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HALF YEARLY REPORT Datahotel by liaoqinmei

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									PARTNERS GROUP GLOBAL OPPORTUNITIES LIMITED




HALF-YEARLY REPORT 2010
Half-yearly report for the period from
1 January 2010 to 30 June 2010
2   PARTNERS GROUP GLOBAL OPPORTUNITIES LIMITED



    HALF-YEARLY REPORT 2010




    PARTNERS GROUP GLOBAL OPPORTUNITIES
    LIMITED

    Partners Group Global Opportunities Limited (PGGO, Company) is an open-ended investment
    company with limited liability incorporated and domiciled in Guernsey and listed on the Irish
    Stock Exchange (Official List). The Company aims to provide investors with access to a broadly
    diversified direct portfolio of equity and debt transactions, typically transactions in cooperation
    with leading private equity firms. PGGO capitalizes on Partners Group's extensive resources to
    source and execute attractive direct investments on a global basis.

    The Company has appointed Partners Group (Guernsey) Limited as the Investment Manager
    to provide administration services. The Investment Manager in turn is advised by Partners
    Group. Both Partners Group (Guernsey) Limited and Partners Group are affiliates of Partners
    Group Holding AG, a global private markets investment management firm with over EUR 20
    billion in investment programs under management in private equity, private debt, private real
    estate and private infrastructure. The firm manages a broad range of funds, structured products
    and customized portfolios for an international clientele of institutional investors, private banks
    and distribution partners. Partners Group is headquartered in Zug, Switzerland, and has offices
    in San Francisco, New York, London, Guernsey, Luxembourg, Dubai, Singapore, Beijing, Tokyo
    and Sydney. The firm employs over 400 people and is listed on the SIX Swiss Exchange.




    This document is not intended to be an investment
    advertisement or sales instrument; it constitutes neither
    an offer nor an attempt to solicit offers for the product
    described herein. This report was prepared using financial
    information contained in the Company’s books and
    records as of the reporting date. This information is
    believed to be accurate but has not been audited by any
    third party. This report describes past performance, which
    may not be indicative of future results. The Company
    does not accept any liability for actions taken on the basis
    of the information provided.
                                             3




TABLE OF CONTENTS

1   Key figures                         4
2   Investment Manager's report         5
3   Private equity market environment   8
4   Portfolio allocation                11
5   Portfolio overview                  14
6   Structural overview                 16
7   Facts and figures                   17
8   Financial statements                19
4   PARTNERS GROUP GLOBAL OPPORTUNITIES LIMITED



    HALF-YEARLY REPORT 2010




    1 KEY FIGURES
           .

    IN EUR                                30 JUNE 2010    31 DECEMBER 2009


    Subs
    Net asset value (NAV)                   239'664'596          202'309'030
    NAV / price per share                          6.01                 5.07
    Use of credit line                       27'000'000           44'000'000
    Cash and cash equivalents                 6'308'183            5'026'504
    Net debt                                 15'695'416           36'886'394
    Value of private equity investments     254'149'312          239'195'524
    Investment level                          106.55%              118.23%
    Unfunded commitments                     16'444'709           13'369'188
                                                                                                    5




2 INVESTMENT MANAGER'S REPORT
      .


Strong NAV development during the first            reporting period. At the end of June 2010,
six months of 2010                                 PGGO renewed its currency hedging contract
                                                   to limit negative effects from movements
Following the positive performance of the net      between the euro and the US dollar, resetting
asset value (NAV) of PGGO in the fourth            the put option strike from EUR/USD 1.45 to
quarter of 2009, the NAV continued to              EUR/USD 1.23 and extending the maturity to
rebound in the first six months of 2010,           29 June 2011. Given the continued
increasing by an impressive 18.5% to close         appreciation of the US dollar over the term of
the second quarter at EUR 6.01 per share.          the previously held put option, PGGO's NAV
                                                   benefited significantly from the uplift on its
Positive valuation developments of the             US dollar denominated investments and has
companies in the PGGO portfolio contributed        now locked in these gains through the option
again to the favorable NAV development in          reset.
the first half of 2010, having a positive impact
of 7.7%. Many of PGGO's portfolio companies        As in previous periods, the stable and
reported improved operating results due to         recurring interest income from the direct debt
their ability to capitalize on the stabilizing     investments in the PGGO portfolio had a
global economy. A further significant positive     positive effect on the NAV, amounting to 1.8%
contributor to the NAV growth during the first     in the first six months of 2010.
six months of 2010 was the strong
appreciation of the US dollar against the euro,    Increasing portfolio activity
which increased the value of the US dollar
denominated portfolio holdings. Overall,           The first half of 2010 witnessed a significant
foreign exchange movements had a net               increase in private equity investment activity
impact of 11.7% on the NAV during the              compared to the year 2009, in both the wider
NAV DEVELOPMENT
6   PARTNERS GROUP GLOBAL OPPORTUNITIES LIMITED



    HALF-YEARLY REPORT 2010



    market and the PGGO portfolio. The                  automotive, mixed signal, identification,
    Investment Manager and its investment               computer software and home sectors.
    partners continued to take advantage of the
    normalizing economic conditions to enhance          At the beginning of May, PGGO received a
    the value of their portfolio companies,             distribution of EUR 18.7 million from the sale
    amongst others through add-on acquisitions.         of Tommy Hilfiger. The sale to Philips-Van
    An example of a portfolio company which has         Heusen Corporation had been announced in
    continued to buy and build is Avio Holdings,        March 2010 and valued Tommy Hilfiger at
    a designer and manufacturer of subsystems           around EUR 2.2 billion. The mezzanine facility,
    and components for aircraft engines and             in which PGGO had invested, was repaid
    derivatives and of propulsion systems for           during the reporting period, generating a
    space launch vehicles. In March, Avio agreed        gross multiple of 1.55x and a gross IRR of
    to acquire a majority stake of Protocast, a         14.0%. PGGO's largest portfolio investment,
    company which provides rapid manufacturing          Tommy Hilfiger, has thus proved to be a very
    and rapid tooling of new metal alloys at its        successful investment for the Company.
    plant in Cameri, Italy. Protocast is expected
    to complement Avio’s existing business with         In June, PGGO received a distribution of EUR
    its extensive know-how in rapid manufacturing       6.7 million from its secondary investment in
    technologies augmenting Avio’s capabilities         GRP AQ following the sale of shares in Ulta
    in innovative aerospace component                   Salon, Cosmetics & Fragrance. GRP first
    development for existing and future                 invested in the company in 1998. It completed
    customers.                                          an IPO in October 2007. Ulta Salon, Cosmetics
                                                        & Fragrance is the largest beauty retailer in
    All in all, PGGO and its investment partners        the United States that provides one-stop
    have been largely successful in supporting,         shopping for prestige, mass and salon
    developing and thus adding value to the             products and salon services. During the past
    portfolio companies over the past six months.       six fiscal years, Ulta Salon, Cosmetics &
                                                        Fragrance has witnessed significant growth
    Exit activity on the rise                           with revenues increasing by 20% annually
                                                        and net income growing by 30% annually.
    Although market circumstances remained
    challenging during the first six months of          This significant distribution together with the
    2010, PGGO also witnessed increased activity        repayment of the Tommy Hilfiger mezzanine
    and progress on the exit side. For example,         facility allowed PGGO to pay back EUR 18
    in April, Dutch semiconductor company NXP           million of its credit facility at the end of June.
    filed with the US securities regulator for a        As at 30 June, PGGO had EUR 27 million of
    potential initial public offering (IPO) which has   the credit facility outstanding. With the high
    been completed shortly after the reporting          exposure to direct investments of around 86%
    period. NXP has seen a strong operational           of the overall portfolio and unfunded
    recovery over the last months and reported          commitments of just EUR 16 million, PGGO
    a year-on-year sales increase of 66% for the        maintained a comfortable liquidity position in
    first quarter of 2010. PGGO acquired a direct       the second quarter of 2010.
    equity stake in the company in 2006, the
    same year in which NXP was spun off from            Outlook
    Royal Philips Electronics. The Eindhoven-based
    company supplies semiconductors to the              In light of the possibilities that have opened
                                                        up as market conditions have improved, the
                                                 7




Investment Manager is positive that PGGO's
portfolio companies will deliver continued
earnings growth in the foreseeable future.
PGGO will continue to take a strategic
approach in the development of its portfolio
companies through participating in
supplementary investments at attractive
prices and where acquisitions complement the
operations of existing portfolio companies.
Additionally, if market conditions continue to
hold up, the Investment Manager is optimistic
about seeing more upward revaluations and
selected exits in the coming quarters and thus
considers PGGO to be well positioned for the
coming months.
8   PARTNERS GROUP GLOBAL OPPORTUNITIES LIMITED



    HALF-YEARLY REPORT 2010




    3 PRIVATE EQUITY MARKET ENVIRONMENT
          .


    The past two years have been challenging for       The revival of high-yield bonds
    private equity on several fronts with a
    shortage of leverage, a low volume of              Given the still limited amount of debt financing
    acquisition and divestiture activities, and        available, a large number of private equity
    fundraising difficulties. However, while some      firms have been turning to the high-yield bond
    contended that private equity had suffered         market to raise capital. These high-yield
    irreparable damage, many saw a nimble              issuers primarily focused on extending their
    industry that would recover and eventually         debt maturities as they refinanced bank loans
    become stronger than ever.                         and bonds with near-term maturities. A good
                                                       example is Bain Capital and Thomas H. Lee
    Indeed, 2009 and the first half of 2010            Partners' strategy of using the USD 2.5 billion
    progressed with positive developments in the       proceeds from bond sales to refinance the
    financial market. The effect of fiscal and         debt of portfolio company Clear Channel
    monetary policies appears to have restored         Communications in December 2009. The
    confidence in the financial system, paving the     global radio and outdoor advertising company
    way for private equity-backed activities to        thereby avoided breaching its year-end
    rebound strongly.                                  covenants.

    Renewed optimism for deal financing                While banks are now more willing to provide
                                                       financing, they are still highly selective and
    According to research company Preqin, the          impose restrictive lending terms. As a result,
    second quarter of 2010 represented the             the high-yield bond market is expected to
    strongest quarter for buyout deals in the          remain vigorous in 2010. Returns are also
    post-credit crunch landscape, with a total of      likely to stay strong as a result of improving
    411 private equity buyout deals announced,         economic growth and a substantial rise in
    with an aggregate value of USD 43.3 billion.       corporate profitability, leading to a declining
    This represents a 60% increase in aggregate        rate of companies defaulting on their debt in
    deal value from the previous quarter, when         2010.
    356 deals were announced with an aggregate
    value of USD 27.1 billion. Driving this recovery   Stronger, bolder portfolio companies
    is the renewed willingness of banks to
    underwrite debt. While obtaining debt              In the past months, aside from creating value
    financing to complete new deals posed              in portfolio companies through cost reduction
    considerable challenges for many private           programs and organic growth, many private
    equity firms worldwide in 2009, the final          equity firms were actively expanding their
    quarter of 2009 and the first months of 2010       in-house operations teams by hiring seasoned
    saw signs of recovery in the financial market,     executives and consultants. According to a
    making it again possible to raise debt –           recent study by Ernst & Young, these
    though still mainly for companies with very        executives, who boast many years of strategic
    high-quality credit ratings.                       and operating experience, have been
                                                       invaluable in assisting portfolio companies
                                                       streamline operations, improve working
                                                                                                      9




capital, drive further growth and increase their   M&A Round-up for the first half of 2010,
market value. Their efforts are expected to        private equity exits via trade sales and
continue throughout 2010, with the aim of          secondary buyouts in the first half of 2010
creating additional value for their portfolio      were up by 225% from the lows seen in the
companies before looking to exit them at           first half of 2009, at USD 76.8 billion. The
attractive prices in the future.                   largest exit so far in 2010 was KKR’s sale of
                                                   East Resources to Royal Dutch Shell for a total
Additionally, the improved economic outlook        amount of USD 4.7 billion. Secondary buyouts
has provided many private equity managers          were also up, with activity increasing by
with greater earnings visibility when valuing      164.3% compared to the first half of 2009,
potential investment opportunities. As such,       at USD 22.6 billion. Should this momentum
they were well-positioned to increase their        continue, exit activity will end the year
portfolio companies' market competitiveness        significantly higher than in 2009.
and future growth potential by acquiring
weaker competitors and complementary               Emerging markets are attractive
businesses. This trend is expected to remain       destinations
strong in 2010, as evidenced by the data
provided by Preqin, which reported that the        Whereas historically, the world's emerging
number of add-on acquisitions made up              markets were susceptible to financial crisis
almost a quarter of all investments completed      and ensuing recessions, emerging economies
in the second quarter of 2010.                     have proved surprisingly resilient in the recent
                                                   recession. From March 2009 onwards, many
Thawing exit markets                               emerging countries staged a remarkable
                                                   recovery. Thanks to their prudent policies in
Exit markets were generally challenging in         the past, a large number of governments were
2009, owing to the lack of visibility in the       able to enact large stimulus packages. In
macroeconomic outlook, a shortage of debt          addition, strong domestic demand, a healthy
financing and the significant pricing gap          banking sector in most emerging economies
between buyers and sellers. Consequently,          and sound macroeconomic fundamentals
the sparse activity in exit markets, which         supported the rebound.
translated into a low level of distributions
made to limited partners, contributed to a         Today, emerging markets are leading the
difficult year for private equity fundraising      worldwide economic recovery and have seen
worldwide.                                         their share of private equity activity increase
                                                   in recent years. According to the latest data
However, during the final quarter of 2009 and      provided by Ernst & Young, three of the
the first half of 2010, exit opportunities         largest, fastest growing markets, namely
improved as economic green shoots became           China, Brazil and India, are ranked the most
visible. While trade sales remained the            attractive emerging markets among private
preferred exit route for most private equity       equity investors. Specifically, over the last
firms, the initial public offering (IPO) market    decade, private equity investments in these
began to gain momentum. The recovery of            three regions have totaled USD 25.8 billion,
worldwide stock markets helped restore the         USD 7.3 billion and USD 23.4 billion,
IPO as a viable exit strategy.                     respectively.

The pace of exits is expected to accelerate as     Looking ahead, these figures are expected to
2010 progresses. According to Mergermarket         rise as there have been an increasing number
10   PARTNERS GROUP GLOBAL OPPORTUNITIES LIMITED



     HALF-YEARLY REPORT 2010



     of funds raised from 2003 to 2010 with a
     global investment focus. In addition, stable
     governments, a growing middle class and
     healthy gross domestic product (GDP) growth
     rates will continue to position emerging
     markets as popular destinations for long term
     private equity activities. In particular, the
     Brazilian financial market posted a strong
     recovery in the second quarter of 2010 with
     an expansion of 9.0% year-on-year, and the
     International Monetary Fund (IMF) increased
     Brazil's economic growth forecast for 2010 to
     7.1% year-over-year in July. Meanwhile,
     China and India also reported strong first two
     quarters in 2010. While China recorded GDP
     expansion of 10.3% year-on-year during the
     second quarter of 2010, the International
     Monetary Fund (IMF) upped India's economic
     growth forecast for 2010 to 9.4%
     year-over-year.

     Positive outlook for 2010

     Although the past quarters were challenging,
     the private equity industry showed resilience
     in adapting to adverse market conditions. With
     leverage returning, the volume of acquisitions
     activities increasing and exit opportunities
     rising, the outlook for the private equity space
     in 2010 is positive.
                                                                                                                               11




4 PORTFOLIO ALLOCATION
   .

INVESTMENTS BY GEOGRAPHIC FOCUS                                         INVESTMENTS BY INVESTMENT YEAR
                            Asia-
                           Pacific
                 Rest of     1%                                                         2008 9%
                World 6%                                                                             2006 15%



       Europe
        30%




                                           North
                                          America
                                            63%
                                                                                         2007 76%



INVESTMENTS BY FINANCING STAGE                                          INVESTMENTS BY INDUSTRY SECTOR

                       Venture                                                                Financial
          Special     capital 2%                                                                 2%       Materials
         situations                                                                   IT 3%                 1%
            22%
                                                                              Tele-                               Industrial
                                                                             com 5%                                  32%
                                                                           Health-
                                                                           care 12%

                                                                           Consumer
                                                                            staples
                                                                             13%


                                      Buyout
                                       76%
                                                                                              Consumer
                                                                                                discr.
                                                                                                32%

                                     INVESTMENTS BY TRANSACTION TYPE

                                                              Primary
                                                     Secon-      4%
                                                    dary 6%




                                                                  Direct
                                                                   90%
12   PARTNERS GROUP GLOBAL OPPORTUNITIES LIMITED



     HALF-YEARLY REPORT 2010



                              NAV PERFORMANCE ATTRIBUTION IN H1 2010




                     TOP 10 INVESTMENTS BASED ON NAV AS PER 30 JUNE 2010




     "Investments" refers to the value of private equity investments
     ** Names may not be disclosed du to confidentiality reasons
                                          13




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14   PARTNERS GROUP GLOBAL OPPORTUNITIES LIMITED



     HALF-YEARLY REPORT 2010




     5 PORTFOLIO OVERVIEW
             for the period ended 30 June 2010 (in EUR)


                                                                                               Since
                                                                                               inception


                                          Type of                     Vintage      Total
     Investment                                      Regional focus                             Contributions
                                        investment                     year     commitments


     AHT Cooling Systems GmbH           Direct       Europe           2007        13'760'390               n.a.

     Alma Consulting Group SAS          Direct       Europe           2007         5'150'000          5'150'000

     Alothon Cristal, L.P.              Secondary    Rest of World    1997         3'211'857          3'298'096

     Alothon Fund II, L.P.              Primary      Rest of World    2008         1'333'456            93'821

     AP Investment Europe Limited       Primary      Europe           2006         5'000'000          5'000'000

     Arcos Dorados Limited              Direct       Rest of World    2007         2'174'287               n.a.

     ARK Holding Company. Inc.          Direct       North America    2007         5'944'378          5'944'378

     Avio Holding S.p.A                 Direct       Europe           2006         4'746'392          4'774'606

     Avio Holding S.p.A                 Direct       Europe           2006         7'379'174          7'379'174

     AWAS Aviation Holding              Direct       Europe           2006        10'000'000         10'000'000

     Bausch & Lomb, Inc                 Direct       North America    2007        11'080'204               n.a.

     Behrman Capital IV, L.P.           Primary      North America    2007         6'034'503          1'431'118

     Chemical producer                  Direct       Europe           2006              n.a.               n.a.

     Delsey Group                       Direct       Europe           2007         5'439'722          5'439'722

     DLJ SAP International, LLC         Primary      Rest of World    2007         2'204'925          1'640'645

     Education publisher                Direct       North America    2007              n.a.               n.a.

     Electric supply manufacturer       Direct       North America    2006              n.a.               n.a.

     Food company 1                     Direct       North America    2007         5'205'622          5'205'622

     Freescale Semiconductor, Inc.      Direct       North America    2006        13'265'294         13'289'288

     Grakon LLC                         Direct       North America    2007         9'845'603          9'847'932

     GRP AQ, L.P.                       Secondary    North America    2000         8'134'557          7'159'170

     Health product retailer            Direct       North America    2007              n.a.               n.a.

     Healthcare operator 4              Direct       Europe           2007              n.a.               n.a.

     Healthcare operator 4              Direct       Europe           2007              n.a.               n.a.

     Industrial technology company      Direct       Europe           2007         3'033'146               n.a.

     Information service company        Direct       North America    2007        10'537'408         10'538'815

     Ipsen                              Direct       Europe           2008         7'090'737               n.a.

     Japanese financial institution     Direct       Asia-Pacific     2008              n.a.               n.a.

     Media and communications company   Direct       North America    2008              n.a.               n.a.

     Media company                      Direct       Asia-Pacific     2007        14'635'599         14'635'599

     Medical device distributor         Direct       North America    2007              n.a.               n.a.

     Myriad Group AG                    Direct       Europe           2007         4'324'483          4'329'723

     NXP B.V.                           Direct       Europe           2006         4'999'307          4'999'307

     Penta CLO I S.A.                   Primary      Europe           2007         3'676'593          3'676'593
                                                                                                                                              15




                                                                                                                        Since
                                                                                                                        inception


                                                         Type of                           Vintage        Total
Investment                                                            Regional focus                                     Contributions
                                                       investment                           year       commitments


 Project Universe                                       Secondary     North America       2005           19'034'059              20'859'172

 RBS Special Opportunities Fund F, L.P.                 Secondary     Europe              2007             6'340'529              3'732'016

 Realogy Corporation                                    Direct        North America       2007                   n.a.                  n.a.

 RoadLink Holdings, Inc.                                Direct        North America       2007                   n.a.                  n.a.

 RSC Equipment Rental                                   Direct        North America       2006             3'523'884              3'523'884

 Securitas Direct                                       Direct        Europe              2008             4'714'013              4'714'013

 Service company                                        Direct        North America       2007             1'477'323              1'484'464

 Sports company                                         Direct        North America       2008                   n.a.                  n.a.

 Telecommunication company                              Direct        North America       2007                   n.a.                  n.a.

 Telepizza SA                                           Direct        Europe              2007             5'483'611              5'483'611

 The Readers' Digest Association, Inc.                  Direct        North America       2007             7'686'986              7'686'986

 The Sports Authority, Inc. - Debt                      Direct        North America       2006             4'541'135              4'541'135

 The Sports Authority, Inc. - Equity                    Direct        North America       2006              825'529                825'529

 Thomas H. Lee Parallel Fund VI, L.P.                   Primary       North America       2006             7'730'667              4'018'900

 Transportation and Security Company                    Direct        North America       2007                   n.a.                  n.a.

 Univision Communications, Inc.                         Direct        North America       2007             2'388'915              2'497'015

 US entertainment company                               Direct        North America       2008                   n.a.                  n.a.

 Ziggo B.V.                                             Direct        Europe              2006             7'518'533              7'518'533



Some names may not be disclosed for confidentiality reasons. Furthermore, some investments have been made through Partners Group pooling
vehicles at no additional fees. Please note that contributions may exceed total commitments due to foreign currency movements.
16   PARTNERS GROUP GLOBAL OPPORTUNITIES LIMITED



     HALF-YEARLY REPORT 2010




     6 STRUCTURAL OVERVIEW
           .


     Partners Group Global Opportunities Limited is   managers with over EUR 20 billion in assets
     an open-ended investment company with            under management.
     limited liability domiciled in Guernsey and
     listed on the Irish Stock Exchange (Official     Together with their affiliates, the Investment
     List). The Company aims to provide investors     Manager and the Investment Adviser are
     with access to a broadly diversified direct      responsible for sourcing, evaluating and
     portfolio of equity and debt transactions,       executing new investment opportunities. They
     typically transactions in cooperation with       also monitor the performance of the
     leading private equity firms. PGGO capitalizes   investments of PGGO and manage its portfolio
     on Partners Group's extensive resources to       such that a substantially full investment level
     source and execute attractive direct             can be achieved and maintained over time.
     investments on a global basis.

     Partners Group Global Opportunities Limited
     has appointed Partners Group (Guernsey)
     Limited as the Investment Manager. The
     Investment Manager is responsible for the
     overall investment programme and is
     supported in this regard by Partners Group in
     its capacity as Investment Adviser. Both
     Partners Group (Guernsey) Limited and
     Partners Group are wholly-owned subsidiaries
     of Partners Group Holding AG, one of the
     leading global private markets investment
                                                                                                      17




7 FACTS AND FIGURES
          .




Board and management    Board of Directors:

                           John E. Hallam (Chairman, independent)
                           Rupert O. Dorey (independent)
                           Urs Wietlisbach


Corporate governance    Board actions:

                           Quarterly meetings (financials, investments, regulations etc.)
                           Approval of affiliated transactions by Board
                           Board can exercise the termination rights contained in the investment
                           management agreement


Currency denomination   Euro


Investment strategy     Private equity and private debt investments in Europe, North America, Asia
                        & Rest of World Value-based investment selection with the following initial
                        targets:

                           Direct investments: range 50-100%
                           Fund investments: range 0-40% (current target 0%)
                           Opportunistic investments: range 0-25%


Issuer                  Partners Group Global Opportunities Limited


Listing                 Irish Stock Exchange (Official List)


Management fee          1.25% p.a. on investment exposure*, no fees on cash

                        *Aggregate value of the Company's assets plus undrawn commitments less
                        the Company's cash and aggregate value of the Company's opportunistic
                        investments in respect of which Partners Group collects a management or
                        performance fee, such as "alternative beta" strategies.
18   PARTNERS GROUP GLOBAL OPPORTUNITIES LIMITED



     HALF-YEARLY REPORT 2010



     Performance fee     15% over 8% hurdle rate per direct transaction 10% over 8% hurdle rate per
                         secondary transaction

                            Payment subject to a high-water mark test at portfolio level
                            Paid only on realized gains of each investment
                            No performance fees until NAV > 100% (recouping issuance costs) - 25%
                            of performance fee re-invested (subject to three year lock-up)
                            No performance fees until NAV > 100% (recouping issuance costs) - 25%
                            of performance fee re-invested (subject to three year lock-up)




     Price information   ISIN number: GB00B16KPY96
                         SEDOL number: B4MG7M4
                         Bloomberg: PGGOLTD GU
                         Reuters: IEB4MG7M4.I


     Running costs       Administration fee of 0.55% p.a. of the investment exposure*; Directors and
                         custodian fees

                         *Aggregate value of the Company's assets plus undrawn commitments less
                         the Company's cash and aggregate value of the Company's opportunistic
                         investments in respect of which Partners Group collects a management or
                         performance fee, such as "alternative beta" strategies.


     Shares              Participating shares in Issuer


     Structure           Guernsey company
                                                  19




8 FINANCIAL STATEMENTS
  .




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20   PARTNERS GROUP GLOBAL OPPORTUNITIES LIMITED



     HALF-YEARLY REPORT 2010



     Consolidated statement of comprehensive income
     for the period from 01 January 2010 to 30 June 2010


     In thousands of EUR                                    Notes   01.04.2010    01.01.2010    01.04.2009      01.01.2009
                                                                    30.06.2010    30.06.2010    30.06.2009      30.06.2009
     Net income from designated financial                               32'379        45'920      (67'957)        (94'271)
     assets at fair value through profit or loss
     Private Equity                                                     28'141        39'247       (55'688)        (79'052)
     Interest & dividend income                                            119           119              2               2
     Revaluation                                              5         12'451        15'837       (45'329)        (79'785)
     Net foreign exchange gains / (losses)                    5         15'571        23'291       (10'361)             731
     Private Debt                                                        4'238          6'673      (12'269)        (15'219)
     Interest income (including PIK)                                     1'781          3'556         3'904           7'594
     Revaluation                                              5            311          (433)      (14'959)        (23'360)
     Net foreign exchange gains / (losses)                    5          2'146          3'550       (1'214)             547
     Net income from financial assets at fair                                 -             -              -           143
     value through profit or loss held for trading
     Net income from opportunistic investments                                -             -               -          143
     Revaluation                                              6               -             -               -          143
     Net income from cash & cash equivalents                                50           111           (56)           (53)
     and other income
     Interest income                                                         7             8               4             16
     Net foreign exchange gains / (losses)                                  43           103            (60)           (69)
     Total net income                                                   32'429        46'031      (68'013)        (94'181)

     Operating expenses                                                (1'333)       (2'685)        (1'519)        (3'490)
     Management fee                                                       (912)       (1'743)        (1'073)        (2'458)
     Administration fee                                                   (381)         (746)          (472)        (1'081)
     Other operating expenses                                              (89)         (425)           (20)           (55)
     Other net foreign exchange gains / (losses)                             49           229             46            104
     Other financial activities                                        (2'105)       (5'989)          (493)       (11'082)
     Interest expense - credit facility                                 (1'227)       (2'427)          (987)        (2'535)
     Other finance cost                                                     (9)          (12)             (1)           (2)
     Net result from hedging activities                                   (869)       (3'550)            495        (8'545)


     Surplus / (loss) for the financial period                          28'991        37'357      (70'025)       (108'753)
     Other comprehensive income for the period; net                          -             -             -               -
     of tax
     Total comprehensive income for the period                          28'991        37'357      (70'025)       (108'753)
     Earnings per share
     Weighted average number of shares outstanding                   39'900'000    39'900'000    39'900'002      39'900'002
     Basic surplus / (loss) per share for the financial                    0.73          0.94        (1.76)          (2.73)
     period
     Diluted surplus / (loss) per share for the financial                 0.73           0.94         (1.76)         (2.73)
     period
     The earnings per share is calculated by dividing the surplus / (loss) for the financial period by the weighted average
     number of shares outstanding.
                                                                                                          21




Consolidated statement of financial position
As at 30 June 2010


In thousands of EUR                                 Notes             30.06.2010             31.12.2009

ASSETS
Designated assets at fair value through profit or
loss
Private equity                                        5     208'881                178'875
Private debt                                          5      46'479                 60'321
Non-current assets                                                      255'360                239'196

Other short-term receivables                                  1'063                    472
Hedging assets                                                5'196                  3'265
Cash and cash equivalents                             7       6'308                  5'027
Current assets                                                           12'567                   8'764

TOTAL ASSETS                                                            267'927                247'960


LIABILITIES

Cumulative change in net assets attributable to             239'666                202'309
Shareholders
Liabilities falling due after one year                                  239'666                202'309

Short term credit facilities                                 27'000                 44'000
Other short-term payables                                     1'261                  1'651
Liabilities falling due within one year                                  28'261                 45'651
TOTAL LIABILITIES                                                       267'927                247'960
22   PARTNERS GROUP GLOBAL OPPORTUNITIES LIMITED



     HALF-YEARLY REPORT 2010



     Consolidated changes in net assets attributable to Shareholders and statement of
     changes in equity
     for the period from 01 January 2010 to 30 June 2010



                                                                        Cumulative
                                                                         change in
     In thousands of EUR                                              . net assets       Total            .



     Net assets attributable to Shareholders at beginning of
     reporting period                                                      202'309     202'309
     Change in net assets attributable to Shareholders                      37'357      37'357

     Net assets attributable to Shareholders at end of
     reporting period                                                 -   239'666     239'666


     for the period from 01 January 2009 to 30 June 2009



                                                                  Share               Retained
     In thousands of EUR                                       premium    Reserves    earnings       Total

     Equity at beginning of previous period                      33'776    342'020     (66'682)     309'114
     Surplus / (loss) for the financial period                                        (108'753)   (108'753)

     Equity at end of previous period                           33'776    342'020    (175'435)    200'361
                                                                                     23




Consolidated cash flow statement
for the period from 01 January 2010 to 30 June 2010


In thousands of EUR                              Notes   01.01.2010    01.01.2009
                                                         30.06.2010    30.06.2009
Operating activities
Surplus / (loss) for the financial period                    37'357      (108'753)
Adjustments:
Foreign exchange result                                     (27'173)       (1'313)
Investment revaluation                                      (15'404)      103'002
Net (gain) / loss on interests & dividends                   (1'256)       (5'077)

(Increase) / decrease in receivables                         (2'292)        12'366
Increase / (decrease) in payables                              (392)       (1'975)
Purchase of private equity investments             5         (1'925)       (3'637)
Distributions from and sales of private equity     5          11'047         3'651
investments
Distributions from and sales of private debt       5         15'000        13'460
investments
Sale of opportunistic investments                  6              -         3'132
Interest & dividends received                                 5'643         4'680
Net cash from / (used in) operating                         20'605        19'536
activities

Financing activities
Increase / (decrease) in credit facilities                  (17'000)      (16'000)
Interest expense - credit facility                           (2'427)       (2'535)
Net cash from / (used in) financing                        (19'427)      (18'535)
activities
Net increase / (decrease) in cash and cash                    1'178         1'001
equivalents
Cash and cash equivalents at beginning of         7           5'027         9'992
reporting period
Movement in exchange rates                                      103           (69)
Cash and cash equivalents at end of               7           6'308       10'924
reporting period
24   PARTNERS GROUP GLOBAL OPPORTUNITIES LIMITED



     HALF-YEARLY REPORT 2010



     Notes to the consolidated financial statements
     for the period from 01 January 2010 to 30 June 2010


     1      Organization and business activity

     Partners Group Global Opportunities Limited (the "Company") is a limited liability company, incorporated and domiciled
     in Guernsey, Channel Islands. The Company has invested into two companies; Partners Group Prime Yield, S.à r.l.
     and Partners Group Global Opportunities Subholding Limited (each a "Subsidiary" and together the "Subsidiaries").
     The Subsidiaries together with the Company form a group (the "Group").


     Partners Group Prime Yield, S.à r.l. was incorporated as a private limited liability company (a Société à responsabilité
     limitée) on 22 February 2006 and is governed by the laws of Luxembourg, in particular by the law dated 10 August
     1915, on commercial companies, as amended, the law of 22 March 2004 on securitization, as well as by the present
     articles of association.

     Partners Group Global Opportunities Subholding Limited was established as a limited liability company, incorporated
     and domiciled in Guernsey, Channel Islands on 22 July 2009.

     Partners Group Global Opportunities Subholding Limited was established for the purpose of holding the private equity
     and private debt investments previously held directly by the Company. These investments were transferred to
     Partners Group Global Opportunities Subholding Limited on 31 December 2009 at fair value. The share capital of
     Partners Group Global Opportunities Subholding Limited forms part of the guarantee to the various parties in
     connection with the short term credit facility.


     2      Restructuring

     On 13 November 2009, the majority of the Shareholders of the Company resolved to adopt new articles of association
     for the Company and to convert the 39'900'002 ordinary shares of the Company into 39'900'000 redeemable
     participating shares and 2 management shares. In addition the Shareholders approved the conversion of the Company
     into an open-ended authorized fund.

     On 14 December 2009, the listing of the Company's ordinary shares was suspended on the Official List and trading
     on the main market of the London Stock Exchange. These were subsequently cancelled on 17 December 2009 and
     the redeemable participating shares were admitted to the Irish Official List and to trading on the main market of the
     Irish Stock Exchange.

     As a result of the restructuring and the ability by shareholders to redeem shares, the redeemable participating shares
     have in accordance with IAS 32 been treated as debt and therefore those amounts previously shown under Total
     equity have been reclassified under "Cumulative change in net assets attributable to shareholders". During the lock
     up period, being a period of 18 months from 1 January 2010 to 30 June 2011 or such longer period needed to comply
     with the terms of the credit facility, redemptions may not exceed subscriptions.


     3      Basis of preparation

     The condensed consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial
     Reporting. The condensed financial statements do not include all the information and disclosures required in the
     consolidated annual financial statements, and should be read in conjunction with the Group's consolidated annual
     financial statements for the period ended 31 December 2009.

     The accounting policies adopted in the preparation of the condensed financial statements are consistent with those
     followed in the preparation of the Group's consolidated annual financial statements for the period ended 31 December
                                                                                                                                           25




2009, except for the adoption of the following amendments mandatory for annual periods beginning on or after 1
January 2010.

IFRS   2   -   Group cash-settled share-based payment transactions
IFRS   3   -   Business combination
IFRS   5   -   Non-current assets held for sale and discontinued operations
IFRS   8   -   Operating segments

IAS   1 - Presentation of financial statements
IAS   7 - Statement of cash flows
IAS   17 - Leases
IAS   18 - Revenue
IAS   32 - Financial instruments: presentation
IAS   36 - Impairment of assets

IFRIC 17 - Distribution of non-cash assets to owners
IFRIC 18 - Transfer of assets from customers

The board of Directors has assessed the impact of these amendments and concluded that these standards and new
interpretations will not affect the Group's results of operations or financial position.

The following standards, interpretations and amendments to published standards that are mandatory for future
accounting periods, but where early adoption is permitted now have not been duly adopted.

IFRS 9 (effective January 1, 2013) – Financial instruments
IAS 24 (amended, effective January 1, 2011) – Related party transactions
IAS 32 (amended, effective February 1, 2010) – Financial instruments: Presentation
IFRIC 14 (amended, effective January 1, 2011) – Prepayments of a minimum funding requirement
IFRIC 19 (effective July 1, 2010) – Extinguishing financial liabilities with equity instruments

The board of Directors has assessed the impact of these amendments and concluded that these new accounting
standards and interpretations will not affect the Group's results of operations or financial position.


4          Segment calculation

In thousands of EUR                                          Private Equity      Private Debt     Non attributable                Total
                                                            2010      2009     2010     2009       2010      2009      2010       2009

Interest & dividend income                                    119          2   3'556      7'594        8         16    3'683    7'612
Revaluation                                                15'837   (79'785)   (433)   (23'360)        -        143   15'404 (103'002)
Net foreign exchange gains / (losses)                      23'291        731   3'550        547      103       (69)   26'944    1'209

Total Net Income                                          39'247 (79'052)      6'673 (15'219)        111        90    46'031 (94'181)

Segment Result                                            39'247 (79'052)      6'673 (15'219)     (2'574)   (3'400)   43'346 (97'671)

Other financial activities not allocated                                                                              (5'989)   (11'082)

Surplus / (loss) for the financial period                                                                             37'357 (108'753)
26   PARTNERS GROUP GLOBAL OPPORTUNITIES LIMITED



     HALF-YEARLY REPORT 2010



     5      Designated assets at fair value through profit or loss
     5.1    Private Equity

     In thousands of EUR                                                                         30.06.2010 31.12.2009
     Balance at beginning of period                                                                   178'875        276'094
     Purchase of limited partnerships and directly held investments                                     1'925           5'985
     Distributions and sale from limited partnerships and directly held investments; net             (11'047)       (36'194)
     Revaluation                                                                                       15'837       (64'797)
     Foreign exchange gains / (losses)                                                                 23'291         (2'213)
     Balance at end of period                                                                        208'881       178'875


     5.2    Private Debt

     In thousands of EUR                                                                         30.06.2010 31.12.2009
     Balance at beginning of period                                                                    60'321        127'023
     Distributions and sale from limited partnerships and directly held investments; net             (15'000)       (41'496)
     Accrued cash and PIK interest                                                                      1'761          4'079
     Interest received                                                                                (3'720)              -
     Revaluation                                                                                        (433)       (30'129)
     Foreign exchange gains / (losses)                                                                  3'550            844
     Balance at end of period                                                                         46'479         60'321



     6      Financial assets at fair value through profit or loss held for trading
     In thousands of EUR                                                                         30.06.2010 31.12.2009
     Balance at beginning of period                                                                          -         2'989
     Sale of listed private equity investments                                                               -       (3'132)
     Revaluation                                                                                             -           143
     Balance at end of period                                                                                -                 -


     7      Cash and cash equivalents
     In thousands of EUR                                                                         30.06.2010 31.12.2009
     Bank balances                                                                                      1'308          3'027
     Cash equivalents                                                                                   5'000          2'000
     Total cash and cash equivalents                                                                    6'308         5'027


     8      Short term credit facilities
     As of 25 September 2009, the Company entered into a 3–year credit facility, with a large international bank and
     other lenders, of initially EUR 55m and the potential to increase to EUR 60m. The credit facility is structured as a
     combination of committed senior term and revolving facilities and a subordinated term facility. The Company may
     re-designate its senior revolving facility, fully or partially, to a senior term loan. No such re-designation has taken
     place as at the end of the reporting period. The purpose of the facility is, inter alia, to meet potential upcoming
     liquidity constraints. The credit facilities are due to terminate on 25 September 2012.

     The credit facilities of the Company form part of EUR 170m syndicated term loan and revolving facilities (the
     "Syndicated Facilities") available to the Company, Pearl Holding Limited and Princess Private Equity Holding Limited
     (each a "Borrower"). Each Borrower is independently responsible for its borrowings and the default of one Borrower
     does not trigger the default of any other Borrower under the Syndicated Facilities.
                                                                                                                        27




The Syndicated Facilities may be allocated among the Borrowers as per individual demand and as determined by
Partners Group AG (the "Allocation Agent") subject to certain minimum and maximum limits.

As at the end of the reporting period, the facility amounts as adjusted, by the Allocation Agent, are: EUR 27.5m
under the senior revolving facility and EUR 27m under the junior facility. The Company has drawn down EUR 27m
under the junior facility and EUR nil under the senior facility.

In relation to the senior revolving facility, interest on drawn amounts is calculated at a rate of 5% per annum
(calculated as a margin of 2.75% on drawn amounts plus a facility fee of 2.25% on the applicable senior facility
amount) above the applicable EURIBOR rate. In addition there is a facility fee of 2.25% per annum on the remaining
undrawn applicable senior facility amount.

The margin on drawn amounts under the junior facility is 8.75% per annum above EURIBOR. No facility fee is due
under the junior facility.

The Company may not, fully or partially, repay any amount of the junior facility before its senior facility has been
repaid in full.

In thousands of EUR                                                                       30.06.2010 31.12.2009
Balance at end of period                                                                       27'000         44'000


9      Commitments
In thousands of EUR                                                                       30.06.2010 31.12.2009
Unfunded commitments translated at the rate prevailing at the balance sheet date                16'445        13'369


10     Net assets and diluted assets per share
In thousands of EUR                                                                       30.06.2010 31.12.2009
Net assets of the Company                                                                      239'666       202'309
Outstanding shares at the balance sheet date                                                39'900'000    39'900'000

Net assets per share at period-end                                                                6.01           5.07


11     Redeemable participating shares

Since the year end the Company has received redemption requests from investors amounting to 6'887'374 shares.
During the lock up period which continues to 30 June 2011, at the earliest, redemptions may not exceed subscriptions
for any dealing day and since no subscriptions were received during this period these redemptions continue to be
carried forward to subsequent dealing days.
PARTNERS GROUP GLOBAL OPPORTUNITIES LIMITED




Registered Office                               Investor relations
Partners Group Global Opportunities Limited     info@pg-globalopportunities.net
Tudor House
Le Bordage
St. Peter Port
Guernsey GY1 1BT
Channel Islands
Phone +44 1481 730 946
Facsimile +44 1481 730 947

Email: info@pg-globalopportunities.net
Info: www.pg-globalopportunities.net

Registered Number: 45101


Custodian                                       Investment Manager
HSBC Custody Services (Guernsey) Limited        Partners Group (Guernsey) Limited
Arnold House                                    Guernsey, Channel Islands
St Julian’s Avenue
St Peter Port
Guernsey GY1 3NF


Auditor
PricewaterhouseCoopers CI LLP
National Westminster House
Le Truchot
St Peter Port
Guernsey GY1 4ND
Channel Islands
Phone +44 1481 752 000

Trading Information
Listing                         Irish Stock Exchange
                                (Official List)
ISIN                            GB00B16KPY96
Valor                           2.701.643
SEDOL number                    B4MG7M4
Trading symbol                  PGGO
Bloomberg                       PGGOLTD GU
Reuters                         PGGO.L

								
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