Partners Group Global Value SICAV

Transcription

1 Société d Investissement à Capital Variable ("SICAV") Unaudited Semi-Annual Report 2014 Unaudited financial statements for the period from 1 January 2014 to 30 June 2014 R.C.S. Luxembourg B No subscription can be accepted on the basis of the financial reports. Subscriptions are only valid if they are made on the basis of the current prospectus accompanied by the latest annual report and the latest semi-annual report, if published thereafter.

2 TABLE OF CONTENTS Management and Administration... 2 Board of Director s Report... 3 Statement of net assets as at 30 June Statement of operations and changes in net assets for the period from 1 January 2014 to 30 June Statement of investments as at 30 June Breakdown of investments by region as a percentage of net assets as at 30 June Statement of net asset value per share for the period from 1 January 2014 to 30 June Statement of changes in the number of shares outstanding for the period from 1 January 2014 to 30 June Notes to the financial statements for the period from 1 January 2014 to 30 June

3 Management and Administration Registered office 2, Place Dargent, L-1413 Luxembourg Board of Directors Chairman Sérgio Raposo Partners Group (Luxembourg) S.A.. Directors Dr. Helene Müller Schwiering Advokatgruppen Luxembourg Roland Roffler Daniel Van Hove Partners Group AG Orionis Management S.A. Administration and Advisors Investment Advisor Legal Advisor Custodian and Paying Agent, Registrar and Transfer Agent Administrator and Domicilary Agent Partners Group AG Zugerstraße 57, CH 6341 Baar, Switzerland Elvinger, Hoss & Prussen 2, Place Winston Churchill, L Luxembourg M.M.Warburg & CO Luxembourg S.A. 2, Place Dargent, L-1413 Luxemburg WARBURG INVEST LUXEMBOURG S.A. 2, Place Dargent, L-1413 Luxemburg Auditor PricewaterhouseCoopers, Société coopérative 400, route d Esch, L-1471 Luxembourg - 2 -

4 Board of Director s Report FUND DEVELOPMENT Strong NAV increase of 6.6% over the first half of 2014 positively impacted by the active exit environment In the first half of 2014, the NAV of Partners Group Global Value SICAV ( the Fund ) continued to progress along its stable growth path, rising by 6.6% to EUR per share for class I (EUR). Since inception in 2007, the Fund has outperformed public markets, measured by the MSCI World TR, by 25.3% on a net basis at substantially lower volatility of 5.4%. Driven by strong investor demand and increase in NAV, the Fund grew by 24.8% over the first six months in 2014 to a total of EUR million. One of the major performance drivers was the Fund s direct investment in Action, a Netherlands-based, non-food discount retailer. The company s valuation increase resulted from a robust financial performance, with Action s revenue and EBITDA for the full year ending 31 December 2013 exceeding forecasts and recording double-digit growth rates over the prior year. Furthermore, Action s successful store roll-out program contributed positively to topline growth. At the end of April 2014, Action's total number of stores reached 423, representing a 65% increase since the Fund s investment in Another value initiative at Action is the strengthening of the supply chain oversight to manage the transportation system effectively and to ensure social and environmental factors are taken into consideration. The Fund s secondary portfolio also contributed strongly to the positive NAV development. Among others, Project Quokka, which has an exposure to over 20 funds and more than 500 portfolio companies, was purchased based on an older reference date leading to an immediate NAV uplift. Project Spring, an Asian fund, was also acquired at a significant discount to NAV, as Partners Group successfully acquired the Project on a proprietary basis. The project provides significant exposure to e-commerce giant Alibaba, and has already recorded a substantial NAV increase. Record investment activity During the reporting period, the Fund continued to invest in attractive opportunities and committed capital to 14 new investments, amounting to a record EUR 77.7 million, an increase of EUR 39.5 million over the same period in Overall, the Fund invested in seven direct, six secondary and one primary investment. Based on Partners Group s relative value assessment, the investment focus during the first half of 2014 was on direct equity and debt transactions in the small and mid-market segment as well as complex secondary transactions, where Partners Group can use its scale and information advantage to capture hidden value and differentiate itself from other secondary buyers. Hofmann Menue Manufaktur In January 2014, Partners Group closed the acquisition of Hofmann Menue Manufaktur, a leading German producer and supplier of customized frozen food products to small business canteens and social organizations. Partners Group sourced the transaction on a proprietary basis through its industry advisor network, and secured exclusivity early in the due diligence process. The company is led by a proven management team which has achieved more than ten years of sustained growth, and today serves over customers such as business canteens, hospitals and care homes. It addresses a growing market demand for outsourced catering, and is ideally positioned to benefit from secular trends including the growth of the hospital and elderly care segments. Partners Group intends to capitalize on the company's resilient business model and high profit margins while working with its management to further grow revenues. Partners Group will utilize its significant sector experience - 3 -

5 to support the company s growth strategy, and leverage its global network to assist Hofmann Menue Manufaktur in its envisaged national and international expansion. Caffè Nero Also in January 2014, Partners Group acted as the mandated lead arranger and invested in the mezzanine debt of family-owned and London-headquartered coffee house chain Caffè Nero. Since founded in 1997, Caffè Nero has shown a strong performance, recording year-on-year growth in each year since inception. Caffè Nero has benefitted as the out-of-home coffee drinking culture has expanded and coffee houses are increasingly seen as a place to relax, socialize and network. The investment is anticipated to generate a low to mid-teen IRR, which is considered attractive given the company s strong brand, robust cash flow generation and track record of achieving sustained growth. VAT Vakuumventile AG In February 2014, Partners Group finalized the acquisition of VAT Vakuumventile AG, the leading manufacturer of high-end vacuum valves, which are a critical component in highly complex manufacturing processes. VAT offers its clients the largest product portfolio globally, and has manufacturing operations and sales offices in various global locations. The company generates an annual turnover of more than CHF 300 million and is highly cashgenerative with an EBITDA margin considerably above market benchmarks, thanks to a flexible cost structure. Partners Group acquired VAT from the founding family and secured the transaction by positioning itself as the best possible solution for both management and the sellers, given its sustainable development plan for the company that will maintain VAT's Swiss headquarters as the gravitational center of the company. Going forward, Partners Group aims to drive VAT's further geographical expansion and to support management through various initiatives, including global sourcing of components and the internationalization of its manufacturing footprint. Project Quokka The Fund s largest investment to date was the EUR 21.3 million commitment to Project Quokka, a secondary transaction comprising interests in more than 20 funds with exposure to over 500 companies. The well-diversified portfolio is a combination of inflection assets offering long-term value creation potential, as well as more mature assets with strong near- to mid-term cash flow visibility. Investments held via Project Quokka include health food, supplements and sports nutrition supplier Vitaco and industrial equipment rental company Onsite. As an existing investor in more than 80% of Project Quokka s portfolio, Partners Group already had deep visibility into and understanding of the quality and value of the underlying assets. Furthermore, Partners Group had initially discussed a transaction with the seller in 2012, building a good relationship that led to this proprietary transaction. Project Spring Another secondary investment made in May was Project Spring, an Asia-based single fund transaction. The largest portfolio company is China's largest e-commerce business, Alibaba. Founded in 1999, Alibaba holds two of the most prominent e-commerce platforms in China, namely, alibaba.com and Taobao. Following the publication of a strong set of financial results for the fourth quarter of 2013, with revenues and net profit growing by 66% and 118% year-on-year, respectively, compared to the same quarter in the previous year, Alibaba filed for an IPO in the US, which is poised to be one of the biggest IPOs in history. The investment was immediately revalued as Partners Group was able to negotiate a significant discount to the reported net asset value during the acquisition process. TPG Asia VI Also in May, the Fund committed capital to the newest TPG Asia fund (TPG Asia VI). The fund seeks minority and control positions in companies that are in need of expansion capital or are in financial distress, but with - 4 -

6 fundamentally sound business models, across China, Southeast Asia, Japan, Australia and India. It targets a diversified portfolio with a focus on businesses in financial services, retail and healthcare, as these sectors are anticipated to benefit from strong domestic consumption driven by the emerging middle class. TPG Capital adopts a hands-on value-creation approach and leverages the capabilities of its operating platform to implement effective corporate practices, strengthen corporate governance and optimize the capital structure in its companies. Highly cash flow positive portfolio During the reporting period, the Fund received distributions of EUR 33.0 million, representing an increase of more than 80% over the first half of In addition to proceeds from exits of direct investments, the Fund received a high level of proceeds from realizations of underlying companies, driven by the favorable exit environment. For instance, the Fund received distributions from a secondary offering of its remaining shares in Twitter, which held its initial public offering (IPO) in November Previously one of the Fund s 20 largest portfolio companies, the social communication service provider priced its IPO on the NYSE significantly above the initially set price range, and raised more than double the amount originally intended. The shares were subsequently sold in the open market over the period. Additional distributions were received from Ambea, one of the largest providers of healthcare and care services in the Nordic region with operations across Sweden, Finland and Norway which resulted in a mid-teen IRR for the Fund. The mezzanine loan provided to the company was fully repaid with proceeds from the issuance of a new senior loan facility. In March 2010, Partners Group invested in the mezzanine debt of Ambea to support the company's acquisition by KKR and Triton Partners from former owner 3i. Diversified across regions and industries The Fund is broadly diversified across sectors, financing stages as well as vintage years. With an average holding period of 3.0 years, the Fund offers a good balance between near-term realizations and mid- to long-term value-creation potential. The Fund has been continuously increasing its allocation towards direct investments, which now account for 30% of the total, up from 16% at the beginning of Among other things, one of the key merits of directs is the reduction of overall costs, due to the omission of the double-fee layer. At the same time, secondary investments still represent the Fund s largest transaction type with 46% and primaries account for the remaining 24%. In terms of financing stage, 70% of the Fund s investments are allocated to the buyout sector, 20% to special situations (primarily debt investments), and 10% to venture capital, giving investors indirect exposure to companies such as Twitter, Shazam and Alibaba.com. Geographically, the Fund is well-diversified with a focus on developed markets: 52% North America, 39% Europe, 5% Asia-Pacific, and 4% Rest of World. Outlook Against the backdrop of an active exit environment, the Fund expects the healthy level of distributions to continue in the coming months and quarters. At the same time, rewarding opportunities can still be found on the investment side. Generally, with elevated large-cap purchase multiples, the most attractive investments can be found in the middle market, where valuations are significantly more compelling. In addition, investors in the midcap space are often best-positioned to support operations within their portfolio companies in order to create value. Also, emerging markets are showing some appealing characteristics, and offer compelling opportunities at - 5 -

7 reasonable entry levels. In addition, regarding secondaries, the focus lies on select high-quality assets, where bidder competition is limited and the Fund can profit from early distributions and value-creation potential. Taking advantage of the strong investor interest and the resulting increase in fund size, the Fund can capitalize from its strong investment pipeline. With currently 22 new direct investments, 2 secondary and 4 primary transactions in the pipeline, the investment level is expected to increase further towards 90%

8 Statement of net assets as at 30 June 2014 Assets Notes EUR Investments in securities at market value Cash at bank Net unrealized gain on forward foreign exchange contracts 2.7, Receivable on investments Receivable on subscriptions Other receivables Total assets Liabilities Management fees payable Performance fee payable Performance fees provision Expenses payable Payable on redemptions Other payables Subscription tax payable Total liabilities Total Net Assets The accompanying notes form an integral part of these financial statements

9 Statement of operations and changes in net assets for the period from 1 January 2014 to 30 June 2014 Notes EUR Income Income on investments Other income Total income Expenses Management fees ( ) Professional fees (83.665) Administration/Domicilation/Transfer Agent fees 5 ( ) Custody fees 5 (54.032) Subscription tax 4 (87.123) Performance fees 3 ( ) Bank and loan interest expenses 10 ( ) Transaction fees (8.853) Other expenses ( ) Total expenses ( ) NET INCOME/LOSS (-) ( ) Realized gain/ loss (-) Realized gain/ loss (-) on investments Realized gain/ loss (-) on currency ( ) Realized gain/ loss (-) on forward foreign exchange contracts ( ) Total realized gain/ loss (-) Unrealized gain/ loss (-) Change in unrealized gain/ loss (-) on investments Change in unrealized gain/ loss (-) on currency - Change in unrealized gain/ loss (-) on forward foreign exchange contracts Total change in unrealized gain/ loss (-) NET INCREASE/ DECREASE (-) IN NET ASSETS Capital Transactions Net capital subscriptions/ redemptions (-) I Shareholders R Shareholders I (USD) Shareholders R (USD) Shareholders D (GBP) Shareholders I (AUD) Shareholders A (GBP) Shareholders NET INCREASE/ DECREASE (-) IN NET ASSETS RESULTING FROM CAPITAL TRANSACTIONS Net Assets Beginning of the year Total increase in net assets NET ASSETS AT THE END OF THE PERIOD The accompanying notes form an integral part of these financial statements

10 Statement of investments as at 30 June 2014 Transferable securities admitted to an official stock exchange PGA *) Currency Market Value in EUR Market value as a percentage of net assets in % Partners Group Private Investments - Listed Equity EUR ,81 0,26 Penta CLO I S.A. EUR ,00 0,33 Total transferable securities admitted to an official stock exchange ,81 0,59 Private Equity Funds 3i Eurofund Vb 210/direct EUR ,81 0,77 3i Europartners IIIA, L.P. 210 EUR 760,33 0,00 Acacia EUR ,12 0,39 Advanced Technology Ventures VII, L.P. 378 USD ,02 0,03 Advent International GPE V-C, L.P. EUR ,74 0,18 AIF VII Private Investors Offshore, L.P. (JPM) 347 USD ,71 0,02 Amadeus III, L.P. GBP ,56 0,24 American Capital Equity I USD ,69 0,37 Apollo Overseas Partners VIII, L.P. 560 USD ,25 0,09 Ares Corporate Opportunities Fund II, L.P. 126/direct USD ,22 0,24 Ares Corporate Opportunities Fund III, L.P. 65 USD ,55 0,80 Astorg III 127 EUR ,63 0,02 Astorg IV 128/direct EUR ,06 0,91 Avista Capital Partners (Offshore), L.P. 11 USD ,15 0,68 Avista Capital Partners, L.P. 106 USD ,85 0,23 BC European Capital VII (1) 38 EUR 3.833,23 0,00 BC European Capital VII Top Up Fund 38 EUR 1.170,44 0,00 Blackstone Capital Partners V/C, L.P. 131 USD ,22 0,06 Blackstone Capital Partners V/E, L.P. 210 USD ,56 0,10 Blackstone Capital Partners V/F, L.P. 316 USD ,33 0,10 Blackstone Capital Partners V/G, L.P. 210 USD ,69 0,23 Blackstone Capital Partners V-S, L.P. 131/210 USD ,55 0,08 Canaan Equity III 378 USD ,10 0,01 Candover 2001 Fund UK No. 2, L.P. EUR ,22 0,01 Candover 2005 Fund, L.P. EUR ,44 0,46 Carlyle Partners VI, L.P. USD ,72 0,38 CCMP Capital Investors II L.P. USD ,74 0,22 CCMP II Private Investors Offshore, L.P. 347 USD ,79 0,01 Centennial Ventures VII, L.P. 378 USD ,04 0,03 Coller International Partners IV USD ,12 0,11 ComVentures V, L.P. 378 USD ,34 0,00 Creo Capital Partners II, L.P. 36 USD ,09 0,18 CVC Capital Partners VI (A) 546 EUR ,18 0,01 CVC European Equity Partners IV, L.P. 116/direct EUR ,26 0,24 CVC European Equity Partners Tandem Fund (A), L.P. 226 EUR ,70 0,16 CVC European Equity Partners Tandem Fund (B), L.P. 116 EUR ,80 0,18 CVC European Equity Partners V, L.P. 116/226 EUR ,39 0,28 DCM III, L.P. 378 USD ,62 0,02 Development Capital I EUR ,00 0,05 Doughty Hanson & Co V_4 EUR ,91 0,92 Duffy Capital, L.P. 608 USD ,29 0,15 Duke Street Capital VI No 1, L.P. EUR ,46 0,08-9 -

11 Market value as a percentage of net Market value assets PGA Currency in EUR in % Edison Venture Fund IV, L.P. 378 USD ,87 0,01 Edison Venture Fund V, L.P. 378 USD ,58 0,02 Edison Venture Fund VI, L.P. 378 USD ,37 0,04 Energy Future Holding Corp (1) (**) USD 8.360,24 0,00 Energy Future Holding Corp (2) (**) USD 1.503,90 0,00 Energy Future Holding Corp (3) (**) USD ,22 0,00 EnerTech Capital Partners II, L.P. 378 USD ,29 0,01 EQT VI (No.1) Limited Partnership 346 EUR ,72 0,30 Financial Technology Ventures III L.P. 378 USD ,71 0,01 First Reserve Fund XI, L.P. USD ,12 0,34 First Reserve Fund XII, L.P. USD ,75 0,39 Foundation Capital II, L.P. 378 USD ,27 0,02 Fourth Cinven Fund, L.P. 130/192 EUR ,83 0,45 Gabriel Venture Partners II, L.P. 378 USD ,13 0,02 Global Real Estate Hybrid Co-Investment Fund V (**) 96 USD ,51 0,16 Global Real Estate Hybrid Fund V (**) 96 USD ,67 0,39 Hamilton Lane Private Equity Plc USD ,31 0,00 Hellman & Friedman Capital Partners VI, L.P. USD ,87 0,48 ICG European Fund 2006, L.P. 64 EUR ,40 0,11 KKR 2006 (Premium) USD ,09 0,11 KKR 2006 Private Investors Offshore, L.P. 347 USD ,31 0,02 KKR 2006/D Fund, L.P. 177 USD ,25 0,36 Kohlberg TE Investors VI USD ,31 0,34 Lexington Capital Partners II USD ,25 0,04 Macquarie Advanced Investment Partners, L.P. USD ,02 0,04 Macquarie Global Opportunities Partners, L.P. USD ,47 0,01 Menlo Ventures IX, L.P. USD ,04 0,10 Menlo Ventures X, L.P. USD ,78 0,27 Montagu III, L.P. 116 EUR ,24 0,03 Nordic Capital VIII EUR ,18 0,06 Noro-Moseley Partners V, L.P. 378 USD 3.465,81 0,00 Noro-Moseley Partners VI, L.P. 378 USD ,86 0,03 Nth Power Technologies Fund II, L.P. 378 USD ,30 0,01 Paduba Ind Ltd CAI CAP III CAD ,34 0,04 Pamlico Capital II Parallel Fund, L.P. USD ,55 0,17 Pamlico Capital II, L.P. USD ,43 0,13 Pamlico Capital Secondary Fund, L.P. USD ,45 0,02 Partners Group Access 105 L.P. (**) 105 USD ,39 0,11 Partners Group Access 116 L.P. (**) 116 EUR ,89 0,21 Partners Group Access 17 L.P. (**) 17 GBP ,20 0,81 Partners Group Access 181 L.P. (**) 181 USD ,60 0,07 Partners Group Access 210 L.P. (**) 210 GBP 3.261,14 0,00 Partners Group Access 210 L.P. (**) 210 USD ,57 0,12 Partners Group Access 231 L.P. (**) 231 USD ,16 0,77 Partners Group Access 347 L.P. (**) 347 EUR ,26 0,19 Partners Group Access 378 L.P. (**) 378/direct USD ,47 0,10 Partners Group Access 378 L.P. (**) 378 USD ,99 0,01 Partners Group Access 39 L.P. (**) 39 USD ,64 0,03 Partners Group Access 49 L.P. (**) 49 USD ,70 0,73 Partners Group Access 88 L.P. (**) 88 USD ,89 0,28 Partners Group Access 96 L.P. (**) 96 USD ,76 1,68 Partners Group Access 107 L.P. (**) 107 USD ,96 0,

12 Market value as a percentage of net Market value assets PGA Currency in EUR in % Partners Group Access 409 L.P. (**) 409 EUR ,83 0,29 Partners Group Access 470 L.P. (**) 470 USD ,31 0,40 Partners Group Asia Pacific 2005, L.P. USD ,69 1,77 Partners Group Client Access 9, L.P. Inc. USD ,90 1,51 Partners Group Client Access 11, L.P. Inc. USD ,26 2,83 Partners Group Compound Access, L.P. USD ,94 0,53 Partners Group Direct Investments 2006, L.P. EUR ,55 0,54 Partners Group Emerging Markets 2007 L.P. USD ,90 2,70 Partners Group European Buyout 2005, L.P. EUR ,71 2,18 Partners Group Fondue Access, L.P. USD ,14 0,57 Partners Group LG Access, L.P. USD ,56 0,26 Partners Group LG Access II, L.P. USD ,78 0,51 Partners Group Longhorn Access, L.P. USD ,15 0,96 Partners Group Madison Access, L.P. USD ,41 0,35 Partners Group Panther Access Blocker, L.P. USD ,00 0,11 Partners Group Panther Access Pass-Through, L.P. USD ,16 0,06 Partners Group Providence Access, L.P. USD ,15 1,30 Partners Group Rock Access L.P. USD ,89 0,41 Partners Group Secondary 2004, L.P. EUR ,99 0,40 Partners Group Secondary 2006, L.P. EUR ,97 0,49 Partners Group Snowball Access L.P. USD ,83 1,35 Partners Group Spring Access, L.P. USD ,95 0,97 Partners Group U.S. Venture 2004, L.P. USD ,17 0,28 Partners Group U.S. Venture 2006, L.P. USD ,88 2,81 Partners Group Wallaby 5 Access, L.P. USD ,11 0,44 Pelion Ventures V 378 USD ,23 0,01 Polish Enterprise Fund VI EUR ,68 0,65 Prism Venture Partners V, L.P. USD ,02 0,19 Quad Partners II, L.P. 378 USD ,15 0,02 Quad Partners III, L.P. 378 USD ,07 0,00 R/C Global Energy & Power Private Invs Offshore IV, L.P 347 USD ,27 0,03 RBS Special Opportunities Fund F, L.P. GBP ,45 0,08 Saints Capital Falcon, L.P. USD ,78 0,04 Saints Rustic Canyon, L.P. USD ,64 0,22 Silver Lake Partners III, L.P. 181 USD ,96 0,22 SLP III Private Investors Offshore, L.P. (JPM) 347 USD ,61 0,03 Southeast Interactive Technology Fund III, L.P. 378 USD ,94 0,02 Special Opportunities Fund (Guernsey) GBP ,70 0,12 STAR II UK Limited Partnership No. 1 EUR ,31 0,14 Summit Ventures VI, L.P. 378 USD ,21 0,02 TCW/Crescent Mezzanine Partners IVB, L.P. USD ,39 0,14 Third Cinven Fund (No.4), L.P. 129/192 EUR ,84 0,03 Thomas H. Lee Fund VI L.P. 93 USD ,32 0,44 Thomas H. Lee Parallel (DT) Fund VI L.P. USD ,27 0,19 Thomas H. Lee Parallel Fund VI L.P. USD ,22 0,96 TPG Partners V, L.P. 474/direct USD ,72 0,85 TPG Partners VI, L.P. 67/472 USD ,10 1,27 Trident Capital Fund IV, L.P. 378 USD 2.134,38 0,00 Trident IV, L.P. USD ,96 0,36 UV Partners IV Financial Institutions Fund, L.P. 378 USD ,98 0,03 Warburg Pincus Private Equity X, L.P. 35 USD ,70 0,97 Total private equity Funds ,11 50,

13 Market value as a percentage of net Market value assets Direct private equity investments PGA Currency in EUR in % Abertis 328 EUR ,91 0,25 AcadeMedia AB / Shares 211 SEK ,44 0,25 Action 424 EUR ,00 1,51 AWAS Aviation Holding EUR ,74 0,31 Caesars Entertainment Corporation USD ,99 0,09 China Forestry Holdings Co. Ltd. (***)(****) 119 USD 0,73 0,00 CPA Global USD ,29 0,63 Delsey/Shares EUR 0,99 0,00 Delsey/Shares March 2012 EUR 1,00 0,00 Direct private Equity Investment (**) SEK 0,11 0,00 Duffy Capital (Direct) 608 USD ,22 0,03 Expro International Group / P Shares 101 USD ,54 0,06 Expro International Group / P Shares (Aug 11) 101 USD ,03 0,02 Expro International Group / PTI 101 USD ,48 0,00 Expro International Group / PTI (Sept 10) 101 USD ,83 0,01 Expro International Group / Shares 101 USD ,72 0,05 Freescale / Shares III USD ,60 0,18 Genesys / Equity Common Shares 358 USD ,49 0,08 Kaffee Partner AG 191 EUR ,40 0,37 Kofola Hoop / Shares 108 EUR 1,00 0,00 Kofola Hoop CPECs / shares 108 EUR ,75 0,09 Learning Care Group USD ,80 1,06 Luxury good company (**) EUR 0,00 0,00 Measurement machinery company (**) USD ,75 0,10 Media and communications company (**) USD ,83 0,08 Medical device company 1 (**) 73 USD ,26 0,02 NXP Semiconductors II EUR ,00 0,03 Ono / 2010 Equity Injection 198 EUR ,83 0,02 Ono / Shares EUR ,47 0,19 Partners Group Access 103 L.P. (**) 103 USD ,37 0,07 Partners Group Access 20 L.P. (**) 20 USD ,07 0,56 Partners Group Access 209 L.P. (**) 209 EUR 0,98 0,00 Partners Group Access 387 L.P. (**) 387 EUR ,00 0,05 Partners Group Access 393 L.P. (**) 393 AUD ,75 0,05 Partners Group Access 558 L.P. (**) 558 USD ,04 0,66 Partners Group Access 613 L.P. (**) 613 USD ,48 0,78 Partners Group Access 632 L.P. 632 EUR ,13 0,87 Partners Group Access 79 L.P. (**) 79 USD ,22 0,02 Partners Group Access VI (**) VI EUR ,00 1,62 Partners Group Client Access 5, L.P. EUR ,60 0,84 Partners Group Client Access 8, L.P. Inc. CHF ,00 1,66 Partners Group Client Access 10, L.P. Inc. USD ,29 1,96 Partners Group Sapphire (Mauritius) Limited (**) USD ,57 0,35 Partners Group Starfrost Limited EUR ,84 1,25 Permotio International Learning SarL EUR ,33 0,14 Planeta Industries S.A. Compartment Arabica GBP ,42 0,94 Qol Meds 606 USD ,68 0,75 Softonic International Search EUR ,76 0,51 SunGard / Shares USD ,50 0,23 Truck Pro / NC Stock (Nov 11) 212 USD 0,73 0,00 Truck Pro / P Stock (Nov 11) 212 USD ,40 0,15 TSA / (Equity) Shares USD ,49 0,04 Universal Services of America USD ,95 1,

14 Market value as a percentage of net Market value assets PGA Currency in EUR in % Univision / Shares USD ,41 0,23 US entertainment company (**) USD ,25 0,14 Vita Cayman / Shares EUR ,41 0,01 Vita Cayman / Warrants EUR ,76 0,02 Waste Management Company 101 GBP 2,50 0,00 Aenova Group EUR ,00 1,61 BSN Medical GmbH & Co. KG EUR ,41 0,52 Delsey Group Paduba EUR ,00 0,51 Duffy Capital (Direct) 608 USD ,99 0,16 Expro Intern. Group/Mezz Paduba USD ,46 0,36 Healthcare operator 3 (**) EUR ,03 1,08 Iceland Foods Group Planeta EUR ,00 0,27 IMCD EUR ,00 0,41 Materne Mont Blanc EUR ,14 1,50 Partners Group Access 393 L.P. (**) 393 AUD ,78 0,27 Photonis Holding S.A.S. 586 EUR ,00 1,60 Securitas Direct 421 EUR ,83 0,70 Springer Science+Business Media EUR ,50 0,80 Trescal. EUR ,00 0,64 TSA / (Mezz) loan_1 USD ,12 0,19 Total direct private equity investments ,39 31,55 Description Maturity Currency Fungible Treasury Bill French Republic Fixed Rate 0% Treasury Certificate Kingdom of Belgium Coupon rate (%) Nominal Market Value EUR 0, , ,00 4, EUR 0, , ,00 Total Bonds , ,00 6,17 2,15 Total investments (Cost EUR 243,884,225.51) ,31 88,37 *) PGA means a Partners Group Access LP and describes cases where the Fund does not invest directly in the underlying but via such an access vehicle **) The investment has not been disclosed due to confidentiality reasons; for further details see Note 6 ***) Official trading on the underlying listed investments has been suspended since 26 January 2011 due to financial irregularities. ****) At the end of the reporting period, the Fund has an investment in China Forestry Holdings Co., Ltd. ("China Forestry"), valued at USD 209,218 based on a fundamental price per book value analysis. Breakdown of investments by region as a percentage of net assets as at 30 June 2014 Europe 39,87% North America 41,26% Rest of World 3,84% Asia 3,41% Total 88,37% The accompanying notes form an integral part of these financial statements

15 Statement of net asset value per share for the period from 1 January 2014 to 30 June 2014 Total net assets as at 31 December 2012 I Shareholders EUR R Shareholders EUR I (USD) Shareholders USD R (USD) Shareholders USD D (GBP) Shareholders GBP I (AUD) Shareholders AUD EUR Total net assets as at 31 December 2013 I Shareholders EUR R Shareholders EUR I (USD) Shareholders USD R (USD) Shareholders USD D (GBP) Shareholders GBP I (AUD) Shareholders AUD EUR Total net assets as at 30 June 2014 I Shareholders EUR R Shareholders EUR I (USD) Shareholders USD R (USD) Shareholders USD D (GBP) Shareholders GBP I (AUD) Shareholders AUD A (GBP) Shareholders GBP EUR Net asset value per share as at 31 December 2012 I Shareholders 135,89 EUR R Shareholders 130,42 EUR I (USD) Shareholders 192,30 USD R (USD) Shareholders 180,31 USD D (GBP) Shareholders 124,63 GBP I (AUD) Shareholders 104,10 AUD Net asset value per share as at 31 December 2013 I Shareholders 148,22 EUR R Shareholders 141,24 EUR I (USD) Shareholders 212,79 USD R (USD) Shareholders 197,81 USD D (GBP) Shareholders 137,41 GBP I (AUD) Shareholders 123,72 AUD Net asset value per share as at 30 June 2014 I Shareholders 158,02 EUR R Shareholders 150,03 EUR I (USD) Shareholders 226,77 USD R (USD) Shareholders 209,84 USD D (GBP) Shareholders 144,75 GBP I (AUD) Shareholders 130,60 AUD A (GBP) Shareholders 144,94 GBP

16 Statement of changes in the number of shares outstanding for the period from 1 January 2014 to 30 June 2014 Number of shares outstanding at the beginning of the period I Shareholders ,859 R Shareholders ,895 I (USD) Shareholders ,305 R (USD) Shareholders ,554 D (GBP) Shareholders ,615 I (AUD) Shareholders ,604 A (GBP) Shareholders 0,000 Total number of shares outstanding at the beginning of the period ,832 Net change in number of shares during the period I Shareholders 5.293,501 R Shareholders ,320 I (USD) Shareholders ,611 R (USD) Shareholders ,874 D (GBP) Shareholders 5.456,235 I (AUD) Shareholders ,305 A (GBP) Shareholders 4.713,314 Total net change in number of shares during the period ,160 Number of shares outstanding at the end of the period I Shareholders ,360 R Shareholders ,215 I (USD) Shareholders ,916 R (USD) Shareholders ,428 D (GBP) Shareholders ,850 I (AUD) Shareholders ,909 A (GBP) Shareholders 4.713,314 Total number of shares outstanding at the end of the period ,

17 Notes to the financial statements for the period from 1 January 2014 to 30 June General Partners Group Global Value SICAV (the "Fund") was incorporated on 1 February 2007 and is organized as an open-ended société anonyme under the laws of the Grand Duchy of Luxembourg and qualifies as a Société d'investissement à Capital Variable ( SICAV ). The Fund is authorized as an undertaking for collective investment under Part II of the law of 17 December The Fund's investment objective is to obtain superior returns and to achieve capital growth over the medium and long-term by investing in private equity. The allocation of the Fund's assets shall provide a broad diversification and follow the principle of risk spreading. The Fund currently offers: - Class I Shares reserved to investors who qualify as institutional investors available in the base currency of EUR, USD, JPY and AUD; - Class R Shares to all investors available in the base currency EUR and USD; - Class D Shares to all investors available in the base currency GBP; and - Class A Shares to all investors available in the base currency GBP. With effective date of 1 January 2012 the Fund was merged with Partners Group Global Private Equity SICAV, according to the Board of Directors resolution as of 19 October Shareholders in Partners Group Global Private Equity SICAV were allocated shares in the Fund. The Luxembourg law of 12 July 2013 on alternative investment fund managers entered into force on 15 July 2013, the date of publication in the Mémorial. It implements Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers (AIFMD) and introduces a number of other changes to existing Luxembourg legislation, including the laws governing regulated investment vehicles. The Board of Directors of the Fund is currently taking the necessary steps to comply, as applicable, with the provisions of the law within the transitional period. 2. Accounting methods The financial statements are prepared in accordance with Luxembourg regulations relating to investment funds, including the following significant accounting policies: 2.1 Valuation of Investments Securities which are quoted or dealt in on a stock exchange are valued at the latest available dealing price or the latest available mid-market quotation (being the midpoint between the latest quoted bid and offer prices) on the stock exchange which is normally the principal market for such security. Investments in unquoted private equity funds (or any funds of private equity funds) and in limited partnerships are initially valued at cost and thereafter by reference to the most recent net asset value as reported by the general partner or manager of the relevant investment as adjusted for subsequent net capital activity and other event to reflect fair value. Regarding the underlying cash movements the administrator's usual practice is to book the capital call for investment in the cost. All fees occurred by the capital call will also be included in the cost. Distributions received from the underlying investments will be reflected as decrease of cost. As soon as the acquisition is recovered, subsequent returns of investments are accounted for according to the general partners information. This proceeding is only valid for partnerships (primaries as well as secondaries), not for direct investments. The Board of Directors of the Fund, on the basis of advice received from the Investment Advisor, will make its own estimation of the value of any Direct Investment held by the Fund and will typically not obtain independent valuation of such Direct Investment. The Board of Directors shall determine prudently and in

18 good faith the estimated realization value of such assets. Mezzanine Direct Investments will initially be valued at cost (face value of loan plus accrued interest, if any) and thereafter typically adjusted for any change, if any, in (i) accrued pay-in-kind interest, in (ii) value of warrants and/or (iii) in the face value of the loans. In selecting investments, the Board of Directors has taken into consideration the accounting and valuation basis of the underlying partnerships and direct investments and select only those investments, which adopt an internationally recognized standard. In the event that the Board of Directors determines that the above valuation guidelines are not appropriate in relation to a particular asset of the Fund, then the Board of Directors shall determine prudently and in good faith the fair value of such asset. The Administrator authorised to conclusively rely on such net asset valuations reported by the general partner or manager of the relevant investment, or the Board of Directors, as the case may be. Critical accounting estimates and judgments There is significant subjectivity in the valuation of investments in limited partnerships and directly held investments with very little transparent market activity to provide support for fair value levels at which willing buyers and sellers would transact. The estimates and judgments employed therein are therefore continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Board of Directors make estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. Valuation method For the valuation of such investments, the Board of Directors review the latest information provided by underlying partnerships and other business partners, which frequently does not coincide with the valuation date, and applies widely recognized valuation methods to such data such as time of last financing, multiple analysis, discounted cash flow method and third party valuation as well as market prices to estimate a fair value as at the balance sheet date. As part of the fair valuation of such investments the Board of Directors use observable market and cash flow data to consider and determine the fair values of the underlying investments. Furthermore the investment manager considers the overall portfolio against observable data and general market developments to determine if the values attributed appear fair based on the current market environment. The Board of Directors make reasonable efforts to obtain the latest available information from the underlying investment. As part of the continuous evaluation of the fair value of the underlying unquoted investments the fair value assessment procedures are determined by the Board of Directors. In addition, the Board of Directors is also responsible for ensuring that these procedures are adhered to during the assessment of the fair values. Based on an assessment of relevant applicable indicators of fair value, the Board of Directors estimate the fair values as at the valuation date. Such indicators may include, but are not limited to: - limited partnership s most recent reporting information including a detailed analysis of underlying company performance and investment transactions with the fund between the latest available fund reporting and the balance sheet date of the Fund; - review of a direct investment s most recent accounting and cash flow reports and models, including date supplied by both the sponsor and the company and any additional available information between the date of these reports and the balance sheet date of the Fund; - review of recent transaction prices and merger and acquisition activity for similar direct investments; - review of the limited partnership s application of generally accepted accounting principles and the valuation method applied for its underlying investments such as discounted cash flow and multiple

19 analysis, which are based on available information; and - review of current market environment and the impact of it on limited partnerships, their investments and the Fund s direct investments. The variety of valuation bases adopted, quality of management information provided by the underlying partnerships and the lack of liquid markets for the investments held mean that there are inherent difficulties in determining the fair values of these investments that cannot be eliminated. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities, and therefore the amounts realized on the sale of investments, could differ from the fair values reflected in these financial statements and the differences may be significant. Accounting policies Investments in limited partnerships and direct investments are derecognized when the rights to receive cash flow from investments have expires or where substantially all risks and rewards of ownership have been transferred. Amounts realized on the sale of directly held investments and limited partnerships may differ from the values reflected in these financial statements and the differences may be significant. All transactions relating to investments in limited partnerships are recognized on the settlement date. 2.2 Conversion of foreign currencies The Fund maintains its accounting records in Euro (EUR) and its financial statements are expressed in this currency. All assets and liabilities in currencies other than EUR are translated into this currency at the exchange rates prevailing as at the end of the period. Income and expenses in currencies other than EUR are translated into EUR at the exchange rates prevailing at the transaction date. The resulting profits and losses are included in the Statement of Operations and Changes in Net Assets. The prevailing exchange rates as at 30 June 2014 are between AUD and EUR, between CAD and EUR, between CHF and EUR, between GBP and EUR, between SEK and EUR, between SGD and EUR, between HKD and EUR, between NOK and EUR, between DKK and EUR and between USD and EUR at the end of the period. 2.3 Realized profit/loss (-) on sale of investments Realized profit/loss (-) on sale of investments is the difference between the cost of investment and the sale proceeds. The cost of investment for target funds is defined as the original cost less distributions received from target funds. The capital call transactions for the target funds are recorded at the date they are due to be paid. 2.4 Unrealized profit/loss (-) on investments In accordance with current practices, unrealized profit/loss at the end of the financial period are accounted for in the Statement of Operations and Changes in Net Assets. 2.5 Forward foreign exchange contracts The unrealized gain or loss on forward foreign exchange contracts is calculated as the difference between the contracted rate and the rate to close out the contract. Realized profit or loss includes realized gain or loss on forward foreign exchange contracts that have been settled

20 2.6 Dividend and distribution income Returns of investments, including return of capital and capital gain distributions but excluding dividends, received from underlying limited partnerships are accounted for under the cost recovery method. This means that such distributions are accounted for as a reduction of the acquisition cost. Any rebates from manager fees on underlying limited partnership are also recorded as a reduction of the acquisition cost. As soon as the acquisition is recovered, subsequent returns of investments are accounted for according to the general partners information. This proceeding is only valid for partnerships (primaries as well as secondaries), not for direct investments. 2.7 Interest Income Interests on investments are accounted on an accrual basis. 3. Management Fees and Performance Fees The Investment Adviser is entitled to receive from the Fund a fee calculated and paid quarterly in arrears at a rate of up to 1.25% per annum for Class I Shares, Class D (GBP) Shares and Class A (GPB) Shares and up to 1.95% per annum for Class R Shares, on the greater of the pro-rata share of the respective share class (i) the Fund's Net Asset Value and (ii) the Fund's Net Asset Value less cash and cash equivalents plus the total of all commitments made by the Fund but not yet drawn for investments. In addition the Investment Adviser is entitled to a Performance Fee. The Performance Fee shall be calculated and paid in respect of each Direct Investment and in respect of each Secondary Investment (i.e. on a deal-by-deal basis), whether or not such investments are made through any Pooling Vehicle. The Performance Fee in respect of Direct Investments shall be determined in the currency of the respective transaction and as described at page 26 of the Prospectus in clause (i) to (iii). The Performance Fee in respect of Secondary Investments shall be determined in the same manner, save that a rate of 10% is used. No Performance Fee will be payable in respect of any Investment of the Fund other than for Direct Investments and Secondary Investments. Performance Fees become payable when the underlying deal is realised. As at the reporting date the Fund s Net Asset Value includes a performance fee accrued of EUR 9,335,809 and in comparison to the last year end increased by EUR 1,789, Taxation The Fund is subject to the fiscal legislation of Luxembourg. Under the prevailing laws and regulations, the Fund is subject to an annual subscription tax of 0.05% for all Share Classes per annum of its total net assets, calculated and payable at the end of each quarter. Under the current law and practice, the Fund is not liable to Luxembourg taxes on income or capital gains, nor are dividends paid by the Fund liable to any Luxembourg withholding tax. Dividends and interest, if any, received by the Fund from investments may be liable to withholding taxes in the countries concerned at varying rates, such withholding taxes are usually not recoverable. 5. Administrative, Custodian and Transfer Agent expenses The Fund shall pay the fees of the Administrator, the Domiciliary and the Registrar and Transfer Agent as well as fees of service providers and fees incurred in places where the Fund is registered. In its capacity as Custodian, M.M.Warburg & CO Luxembourg S.A. is entitled to remuneration in accordance with normal banking practice in Luxembourg at rates agreed from time to time with the Fund

21 6. Investments with confidentiality issues Due to non-disclosure/confidentiality issues, the names of some underlying investments cannot be disclosed. Some are invested in through Partners Group access vehicles which are pooling vehicles holding an interest in primary, secondary, direct equity or direct debt investments. Access Vehicles and investments with confidentiality issues disclosed in this report allow investments as follows (figures in % of end of period NAV): Private equity funds Vintage Total Strategy Venture ,10-0,01-0,11 Buyout 0,03 0,12 0,36-0,12 2,76 0,21 0,29 3,89 Real Estate , ,22 Special Situations , ,30 Total 0,03 0,12 0,36 0,30 0,22 4,98 0,22 0,29 6,52 Direct private equity investments Vintage Total Strategy Venture ,00 Buyout 0,66 0,22 0,05 1,79 2,72 Real Estate ,00 Special Situations 1,08 0,12 0,33 0,94 2,47 Total 1,74 0,34 0,38 2,73 5,19 Direct private equity investments (equity investments) Industry Consumer Discretionary Financials Health Care Industrials Telecommunication Total Geography Western Europe 0,05-1,08-1,13 North America 0,90 0,86 0,02 0,66-2,44 Rest of the world ,00 Asia 0, ,35 0,68 Total 1,28 0,86 1,10 0,66 0,35 4,25 Direct private equity investments (debt investments) Type Mezzanine 1,22 First Lien 1,08 Senior Debt - Total 2,

22 7. Forward foreign exchange contracts At 30 June 2014, the following forward foreign exchange contracts were open: At fund level Currency bought Purchased amount Currency sold Sold amount Maturity Date Unrealized gain / loss (-) (EUR) AUD EUR August EUR GBP August 2014 (18) USD EUR August 2014 (10.998) EUR USD September Total At hedged share class level Currency bought Purchased amount Currency sold Sold amount Class Maturity Date Unrealized gain / loss (-) (EUR) AUD EUR I (AUD) 5. August AUD EUR I (AUD) 5. August GBP EUR A (GBP) 5. August GBP EUR D (GBP) 5. August GBP EUR D (GBP) 5. August GBP EUR A (GBP) 5. August USD EUR R (USD) 5. August 2014 (15.637) USD EUR I (USD) 5. August USD EUR R (USD) 5. August USD EUR I (USD) 5. August 2014 (22.632) Total Total Forward foreign Exchange Contracts ,59 8. Statement of portfolio changes Statement of portfolio changes is available to shareholders, free of charge, upon request from the Fund's registered office. 9. Commitments As at 30 June 2014, the Fund is committed for a total of EUR 442,383,542 in its underlying funds. The unfunded commitments amount to a total of EUR 100,519,049 which is expected to be required as follow-on investments on a needed basis by the underlying private equity funds. 10. Loan There is a Revolving Credit Facility between the Fund and Partners Group Finance CHF IC Limited for EUR 25,000,000. This credit facility was not used during the year and a commitment fee of 1.05% was charged. This Revolving Credit Facility is rolled-over each year in October