A clear majority of shareholders has voted to convert their holdings into so-called Realisation Shares. This has crossed a threshold that clears the way for the portfolio to be fully run down.

As PGPE announced on Tuesday, 48.83 million ordinary shares – equivalent to 74.12 per cent of the outstanding shares – had been registered for conversion into Realisation Shares by the deadline. The original plan envisaged a two-class structure, under which shareholders would have been able to choose between continuing the existing investment strategy and a gradual monetisation of the current investments.

Decision due on 7 October 

As more than 40 per cent of the outstanding shares were registered for the Realisation Shares, the maximum threshold set for this option is deemed to have been exceeded. The corresponding reorganisation proposal will therefore be withdrawn at the extraordinary general meeting.

Instead, shareholders will only be asked to vote on a so-called “Managed Wind-Down Resolution” on 7 October 2026. If the motion is approved, the board of directors will gradually and orderly sell off the fund’s entire investment portfolio. The proceeds generated from this would be returned to shareholders.

Peter McKellar, chairman of PGPE, said the voting result showed that a clear majority of shareholders was seeking a clear path to liquidity. Given the strong demand for the fund’s assets to be realised, and after consulting the investment manager, the board believes an orderly run-down of the entire portfolio is the fairest solution for shareholders.

PGPE, formerly known as Princess Private Equity Holdings Limited, was founded in Guernsey and has a history dating back to 1999. The company’s shares have been listed on the London Stock Exchange since 2007. The fund is managed by Partners Group.