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Partners to be delisted after share plunges

By Mark Foxwell
Updated: 06:19 EDT, 8 March 2009

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Partners Group Global Opportunities is set to become the first private equity fund to be taken off the stock market this year.

Top brand: Partners Group has a stake in clothing giant Tommy Hilfiger

The fund's management company, Swiss private equity firm Partners Group, is holding talks with its shareholders, including Barclays and HSBC, to delist the fund.

PGGO, in which Partners Group has a 12% stake, has investments in fashion brand Tommy Hilfiger and ailing yacht maker Ferretti. It was worth £360m when it listed in October 2006.

Founding partner Urs Wietlisbach said the decision to delist was based on the share price dropping considerably lower than the fund's asset base of £285m.

He added that Partners Group had been given approval from most of the shareholders to go ahead with the delisting, with the company being restructured as an open-ended mutual fund, with no restriction on the amount of new shares the fund will issue.

Existing shareholders would transfer their stakes to the new fund and would be able to buy and sell shares on a quarterly basis.

Many private equity companies are reviewing their businesses.

Iain Scouller, analyst at broker Oriel Securities, said: 'Investors - including asset management groups, pension funds and other private equity funds - are circling other listed private equity companies to buy part or all of them. Some stock exchange-listed private equity funds may go private.'

UK private equity companies that analysts believe may delist include JZ Capital Partners and Candover, which is reviewing its business until parts can be sold.

Another is SVG Capital, which has seen a 64% drop in the value of its investments.

Apax Partners Worldwide is in talks with China Investment Corporation to sell a 2.3% stake in the business.

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