另类基金周报

UK | Investment Companies The Alt-Fund Weekly This week sees finals from FGEN, SYNC and CORD; Partners Group isweighing an equity injection into Emeria (PEY); FDH Aero announced it willreceive a majority investment from Bain Capital (NBPE); the owners of GenII are holding preliminary talks about a sale (HGT); GlobalConnect is sellingits B2C business in Germany (PINT); plus we highlight some useful insightsfrom the midyear 2026 edition of Bain's Private Equity Report (Listed PrivateEquity). The week ahead:We look forward to finals from FGEN, SYNC (both Thursday) and CORD(Friday). Newsflow:We are always on the lookout for news items from disparate sources that have yetto be commented on or substantiated by the relevant funds. The following caught our attentionover the past week: •Partners Group Private Equity(PEY, Hold) -Bloombergis reporting that Partners Group,and minority shareholder TA Associates, are weighing a €200m equity injection intoFrench real estate services provider Emeria. This is reportedly due to Emeria's fallingearnings and ahead of refinancing discussions with creditors. Emeria represented 7.7%of PEY's NAV as at 30/04/26. •NB Private Equity(NBPE, Buy) - FDH Aero, a provider of supply chain solutions tothe aerospace and defense industry, announced it will receive a majority investmentfrom Bain Capital, with existing lead sponsor Audax Private Equity expected to remaina significant investor in the company. FDH Aero represented 3.8% of NBPE's NAV as at30/04/26. •Pantheon Infrastructure(PINT, Buy) - GlobalConnect announced that it is selling itsB2C business in Germany to NordConnect, as a part of its strategy to refocus onB2C investments in the Nordics. GlobalConnect represented 3.4% of PINT's NAV as at31/12/25. •HgCapital Trust(HGT, Underperform) - TheFTis reporting that the owners of Gen II,a private capital fund administrator, are holding preliminary talks about a sale of thebusiness at a c.£6bn valuation. Gen II represented 2.2% of HGT's NAV as at 31/03/26. Further thoughts:Last week, Bain published its midyear 2026 edition of its highly authorativeGlobal Private Equity Report. As usual, that were some useful insights for ourListed PrivateEquity(LPE) coverage universe. First, is a 'deal cost index' combining purchase multiples anddebt financing costs, which highlights buyouts are as expensive as they have ever been, in turnadding emphasis to the fact that operational performance (as opposed to multiple expansionand/or leverage) is required to drive deal returns. Next is AI-captured data on non-disclosureagreement (NDA) activity as a leading indicator for exits. Unfortunately, the latest data pointhere indicates deal activity is likely to remain flat over H2. And finally, the report referencesa recent ILPA poll showing that the majority of LPs start to lose confidence in a GP whenthe discount to the prior mark exceeds 5% on a full exit. The report observes this creates anincentive for GPs to hold on to portfolio companies and 'grow' into their marks, likely one ofthe factors behind the overall maturing of private equity portfolios amid this still difficult exitenvironment. Recent 'first views': •Next Energy Solar Fund(NESF) - NAV and Operational Update - Here •Bluefield Solar Fund(BSIF) - Recommended Cash Acquisition From Drax - Here •NB Private Equity(NBPE) - Update to Capital Allocation Framework - Here Recent research: •HgCapital Trust(HGT) - A Private Credit Cross-Check - Here•HgCapital Trust(HGT) - Capital Markets Event - Here•GCP Infrastructure(GCP) - Interims - Tipping the Balance - Here•Renewable Infrastructure- BSIF Offer Readacross - Here•The Next NAV....- Here•Gresham House Energy Storage Fund(GRID) - Capital Markets Event - Here Company Valuation/Risks For Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300. Analyst Certification: I, Matthew Hose, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report. I, Fiona Huang, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report. Registration of non-US analysts:Matthew Hose is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the F