partners group global value sicav -...

Partners Group Global Value SICAV

Société d’Investissement à Capital Variable ("SICAV ")

Annual report for the year ended December 31, 2018

R.C.S. Luxembourg B 124.171

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.


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TABLE OF CONTENTS

Management and Administration ..................... ............................................................................................... 3

Board of Director's Report ........................ ....................................................................................................... 4

Audit Report ...................................... ................................................................................................................ 8

Statement of net assets as at December 31, 2018 ... .................................................................................... 14

Statement of operations and changes in net assets f or the year ended December 31, 2018 ............... .. 15

Statement of investments as at December 31, 2018 .. ................................................................................. 17

Statement of forward foreign exchange contracts as at December 31, 2018 .............................. ............. 26

Statement of net asset value per share class for th e year ended December 31, 2018 .................... ........ 27

Statement of changes in the number of shares outsta nding for the year ended

December 31, 2018.................................. ........................................................................................................ 29

Notes to the financial statements for the year ende d December 31, 2018 ............................... ................. 30

AIFM disclosures (unaudited) ...................... ................................................................................................. 39


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Management and Administration

Registered office 2, Place François Joseph Dargent, L-1413 Luxembourg

Board of Directors

Chairman Sérgio Raposo Partners Group (Luxembourg) S.A.

(resigned March 14, 2018)

Directors Dr. Helene Müller Schwiering Advokatgruppen Luxembourg

Daniel Van Hove Orionis Management S.A.

Roland Roffler PG3 AG

Eicke Schinn

Partners Group AG

(since September 5, 2018)

AIFM

Name Partners Group (UK) Ltd.

Registered office 110 Bishopsgate, 14th Floor London EC2N 4AY, United Kingdom

Administration and Advisors

Legal Advisor Loyens & Loeff Luxembourg S.à r.l. 18-20 rue Edward Steichen, L - 2540 Luxembourg

Depositary, Paying Agent, Registrar and Transfer Agent

M.M.Warburg & CO Luxembourg S.A. 2, Place François Joseph Dargent, L-1413 Luxembourg

Administrator and Domiciliary Agent WARBURG INVEST LUXEMBOURG S.A. 2, Place François Joseph Dargent, L-1413 Luxembourg

Auditor PricewaterhouseCoopers, Société coopérative 2, Rue Gerhard Mercator, L-2182 Luxembourg


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Board of Director’s Report Positive NAV development amid volatile public marke ts

Partners Group Global Value SICAV (the Fund) saw a solid year and closed 2018 on a positive note for all share

classes. Share class I (EUR) gained +7,2%, share class I (USD) rose by +7,5% on a net basis. Compared to

public markets the development of the Fund remained on a stable growth path at significantly lower volatility

(4,6%). Since inception of the Fund in February 2007, the outperformance to the MSCI World TR (in EUR)

widened to more than 38%, in particular due to the stormy last quarter of 2018. During Q4, the private markets

portfolio demonstrated its value to investors, with valuations based on companies' earnings and less on sentiment

compared to the public markets. The portfolio developed well, with the ten best performing assets stemming from

the Fund's private equity direct investments. The vast majority of the companies reported positive development of

the operational figures driven by value creation initiatives.

The largest positive contributor was private equity co-lead direct investment Aavas Financiers that held its IPO

end of September. Partners Group and Kedaara Capital sold 14,6 million shares, or roughly 24% of their stake in

the company. Since the acquisition of the company in June 2016, its total assets on book have grown by 46% and

total equity by 118%, respectively. Aavas provides housing loans to India's low and middle income population,

focusing on self-employed first time borrowers.

Furthermore, Cerba HealthCare the leading French medical laboratory services operator developed well. Cerba's

carrying value increased on the back of robust financial performance. Revenue and adjusted EBITDA increased

due to new clients and the strategic acquisition of Bio7. Meanwhile, Partners Group continues to work closely with

Cerba's management on a number of initiatives. For instance, the company has developed an extensive pipeline

of over 200 labs for potential acquisitions to drive its plan for M&A consolidation across France.

Sustained healthy investment activity

As seen in previous years, Partners Group's investment decisions remained highly selective with a decline rate of

96% with respect to direct and secondary transactions. Partners Group overall closed 117 direct and secondary

deals with a value of USD 16,7 billion. On the Primary side the decline rate stood at 90% with 444 of the screened

funds being rejected whereas 48 received a commitment. Broken down on Fund level, direct transactions

continued to be the predominant investment type on the equity as well as on the debt side. Besides direct

transactions, the Fund was increasingly active committing to primary investments compared to the last years.

Overall, the Fund invested EUR 786 million in 22 new direct deals as well as 10 secondary transactions and

committed EUR 365 million to 16 primary investments.

Investment examples

With respect to private equity direct investments, Partners Group closed the acquisition of GlobalLogic, a global

provider of software product engineering services in a transaction that valued the company at USD 2,0 billion.

Founded in 2000 and headquartered in San Jose, California, GlobalLogic has been an innovator in the digital

product engineering services space, with approximately 12.000 employees working at design studios and

engineering centers across the globe. The company helps clients build innovative digital products that enhance

customer engagement, and create new revenue streams. Its clients represent well-known global brands across

multiple industry verticals. With over USD 500 million in revenue, and an average growth rate of over 20% for the

past five fiscal years, GlobalLogic has more than doubled its revenue over the same period, while maintaining

strong profit margins. Demand for digital product engineering services has grown rapidly, and GlobalLogic has


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been instrumental in helping brands navigate the digital transformation arena. Going forward, Partners Group will

work closely with GlobalLogic's management team to expand internationally and extend the company's reach into

new markets and geographies. GlobalLogic will also leverage on Partners Group's relationships as it looks to

further strengthen its competitive position and prospects for sustainable, long-term growth and enduring

profitability.

In addition, Partners Group deployed capital to fund the announced acquisition of Techem, a global market leader

in the provision of heat and water sub-metering services, in a transaction that valued the company at EUR 4,6

billion. Founded in 1952 and headquartered in Eschborn, Germany, Techem provides sub-metering services to

approximately 410.000 customers, including property owners and managers, across 11 million dwellings in over

20 countries. The company's core business comprises installation, monitoring and reading services in addition to

providing devices used for sub-metering, such as heat and water meters, and operates through a B2B2C

business model, as the contracting party or landlord (B2B) passes on the costs to the tenant (B2C). Techem is

the market leader in Germany, the largest sub-metering market in the world, as well as in an additional 13

European markets.

Partners Group was attracted to Techem as it benefits from regulatory-driven demand: sub-metering is

mandatory by an EU directive, creating high potential for increased penetration across Europe over the coming

years. In addition, the long-term contractual nature of its business provides Techem with stable cash flows and

good revenue visibility. The company also has a proven track record of growth. Techem is deeply integrated into

its customers' business processes and due to high switching costs experiences a very low churn rate.

Furthermore, the company has the potential to transform into a leading energy efficiency provider by cross-selling

adjacent services such as smart building and energy management solutions and by using digitization to improve

customer experience and cost efficiency of processes including protocol filing and billing. Going forward, Partners

Group will work closely with Techem's management to expand market share by capitalizing on currently

underserved segments, increase revenues per dwelling by switching to higher-value products, implement an

operational excellence program to further transform the existing business model and execute on cost-saving

opportunities via effective automation of business processes.

On the secondary side, the Fund participated in Project Surya, an estimated USD 460 million secondary

transaction comprising 31 partnerships managed by reputable investment partners. The seller was motivated by

estate planning purposes while Partners Group was attracted by the portfolio's quality. The transaction was

secured in an auction process where competition was lower than expected given multiple large transactions in the

market at the same time. The portfolio primarily contains North American buyout funds with minimum emerging

market or venture exposure. The portfolio is highly diversified, consisting largely of inflection assets acquired

post-2012 with approximately USD 175 million of unfunded commitments that serve as a natural hedge to the

existing portfolio. Partners Group was well positioned to price the portfolio, with about 90% investment overlap by

exposure, as well as deep insights into the underlying assets since 70% of the NAV are in funds recently

evaluated in other projects.

Furthermore, the Fund invested in Project Reach a proprietary private equity secondary transaction for the

restructuring of a 2011-vintage fund managed by Primavera Capital, which represents Partners Group's second

proprietary secondary opportunity with the China-based private equity firm. Primavera has expertise in the

financial services sector with an established network that provides access to sizeable and highly sought-after

assets. The portfolio comprises two China-based diversified finance services providers that are expected to

benefit from the upside potential in the maturation of the China's capital market and Primavera's track record in

the financial services sector. Partners Group has an indirect exposure to both assets via other Primavera funds,

which provided good knowledge of the investment partner's value creation capabilities as well as deep insights

into the underlying investments. At the same time, Partners Group has a strong relationship with the seller, which


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cemented its position as the preferred partner, leading to the successful closing of this deal. The largest asset in

the portfolio by NAV is a leading mutual fund manager in China that offers a full suite of products that cover

equity, bond and money market for mutual fund business as well as specific and general mandate offerings to

institutional clients. As at June 30, 2018, the company has USD 151 billion of assets under management.

Maintaining a well-diversified portfolio

Partners Group will also in 2019 continue to grow the Fund in a controlled manner by way of applying a disciplined

budgeting approach. Carefully restricting net subscriptions on a monthly basis is a crucial portfolio management

component to protect existing investors from dilution and to maintain the desired portfolio diversification. By

looking on the vintage diversification of the portfolio investments, the value of the beforehand mentioned

approach takes effect, demonstrated in a uniform exposure to the most recent four vintages 2015, 2016, 2017

and 2018, that each reflect approximately 18% of the current portfolio value. With respect to exposure by

transaction type, the allocation to direct investments as of December 31, 2018 stood at 52%, the share of primary

investments at 29% and secondaries accounted for 19%. During the year, the regional diversification shifted

towards North America (+4%) with the following allocation as of end of December: 45% North America, 39%

Europe, 13% Asia-Pacific and 3% Rest of World. Looking on the sectors in which the underlying companies are

active, low cyclical industries like healthcare, consumption and telecommunication infrastructure account for

almost half of the portfolio. Compared to 2017, the Fund increased for example its allocation to information

technology (+2%), whereas materials decreased by 2%.

Outlook

The past year has seen private equity valuations rise yet again from an already high base, supported by

increasing competition from private equity managers, strategic buyers and new market entrants, encouraged by

the pursuit for yield while interest rates stay low and by strong debt markets for leveraged buyouts. As Partners

Group does not operate in isolation, higher valuations are a reality in the underwriting, especially given the focus

on high-quality assets in high-growth segments. In order to mitigate the risk linked to paying competitive prices,

Partners Group's strategy is tripartite. Firstly, the approach is to remain selective with a thorough due diligence

process, investing in only around 3% of the opportunities Partners Group screens. However, to be able to remain

selective but having at the same time a substantial investment closing rate, strong sourcing capabilities are the

key to success. Secondly, driven by competition in the market, formal investment due diligence process timelines

contracted to around 3,5 months and thus developing investment ideas ahead of the market becomes

increasingly important. With more than 200 investment professionals and over 300 industrial partners, Partners

Group is able to identify attractive assets in advance, hence ensuring on average 10 months additional time

before the start of the formal due diligence. Partners Group's large private markets database, tracking around

34.000 privately held companies, is the basis of this process and enables the investment teams to proactively

search for assets that would be attractive to own and to develop to the next level. Thirdly, to achieve attractive

returns in this environment, private markets investment managers have no choice but to outstand in their value

creation capabilities. Therefore, more than ever, Partners Group is focusing on highly entrepreneurial ownership

and active value creation with a growing and dedicated team of more than 30 operational specialists.

Partners Group´s investment focus remains on 'platform companies'. Those are leading companies with a strong

management team and company infrastructure in fragmented industries which can be further expanded through

add-on acquisitions. This allows to bring small or lower mid-market business into the leader's corporate

infrastructure at lower acquisition multiples, thus building large significant market leaders at a reasonable price.

Next to platform investments, Partners Group will focus on finding 'niche winners' which are companies in sub-

segments of specific industries benefitting from particularly strong products or services and demonstrating an


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ability to grow disproportionately. Lastly, Partners Group aims for 'franchise companies' which are businesses

with value creation potential as well as strong defensive capabilities and the ability to quickly de-leverage. In this

case broadening the business fields and strengthening the company's positioning is the main goal.

The information stated in the report is historical and is not representative of future results.

PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 LuxembourgT : +352 494848 1, F : +352 494848 2900, www.pwc.lu

Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256)R.C.S. Luxembourg B 65 477 - TVA LU25482518

Audit report

To the Shareholders ofPartners Group Global Value SICAV

Report on the audit of the financial statements

Our opinion

In our opinion, the accompanying financial statements give a true and fair view of the financial positionof Partners Group Global Value SICAV (the “Fund”) as at 31 December 2018, and of the results of itsoperations and changes in its net assets for the year then ended in accordance with Luxembourg legaland regulatory requirements relating to the preparation and presentation of the financial statements.

What we have audited

The Fund’s financial statements comprise:

· the statement of net assets as at 31 December 2018;

· the statement of investments and statement of forward foreign exchange contracts as at31 December 2018;

· the statement of operations and changes in net assets for the year then ended; and

· the notes to the financial statements, which include a summary of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with the EU Regulation No 537/2014, the Law of 23 July 2016on the audit profession (Law of 23 July 2016) and with International Standards on Auditing (ISAs) asadopted for Luxembourg by the “Commission de Surveillance du Secteur Financier” (CSSF). Ourresponsibilities under the EU Regulation No 537/2014, the Law of 23 July 2016 and ISAs as adopted forLuxembourg by the CSSF are further described in the “Responsibilities of the“Réviseur d’entreprises agréé” for the audit of the financial statements” section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour opinion.

We are independent of the Fund in accordance with the International Ethics Standards Board forAccountants’ Code of Ethics for Professional Accountants (IESBA Code) as adopted for Luxembourg bythe CSSF together with the ethical requirements that are relevant to our audit of the financial statements.We have fulfilled our other ethical responsibilities under those ethical requirements.

To the best of our knowledge and belief, we declare that we have not provided non-audit services thatare prohibited under Article 5(1) of Regulation (EU) No 537/2014.

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The non-audit services that we have provided to the Fund, for the year then ended, are disclosed inNote 12 to the financial statements.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in ouraudit of the financial statements of the current period, and include the most significant assessed risks ofmaterial misstatement (whether or not due to fraud).

These matters were addressed in the context of our audit of the financial statements as a whole, and informing our opinion thereon, and we do not provide a separate opinion on these matters.

Key audit matter How our audit addressed the Key auditmatter

Valuation of unlisted investments

The Fund is mainly investing in direct privateequity and debt assets as well as alternativetarget funds which are not traded on an activemarket (the investments). Due to the absenceof an active market, the valuation of suchinvestments could be complex and involvesthe use of significant judgment and estimatesby management. The valuation techniqueused by management for the valuation ofthose investment is dependent on the natureof the underlying business and operations.

These valuation techniques include:a) Using multiple-to-earnings models.b) Using discounted cash flow models.c) Using recent transaction prices.d) Using net asset values as reported by target

funds with fair value adjustments made bymanagement, where appropriate.

The determination of the valuation techniquesas well as the key inputs used are subject tomanagement assumptions and estimates.Mistakes in the valuation of those investmentsas a result of use of management assumptionsand estimates could have a material impact onthe financial statements. Please refer to Note2 to the financial statements for thedescription of the valuation methods used bythe management.

We updated and reconfirmed our understanding andassessment of management's processes and internalcontrols, as far as they apply to the valuationtechniques used and the areas where significantjudgements and estimates are made. We alsoperformed tests over key controls in order to validatetheir operating effectiveness. In order to obtaincomfort that the valuation of the financialinvestments is not materially misstated, we haveperformed the following audit procedures for asample of the investments:

Where a multiple-to-earning model is used:· We obtained management's valuation model

containing earnings, trading multiples for listedcomparable companies and the multiples used tovalue the investments.

· We tested the mathematical accuracy of themodel.

· We obtained the management informationincluding actual, budgets and forecasts for theportfolio companies being valued. We used this toverify the earnings being used in the model inrelation to the unlisted companies being valued.We assessed the appropriateness of the earningsbeing used based on our understanding of thefinancial performance of the portfolio companies,independently confirming a sample of themanagement information received bymanagement and challenged changes made bymanagement in the application of this input tothe valuation.

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Key audit matter How our audit addressed the Key auditmatter· In testing management's fair valuation process,

we assessed trading multiples for the comparablecompanies identified by management andcompared them to the multiples used in thevaluation. We also considered whether any othertraded companies may be comparable andconsidered the impact of their inclusion in thesourced trading multiples on the valuation, whereand if considered appropriate.

Where a discounted cashflow model is used:· We obtained managements valuation model

containing the relevant cash flows and discountrates applied.

· We tested the mathematical accuracy of themodel.

· We challenged the reliability of cash flowsforecasts by backtesting those forecasts toactuals.

We evaluated the reasonableness of the keyvaluation inputs, including discount rates used,against independent data by involving internalvaluation specialists.

Where a recent transaction price is applied:· We challenged Management on whether there

had been any changes in facts and circumstancessince the transaction was completed which mayindicate that a change in valuation would beappropriate. Where a related party was acounterparty to the transaction, we performedfurther procedures to obtain comfort that thetransactions were made at arm's length.

Valuation of target funds:· We verified the reported net asset values by

tracing them to supporting documentation suchas capital account statements or quarterly reportsreceived by the management and assessed theappropriateness of a sample of material fair valueadjustments.

· We evaluated the appropriateness of sourcedocumentation by independently confirming asample thereof with the administrators of thetarget funds.

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Key audit matter How our audit addressed the Key auditmatterWe evaluated, on a sample basis, the reliability of thereported net asset values by comparing the sourcedocumentation used in the Funds prior yearvaluations against the audited financial statementsissued by the target funds in which the Fund wasinvested.

Performance Fee

The fund is, as per offering memorandum,required to pay a performance fee to the AIFMbased on the income generated from thefinancial assets. A mistake in the performancefee calculation or a calculation that isinconsistent with the requirements of theoffering memorandum can have a materialimpact on the financial statements. Pleaserefer to Note 3 to the financial statements forthe calculation method applied by themanagement.

We gained an understanding of the calculationprocess of the performance fee at the level of theadministrator of the fund and the correspondinginternal controls. In the context of our audit, wereperformed the calculation of the performance feesfor the current financial year, based on thecalculation method described in the offeringmemorandum and we checked that the disclosure inthe financial statements is approriate.

Other information

The Board of Directors of the Fund is responsible for the other information. The other informationcomprises the information stated in the annual report but does not include the financial statements andour audit report thereon.

Our opinion on the financial statements does not cover the other information and we do not express anyform of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the otherinformation identified above and, in doing so, consider whether the other information is materiallyinconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appearsto be materially misstated. If, based on the work we have performed, we conclude that there is a materialmisstatement of this other information, we are required to report that fact. We have nothing to reportin this regard.

Responsibilities of the Board of Directors of the Fund for the financial statements

The Board of Directors of the Fund is responsible for the preparation and fair presentation of thefinancial statements in accordance with Luxembourg legal and regulatory requirements relating to thepreparation and presentation of the financial statements, and for such internal control as the Board ofDirectors of the Fund determines is necessary to enable the preparation of financial statements that arefree from material misstatement, whether due to fraud or error.

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In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing theFund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concernand using the going concern basis of accounting unless the Board of Directors of the Fund either intendsto liquidate the Fund or to cease operations, or has no realistic alternative but to do so.

Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements

The objectives of our audit are to obtain reasonable assurance about whether the financial statementsas a whole are free from material misstatement, whether due to fraud or error, and to issue an auditreport that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guaranteethat an audit conducted in accordance with the EU Regulation No 537/2014, the Law of 23 July 2016and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement whenit exists. Misstatements can arise from fraud or error and are considered material if, individually or inthe aggregate, they could reasonably be expected to influence the economic decisions of users taken onthe basis of these financial statements.

As part of an audit in accordance with the EU Regulation No 537/2014, the Law of 23 July 2016 andwith ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintainprofessional scepticism throughout the audit. We also:

· identify and assess the risks of material misstatement of the financial statements, whether due tofraud or error, design and perform audit procedures responsive to those risks, and obtain auditevidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detectinga material misstatement resulting from fraud is higher than for one resulting from error, as fraudmay involve collusion, forgery, intentional omissions, misrepresentations, or the override of internalcontrol;

· obtain an understanding of internal control relevant to the audit in order to design audit proceduresthat are appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the Fund’s internal control;

· evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by the Board of Directors of the Fund;

· conclude on the appropriateness of the Board of Directors of the Fund’s use of the going concernbasis of accounting and, based on the audit evidence obtained, whether a material uncertainty existsrelated to events or conditions that may cast significant doubt on the Fund’s ability to continue as agoing concern. If we conclude that a material uncertainty exists, we are required to draw attention inour audit report to the related disclosures in the financial statements or, if such disclosures areinadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up tothe date of our audit report. However, future events or conditions may cause the Fund to cease tocontinue as a going concern;

· evaluate the overall presentation, structure and content of the financial statements, including thedisclosures, and whether the financial statements represent the underlying transactions and eventsin a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the plannedscope and timing of the audit and significant audit findings, including any significant deficiencies ininternal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevantethical requirements regarding independence, and to communicate with them all relationships andother matters that may reasonably be thought to bear on our independence, and where applicable,related safeguards.

From the matters communicated with those charged with governance, we determine those matters thatwere of most significance in the audit of the financial statements of the current period and are thereforethe key audit matters. We describe these matters in our audit report unless law or regulation precludespublic disclosure about the matter.

Report on other legal and regulatory requirements

We have been appointed as “Réviseur d’entreprises agréé” of the Fund by the General Meeting of theShareholders on 28 June 2018 and the duration of our uninterrupted engagement, including previousrenewals and reappointments, is 2 years.

PricewaterhouseCoopers, Société cooperative Luxembourg, 12 April 2019Represented by

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Statement of net assets as December 31, 2018

Assets Notes EUR

Investments at market value 2.1 2.576.256.186 Cash at bank 259.379.940 Unrealized gain on forward foreign exchange contracts 2.5 8.044.240 Receivable on investments 18.671.431 Other assets 1.905.189

Total assets 2.864.256.986

Liabilities

Unrealized loss on forward foreign exchange contracts 2.5 (24.351.892) Management fees 3 (14.377.404) Performance fees 3 (66.992.824) Depositary fees 5 (265.837) Administration fees 5 (313.287) Auditor fees (390.589) "Taxe d'abonnement" 4 (623.452) Liabilities on interest on credit facilities 10 (437.500) Payables on investments (6.232.574) Other liabilities (5.120.585)

Total liabilities (119.105.944)

Net asset value 2.745.151.042

The accompanying notes form an integral part of these financial statements.


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Statement of operations and changes in net assets f or the year ended December 31, 2018

Notes EURIncomeInterests on bank accounts 2.6 86.313Interests on time deposits 2.6 71.000Income on investments 2.6 41.871.408Other income 33.576

Total income 42.062.297

ExpensesInterest on time deposits (446.461) Administration fees 5 (980.984) Management fees 3 (43.749.455) Advisory fees (2.382.357) Domicilary Agent fees 5 (10.000) Performance fees 3 (30.158.268) "Taxe d'abonnement" 4 (1.187.442) Audit fees (576.541) Printing and publication expenses (57.713) Interest paid (145.135) Interest paid on credit facilities 10 (2.836.832) Registrar and Transfer Agent fees 5 (61.675) Depositary fees 5 (456.037) CSSF fees (4.000) Other expenses 7 (1.819.954)

Total expenses (84.872.854)

Ordinary net income (42.810.557)

Realized profit on investments 2.3 106.295.711 Realized profit on forward foreign exchange contracts 2.5 113.039.592 Realized profit on currency 2.2 15.905.628

Realized loss on investments 2.3 (9.728.496) Realized loss on forward foreign exchange contracts 2.5 (104.821.218) Realized loss on currency 2.2 (8.429.995)

Net realized profit/loss 112.261.222

Change in unrealized profit on investments 2.4 128.250.109 Change in unrealized profit on forward foreign exchange contracts 2.5 (8.430.112) Change in unrealized profit on currency 2.2 14.363.349

Change in unrealized loss on investments 2.4 (22.672.395) Change in unrealized loss on forward foreign exchange contracts 2.5 (19.052.581) Change in unrealized loss on currency 2.2 27.628.973

Net change in unrealized profit/loss 120.087.343

NET INCREASE/ DECREASE (-) IN NET ASSETS RESULTING FROM OPERATIONS 189.538.008



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Statement of operations and changes in net assets f or the year ended December 31, 2018 (continued)

Capital TransactionsNet capital subscriptions/ redemptions (-)I (EUR) Shareholders (4.829.032) R (EUR) Shareholders 55.888.460 I (USD) Shareholders (9.688.872) R (USD) Shareholders 26.740.099 D (GBP) Shareholders (288.566) I (AUD) Shareholders 233.845.635 A (GBP) Shareholders 14.840.242 R (CHF) Shareholders 1.138.213 E (EUR) Shareholders 39.303.141 E (USD) Shareholders 52.516.169 E (GBP) Shareholders 3.357.234 E (JPY) Shareholders 49.137.496 E (CHF) Shareholders 24.869.060 E (SEK) Shareholders 23.929.287 T (EUR) Shareholders 125.000 T (CHF) Shareholders 758.502

NET INCREASE/ DECREASE (-) IN NET ASSETS RESULTING FROM CAPITAL TRANSACTIONS 511.642.068

Net AssetsBeginning of the year 2.043.970.966 Total increase in net assets 701.180.076

NET ASSETS AT THE END OF THE YEAR 2.745.151.042



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Statement of investments as at December 31, 2018

Delisted investment formerly admitted to an officia l stock exchange PGA (*) Currency

Market Value in EUR

Market value as a percentage of Net Asset

Value in %

Penta CLO I S.A. EUR 0 0,00

Total delisted investment formerly admitted to an o fficial stock exchange (Cost EUR 0) 0 0,00

Transferable securities fund investments CurrencyMarket Value

in EUR


Value in %

Partners Group Private Investments - Listed Equity EUR 1.400.167 0,05

Total transferable securities fund investments (Cost EUR 976.737) 1.400.167 0,05


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Statement of investments as at December 31, 2018 (c ontinued)

Private Equity Funds PGA (*) CurrencyMarket Value

in EUR


Value in %

3i Eurofund Vb EUR 1.708.191 0,063i Eurofund Vb PGA 210 EUR 842.166 0,03Acacia I, L.P. EUR 74.782 0,00Advanced Technology Ventures VII, L.P. PGA 378 USD 29.239 0,00Advent International GPE V-C, L.P. EUR 37.642 0,00Advent International GPE VI, L.P. PGA 116 EUR 199.661 0,01Advent International GPE VIII-A LP PGA 806 EUR 4.687.704 0,17Affinity Asia Pacific Fund V L.P. PGA 811 USD 1.710.451 0,06AIF VII Private Investors Offshore, L.P. (JPM) PGA 347 USD 84.724 0,00Amadeus III, L.P. GBP 1.210.225 0,04American Capital Equity I, LLC USD 132.968 0,00Apax Europe VI-A, L.P. PGA 141 EUR 87.006 0,00Apax Europe VII - A, L.P. PGA 141 EUR 90.085 0,00APAX Europe VII - B, L.P. PGA 347 EUR 222.623 0,01Apax IX EUR (Feeder) L.P. EUR 7.874.647 0,29Anonymized European Buyout Fund 9** PGA 347 EUR 68.115 0,00Anonymized European Buyout Fund 15** PGA 409 EUR 4.730.301 0,17Apollo Investment Fund IX, L.P. USD 568 0,00Apollo Overseas Partners VII, L.P. PGA 372 USD 20.692 0,00Apollo Overseas Partners VIII, L.P. PGA 560 USD 7.609.579 0,28Ares Corporate Opportunities Fund II, L.P. USD 244.821 0,01Ares Corporate Opportunities Fund II, L.P. PGA 126 USD 36.771 0,00Ares Corporate Opportunities Fund III, L.P. PGA 65 USD 3.128.912 0,11Astorg III, FCPR PGA 127 EUR 7 0,00Astorg IV FCPR EUR 5.398 0,00Astorg IV FCPR PGA 128 EUR 1.080 0,00August Equity Partners II A, L.P. GBP 425.317 0,02Avista Capital Partners (Offshore), L.P. PGA 11 USD 82.750 0,00Anonymized US Buyout Fund 5** PGA 141 USD 10.423 0,00Anonymized US Buyout Fund 5** PGA 88 USD 168.151 0,01Anonymized US Buyout Fund 2** PGA 470 USD 346.844 0,01Anonymized US Buyout Fund 2** PGA 49 USD 736.291 0,03Anonymized US Buyout Fund 4** USD 380.243 0,01Anonymized US Buyout Fund 8** PGA 49 USD 25.347 0,00Baring Asia Private Equity Fund VI L.P. PGA 695 USD 5.964.179 0,22BC European Capital X, L.P. EUR 17.030.197 0,62Berkshire Fund IX, L.P. USD 2.695.912 0,10BGH Capital Fund I PGA 823 AUD 17.957 0,00Global Office and Hotel Fund VI** PGA 96 USD 499.808 0,02CAI Capital Partners & Co. III, L.P. CAD 2.828 0,00Candover 2005 Fund, L.P. EUR 1 0,00Candover 2005 Fund, L.P. PGA 200 EUR 1 0,00Capvis V L.P. EUR 5.770.786 0,21Anonymized US Buyout Fund 1** PGA 181 USD 20.533 0,00

such an access vehicle.

**) The investment has not been disclosed due to confidentiality reasons; for further details see Note 6.

*) PGA means a Partners Group Access LP and describes cases where the Fund does not invest directly in the underlying but via



- 19 -


PGA (*) CurrencyMarket Value

in EUR


Value in %

Carlyle Partners VI, L.P. USD 8.132.000 0,30Carlyle Partners VII, L.P. USD 711.510 0,03CCMP II Private Investors Offshore, L.P. PGA 347 USD 164 0,00Charterhouse Capital Partners X L.P. EUR 4.617.237 0,17CCPIII EUR 3.564.810 0,13ComVentures V, L.P. PGA 378 USD 2.806 0,00CVC Capital Partners Asia Pacific II, L.P. PGA 141 USD 1.836 0,00CVC Capital Partners Asia Pacific III, L.P. PGA 141 USD 37.761 0,00CVC Capital Partners VI L.P. PGA 546 EUR 6.758.641 0,25CVC Capital Partners VII L.P. PGA 826 EUR 3.871.475 0,14CVC European Equity Partners IV, L.P. EUR 1.590 0,00CVC European Equity Partners IV, L.P. PGA 116 EUR 697 0,00DCM III, L.P. PGA 378 USD 27.306 0,00Development Capital I, SCA (Alto Capital I) EUR 175.610 0,01Doughty Hanson & Co V EUR 150.042 0,01Edison Venture Fund IV, L.P. PGA 378 USD 414 0,00Edison Venture Fund V, L.P. PGA 378 USD 2.011 0,00Edison Venture Fund VI, L.P. PGA 378 USD 65.017 0,00Energy Future Holding Corp USD 2.055 0,00Energy Future Holding Corp USD 16.056 0,00EnerTech Capital Partners II, L.P. PGA 378 USD 41.028 0,00EQT Mid Market Europe Fund (No. 1) Feeder L.P. EUR 5.913.474 0,22EQT VI (No.1) Limited Partnership PGA 346 EUR 1.766.638 0,06EQT VII, L.P. PGA 784 EUR 5.101.439 0,19EQT VIII, L.P. EUR 75.325 0,00Exponent Private Equity Partners III, L.P. GBP 7.292.361 0,27Financial Technology Ventures III L.P. PGA 378 USD 26.221 0,00First Reserve Fund XI, L.P. USD 148.906 0,01First Reserve Fund XII, L.P. USD 459.039 0,02Frazier Healthcare Groth Buyout Fund VIII, L.P. USD 6.209.806 0,23Gabriel Venture Partners II, L.P. PGA 378 USD 5.510 0,00Gavea Investment Fund V C L.P.** USD 2.538.421 0,09Growth Fund Trust 3 AUD 2.895.716 0,11Gryphon Partners V, L. P. USD 5.295.843 0,19Hellman & Friedman Capital Partners VI, L.P. USD 333.039 0,01Hellman & Friedman Capital Partners VIII, L.P. USD 7.670.596 0,28Anonymized European Real Estate Fund** PGA 151 EUR 15.597 0,00Hg Saturn I L.P. GBP 2.514.778 0,09Hony Capital Fund VIII (Cayman), L.P. PGA 426 USD 8.701.255 0,32KKR 2006 Private Investors Offshore, L.P. PGA 347 USD 57.192 0,00KKR Americas Fund XII L.P. USD 6.288.214 0,23KKR Asian Fund III (EEA) SCSp USD 2.635.224 0,10KKR European Fund IV, L.P. PGA 733 EUR 9.066.034 0,33Kohlberg TE Investors VI, L.P. USD 171.854 0,01Kohlberg TE Investors VI, L.P. PGA 372 USD 2.233 0,00Livingbridge 6 LP GBP 4.429.183 0,16Madison Dearborn Capital Partners V, L.P. PGA 363 USD 18.295 0,00Madison Dearborn Capital Partners V, L.P. PGA 364 USD 20.328 0,00Menlo Ventures IX, L.P. USD 68.826 0,00Menlo Ventures X, L.P. USD 598.509 0,02






- 20 -



in EUR


Value in %

MidOcean Partners III, L.P. PGA 364 USD 171.108 0,01Montagu III, L.P. PGA 116 EUR 1 0,00New Enterprise Associates 11, L.P. PGA 141 USD 10.360 0,00New Enterprise Associates 12, L.P. USD 81.925 0,00New Enterprise Associates 12, L.P. PGA 141 USD 21.165 0,00New Enterprise Associates 12, L.P. PGA 378 USD 8.193 0,00New Enterprise Associates 13, L.P. PGA 378 USD 48.685 0,00New Enterprise Associates 8A, L.P. PGA 141 USD 2.492 0,00New Enterprise Associates 9, L.P. PGA 141 USD 10.415 0,00New Enterprise Associates VIII, L.P. PGA 141 USD 7.569 0,00New Enterprise Associates X, L.P. PGA 141 USD 27.442 0,00Nordic Capital IX, L.P. EUR 683.211 0,02Nordic Capital VIII Alpha, L.P. EUR 2.727.813 0,10Noro-Moseley Partners VI, L.P. PGA 378 USD 9.189 0,00Nth Power Technologies Fund II, L.P. PGA 378 USD 3.046 0,00

Oak Hill Capital Partners IV, L.P. ÛSD 14.357.456 0,52OCM Principal Opportunities Fund IV, L.P. PGA 372 USD 1.433 0,00Pamlico Capital II Parallel Fund, L.P. USD 25.834 0,00Pamlico Capital II, L.P. USD 44.693 0,00Pamlico Capital Secondary Fund, L.P. USD 2 0,00Pamlico Capital IV, L.P. USD 5.688.611 0,21Partners Group Access 822 L.P. USD 29.825.382 1,09Partners Group Preakness Access L.P. PGA 857 USD 21.306.548 0,78Partners Group Access 967 L.P. EUR 44.998.606 1,64Partners Group Cosmic Access L.P. USD 3.170.170 0,12Partners Group Access 1004 L.P. USD 21.873.774 0,80Partners Group Access Permotio, L.P. EUR 5.554.838 0,20Partners Group Aurora Access 1 LP USD 5.050.561 0,18Partners Group AP & EM Real Estate 2009 USD 4.078.606 0,15Partners Group Asia-Pacific 2005, L.P. USD 1.318.491 0,05Partners Group Client Access 11, L.P. Inc. USD 15.652.450 0,57Partners Group Client Access 13, L.P. Inc. USD 51.793.829 1,89Partners Group Client Access 14, L.P. Inc. EUR 5.531.785 0,20Partners Group Client Access 15, L.P. Inc. USD 13.853.897 0,50Partners Group Client Access 16, L.P. Inc. EUR 48.389.772 1,76Partners Group Client Access 17, L.P. Inc. USD 27.640.750 1,01Partners Group Client Access 19, L.P. Inc. USD 2.913.132 0,11Partners Group Client Access 19A L.P. USD 1.759.868 0,06Partners Group Client Access 24, L.P. Inc. GBP 49.764.521 1,81Partners Group Client Access 25, L.P. Inc. PGA 906 USD 60.040.851 2,19Partners Group Client Access 26 L.P. PGA 994 USD 48.278.347 1,76Partners Group Client Access 29 L.P. USD 7.219.187 0,26Partners Group Client Access 5, L.P. Inc. EUR 5.762.890 0,21Partners Group Client Access 9, L.P. Inc. USD 2.721.717 0,10Partners Group Compound Access, L.P. USD 2.676.498 0,10Partners Group Direct Investments 2006, L.P. EUR 683.461 0,02Partners Group Distressed US RE 2009 SICAR USD 694.339 0,03Partners Group Emerging Markets 2007, L.P. USD 11.366.352 0,41Partners Group European Buyout 2005 (B), L.P. EUR 421.824 0,02






- 21 -



in EUR


Value in %

Partners Group European Buyout 2008 (A), L.P. EUR 2.751.982 0,10Partners Group Exchange Access, L.P. PGA 797 EUR 17.778.994 0,65Partners Group Falcon Access, L.P. USD 10.252.901 0,37Partners Group Fondue Access, L.P. USD 3.293.974 0,12Partners Group Global Value 2008 LP PGA 962 EUR 8.297.721 0,30Partners Group Global Value 2011 LP PGA 962 EUR 20.601.772 0,75Partners Group GLSLMF SICAV EUR EUR 199.693.655 7,27Partners Group Legend Access LP EUR 9.713.965 0,35Partners Group Leopard Access LLC PGA 931 USD 18.615.210 0,68Partners Group LG Access II, L.P. USD 754.068 0,03Partners Group LG Access, L.P. USD 1.504.296 0,05Partners Group Longhorn Access, L.P. USD 3.076.199 0,11Partners Group Madison Access, L.P. USD 207.611 0,01Partners Group Mistral Access L.P. USD 12.138.289 0,44Partners Group Nevada Access, L.P. EUR 13.861.323 0,50Partners Group Nova Access, L.P. USD 3.674.041 0,13Partners Group Noventa Access, L.P. USD 9.221.947 0,34Partners Group Panther Access Blocker, L.P. USD 559.668 0,02Partners Group Panther Access Pass-Through, L.P. USD 11.389 0,00Partners Group Paris 2 Pooling LLC USD 26.945.290 0,98Partners Group Premier Access L.P. EUR 45.802.445 1,67Partners Group Project Selena Access, L.P. USD 9.959.701 0,36Partners Group Providence Access, L.P. USD 6.287.510 0,23Partners Group Roadrunner Access, L.P. EUR 1.493.897 0,05Partners Group Rock Access L.P. USD 3.252.866 0,12Partners Group Secondary 2004, L.P. EUR 102.678 0,00Partners Group Secondary 2006, L.P. EUR 414.876 0,02Partners Group Subordinated Lending Fund S.C.A. EUR 31.833.562 1,16Partners Group Snowball Access L.P. USD 2.175.245 0,08Partners Group Snowball II Access L.P. USD 3.570.812 0,13Partners Group Snowball III Access L.P. USD 2.541.473 0,09Partners Group Softball Access, L.P. USD 12.696.916 0,46Partners Group Spring Access, L.P. USD 5.255.854 0,19Partners Group Surya Access L.P. PGA 1023 USD 14.570.891 0,53Partners Group U.S. Buyout 2007, L.P. USD 3.384.140 0,12Partners Group U.S. Venture 2004, L.P. USD 524.622 0,02Partners Group U.S. Venture 2006, L.P. USD 7.154.954 0,26Partners Group Venture Growth 2018 Access, L.P. USD 1.916.169 0,07Partners Group Wallaby 5 Access, L.P. USD 1.430.941 0,05Pelion Ventures V, L.P. PGA 378 USD 49.165 0,00Permira VI, L.P. 1 PGA 834 EUR 7.603.177 0,28Polish Enterprise Fund VI, L.P. EUR 326.614 0,01Prism Venture Partners V, L.P. USD 30.511 0,00Providence Equity Partners IV, L.P. PGA 363 USD 259 0,00Providence Equity Partners V, L.P. PGA 363 USD 16.428 0,00Providence Equity Partners V, L.P. PGA 372 USD 3.138 0,00Providence Equity Partners VI -A, L.P. PGA 363 USD 58.713 0,00Providence Equity Partners VI -A, L.P. PGA 372 USD 24.022 0,00PSC III, L.P. GBP 4.879.044 0,18






- 22 -



in EUR


Value in %

Quad Partners II, L.P. PGA 378 USD 1.721 0,00Quad Partners III, L.P. PGA 378 USD 63 0,00R/C Gbl Energy & Power Pvt Invs O/S IV, L.P. (JPM) PGA 347 USD 204.195 0,01Racecar Holdings LLC PGA 107 USD 992.854 0,04RBS Special Opportunities Fund F, L.P. GBP 10.815 0,00Saints Capital Falcon, L.P. USD 120.535 0,00Saints Rustic Canyon, L.P. USD 2 0,00SBCVC VI PGA 926 USD 551.406 0,02Searchlight Capital II PV, L.P. USD 5.955.600 0,22Silver Lake Partners II, L.P. PGA 372 USD 628 0,00Silver Lake Partners III, L.P. PGA 181 USD 789.614 0,03Silver Lake Partners III, L.P. PGA 372 USD 31.930 0,00Sixth Cinven Fund (No. 2) L.P. PGA 829 EUR 1.911.212 0,07SL SPV-1, L.P. PGA 181 USD 201.038 0,01SLP III Private Investors Offshore, L.P. (JPM) PGA 347 USD 264.706 0,01Special Opportunities Fund (Guernsey) GBP 51.771 0,00STAR II UK Limited Partnership No.1 EUR 1.997 0,00Sumeru Equity Partners Fund L.P. USD 5.045.121 0,18Summit Partners Private Equity Fund VII-B, L.P. PGA 372 USD 11.786 0,00Summit Ventures VI, L.P. PGA 378 USD 18.064 0,00Sun Capital Partners V, L.P. PGA 372 USD 17.173 0,00TCW/Crescent Mezzanine Partners IVB, L.P. USD 11.732 0,00Third Cinven Fund (No.4), L.P. PGA 129 EUR 1.728 0,00Third Cinven Fund (No.4), L.P. PGA 192 EUR 2.676 0,00Thomas H. Lee Parallel (DT) Fund VI, L.P. USD 253.091 0,01Thomas H. Lee Parallel Fund VI, L.P. USD 1.141.826 0,04Thompson Street Capital Partners V, L.P. USD 1.469.079 0,05TPG Asia VI, L.P. PGA 664 USD 3.644.053 0,13TPG Partners V, L.P. USD 141.992 0,01TPG Partners V, L.P. PGA 474 USD 377.340 0,01TPG Partners VI, L.P. PGA 372 USD 22.724 0,00TPG Partners VI, L.P. PGA 472 USD 1.266.392 0,05TPG Partners VI, L.P. PGA 67 USD 748.651 0,03TPG Partners VI, L.P. PGA 717 USD 980.979 0,04Trident IV, L.P. USD 277.634 0,01Trident IV, L.P. PGA 372 USD 4.211 0,00Trident VII USD 10.674.518 0,39True North VI USD 0 0,00Upfront II, L.P. PGA 608 USD 653.650 0,02Upfront V, L.P. USD 5.910.515 0,22UV Partners IV Financial Institutions Fund, L.P. PGA 378 USD 393.262 0,01Warburg Pincus Private Equity X, L.P. PGA 35 USD 1.731.935 0,06Warburg Pincus Private Equity XII, L.P. PGA 711 USD 5.836.848 0,21

Total private equity Funds (Cost EUR 1.080.593.418) 1.277.830.925 46,55






- 23 -


Direct private equity investments PGA (*) CurrencyMarket Value

in EUR


Value in %

AAVAS Financiers Limited INR 31.228.009 1,14Acrisure USD 39.577.289 1,44Acrisure PGA 162 USD 2.288.960 0,08Action PGA 424 EUR 24.529.007 0,89ADT Corporation PGA 820 USD 5.183.805 0,19Affordable Care, Inc. PGA 614 USD 5.101.363 0,19AlliedUniversal USD 59.850.955 2,18Amann Girrbach PGA 952 EUR 18.790.513 0,68Ascensus USD 55.226 0,00Ascensus PGA 213 USD 2.092.314 0,08Atria Convergence Technologies Pvt., Ltd. USD 13.321.308 0,49Lancelot** PGA 613 USD 655.114 0,02CapitalSpring Finance Company LLC PGA 710 USD 1.717.251 0,06CeramTec GmbH EUR 11.968.172 0,44Ceridian HCM PGA 997 USD 3.141.847 0,11Cerba HealthCare PGA 216 EUR 76.393.953 2,78Claranet PGA 896 GBP 1.613.605 0,06Clarivate Analytics USD 14.648.201 0,53Media and communications company** USD 1 0,00CPA Global PGA 946 GBP 43.370.675 1,58CSS Corporate Technologies USD 2.111.039 0,08Duffy Capital (Direct) PGA 608 USD 222.350 0,01Duffy Capital Warrant USD 1 0,00Envision Healthcare Holdings, Inc. PGA 1015 USD 2.806.921 0,10eResearch Technology, Inc. PGA 812 USD 5.426.852 0,20Faster S.p.A. PGA 686 EUR 56.261 0,00Frontmatec DKK 11.931.262 0,43

GBA Gesellschaft für Bioanalytik GmbH EUR 14.252.732 0,52

Genesys PGA 358 USD 374.575 0,01Genesys PGA 358 USD 36.240 0,00Green Tea Restaurant CNY 24.544.648 0,89Project Icon** PGA 387 EUR 70.684 0,00

Guardian Early Learning Group AUD 26.912.380 0,98Hearthside Food Solutions PGA 990 USD 35.497.183 1,29Hofmann Menue Manufaktur EUR 4.421.810 0,16Hofmann Menue Manufaktur EUR 2.469.112 0,09Hofmann Menue Manufaktur EUR 39.348 0,00Hofmann Menue Manufaktur EUR 70.466 0,00Hortifruti BRL 20.414.672 0,74IDEMIA EUR 1.185.440 0,04Nexi S.p.A. EUR 1.893.162 0,07Kaffee Partner AG PGA 191 EUR 2 0,00Kerneos PGA 632 EUR 1 0,00Key Retirement Group GBP 14.455.822 0,53Kofola S.A. PGA 108 EUR 2 0,00Labeyrie EUR 398.993 0,01Project Lock** PGA 732 EUR 5.677.000 0,21Education publisher 2** PGA 998 USD 1.191.261 0,04Osmose Holdings, Inc. PGA 610 USD 19.963.182 0,73Pacific Bells USD 3.453.047 0,13Pacific Bells PG Wings Holdings LLC PGA 761 USD 3.453.047 0,13Polyconcept PGA 872 USD 13.519.724 0,49Prometric USD 3.800.160 0,14QoL Meds PGA 606 USD 718.948 0,03Craveable Brands Limited PGA 393 AUD 395.129 0,01Project Gold Chain** USD 26.114.839 0,95






- 24 -



in EUR


Value in %

Project Sun** PGA 392 EUR 2 0,00S. TOUS, S.L. EUR 1.453.735 0,05Safe Fleet Holdings LLC USD 15.205.181 0,55Seabras-1 USD 2.088.578 0,08SGG PGA 786 EUR 17.784.585 0,65Softonic International EUR 135.860 0,00SPi Global PGA 188 USD 27.096.036 0,99SRS Distribution PGA 999 USD 33.058.669 1,21STADA Arzneimittel AG PGA 677 EUR 14.484.073 0,53SunGard Data Systems, Inc. USD 33.770 0,00The Sports Authority, Inc. USD 3 0,00TCK Holdings PGA 808 USD 3.275.022 0,12TruckPro Incorporated PGA 212 USD 447.773 0,02Univision Communications, Inc. USD 373.885 0,01Varsity Brands PGA 713 USD 1 0,00Vermaat EUR 30.355.923 1,11Vermaat PGA 110 EUR 184.156 0,01Vishal Mega Mart PG Kaziranga Limited PGA 925 INR 24.784.975 0,90Vistra Group Limited PGA 785 USD 3.743.728 0,14Voyage Care PGA 648 GBP 6.863.430 0,25US-based sports and entertainment company** USD 13.069.810 0,48

Total direct private equity investments (Cost EUR 5 99.979.793) 797.845.058 29,07

Debt investments PGA (*) CurrencyMarket Value

in EUR


Value in %

ADT Corporation PGA 820 USD 5.184.429 0,19Affordable Care, Inc. PGA 614 USD 9.198.725 0,34AHT Cooling Systems GmbH EUR 1.685.653 0,06AS Adventure GBP 12.608.914 0,46Ascensus PGA 213 USD 15.298.168 0,56Autoform Autoform / First Lien EUR LOANS EUR 7.609.938 0,28Autoform/First Lien USD LOANS USD 3.490.985 0,13BioClinica, Inc. USD 19.712.284 0,72Caffe Nero GBP 3.716.151 0,14CapitalSpring Finance Company LLC PGA 710 USD 3.992.660 0,15CEVA Santé Animale EUR 5.923.474 0,22Claranet EUR 6.756.129 0,25Claranet GBP 891.727 0,03Comexposium EUR 1.505.063 0,05Community Brands USD 22.118.309 0,81Diligent Corporation USD 10.687.540 0,39Diligent Corporation USD 3.594.673 0,13European Sports Rights Company** EUR 11.675.005 0,43Duffy Capital (Direct) PGA 608 USD 290.042 0,01Envision Healthcare Holdings, Inc. PGA 1015 USD 18.896.402 0,69eResearch Technology, Inc. USD 5.926.089 0,22eResearch Technology, Inc. PGA 812 USD 21.648.986 0,79






- 25 -



in EUR


Value in %Healogics, Inc. PGA 669 USD 7.172.376 0,26Hearthside Food Solutions PGA 990 USD 9.704.803 0,35Kaffee Partner AG PGA 191 EUR 1.835.260 0,07Key Retirement Group GBP 9.787.572 0,36Kofola S.A. PGA 108 EUR 2 0,00Labeyrie EUR 9.786.231 0,36Labeyrie PGA 683 GBP 4.318.243 0,16Lifeways Community Care GBP 5.580.836 0,20Logoplaste EUR 14.143.125 0,52Loungers Ltd GBP 17.056.376 0,62Motor Fuel Group GBP 16.436.324 0,60National Spine & Pain Centers USD 6.749.641 0,25National Technical Systems USD 7.371.980 0,27Netsmart Technologies, Inc. PGA 159 USD 27.811.175 1,01IDEMIA EUR 21.266.114 0,77Pacific Bells USD 4.552.900 0,17Pacific Bells PG Wings Holdings LLC PGA 761 USD 4.552.900 0,17Photonis Holding S.A.S. USD 2.247.926 0,08Photonis Holding S.A.S. PGA 586 EUR 5.512.275 0,20Plano Synergy USD 2.695.141 0,10Prometric USD 14.253.871 0,52Prosol EUR 12.438.747 0,45Project Sun** PGA 392 EUR 1 0,00S. TOUS, S.L. EUR 8.173.212 0,30Seabras-1 USD 3.132.867 0,11Softonic International EUR 114.191 0,00Springer Science+Business Media EUR 2.803.703 0,10Springer Science+Business Media USD 2.749.351 0,10STADA Arzneimittel AG PGA 677 EUR 21.346.020 0,78Strategic Partners, Inc. USD 17.453.787 0,64Survitec Group, Ltd GBP 5.235.892 0,19The Sports Authority, Inc. USD 1 0,00Tierpoint USD 6.849.514 0,25Touchtunes Interactive Networks USD 5.201.366 0,19Vermaat EUR 3.591.296 0,13Vistra Group Limited EUR 4.184.608 0,15Zentiva B.V. GBP 12.991.163 0,47Zentiva B.V. EUR 7.667.901 0,28

Total debt investments (Cost EUR 499.073.524) 499.180.037 18,18

Total investments (Cost EUR 2.180.623.472) 2.576.256.186 93,85






- 26 -

Statement of forward foreign exchange contracts as at December 31, 2018

At December 31, 2018, the following forward foreign exchange contracts were open:

At fund level

Currency bought

Purchased amount

Currency sold

Sold amount

Maturity Date Counterparty Unrealized gain / loss (-) (EUR)

EUR 80.453.900 GBP (71.300.000) 24.01.2019 ZKB 1.037.815 EUR 80.451.340 GBP (71.300.000) 24.01.2019 ZKB 1.035.254 EUR 77.485.921 USD (89.600.000) 24.01.2019 ZKB (719.809) EUR 77.485.921 USD (89.600.000) 24.01.2019 ZKB (719.809) EUR 83.311.870 USD (95.100.000) 24.01.2019 Barclays 305.862 EUR 70.660.536 USD (80.600.000) 21.02.2019 Credit Suisse 472.087 EUR 70.666.111 USD (80.600.000) 21.02.2019 Credit Suisse 477.665 EUR 70.693.693 USD (80.600.000) 21.02.2019 Credit Suisse 505.262 EUR 82.950.852 USD (95.100.000) 21.03.2019 Credit Suisse 364.507 EUR 82.943.979 USD (95.100.000) 21.03.2019 Credit Suisse 357.629 EUR 82.951.214 USD (95.100.000) 21.03.2019 Credit Suisse 364.869 EUR 83.038.439 USD (95.200.000) 21.03.2019 Credit Suisse 365.253

Total 3.846.585

At hedged share class level

Currency bought

Purchased amount

Currency sold

Sold amount

Class Maturity Date Counterparty Unrealized gain / loss (-) (EUR)

USD 46.076.400 EUR (40.660.000) I (USD) 14.02.2019 Credit Suisse (511.079) EUR 630.000 USD (718.122) I (USD) 14.02.2019 ZKB 4.259 USD 107.644.462 EUR (95.000.000) R (USD) 14.02.2019 ZKB (1.203.419) USD 100.383.728 EUR (88.580.000) R (USD) 14.02.2019 Credit Suisse (1.110.093)

USD 107.642.743 EUR (95.000.000) R (USD) 14.02.2019 JP Morgan Securities Plc (1.204.918)

GBP 17.167.626 EUR (19.640.000) D (GBP) 14.02.2019 JP Morgan Securities Plc (530.935)

GBP 80.036 EUR (90.000) D (GBP) 14.02.2019 Bank of Australia London (912)

AUD 149.448.775 EUR (95.000.000) I (AUD) 14.02.2019 Credit Suisse (3.240.641)

AUD 149.426.925 EUR (95.000.000) I (AUD) 14.02.2019 Credit Suisse (3.254.063) AUD 148.061.702 EUR (94.150.000) I (AUD) 14.02.2019 Credit Suisse (3.242.298) AUD 33.296.288 EUR (21.360.000) I (AUD) 14.02.2019 Credit Suisse (916.660) AUD 111.400.800 EUR (70.000.000) I (AUD) 14.03.2019 Credit Suisse (1.752.950) AUD 124.586.792 EUR (78.290.000) I (AUD) 14.03.2019 Credit Suisse (1.964.869) EUR 3.220.000 AUD (5.254.827) I (AUD) 14.03.2019 ZKB 693 GBP 31.170.290 EUR (35.670.000) A (GBP) 14.02.2019 JP Morgan Securities Plc (974.755) GBP 142.287 EUR (160.000) A (GBP) 14.02.2019 Bank of Australia London (1.621) CHF 34.602.985 EUR (30.500.000) R (CHF) 14.02.2019 ZKB 226.386 EUR 130.000 CHF (146.981) R (CHF) 14.02.2019 ZKB (514) CHF 281.465 EUR (250.000) R (CHF) 14.02.2019 ZKB (69) USD 83.378.060 EUR (73.580.000) E (USD) 14.02.2019 Credit Suisse (928.077) USD 79.327.640 EUR (70.000.000) E (USD) 14.02.2019 Credit Suisse (877.430) USD 79.321.984 EUR (70.000.000) E (USD) 14.02.2019 JP Morgan Securities Plc (882.361) EUR 800.000 USD (911.901) E (USD) 14.02.2019 ZKB 5.408 EUR 2.100.000 USD (2.412.970) E (USD) 14.02.2019 Barclays (2.568) GBP 9.816.316 EUR (11.230.000) E (GBP) 14.02.2019 JP Morgan Securities Plc (303.585) GBP 26.679 EUR (30.000) E (GBP) 14.02.2019 Bank of Australia London (304) JPY 8.293.472.695 EUR (64.680.000) E (JPY) 14.02.2019 JP Morgan Securities Plc 1.365.743 JPY 685.237.006 EUR (5.330.000) E (JPY) 14.02.2019 Barclays 126.947 JPY 137.381.660 EUR (1.090.000) E (JPY) 14.02.2019 Barclays 4.041 CHF 57.281.423 EUR (50.480.000) E (CHF) 14.02.2019 Credit Suisse 384.145 CHF 56.728.250 EUR (50.000.000) E (CHF) 14.02.2019 Credit Suisse 372.941 CHF 2.589.126 EUR (2.290.000) E (CHF) 14.02.2019 ZKB 9.061 CHF 2.780.874 EUR (2.470.000) E (CHF) 14.02.2019 ZKB (679) SEK 158.452.265 EUR (15.380.000) E (SEK) 14.02.2019 Barclays 249.398 SEK 1.125.642 EUR (110.000) E (SEK) 14.02.2019 ZKB 1.031 CHF 1.191.333 EUR (1.050.000) T (CHF) 14.02.2019 ZKB 7.867 CHF 33.919 EUR (30.000) T (CHF) 14.02.2019 ZKB 119 CHF 3.301.517 EUR (2.940.000) T (CHF) 14.03.2019 Credit Suisse (7.463) CHF 56.277 EUR (50.000) T (CHF) 14.03.2019 ZKB (13)

Total (20.154.237)

Total Forward Foreign Exchange Contracts (16.307.652)



- 27 -

Statement of net asset value per share class for th e year ended December 31, 2018 Total net assets as at December 31, 2016

I (EUR) Shareholders 104.653.846 EURR (EUR) Shareholders 342.372.775 EURI (USD) Shareholders 75.600.759 USDR (USD) Shareholders 333.519.891 USDD (GBP) Shareholders 27.679.193 GBPI (AUD) Shareholders 338.970.069 AUDA (GBP) Shareholders 22.858.717 GBPR (CHF) Shareholders 46.670.219 CHFE (EUR) Shareholders 71.588.525 EURE (USD) Shareholders 192.719.909 USDE (GBP) Shareholders 9.843.200 GBPE (JPY) Shareholders 3.376.105.276 JPYE (CHF) Shareholders 95.672.828 CHF

1.552.507.847 EUR

Total net assets as at December 31, 2017

I (EUR) Shareholders 104.840.249 EURR (EUR) Shareholders 406.040.285 EURI (USD) Shareholders 77.143.304 USDR (USD) Shareholders 436.411.005 USDD (GBP) Shareholders 25.607.553 GBPI (AUD) Shareholders 660.267.617 AUDA (GBP) Shareholders 33.633.194 GBPR (CHF) Shareholders 49.838.651 CHFE (EUR) Shareholders 120.994.389 EURE (USD) Shareholders 292.908.383 USDE (GBP) Shareholders 11.640.625 GBPE (JPY) Shareholders 7.030.353.434 JPYE (CHF) Shareholders 144.444.180 CHFT (EUR) Shareholders 7.398.429 EURT (CHF) Shareholders 5.844.591 CHF

2.043.970.966 EUR

Total net assets as at December 31, 2018

I (EUR) Shareholders 107.392.948 EURR (EUR) Shareholders 488.193.297 EURI (USD) Shareholders 71.440.434 USDR (USD) Shareholders 496.636.093 USDD (GBP) Shareholders 27.532.713 GBPI (AUD) Shareholders 1.120.789.829 AUDA (GBP) Shareholders 49.972.108 GBPR (CHF) Shareholders 53.456.352 CHFE (EUR) Shareholders 169.266.507 EURE (USD) Shareholders 379.550.349 USDE (GBP) Shareholders 15.699.687 GBPE (JPY) Shareholders 13.929.243.589 JPYE (CHF) Shareholders 180.787.577 CHFE (SEK) Shareholders 244.252.873 SEKT (EUR) Shareholders 8.156.179 EURT (CHF) Shareholders 7.100.111 CHF

2.745.151.042 EUR



- 28 -

Statement of net asset value per share class for th e year ended December 31, 2018 (continued) Total net asset value per share as at December 31, 2016

I (EUR) Shareholders 208,39 EURR (EUR) Shareholders 193,99 EURI (USD) Shareholders 276,83 USDR (USD) Shareholders 251,86 USDD (GBP) Shareholders 199,87 GBPI (AUD) Shareholders 178,99 AUDA (GBP) Shareholders 199,43 GBPR (CHF) Shareholders 118,18 CHFE (EUR) Shareholders 207,26 EURE (USD) Shareholders 277,51 USDE (GBP) Shareholders 199,79 GBPE (JPY) Shareholders 10.769,14 JPYE (CHF) Shareholders 108,51 CHF

Total net asset value per share as at December 31, 2017

I (EUR) Shareholders 220,71 EURR (EUR) Shareholders 203,91 EURI (USD) Shareholders 309,51 USDR (USD) Shareholders 279,43 USDD (GBP) Shareholders 215,63 GBPI (AUD) Shareholders 196,20 AUDA (GBP) Shareholders 214,57 GBPR (CHF) Shareholders 127,55 CHFE (EUR) Shareholders 218,91 EURE (USD) Shareholders 309,41 USDE (GBP) Shareholders 214,96 GBPE (JPY) Shareholders 11.748,81 JPYE (CHF) Shareholders 117,68 CHFT (EUR) Shareholders 219,75 EURT (CHF) Shareholders 118,41 CHF

Total net asset value per share as at December 31, 2018

I (EUR) Shareholders 236,50 EURR (EUR) Shareholders 216,52 EURI (USD) Shareholders 332,75 USDR (USD) Shareholders 297,67 USDD (GBP) Shareholders 234,09 GBPI (AUD) Shareholders 217,87 AUDA (GBP) Shareholders 232,18 GBPR (CHF) Shareholders 133,23 CHFE (EUR) Shareholders 233,80 EURE (USD) Shareholders 331,60 USDE (GBP) Shareholders 232,57 GBPE (JPY) Shareholders 12.264,60 JPYE (CHF) Shareholders 123,64 CHFE (SEK) Shareholders 990,53 SEKT (EUR) Shareholders 238,52 EURT (CHF) Shareholders 126,37 CHF



- 29 -

Statement of changes in the number of shares outsta nding for the year ended December 31, 2018

Number of shares outstanding at the beginning of th e yearI (EUR) Shareholders 475.016,373R (EUR) Shareholders 1.991.234,491I (USD) Shareholders 249.242,066R (USD) Shareholders 1.561.764,026D (GBP) Shareholders 118.758,767I (AUD) Shareholders 3.365.223,716A (GBP) Shareholders 156.749,107R (CHF) Shareholders 390.748,200E (EUR) Shareholders 552.707,454E (USD) Shareholders 946.673,314E (GBP) Shareholders 54.153,562E (JPY) Shareholders 598.388,244E (CHF) Shareholders 1.227.431,458E (SEK) Shareholders 0,000T (EUR) Shareholders 33.667,779T (CHF) Shareholders 49.357,316

Total number of shares outstanding at the beginning of the year 11.771.115,873

Net change in number of shares during the yearI (EUR) Shareholders (20.923,914)R (EUR) Shareholders 263.531,170I (USD) Shareholders (34.547,112)R (USD) Shareholders 106.666,929D (GBP) Shareholders (1.143,184)I (AUD) Shareholders 1.779.125,600A (GBP) Shareholders 58.482,790R (CHF) Shareholders 10.483,713E (EUR) Shareholders 171.257,838E (USD) Shareholders 197.944,056E (GBP) Shareholders 13.350,203E (JPY) Shareholders 537.338,899E (CHF) Shareholders 234.802,092E (SEK) Shareholders 246.587,000T (EUR) Shareholders 526,604T (CHF) Shareholders 6.826,079

Total net change in number of shares during the yea r 3.570.308,764

Number of shares outstanding at the end of the yearI (EUR) Shareholders 454.092,459R (EUR) Shareholders 2.254.765,661I (USD) Shareholders 214.694,955R (USD) Shareholders 1.668.430,955D (GBP) Shareholders 117.615,583I (AUD) Shareholders 5.144.349,316A (GBP) Shareholders 215.231,897R (CHF) Shareholders 401.231,913E (EUR) Shareholders 723.965,292E (USD) Shareholders 1.144.617,370E (GBP) Shareholders 67.503,765E (JPY) Shareholders 1.135.727,143E (CHF) Shareholders 1.462.233,549E (SEK) Shareholders 246.587,000T (EUR) Shareholders 34.194,383T (CHF) Shareholders 56.183,396

Total number of shares outstanding at the end of th e year 15.341.424,637



- 30 -

Notes to the financial statements for the year ende d December 31, 2018

1. General

Partners Group Global Value SICAV (the "Fund" ) was incorporated on February 1, 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 December 17, 2010 as amended.

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.

Until December 21, 2018 (Cut-off Date December) the following Classes of Shares (Old Share Classes) were offered:

- Class I Shares, reserved to investors specifically approved by the Directors, available in the base currency of EUR, USD, and AUD;

- Class R Shares to all investors available in the base currency EUR, CHF and USD;

- Class D Shares to all investors available in the base currency GBP;

- Class E Shares to all investors available in the base currency EUR, USD, GBP, JPY, CHF and SEK;

- Class A Shares to all investors available in the base currency GBP;

- Class T Shares reserved to select entrepreneurs from Partners Group’s network, industry advisors, Partners Group employees and its affiliates as approved by the Directors from time to time in the base currency EUR and CHF.

Since December 22, 2018, only subscription requests for the following Classes of Shares (New Share Classes) can be placed:

- Class I-N Shares, reserved to investors specifically approved by the Directors, available in the base currency of AUD;

- Class R-N Shares to all investors available in the base currency EUR, CHF, SEK and USD;

- Class E-N Shares to all investors available in the base currency EUR, USD, GBP, JPY, CHF and SEK;

- Class A-N Shares to all investors available in the base currency GBP;

- Class T-N Shares reserved to select entrepreneurs from Partners Group’s network, industry advisors, Partners Group employees and its affiliates as approved by the Directors from time to time in the base currency EUR, USD and CHF.

None of the New Share Classes have been subscribed during the financial year.

The Fund qualifies as an alternative investment fund under Directive 2011/61/EU of the European Parliament and of the Council of June 8, 2011 on Alternative Investment Fund Managers, which has been implemented into Luxembourg law by the Law of July 12, 2013 on Alternative Investment Fund Managers (hereafter the “AIFM Rules”). As a result of the AIFM Rules coming into force, the Fund appointed Partners Group (UK) Ltd. (the “AIFM”) as Alternative Investment Fund Managers of the Fund. The AIFM has been entrusted with the functions of portfolio and risk management for the Fund, as well as any additional services which may be requested by the Fund. The fund is listed on the Irish Stock Exchange.


- 31 -

Notes to the financial statements for the year ende d December 31, 2018 (continued) 2. Accounting methods

The financial statements are on a going concern basis 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.

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 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 selects 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 by the Board of Directors of the Fund

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.


- 32 -

Notes to the financial statements for the year ende d December 31, 2018 (continued)

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 Alternative Investment Fund Manager – Partners Group (UK) Ltd. – (the “AIFM”) 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 analysis, which are based on available information;

- 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.


- 33 -

Notes to the financial statements for the year ende d December 31, 2018 (continued) 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 year.

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 December 31, 2018 are:

Currency in EUR

AUD 1,623692

BRL 4,453281CAD 1,56158CHF 1,12668CNY 7,865021DKK 7,463681GBP 0,89711HKD 8,952919INR 79,906414JPY 125,535409NOK 9,905924SEK 10,138489SGD 1,55834USD 1,143489

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 capital distributions received from target funds. The capital call transactions for the target funds (primaries and secondaries) are recorded at the date they are due to be paid. Distributions of realized gains of partnerships are recorded as realized profit.

Investments in limited partnerships and direct investments are derecognized when the rights to receive cash flow from investments have expired or 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 might be significant.

All transactions relating to investments in limited partnerships and direct investments are recognized on the settlement date.

2.4 Unrealized profit/loss (-) on investments

The unrealized gain or loss on investments is calculated as the difference between the cost and the market value of the investment at year end. In accordance with current practices, the changes of unrealized profit/loss at the end of the financial year are accounted for in the Statement of operations and changes in net assets.


- 34 -


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. In accordance with the current practices, the changes of unrealized profit/loss at the end of the financial year are accounted for in the Statement of operations and changes in net assets. Realized profit or loss includes realized gain or loss on forward foreign exchange contracts that have been settled.

2.6 Dividend and interest income

Distributions of ordinary income and interests received are accounted for as Income on investments.

Capital gain distributions are accounted for as income if appropriate based on information provided by general partners.

Interest on bank accounts and interests on investments are accounted for on an accrual basis.

2.7 Transaction costs

Partners Group Global Value SICAV has a private markets portfolio that typically does not separately disclose transaction costs in connection with its investments. It is market standard that transaction costs (if there are any) are generally included in the cost of the investment (in other words as part of the purchase price) and not separately disclosed to the buyer. Therefore the fund is not in a position to disclose such transaction costs since the information is not available and it is not certain that such transaction costs occurred. Partners Group Global Value SICAV has identified the following expenses as transaction costs in the sense of article 124 of the Law dated July 12, 2013. The amount of the transaction costs per December 31, 2018 is EUR 517.031,57.

3. Management fees and Performance fees

The AIFM is entitled to receive from the Fund a management fee calculated and paid quarterly in arrears at a rate of up to 0.75% per annum for Class T (EUR) Shares, Class T-N (EUR) Shares, Class T (CHF) Shares, Class T-N (CHF) Shares and Class T-N (USD) Shares and up to 1.25% per annum for Class I (EUR) Shares, Class I (USD) Shares, Class I (JPY) Shares, Class I (AUD) Shares, Class I-N (AUD) Shares and Class D (GBP) Shares and up to 1.50% per annum for Class A (GPB) Shares, Class A-N (GPB) Shares, Class E (EUR) Shares, Class E-N (EUR) Shares, Class E (USD) Shares, Class E-N (USD) Shares, Class E (GBP) Shares, Class E-N (GBP) Shares, Class E (JPY) Shares, Class E-N (JPY) Shares, Class E (SEK) Shares, Class E-N (SEK) Shares, Class E (CHF) Shares and Class E-N (CHF) Shares and up to 1.95% per annum for Class R (EUR) Shares, Class R-N (EUR) Shares, Class R (SEK) Shares, Class R-N (SEK) Shares, Class R (USD) Shares, Class R-N (USD) Shares, Class R (CHF) Shares and Class R-N (CHF) 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 AIFM 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. For all classes except Class T Shares and Class T-N Shares, the Performance Fee in respect of Direct Investments and Secondary Investments shall be determined in the currency of the respective transaction and as described at page 31/32 of the Prospectus in clause (i) to (iii), save that the Performance Fee in respect of Secondary Investments shall be determined using a rate of 10%, and the Performance Fee in respect of Direct Debt Investments invested after October 1, 2018 which are not Mezzanine Direct Investments shall be determined using a rate of 10% and the Preferred Return rate shall be 4% per annum, compounded annually. Class T Shares and Class T-N Shares shall only be subject to 50% of otherwise allocated Performance Fees.


- 35 -

Notes to the financial statements for the year ende d December 31, 2018 (continued) No Performance Fee will be payable in respect of any Investment of the Fund other than for Direct Investments, Direct Debt Investments and Secondary Investments. Performance Fees become payable when the underlying deal is realized.

4. “Taxe d’abonnement”

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. Where a Share Class only includes institutional investors as defined in the applicable legislation, the Fund may benefit from a reduced tax rate of 0.01% per annum for such class.

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, Depositary and Transfer Agent fe es

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 Depositary, 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.

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 year end NAV):


- 36 -

Notes to the financial statements for the year ende d December 31, 2018 (continued) Direct privat equity investments, private equity fu nds, debt investments

Vintage 2004 2005 2006 2007 2008 2009 2010 2011

StrategyBuyout 0,01 - 0,01 0,06 0,01 - - -Real Estate - - - 0,02 - - - -Special Situations - 0,04 0,43 0,26 - - 0,10 0,01Venture - - - - - - - -

Total 0,01 0,04 0,44 0,34 0,01 0,00 0,10 0,01

Vintage 2012 2013 2014 2015 2016 2017 2018 Total

StrategyBuyout 0,17 0,14 0,65 1,36 1,13 1,10 0,58 5,22Real Estate - - - - - - - 0,02Special Situations - 0,14 0,63 0,23 1,45 - 0,42 3,71Venture - - - - - - - 0,00

Total 0,17 0,28 1,28 1,59 2,58 1,10 1,00 8,95

Direct privat equity investments, debt investments

IndustryConsumer

DiscretionaryConsumer Staples Financials Health Care Industrials

GeographyAsia 0,01 - 0,23 - -North America 0,52 - 0,02 - 0,69Rest of the world - - - 1,23 -Western Europe 0,53 0,77 0,21 0,20 0,06

Total 1,06 0,77 0,46 1,43 0,75

IndustryInformation Technology

Materials Telecommucation Services

UtilitiesTotal

GeographyAsia - - 0,08 - 0,32North America 1,47 - - - 2,70Rest of the world - - - - 1,23Western Europe - 0,52 - - 2,29

Total 1,47 0,52 0,08 0,00 6,54


- 37 -


Direct privat equity investments, debt investments

Type

Equity 3,17First Lien 2,70Mezzanine 0,29Preferred Equity -Second Lien 0,37Shareholder Loan -

Total 6,53

7. Other expenses

The other expenses include the following in EUR:

Other Expenses

Directors's fee (58.920) Third party expenses (123.089) Withholding tax (13.716) Other expenses offshore (52.455) Service Agent fees (31.455) Banking fees (384.432) Miscellaneous (1.155.887)

Total other expenses (1.819.954)

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 December 31, 2018, the Fund is committed for a total of EUR 3.646.281.803 in its underlying funds. The unfunded commitments amount to a total of EUR 1.155.365.740 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 credit facility between the Fund and lnvestec Bank for EUR 250.000.000,00. This credit facility was not used during the year and a commitment fee of 1,00% was charged.

11. Subsequent events From January 2019 until March 29, 2019 the fund subscribed for a commitment EUR 191.104.565,17.

With effect from March 1, 2019, Partners Group (Luxembourg) S.A was appointed as the Fund's new AIFM.


- 38 -


Due to the change of ownership (acquisition of Warburg Invest Luxembourg S.A. by Apex Group Ltd.), the name of the Management Company has changed. Since February 1, 2019, the company has been operating under Augeo Capital Management SA (formerly Warburg Invest Luxembourg S.A.). A change of ownership (acquisition of M.M. Warburg & Co Luxembourg S.A. by Apex Group Ltd.) also changed the name of M.M. Warburg & Co Luxembourg S.A. On February 1, 2019, the bank was renamed European Depositary Bank SA.

12. Non audit services From January 1, 2018 until December 31, 2018, the following non audit services were provided:

- cross-borders tax matters


- 39 -

AIFM disclosures (unaudited)

1. Percentage of illiquid assets The percentage of illiquid assets, for which special rules apply (Art. 22 para. 2of the Law of July 12, 2013), was for the reporting date 93,85%. 2. Important Events

a. Portfolio strategy No changes

b. Risk profile No changes

c. Cost structure No changes

d. Liquidity management No changes

e. Valuation methodology No changes

f. Relationships to third parties No changes g. AIFM Yes *

h. Auditor No changes

i. Changes in Management and Administration Yes **

j. Changes in share classes Yes ***

k. Booking method No changes

* With effect from March 1, 2019, Partners Group (Luxembourg) S.A was appointed as the Fund's

new AIFM.

** On March 14, 2018, Sérgio Raposo resigned from the Board of Directors, on September 5, 2018, Eicke Schinn was appointed new member of the Board of Directors.

Due to the change of ownership (acquisition of Warburg Invest Luxembourg S.A. by Apex Group Ltd.), the name of the Management Company has changed. Since February 1, 2019, the company has been operating under Augeo Capital Management SA (formerly Warburg Invest Luxembourg S.A.).

A change of ownership (acquisition of M.M. Warburg & Co Luxembourg S.A. by Apex Group Ltd.) also changed the name of M.M. Warburg & Co Luxembourg S.A. On February 1, 2019, the bank was renamed European Depositary Bank SA.

*** Since December 22, 2018, following new Share Classes are available (New Share Classes):

Class I-N Shares (AUD),

Class R-N Shares (EUR), Class R-N Shares (CHF), Class R-N Shares (SEK), Class R-N Shares (USD),

Class E-N Shares (EUR), Class E-N Shares (USD), Class E-N Shares (GBP), Class E-N Shares (JPY), Class E-N Shares (CHF), Class E-N Shares (SEK),

Class A-N Shares (GBP),

Class T-N Shares (EUR), Class T-N Shares (USD), Class T-N Shares (CHF)

All other Share Classes (Old Share Classes) could be subscribed until December 21 2018 only.

3. Staff remuneration Partners Group (UK) Ltd's 159 staff (incl. leavers during the year) received a total of GBP 61.684.130 in remuneration for the year 2018. The ratio between fixed and variable remuneration is approximately 1:4.5. The aggregate amount of remuneration of the 12 staff (including four directors) who make up the senior management of Partners Group (UK) Ltd was GBP 21.058.113.


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The aggregate amount of remuneration of the 36 staff (including three directors) whose actions have a material impact on the risk profile of the Program was GBP 32.470.846. N.B. The figures in respect of staff who are involved in the activities of the Program and senior management include a number of the same staff. Therefore, these figures should not be read as cumulative. Further, those figures include certain staff employed by Partners Group AG (Partners Group (UK) Ltd's delegated risk manager). 4. Material changes With effect from March 1, 2019, Partners Group (Luxembourg) S.A. was appointed as the Fund's new alternative investment fund manager. Furthermore, the Fund closed all open A, R, E and T share classes after the cutoff in December 2018 and introduced new A-N, R-N, E-N and T-N share classes on January 1, 2019. Risk disclosures Current risk profile of the fund Please note that the following tables are on a look-through basis

� Top 10 investments Investments Type % of fund NAV

Cerba HealthCare Direct 2,8% United States Infrastructure Corporation Direct 2,2% AlliedUniversal 2015 Direct 2,2% KinderCare Education Direct 1,9% Civica Direct 1,8% Foncia Direct 1,8% GlobalLogic Direct 1,8% Acrisure Direct 1,7% Techem Direct 1,7% Hearthside Food Solutions Direct 1,6%

� Top 10 direct debt investments Investments Type % of fund NAV

Acrisure Direct 1,7% eResearch Technology, Inc. Direct 1,2% Netsmart Technologies, Inc. Direct 1,0% IDEMIA Direct 0,8% Envision Healthcare Holdings, Inc. Direct 0,8% Community Brands Direct 0,8% Zentiva B.V. Direct 0,8% BioClinica, Inc. Direct 0,7% Prometric Direct 0,7% Strategic Partners, Inc. Direct 0,6%


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� Portfolio exposure by Industries Investment % of total value of investments

Information technology 20% Health Care 18% Consumer Discretionary 18% Financials 13% Industrials 11% Consumer Staples 8% Materials 6% Utilities 3% Telecommunication Services 2% Energy 1%

� Private market portfolio exposure to countries Country % of fund NAV

United States of America 45,8% France 8,1% United Kingdom 7,9% Germany 5,9% Netherlands 5,2% China 3,5% India 3,5% Brazil 2,3% Spain 1,8% Other 16,0%

� Net currency exposure (including hedging) Please note that the following tables are on share class level Share class R (EUR): Currency % of net assets

USD 15,3% EUR 74,6% GBP 2,5% CHF 0,2% JPY 0,0% AUD 1,1% Other 6,3%


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Share class I (EUR): Currency % of net assets

USD 15,3% EUR 74,6% GBP 2,5% CHF 0,2% JPY 0,0% AUD 1,1% Other 6,3% Share class E (EUR): Currency % of net assets

USD 15,3% EUR 74,6% GBP 2,5% CHF 0,2% JPY 0,0% AUD 1,1% Other 6,3% Share class T (EUR): Currency % of net assets

USD 15,3% EUR 74,6% GBP 2,5% CHF 0,2% JPY 0,0% AUD 1,1% Other 6,3% Share class D (GBP): Currency % of net assets



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Share class A (GBP): Currency % of net assets

USD 15,3% EUR 10,0% GBP 67,1% CHF 0,2% JPY 0,0% AUD 1,1% Other 6,3% Share class E (GBP): Currency % of net assets

USD 15,3% EUR 10,0% GBP 67,1% CHF 0,2% JPY 0,0% AUD 1,1% Other 6,3% Share class I (USD): Currency % of net assets

USD 79,8% EUR 10,1% GBP 2,5% CHF 0,2% JPY 0,0% AUD 1,1% Other 6,3% Share class R (USD): Currency % of net assets



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Share class E (USD): Currency % of net assets

USD 79,8% EUR 10,1% GBP 2,5% CHF 0,2% JPY 0,0% AUD 1,1% Other 6,3% Share class I (AUD): Currency % of net assets

USD 15,3% EUR 10,0% GBP 2,5% CHF 0,2% JPY 0,0% AUD 65,7% Other 6,3% Share class R (CHF): Currency % of net assets

USD 15,3% EUR 10,0% GBP 2,5% CHF 64,8% JPY 0,0% AUD 1,1% Other 6,3% Share class E (CHF): Currency % of net assets



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Share class T (CHF): Currency % of net assets

USD 15,3% EUR 10,0% GBP 2,5% CHF 64,8% JPY 0,0% AUD 1,1% Other 6,2% Share class E (JPY): Currency % of net assets

USD 15,3% EUR 10,0% GBP 2,5% CHF 0,2% JPY 64,6% AUD 1,1% Other 6,3% Share class E (SEK): Currency % of net assets

USD 15,3% EUR 10,0% GBP 2,5% CHF 0,2% SEK 65,4% AUD 1,1% Other 5,5% Further information on the allocation of investments is provided in other sections of this report.

� Current leverage Leverage as calculated under the gross method 176,3% Leverage as calculated under the commitment method 103,3% Percentage of the assets subject to special arrangements arising from their Illiquid nature 0%

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