is the largest lead direct investment in Asia in H2 2017. For illustrative purposes only.


SPi Global

Investment criteria

Market leading: #1 in fragmented market Value-add opportunities: Increase wallet share; M&A

Growth potential: High growth market Control investment: with aligned management

High margins: >25% EBITDA margin Reasonable valuation: <10.0x EBITDA

High cash generation: >50% cash conversion Sustainable capital structure: <5.0x net debt

Value creation

• Increase share of wallet with top 10 customers: move up the value chain and offer broader service offering, in

particular in the high growth education segment

• Expand into adjacent segments: leverage SPI know how and expand into the Business Applications segment which

has grown at 13% CAGR

• Execute M&A: explore highly fragmented market for synergistic add-ons


Past performance is not indicative of future results. For illustrative purposes only. There is no assurance that similar investments will be made. Source: Partners Group; Company information as at entry (LTM Jun-17E). SPi Global is Partners Group first lead control investment in the Philippines. There is no assurance that similar results will be achieved.


Highlights

• Partners Group was a partner of choice and able to manage the transactionon a standalone basis together with the GP

• The transaction has an attractive risk return profile due to the differentmaturity levels of the three partnerships

• EQT VI (2011 vintage) is fully invested and consists of a diversified portfoliowith market leading companies. Given its maturity, full asset visibility wasprovided and high near term liquidity is expected

• EQT VII (2015 vintage) comprises of more recent investments and is right atits inflection point providing full value creation potential given the highquality of the manager

Project Exchange (2017)

21

Past performance is not indicative of future results. There is no assurance that similar investments will be made. Diversification does not ensure a profit or protect against loss. For illustrative purposes only. Note: Investment performance not relevant as transaction was closed on 6 October and 24 November 2017. Project Exchange is the second largest secondary investment in H2 2017. Source: Partners Group 31 December 2017.

Project Exchange

GPs 3 underlying funds managed by 1 GP

Geography Europe and Asia

Vintage years 2011-2016

Seller Various sellers

Transaction overview

• Opportunity to acquire interests in EQT VI and EQT VII and to commit inparallel to EQT Mid-Market Asia III, which was in the process of raisingcapital

• Partners Group was well positioned to participate in this transaction given its100% investment overlap and strong relationship with EQT

• Allowed Partners Group to further strengthen the partnership with EQTPartners across different strategies and geographies

Investment performance (EUR)

Commitments 41.9m Investment multiple n.m.

Holding period 0.2 years Investment IRR n.m.

Attractive portfolio composition

Strictly confidential. For existing investors in the Program only.

EQT VI Fund• Fully invested• Diversified portfolio• High near-term liquidity

EQT Mid Market Asia• Late Primary• Three investments made• One PG co-invest

EQT VII Fund• Inflection asset• Largely recent investments• Full value creation potential



22

Inflection assetsHighly cash generative fund combined with inflection assets and late primary with significant uplift potential

QualityEQT is a high quality mid to large-cap buyout player in the Nordics with presence in continental Europe, the US and Asia

DiversificationGP liquidity offering involving only one GP and three underlying funds diversified across geographies and industries

Risk-returnAttractive returns in light of high GP quality and portfolio diversification; immediate de-risking potential through identified near-term realizations

New investment – Project Exchange (2017)

?

Past performance is not indicative of future results. There is no assurance that similar investments will be made. Diversification does not ensure a profit or protect against loss. Portfolio is on a look-through basis. Pictures for illustrative purposes only (company logos shown reflect selection of value driving assets only). Source: Partners Group 31 December 2017.


Highlights

• Transaction priced off an outdated reference date (Q1'17), allowing PartnersGroup to offer an optically-attractive "headline" price

• The look-through public exposure of less than 3% of NAV minimizes theportfolio's exposure to public market volatility

• Partners Group was an existing investor in funds representing ~75% oftransaction NAV, providing detailed, "real-time" insight into underlyingportfolio developments throughout the diligence process

• Partners Group was the only group able to offer a full solution by being theonly buyer already "pre-approved" by all restrictive GPs

Project Preakness (2017)

23

Project Preakness

GPs 17 fund interests managed by 10 GPs

Geography North America / Western Europe

Vintage years 2005-2014

Seller Large US corporate pension

Transaction overview

• Portfolio acquisition of 17 fund interests (165 underlying companies)comprised of high-quality buyout (75%) and venture capital (25%) assetsrarely seen in the secondary market

• Approximately 37% of the underlying companies were acquired post-2015 atattractive valuations,

• Partners Group was able to offer the only full portfolio solution due to strongrelationships with the restrictive GPs

Investment performance (EUR)

Commitments 35.3m Investment multiple1 n.m.

Holding period1 n.m. Investment IRR1 n.m.

Investment year of underlying assets


15% 15%

34%37%

< 2007 2008-2009 2010-2014 2015-2017

% of net asset value

Past performance is not indicative of future results. There is no assurance that similar investments will be made. Diversification does not ensure a profit or protectagainst loss. For illustrative purposes only. Note: Investment performance as of 30 Sept 2017. This deal represents one of the largest closed transactions in 2017within Partners Group's secondary strategy. 1 New investment holding period not meaningful; Investment multiple and investment IRR are net of underlying fees,gross of Partners Group fees. * Transaction has been signed and is currently in closing; transfers expected on 31 Dec 2017. Project Preakness is the largestsecondary investment in H2 2017. Source: Partners Group 31 December 2017.


24

Partners Group anglePartners Group had the strongest overlap among buyers, andas the only "pre-approved" buyer by all restrictive GPs in theportfolio, was the only group able to offer a full solution

QualityMajority of portfolio managed by high-quality managers suchas Bain Capital, CVC, Oak Hill, Madison Dearborn and EQT

DiversificationUS and European buyout funds complemented by smaller USventure capital positions

Inflection assetsHigh-quality portfolio with more than 70% of NAV acquiredpost-2010, enabling significant future value creation

New investment – Project Preakness


Past performance is not indicative of future results. There is no assurance that similar investments will be made. Diversification does not ensure a profit or protectagainst loss. Portfolio is on a look-through basis. Pictures for illustrative purposes only (company logos reflect selection of value driving assets only). Source:Partners Group 31 December 2017.


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-100%

-50%

0%

50%

100%

-25%

-15%

-5%

5%

15%

25%

Drawd of earlier commitments

Distributions

New investments

Net excluding new investments

Net cash flow

Investment level (right axis)

Investment activity with focus on direct investments…

25

Investments in H2 2017

Past performance is not indicative of future results. There is no assurance that similar investments will be made. As of 31 December 2017; Figures may be subject to rounding. For illustrative purposes only.

High investment pace despite remaining selective increased the Fund's investment level to 90%

Last five years quarterly portfolio cash flows

Direct58%

Primary30%

Secondary12%


• … diversification by investment type

• … diversification by vintage year

… while carefully managing capacity

26

A stable performance profile requires...

Capacity for open-ended structures needs to be actively managed across an array of dimensions to optimize risk adjusted returns

Dimensions to consider when managing capacity

Value creation over time1 Vintage year dispersion3

Liquidity2 Others

• Relative Value

• Risk return correlation

• Market environment

• …

For illustrative purposes only. Diversification does not guarantee a profit or protect against loss. The success of the program cannot be guaranteed. Investors may lose part or their entire investment. There is no guarantee that the intended target allocation will be achieved. Graphs sources: 1 Partners Group, value creation -Partners Group's assumed standard development of TVPI,. 2 Liquidity - Partners Group's simulation. 3 Vintage Year dispersion - source: Cambridge Associates data. The actual allocation may vary significantly. As of June 2017. Source: Partners Group 30 June 2017.


Table of contents

27

1 Partners Group




5 Appendix


40

80

120

160

200

240

PG GV SICAV - R (EUR) MSCI World TR (in EUR)

Consistent performance since inception

28

PG Global Value SICAV

R (EUR)

PG Global Value SICAV

R (USD)

Net return YTD1 5.1% 10.9%

Net return since inception1,2

99.0% 110.1%

Annualized net return since inception1,3

6.7% 9.0%

Volatility since inception2

4.8% 4.1%

Past performance is not indicative of future results. Source: Partners Group, Bloomberg as of 31 December 2017. 1 Performance figures are cumulative. Inception refers to launch date of class R (EUR) on 31 May 2007 or of class R (USD) on 31 May 2009. Data as of 31 December 2017 net of fees. 2 R (EUR) launched 31 May 2007, R (USD) launched 31 May 2009. 3 Annualized, on a monthly basis. The past investment performance of the Fund cannot be construed as an indication of the future results of the Fund, and nothing herein should be relied upon as a promise or representation as to such future results. Inception refers to launch date of the respective share class. 4 Class R (EUR) 5 MSCI World TR in EUR Bloomberg Ticker NDDUWI.

Attractive relative performance

Annual net performance1

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

PGGVSICAV4

-7.6% 6.9% -8.4% 19.9% 11.6% 5.2% 8.3% 15.7% 10.5% 7.5% 5.1%

MSCI TR5

-8.6% -38.0% 26.6% 19.8% -2.6% 13.7% 21.2% 19.6% 10.3% 10.8% 7.6%

Outperformed MSCI World TR by more than 17% over the last 10 years

NA

V (E

UR

)

Date

PERFORMANCE AND OUTLOOK

Direct investments major contributor

29P

erc

en

tag

e o

f in

ve

stm

en

t e

xpo

sure

Past performance is not indicative of future results. Source: Partners Group data as of 31 December 2017. There can be no assurance that the Fund’s actual allocation of private equity investments will resemble the allocations shown above at any time after the date referenced. Diversification does not ensure a profit or protect against loss. 1 Figures are gross of fees and on a look through basis and also may include valuation adjustments that occurred after the effective PG Global Value SICAV NAV valuation day. Absolute value created divided by exposure by type as of 31 December 2017. For illustrative purposes only.

Relative value creation by exposure in H2 20171Fund allocation since inception

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Primary Direct Secondary

Secondary 1.0%

Direct 2.6%

Primary 0.7%

0% 1% 1% 2% 2% 3% 3%

Primary Direct Secondary


30

Summary and outlook: attractive value proposition

• Companies which profit from transformative trends towards outsourcing, specialization and

digitalization of services

• Compelling companies in growth sectors where proactive value creation is possible

Current investment focus

• NAV development1: since inception: +99.0%; H2 2017: +2.4%

• Cumulative outperformance of MSCI World TR since inception of >17%2 at a volatility of only 4.8%

Attractive net performance

• Managing client demand – avoiding dilution while maintaining a healthy growth rate

• Continued selective and cautious investing (98% decline rate)Outlook

• Further expanding the industry value creation team: >25 dedicated operational specialists across six

industry verticals drive value creation at portfolio company levelHands-on approach

Past performance is not indicative of future results. 1 NAV per share and performance figures are relating to Partners Group Global Value R (EUR), data as of 31 December 2017. 2 For illustrative purposes only. The inclusion of this benchmark/index is used for comparison purposes and should not be construed to mean that there will necessarily be a correlation between the Fund and the benchmark/index. Source Partners Group 31 December 2017.


Table of contents

31

1 Partners Group




5 Appendix


NAV performance attribution in H2 2017

32

Past performance is not indicative of future results. The NAV of Partners Group Global Value SICAV is calculated and determined by the administrator as stated in the prospectus of the Fund. Data source: Warburg Invest Luxembourg S.A., the administrator and domiciliary agent to the Fund, data from 30 June 2017 – 31 December 2017; figures relate to the share class R (EUR) without trading consideration. Figures may be subject to decimal rounding.

Net Asset Value 30.06.2017 EUR 199.07

Net Asset Value 31.12.2017 EUR 203.91

Revaluations5.79%

Operating expenses-0.56%

Foreign exchange-1.08%

Fees and other expenses-1.72%

APPENDIX

Transparent and timely NAV reporting

33

Valuation date from investment partners2

NAV by valuation basis1

• 98.4% of PG Global Value SICAV’s private equity NAV was re-assessed as of 31 December 2017, of which 93.4% was revalued

• The vast majority of the portfolio is valued above initial cost

• The share of investments assessed “above expectations” or “as expected” has remained constant on a high level over the last quarters

Past performance is not indicative of future results. 1 As of 31 December 2017, including direct investments. 2 Q4 2016 contains also some valuations of Q3 2016 and before. Source: Partners Group. Figures may be subject to decimal rounding.

Above cost74%

At cost19%

Below cost7%

1%

9%

90%

0% 20% 40% 60% 80% 100%

Q2 2017

Q3 2017

Q4 2017

APPENDIX

Contacts

34

T +44 (0)20 7575 2500

Partners Group AGZugerstrasse 576341 Baar-ZugSwitzerlandT +41 41 784 60 00

[email protected]

ZUG | SAN FRANCISCO | DENVER | HOUSTON | NEW YORK | SÃO PAULO | LONDON | GUERNSEY | PARIS | LUXEMBOURG | MILAN | MUNICH | DUBAI | MUMBAI | SINGAPORE | MANILA | SHANGHAI | SEOUL | TOKYO | SYDNEY

Partners Group (UK) Limited110 BishopsgateLondon EC2N 4AYUnited Kingdom

Disclaimer

This material has been prepared solely for purposes of illustration and discussion. Under no circumstances should the information contained herein be used or considered as an offer to sell, orsolicitation of an offer to buy any security. Any security offering is subject to certain investor eligibility criteria as detailed in the applicable offering documents. The information contained herein isconfidential 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 assuch.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 orany 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 orcompleteness 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 partor 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 thereasonableness 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 intendedto 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 notguarantee, 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 otherwisecredited 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 thecompound 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 theunderlying 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 relatedtransaction 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 arebased. 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 aprediction 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 anduncertainties, 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 Partners Group (UK) Limited (ABN 41 130 021 484) is authorized and regulated by the Financial Conduct Authority under UK law, which differs fromAustralian law and is exempt from the requirement to hold an Australian financial services license.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 anysecurity. 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 CVM.Persons wishing to offer or acquire securities in Brazil should consult their own counsel as to the applicability of the registration requirement or any exemption therefrom.Material notes to investors based in Canada This material is presented to investors on behalf of Partners Group AG. Statements herein do not necessarily pertain to Partners Group (USA) Inc., anaffiliate of Partners Group AG. Partners Group (USA) Inc. is registered as an exempt market dealer and portfolio manager under the securities laws of each of the Provinces of Canada. Forinformation specifically regarding Partners Group (USA) Inc., please contact us.Material notes to investors based in the People’s Republic of China This material is presented to investors by Partners Group (Shanghai) Co., Ltd. on behalf of Partners AG. Partners Group(Shanghai) Co., Ltd is not representing any other entity. Any products referenced herein have not been submitted to or approved/verified by or registered with the China Securities RegulatoryCommission or other relevant governmental authorities in the PRC. Such products may not be offered, sold or delivered or available for reoffering, resale or redelivery directly or indirectly to anyperson in the PRC, other than in full compliance with the relevant laws and regulations of the PRC. PRC investors are responsible for obtaining all relevant government regulatoryapprovals/licenses, verifications and/or registrations.

IMPORTANT NOTICE 35

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Disclaimer

Material notes to investors based in the Dubai International Financial Centre This material relates to a financial product which is not subject to any form of regulation or approval by the DubaiFinancial Services Authority ("DFSA"). The DFSA has no responsibility for reviewing or verifying any prospectus or other documents in connection with this financial product. Accordingly, the DFSAhas not approved this document or any other associated documents nor taken any steps to verify the information set out in this document, and has no responsibility for it. The financial product towhich this document relates may be illiquid and/or subject to restrictions on its resale. Prospective purchasers should conduct their own due diligence on the financial product. If you do notunderstand the contents of this document you should consult an authorized financial adviser.Material notes to investors based in France This information material is presented to investors at their request by Partners Group (France) SAS, which is regulated by the French Securities andExchange Commission (“Autorités des marches financiers”, “AMF”) as a result of its status of a French financial advisor (“Conseiller en investissements financiers”) through its membership toprofessional associations (“Anacofi and Anacofi-Cif”) under N° E002832. Partners Group (France) SAS is acting on behalf of Partners Group AG and certain of its affiliates. Any product referred to inthis information material will be either a non-French non-harmonized open end investment collective scheme or a non-French closed-ended fund for the purposes of the Monetary and FinanceCode of the Republic of France (“MFC”). Any product will not be submitted to or approved/verified by or registered with AMF. The promotion of any product and the distribution of any associatedmaterial is accordingly restricted by law. The open end investment collective schemes may be promoted only to qualified investors at their request. The placement of the closed-ended funds mayonly be undertaken towards qualified investors acting for their own account through a private placement. The shares or the interests thus acquired in any product cannot be distributed or resolddirectly or indirectly to the public otherwise than in accordance with the provisions of the MFC. Potential investors should consult their own authorized financial advisor.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 contentsof 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 inHong 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 ofHong 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 orare 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 isdirected 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 adistribution in or from Hong Kong to any person other than "professional investors" as defined in the SFO and any rules made under the SFO.Material notes to investors based in Italy The fund is not a UCITS fund and it has not nor will be filed with the Italian authorities for authorization of an offering of interests in Italy. Failingauthorization any offer of interests in the Italian jurisdiction is prohibited under applicable laws and regulations. This memorandum does not constitute an offer to sell or a solicitation of any offer tobuy the interests in the Italian jurisdiction. Pursuant to this memorandum, the interests may not be offered and a circular, advertisement or other document or offering material relating to suchinterests, 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 Italian laws andregulations. This memorandum may be made available to a person in Italy only upon the express and unsolicited request of such person who has contacted the Fund or its sponsor or placementagent on his or her own initiative.Material notes to investors based in Japan The registration number for Partners Group AG in Japan is Kanto Financial Bureau No. 2141 (Financial Instruments Business). Partners Group AG is amember of the Japan Investment Advisers Association. The Financial Instruments Mediation Assistance Center ("FINMAC") is the appropriate financial arbitrator for any complaints or disputesregarding the firm's Type II Financial Instruments Business and Investment Advisory Business. (FINMAC Phone: +81 3 3667 8009 Fax: +81 3 3669 9833).Material notes to investors based in Korea 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 anysecurity. The securities may not be offered, sold, redeemed or transferred in Korea, as any public offering or distribution of securities in Korea is not legal without prior registration with the KoreanFinancial Services Commission. Please note that Partners Group Singapore Pte. Ltd., Korea Branch is not a licensed entity in Korea.

IMPORTANT NOTICE 36

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14 February 2018 07:47

Disclaimer

Material notes to investors based in Singapore Partners Group (Singapore) Pte. Ltd. holds a Capital Markets Services Licence (Fund Management) of the Monetary Authority of Singapore (MAS),Licence No. CMS1000493-1. The collective investment scheme(s) mentioned in this document is/are not authorised or recognised by the Monetary Authority of Singapore (MAS) and units in thescheme(s) are not allowed to be offered to the retail public. The content of this document is directed solely at persons who are "institutional investors" as defined in section 4A of the Securities andFutures Act, Chapter 289 of Singapore (the "SFA"), or "relevant persons" as defined in section 305(5) of the SFA.Material notes to investors in Sweden This marketing material has not and will not be registered with or approved by Finansinspektionen (the Swedish Financial Supervisory Authority).Accordingly, this marketing material may not be made available, nor may the interests offered hereunder be marketed and offered for sale in Sweden, other than under circumstances which aredeemed not constitute an offer to the public in Sweden under the Swedish Financial Instruments Trading Act (1991:980) or the Swedish Investment Funds Act (2004:46).Material notes to investors based in Switzerland The collective investment schemes mentioned have not been licensed by the Swiss Financial Market Supervisory Authority (the "FINMA") fordistribution to non-qualified investors pursuant to Article 120 para. 1 to 3 of the Swiss Federal Act on Collective Investment Schemes of 23 June 2006, as amended ("CISA"). The paying agent inSwitzerland for the collective investment scheme is Credit Suisse AG (Mailing address: Credit Suisse AG, Paying Agent Services, TSZA42, P.O. Box 100, CH-8070 Zurich) and the representative isPartners Group AG (Mailing address: Partners Group AG, Zugerstrasse 57, 6341 Baar, Switzerland). The Prospectus, Articles of Association and further information documentation, such as theannual and half-yearly reports as well as the information on the historical performance (if any) may be obtained free of charge at the registered office of may be obtained from General Counsel'soffice - Partners Group AG.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 undersection 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 exemptfrom 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 ordirected only at persons to whom it may lawfully be distributed.Material notes to investors based in the United States of America Any interests referenced herein may not be sold, transferred or resold (i) except as permitted under the constituent documentsof that fund and (ii) in accordance with applicable securities laws, including the US Securities Act of 1933, as amended, and the US Investment Company Act of 1940, as amended. This presentationmay relate to investments managed by any of the following: (i) Partners Group AG, which is not registered with the SEC as an investment adviser pursuant to the US Investment Advisers Act of1940, as amended (the "Advisers Act"); (ii) Partners Group (USA), Inc., which is registered as an investment adviser pursuant to the Advisers Act or (iii) another Partners Group advisory affiliate.Please contact us for more information regarding how specific assets may be managed within the Partners Group enterprise. The information provided herein by Partners Group and its affiliates(the “Provider”) is not intended to be, and should not be regarded as, “investment advice” or a “recommendation” within the meaning of 29 C.F.R. § 2510.3-21. All of the information provided hereinis intended to be responsive to requests made by the requesting party (the “Client”) in order to facilitate the Client’s independent decision making process regarding whether to engage the Providerfor the services described herein. The Client is advised to consult with its legal, tax and other independent advisers that are unrelated to the Provider before making a decision regarding whether toengage the Provider. The information provided herein is solely in response to the informational requests made by the Client herein and is not intended to constitute advice with respect to whetherthe Provider should be engaged to provide the services requested. The information provided herein is intended to be used solely by the Client in considering the services described herein and maynot be used for any other reason, personal or otherwise. The Provider did not participate, offer input, and was not involved in any way in the preparation of the requests herein, and the Provider hasnot expressed any opinion on whether the requests are appropriate or sufficient for the Client to make its determination regarding whether to engage the Provider. Notwithstanding this intention,any and all information provided herein that is determined to constitute “investment advice,” or a “recommendation,” within the meaning of 29 C.F.R. § 2510.3-21 is provided solely on the basis thatthe Client is, or is represented by, an independent fiduciary that satisfies the criteria set forth in 29 C.F.R. § 2510.3-21(c)(1).

IMPORTANT NOTICE 37

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