Partners Group Direct Equity II ELTIF SICAV - (subfund) Partners Group Direct Equity II

Partners Group Direct Equity II ELTIF SICAV - (subfund) Partners Group Direct Equity II is a closed-ended subfund of a Luxembourg SICAV umbrella managed by Partners Group, authorised as an ELTIF in Luxembourg under the UCI Part II regime and constituted under the ELTIF 1.0 framework. The vehicle dates from 2021, reports in EUR and pursues a buyout strategy within private equity, investing directly alongside the manager's broader programme. It is distributed pan-European to both professional and eligible retail investors, with a stated minimum commitment of 125,000 EUR, and is classified Article 8 under SFDR. Reported assets stand at , and the portfolio's reported regional breakdown is .

Mechanically, the fund operates as a closed-end structure rather than an evergreen one: there is no standing redemption facility, so investor capital is returned through realisations over the life of the vehicle rather than through dealing windows, and secondary transfer is the practical route to early exit. Valuation is struck on a quarterly basis, which sets the cadence for reporting and for any transfer pricing. Fees follow the drawdown-style convention for this format, with a management fee of and a performance fee of , both of which sit within the range observed across comparable vehicles in our coverage.

For context, the fund is one of 163 private equity vehicles and one of 347 Luxembourg-domiciled vehicles tracked in a universe of 494 funds, narrowing to 117 that combine both characteristics. Within that subset, ELTIF 1.0 closed-end structures remain a distinct cohort from the semi-liquid formats that have come to market under the revised ELTIF rules, a difference that is most visible in the subscription and liquidity terms rather than in underlying exposure. Figures are as of 31 Aug 2026.