The shares of PGPE are listed on the London Stock Exchange. The company's independent board has proposed the introduction of two share classes, according to a statement from Partners Group, which manages the trust.

The proposed structure would give shareholders a choice between maintaining exposure to the company's long-term investment strategy and following a defined path to liquidity within specified timeframes.

According to the company, the proposal is intended to address the persistent discounts to net asset value (NAV) at which the vast majority of UK-listed investment trusts, particularly private equity vehicles, have traded for some time.

«Continuing Ordinary Share» or «Realization Shares»

Shareholders would be able to choose either Continuing Ordinary Shares, which would continue to follow the company’s existing investment strategy, or Realization Shares, under which investments would be gradually realised and proceeds distributed over time, with no new investments being made.

To preserve the size and liquidity of the continuing vehicle, the Realization Shares would be capped at 30 per cent of the issued share capital. If fully utilised, this would amount to approximately 250 million euro.

The independent board of PGPE considers the proposal to be a balanced solution for the minority of shareholders seeking liquidity, while preserving the company’s long-term investment potential for the remaining shareholders.

Further details of the proposal are expected to be published in the third quarter of 2026 and submitted to shareholders for approval at a general meeting. If approved, the two-share-class structure could become effective in the fourth quarter of 2026.

In recent weeks, media reports about redemption restrictions at certain Partners Group evergreen funds have weighed heavily on the company’s share price. These are open-ended funds with no fixed maturity.

PGPE, however, is not an open-ended fund structure.