Private Equity Giant Poised For Massive Buyback Wave As $233 Million Exit Windfall Fuels One Of The Biggest Shareholder Payouts In Years
Partners Group Private Equity (LSE: PEY) is gearing up for what could become one of its largest shareholder-return programs in years, as a string of successful exits floods the listed private-equity vehicle with fresh capital, according to a new Edison Investment Research note published Wednesday.
PEY booked €65.4 million (about $76.4 million) in distributions in the first nine months of 2025, and the pace is unlikely to slow. Roughly 22% of the firm's net asset value (NAV) sits inside advanced sale processes, while another 11% is held in publicly traded companies expected to be trimmed or sold over time.
That puts the London-listed firm on track for about €200 million ($233 million) in exit proceeds in both 2025 and 2026 — liquidity that could unlock what Edison analysts described as "sizeable buybacks,” marking a significant shift toward capital return.
Portfolio Strength Helps Fuel Momentum
PEY’s underlying portfolio has also been doing the heavy lifting. On a constant-currency basis, valuations rose more than 10% over the last year, powered by double-digit EBITDA growth and stronger multiples across key holdings.
Recent listings such as those of Indian companies Vishal Mega Mart and Galderma served as proof points, benefiting from robust public-market demand and contributing to PEY's valuation gains.
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Why Buybacks Now?
For listed private-equity vehicles, buybacks can be one of the most accretive uses of excess capital, especially when shares trade below NAV.
At a time when global markets are seeing a strong resurgence in corporate buybacks, PEY may be positioning itself to join the trend with meaningful scale.
Investors Watching For Possible Catalyst
Edison’s analysts noted that a formal buyback announcement could emerge in early 2026, depending on how quickly sales complete and how PEY allocates capital between reinvestment and return. The company already repurchased 150,000 shares in October and made further purchases in November.
If buybacks materialize at the upper end of expectations, shareholders could see a tangible uplift in NAV per share and potentially a narrowing of any discount to NAV at which the shares currently trade.
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