Holders of 74% of Partners Group Private Equity's shares chose on Monday to be paid out as its portfolio is sold. So Wednesday's meeting will vote on winding down the whole €771 million portfolio. Meanwhile, Harrison Street's interval fund holders sold 91% of the shares they offered in an auction. In addition, Warburg Pincus paid out Awayday's owners on Friday, the second time in seventeen months.

The tape

• LP  Korea Investment Corporation is evaluating offers for its $1 billion of fund interests, DealStreetAsia reported on Monday, a sale read here on 21 September.
• DATA  Ardian's Jason Yao put Asia at "only about 2% to 3%" of secondary activity on 23 September, against 15% to 20% of private equity.
• FILING  iCapital's feeders raised $22.6 million from 52 investors for Lexington XI and $23.0 million from 71 for Strategic Partners X by 23 September.
• REGULATION  The SEC's interval fund proposal, read here on 1 October, reached the Federal Register on Monday, so comments are due by 4 December.
•  

Three in four PGPE shareholders chose to exit

Holders of 74.12% of Partners Group Private Equity's shares asked on Monday to be paid out as its portfolio is sold. They were answering an offer made in September. The offer, from the Guernsey company known as PGPE, was to split into two classes of shares. Under it, shareholders could keep their shares in a company that carries on. The other choice was to swap them for realisation shares, a run-off class that is sold off over time and paid back in cash. But the circular set one condition: if more than 40% of the shares chose the swap, the split would lapse.

Far more than 40% chose it. So the board withdrew the split on Monday, and the meeting on Wednesday at 11am will vote on a managed wind-down alone. If that resolution passes, the board "will commence an orderly realisation of the Company's entire investment portfolio". Then Partners Group's fee falls to 125 basis points.

Three quarters of the shares chose the exit

Partners Group Private Equity, elections at the record date, share of ordinary shares

The portfolio is almost entirely direct holdings in Partners Group's own deals. Its half-year report puts 99% of the money in more than 70 companies, and the ten largest are 41% of value, led by DiversiTech, Emeria and Vishal Mega Mart. Net asset value was €11.58 a share at the end of July, or €771 million, the company said on 11 September. The euro shares traded at €7.04 this morning, 40% below that, the FT shows. So the holders chose to wait for their money rather than sell in the market at about 60 cents on the euro.

For a secondaries buyer, the question is how the cash comes out. The circular says each holding will be realised "in line with the ordinary course business plan for each investment". So the plan is to wait for Partners Group's own exits rather than to sell the book in one go. Waiting is slow, because those exits brought in €110.6 million in the first half, against €771 million of value.

Other listed trusts chose to sell instead. For instance, NB Private Equity sold into two continuation vehicles at discounts this year, and Pantheon International sold 42 positions in May, read here on 28 September. Meanwhile, PGPE itself registered a Guernsey partnership named PGPE Continuation LP on 3 September, read here on Saturday. However, the circular does not say what it is for, and chairman Peter McKellar wrote that the result shows "a significant majority of our Shareholders are seeking a clear path to liquidity".

Evergreen holders got three different answers

Three evergreen funds answered their holders' wish to sell in three different ways.

The first was an auction, at Harrison Street. Holders of its interval fund sold 91% of the shares they put up, the organisers said on Friday. The organisers were LODAS Markets, which ran the trading, and Nasdaq Private Market's fund secondaries unit, which ran the venue. Their auction in Harrison Street Real Estate Fund closed on 23 September after three weeks, and they call it one of the first of its kind.

The auction's rules set the price. Sellers and buyers each picked a discount to net asset value from a preset list, and every trade cleared at one price. So 41% of the shares sold at a better price than their owner had asked. For instance, sellers who offered a 20% discount were paid at 15%. In addition, the buyers were outside secondary investors, so the fund itself sold nothing. Then a second auction opened on Friday for the $2 billion Harrison Street Real Assets Fund.

The second answer was a queue, at Blue Owl, and the queue shrank. Its $35 billion credit income fund OCIC received requests for $3.1 billion in the third quarter, or 16.8% of the shares. Those requests were 18.8% of the shares in the second quarter and 21.9% in the first. However, the fund buys back only 5% a quarter, so each holder gets about 30% of what it asked for. Most of those requests were "resubmissions of previously unfulfilled tenders", the letter says. By contrast, the technology lending fund OTIC received requests for $1.1 billion, or 39% of the shares, the same as in the second quarter.

Blue Owl's flagship queue shrank, its technology fund's did not

Repurchase requests as a share of shares outstanding, first to third quarter 2026

Source: Blue Owl Credit Income Corp. and Blue Owl Technology Income Corp., shareholder letters filed on 2 October 2026.

The third answer was a smaller offer, from Pomona. Its evergreen secondaries fund, run by Michael Granoff in New York, offered on 22 September to buy back up to 3% of net assets by 21 October. So the offer is smaller than the two of 5% in June and in March. In the March one, which closed on 17 April, holders tendered $124.4 million and the fund bought all of it.

Awayday's owners cashed out twice in 17 months

Warburg Pincus has paid cash to Awayday's owners without buying control of the company. The cash came on Friday from Warburg's Capital Solutions Founders Fund, which closed in September 2024 with more than $4 billion for shareholders who want liquidity without a sale.

Awayday manages more than 18,000 vacation rentals in the United States through local brands, and it will use the cash "to return capital to its existing equity investors". Those investors are an Ares private equity fund, LightBay Capital and the rollover partners, with a part for local operators and staff. Ares and LightBay stay in control, and the terms were not disclosed.

Awayday's backers have been paid without an outside sale once before. In May 2025 LightBay sold Awayday out of its first fund and bought back in from its second fund alongside Ares, the company said then. Awayday managed 9,000 properties at that point and manages twice as many now. So Friday's deal is the second time in seventeen months that its owners have been paid without selling the company to an outside buyer. For reference, Lazard counts preferred equity and other structured capital at 14% of GP-led volume in the first half, read here on Friday.

On the radar

• Wednesday 7 October, 11am, Guernsey. Partners Group Private Equity's meeting votes on the managed wind-down, the only resolution left after Monday's result. A yes makes a €771 million portfolio of direct holdings a seller over the coming years.
• Tuesday 13 to Thursday 15 October, London. SuperReturn Global Infrastructure at the Hilton Bankside. It is the first infrastructure gathering since Meridiam's $4 billion-plus vehicle came to market with Ares, GIC and Pantheon behind it, read here on Saturday.
• Thursday 22 October, 9am, New York. Blackstone's third-quarter call, the first since it shelved Eclipse, read here on 24 September.
• Tuesday 3 November. Cox Capital's offers for BCRED and HLEND shares expire, and its Apollo and Ares offers run to 14 November.
• Friday 4 December, Washington. Comments close on the SEC's proposal for monthly interval fund buybacks, read here on 1 October.
•