Partners Group Private Equity (PEY) has entered a managed wind-down after 99.9% of shares voted at yesterday’s extraordinary general meeting were in favour of realising all the assets of the £457m investment company. The vote on turnout of just over 62% follows the decision of 74.1% of shareholders to choose to exit through a new realisation share class, which was above the 40% maximum set by the board. Chair Peter McKellar welcomed the “clear mandate” from shareholders. “From 31 March 2027, the company expects to return available realisation proceeds to shareholders on a semi-annual basis, although more frequent returns may be made where circumstances permit,” he said.
Alternative Liquidity Fund (ALF) saw 99.99% support for its voluntary liquidation at an EGM in Guernsey after its managed wind-down left the Rampart Capital hedge fund with a market value of just £1m. Benjamin Rhodes and Oliver Beaton of Grant Thornton Advisors were appointed joint liquidators.
Unite Group (UTG), the student accommodation provider in which activist Saba has a 7% stake, saw the valuations of its main funds fall in the third quarter. The Unite UK Student Accommodation Fund (USAF) fell 4% to £2.8bn and the London Student Accommodation Joint Venture (LSAV) with Singapore sovereign wealth fund GIC, fell 3.4% to £1.9bn. The declines were driven by rising property yields caused by the sell-off in global bond markets and reductions in rental values for properties where income this year is below previous valuer assumptions. Room reservations were in line with expectations and Unite said it was on track to sell £300m-£400m of properties this year. At 30 September, 95.6% of Unite beds had been sold for the 2026/27 academic year compared to 95.3% a year ago. At Hello Student, the business Unite bought from Empiric last year, 92% of beds have been sold, up from 87% this time last year. The shares fell 5%, or 22p, to 420p, taking their decline to nearly 24% this year.
Richard Williams, senior analyst at QuotedData, said: “Unite’s occupancy figures offer some reassurance after a difficult letting season, with 95.6% of beds now sold and a particularly encouraging recovery at the Empiric portfolio. However, this was in part achieved through targeted rent reductions, resulting in just 0.6% like-for-like income growth across Unite’s portfolio. The 3.4% and 4.0% quarterly valuation declines at LSAV and USAF respectively are another reminder that the sector is still adjusting to higher interest rates and softer income expectations. Encouragingly, the assets Unite intends to retain are performing considerably better, with 96% occupancy and 2.5% income growth, supporting the rationale for its portfolio repositioning. Executing the substantial disposal programme at acceptable prices becomes mission critical, especially with Saba looming on the register, while also delivering the expected benefits from the Empiric acquisition.”
Tritax Big Box REIT (BBOX) said Nick Prettejohn, former chief executive of Prudential UK & Europe and the Lloyd’s of London insurance market, will be its next chair. He has joined the board of the £4.2bn logistics fund and will succeed Aubrey Adams on 1 January.
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