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QUARTERLY REPORT for the period from 1 January 2007 to 31 March 2007

Globa l Opportun i t ies L imi ted

Partners Group Global Opportunities Limited

STATEMENT OF THE INVESTMENT MANAGER

INVESTMENT MANAGER’S REPORT

QUARTERLY REPORT

2

NAV UP 1.03% FOR THE FIRST THREE

MONTHS OF THE YEAR

The net asset value (NAV) of PGGO advanced by 1.03%

during the first three months of the year to reach EUR 9.81

per share at the end of March 2007. The regular cash flows

from the direct private debt investments, which offered a

blended capital-weighted contractual yield of 12.9% as at

quarter-end (based on three-month LIBOR rates as at 31

March 2007), contributed substantially to the positive deve-

lopment of the NAV. The direct private debt investments are

valued on an accrued interest and payment in kind (PIK)

basis. All direct equity, secondary and primary fund invest-

ments are held at cost, except for minor uplifts to two pri-

mary funds.

PGGO TRADES ABOVE EUR 10 AND ABOVE

ITS NAV

At the end of March PGGO was trading at EUR 10.05 (clos-

ing price), up 2.0% since year-end 2006. From early March

onwards, PGGO constantly traded at or above the EUR

10.00 mark. The price-to-book multiple remained un-

changed at 1.02 compared to year-end 2006.

INVESTMENT LEVEL REACHES 85%

Since the launch of PGGO in October 2006, the Investment

Manager together with the Investment Adviser have placed

considerable emphasis on achieving a substantially full

investment level as quickly as possible. A feature of the first

quarter of 2007 was the significant progress made in

achieving this objective: the investment level, including op-

portunistic investments, increased from 67% to 85%. The

strong deal flow experienced by the Investment Adviser

ensured that the portfolio could be successfully built up,

Partners Group Global Opportunities Limited (“PGGO”) is a limited liability

closed-ended investment company, which is incorporated in Guernsey and is traded

on the Alternative Investment Market (“AIM”) of the London Stock Exchange and

on the Official List of The Channel Islands Stock Exchange (“CISX”).

The Company offers public market investors access to a broadly diversified portfolio

of attractive private equity and private debt investments. It aims to provide

shareholders with long-term capital growth and a target dividend yield of 8% p.a.

of the Company’s net asset value in the mid to long term.

This document is not intended to be an investment advertisement or sales instrument; it constitutes neither an offer nor an attempt tosolicit offers for the product described herein. This report was prepared using financial information contained in the company’s booksand records as of the reporting date. This information is believed to be accurate but has not been audited by any third party. Thisreport describes past performance, which may not be indicative of future results. The company does not accept any liability for actionstaken on the basis of the information provided.


3

whilst still applying a rigorous evaluation process. PGGO is

very pleased with the high quality and soundness of the

portfolio that it has managed to build up, and which is a tes-

tament to Partners Group’s ability to select investments with

sound underlying business cases and strong cash flows.

EUR 70M IN NEW DIRECT INVESTMENTS

During the first quarter of 2007, PGGO closed 10 new direct

investments – two debt and eight equity investments – for

a total of EUR 70m, making a significant contribution to the

increase in the investment level.

On the direct private debt side, PGGO participated in the

financing of Italian luxury motor yacht manufacturer Ferretti

and Spanish pizza delivery and take-away company Tele-

pizza. As at quarter’s end, PGGO held 15 direct mezzanine

and second lien loans with a total value of EUR 137m. The

Investment Adviser puts particular emphasis on investing in

select transactions that are sponsored by leading private

equity investors, such as Apax Partners, BC Partners,

Candover, EQT, Permira, The Carlyle Group and Warburg

Pincus. To date, PGGO has not experienced any defaults or

delinquencies in its private debt portfolio.

PGGO received a first early repayment of the mezzanine

loan to Ypso Holding S.A.: the company’s strong business

development allowed Cinven, its private equity sponsor, to

undertake an early recapitalization of the company and to

pay down the mezzanine loans.

In addition, EUR 59m was allocated to eight direct equity

investments, namely: EXCO Resources, an independent oil

and natural gas company in the US; Austrian refrigeration

manufacturer AHT Cooling Systems GmbH; Italian aircraft

engine manufacturer Avio Holding SpA; Dutch Cable, a lead-

ing cable TV operator in the Netherlands; GNC, the largest

global specialty retailer of nutritional products; publishing

and direct marketing company The Reader’s Digest

Association; North American intermodal trucking service

provider RoadLink USA and Univision, a leading Spanish-

language media company in the US. This brings the total

value of direct equity commitments to EUR 85m.

EUR 65M IN NEW FUND COMMITMENTS

During the first quarter of 2007, PGGO committed EUR 65m

to partnerships, bringing total commitments to primary and

secondary funds to EUR 140m.

On the secondary investment side, PGGO acquired interests

in Aksia Capital III, Alothon Cristal, Bain Capital Partners IX

and Bain Capital IX Co-Investment for a total of EUR 24m.

Five new primary funds were added to the portfolio during

the quarter. A total of EUR 41m in commitments were made

to North American buyout funds Apax US VII, Avista Capital

Partners (Offshore), CDR VII and Fenway III, as well as

European buyout fund Doughty Hanson & Co V.

The new primary fund commitments will have only a mod-

est impact on the investment level in the short term

because the funds will be actually drawn down and invest-

ed over the investment period of the fund, which is typical-

ly three to five years. The secondary fund commitments, by

contrast, will have a more immediate impact on the invest-

ment level because the funds are midst in their investment

period and the existing investments were funded at the

time of their purchase. In fact, of the EUR 14m in total

drawn down by the portfolio partnerships during the past

quarter, over 90% was called by the secondary investments

in the PGGO portfolio.

PORTFOLIO STRUCTURE

PGGO, which intends to build up a broadly diversified port-

folio of private market instruments, saw the degree of

diversification of the portfolio increase during the past quar-

ter. The holdings of cash and equivalents declined from 33%

to 14% during the quarter, while both direct equity and fund

investments increased substantially due to the continued

brisk investment activity. Direct investments now represent

55% of the PGGO portfolio (35% debt and 20% equity

financings), up from 40% at year-end 2006. The exposure

to primary and secondary funds – which, in turn, invest in

a range of underlying investments – increased from 8% to

12% of the portfolio. Opportunistic investments were

unchanged at 19%. The geographic allocation changed lit-

tle during the quarter, with over 70% of the portfolio invest-

ed in Europe.

OUTLOOK

PGGO together with its Investment Manager will develop

the portfolio further over the months to come. The deal

pipeline continues to be robust and PGGO is well on track to

becoming virtually fully invested during the first half of

2007. The main investment focus over the next months will

be on direct investments on both the equity and debt sides,

while commitments to partnerships will continue to be made

on a selective basis. The Investment Manager is also con-

sidering making a small allocation to the listed private equi-

ty segment. The building-up of the portfolio will be matched

by a reduction in the cash balances and the downsizing of

the opportunistic investment portfolio. The large private

debt portfolio and the first returns from the secondary port-

folio bode well for continued positive NAV development in

2007 and the first dividend payments later on this year.


MARKET TRENDS

QUARTERLY REPORT

4

The private equity industry has recently had to face criticism from the media and trade

unions, especially in Europe and the UK. In the latter case, trade unions carried out a

review of the private equity industry and came to the conclusion that the industry

destroys jobs and overloads companies with debt, and that by restructuring a company

private equity is not really increasing the value of it. The criticism levied over the past

few months has prompted the industry to discuss the value-add to the economy

created by private equity, including at leading economic events as the World Economic

Forum in Davos and the SuperReturn conference in Frankfurt.

THE PUBLIC PERCEPTION OF PRIVATE EQUITY

That the discussion about the private equity industry is

being taken seriously is reflected by the fact that politicians

have even entered the debate and are voicing their opinions

about the advantages and disadvantages of this economic

sector. In the UK in particular, top politicians, like the Prime

Minister Tony Blair, have rallied to the defense of the private

equity industry. Tony Blair has stated that private equity

firms have an “important function” in the economy, adding

that “Britain is one of the number one places in the world

for private equity and the private equity market brings a lot

of benefits to the British economy”. Further, according to the

European Union’s internal markets commissioner, Charlie

McCreevy, the private equity industry provides greater li-

quidity, adds shareholder value and helps the rationalization

and innovation of companies.

PRIVATE EQUITY CREATES ONE

MILLION NEW JOBS

Analyzing the impact of private equity, there appear to be

many aspects where private equity groups add value to

companies and to the global economy as a whole. The pri-

vate equity industry is at the heart of the European econo-

my, actively investing in and supporting high potential com-

panies in existing industry sectors as well as creating new

innovative enterprises. This investment helps to enhance and

sustain economic growth, support innovation and crucially

contributes to job creation across Europe. According to the

European Private Equity & Venture Capital Association, Euro-

pean Private equity-financed companies created one million

new jobs between 2000 and 2004. Over the same period, em-

ployment in private equity-financed companies grew by an

average rate of 5.4% annually. This is eight times the annual

growth rate of total employment in the European Union.


5

According to a study conducted by Nottingham University’s

Centre for Management Buy-Out Research (CMBOR), pri-

vate equity is beneficial for employment and staff empow-

erment. The study, based on 400 management buyouts in

the UK between 1999 and 2004, found that although

employment levels typically fell 2.3% in the year after a

buyout, they subsequently rose significantly. After five

years, employment levels were, on average, 26% higher

than before the buyout.

A second study conducted by the Association Française des

Investisseurs en Capital on the impact of buyouts on the

French labor market between 2002 and 2005 highlighted

that the workforce at private equity-financed companies

increased by an annual average of 4.1%, whereas the

French national average stood at 0.6% over the same peri-

od. The study also pointed out that employees have greater

access to non-wage benefits such as stock ownership,

incentives, company saving plans and stock options. Em-

ployees at private equity-backed companies are typically

more involved in and loyal to their companies. Average ab-

senteeism and staff turnover rates decline substantially

after a buyout transaction.

ADVANTAGES OF PRIVATELY-HELD

COMPANIES

Private equity benefits the economy by creating, as well as

restructuring publicly-held companies into, efficient private

companies. Changing a company from being a publicly-held

to a privately-held one means concentrating its ownership

among the management and private equity firms. In such

an environment, the owners of the company can work with-

out continuous pressure from the different shareholders,

who are mainly concerned about the short-term share price

performance of the company. Private equity firms are able

to develop their companies unencumbered by such issues

and thus can manage them more efficiently, creating long-

term value.

In the light of recent criticism, an increasing number of rep-

resentatives from the private equity industry are stepping

forward to underline the advantages of private equity for

national economies. Damon Buffini, head of European buy-

out firm Permira, said in an interview with the BBC that “pri-

vate equity is a business of creating strong long-term com-

petitive businesses … that’s in the best interests of all stake-

holders, especially employees. In a global economy, there is

no job security unless a business is profitable and sustain-

able – and that is what private equity is doing”.

SUCCESS OF REVERSE LEVERAGED BUYOUTS

The efficiency and value of companies held by private equity

firms can also be measured through the success of reverse

leveraged buyouts (RLBOs). In essence, RLBOs are the pub-

lic offering of new shares in a company or part of a company

that had been taken private in an initial leveraged buyout. A

study by the Harvard Business School that analyzed almost

500 private equity-led initial public offerings (IPOs) over a

22-year period from 1980 to 2002 concluded that RLBOs gen-

erally outperformed other types of IPOs and the market as a

whole. For example, RLBOs created a raw buy-and-hold

return of 18.3% over one year, 43.8% over three years and

72.3% over five years after the IPO, the study found. The

outperformance of RLBOs can be attributed to the fact that

private equity groups create well-functioning private firms,

which then succeed in the public market.

FIRST STEPS TOWARDS MORE

TRANSPARENCY

Private equity firms are not obligated to publish any details

about their business or their transactions. In the face of

recent criticism, industry representatives are now trying to

improve the public’s understanding of what private equity

can achieve. The US recently set a good example by launch-

ing the Private Equity Council (PEC). The aim of the PEC is

to help fill the “knowledge gap” that the public has of the

private equity industry. In Europe, the British Venture

Capital Association (BVCA) has taken similar initiatives to

communicate with the public.

In general, greater transparency would certainly help to

show what benefits private equity brings to the economy:

private equity has a positive influence in terms of reorgan-

izing companies and redesigning corporate structures, as

well as providing sustainable, high-quality jobs across the

globe. Besides the benefits to the global economy, investors

in the private equity asset class also benefit from the out-

standing return potential the asset class provides.


PORTFOLIO ALLOCATION

QUARTERLY REPORT

6

Since the launch of PGGO in October 2006, the Investment

Manager together with the Investment Adviser have placed

considerable emphasis on building up a well-diversified portfo-

lio with a particular focus on direct equity and direct debt

investments.

PGGO offers diversified exposure to private equity from a glob-

al platform that leverages Partners Group’s excellent relation-

ships with a wide variety of leading private equity firms.

Cash and other assets14%

Opportunistic19%

Secondaries11%

Direct equity20%

Primaries1%

Direct private debt35%

SPLIT OF NAV BY TYPE*

* based on value of private equity investments


7


19982% 1997

1%

200722%

200665%

20051%

20046%

20003%

VINTAGE YEAR SPLIT*

Other21% Comm. & Media

24%

Life Sciences9%

IT & High-Tech9%

Industrial / Manufacturing12%

Retail25%

INVESTMENTS* BY FINANCING STAGE

TOP TEN INVESTMENTS* BY NAV

North America35%

Asia & Rest of World1%

Europe64%

INVESTMENTS* BY REGION

* based on value of private equity investments * based on value of private equity investments

Investments Type Vintage % of NAV

The Automobile Association Direct private debt 2004 4.1%

American Capital Equity I, LLC Secondary fund 2006 4.0%

Tommy Hilfiger Direct private debt 2006 4.0%

Kabel Baden-Württemberg Direct private debt 2006 3.7%

Dutch Cable Direct equity / direct private debt 2006 3.6%

IMO Carwash Group Direct private debt 2006 3.5%

Freescale Semiconductor, Inc. Direct equity 2006 3.3%

Avio Holding S.p.A. Direct equity / direct private debt 2006 3.1%

EXCO Resources, Inc. Direct equity 2007 2.9%

Médica France Direct private debt 2006 2.8%

Top 10 Investments 35.0%



PORTFOLIO

QUARTERLY REPORT

8

In the first quarter of 2007, PGGO made two new direct debt and

eight direct equity investments for a total value of EUR 70m.

In addition, PGGO spoke new commitments to nine partnerships.

PGGO funded capital calls for EUR 89m and received EUR 14m in

distributions during the past quarter. Unfunded commitments at the end

of the quarter totaled EUR 92m.

SELECTED NEW DIRECT INVESTMENTS

AHT Cooling Systems GmbH

In January, PGGO funded the direct equity investment in

AHT Cooling Systems. The company is active in industrial

refrigeration and deep freezing, with its main areas of busi-

ness being fridges and deep freezers for supermarkets, ice

cream freezers and drink cooling systems. AHT Cooling

Systems is a leading global manufacturer in the sector. It

employs around 650 people, including 150 temporary

employees to cope with peak production levels.

Dutch Cable

In February, PGGO completed a EUR 7.5m direct equity

investment in Dutch Cable, a newly established entity con-

sisting of Dutch cable operators Casema and Multikabel, as

well as Essent Kabelcom. The combined entity, sponsored

by Cinven and Warburg Pincus, will be the largest cable

operator in the Netherlands.

Univision Communications, Inc.

After the announcement in June last year, the acquisition of

Univision for USD 12.3bn by private equity investors

Providence Equity Partners, Thomas H. Lee Partners and

Texas Pacific Group was finally approved at the end of March

2007. The company is the largest Spanish-language broad-

caster in the US and its assets include market-leading tele-

vision and radio channels, music recording companies and

an internet portal. It has tremendous growth potential, which

is likely to be bolstered further by the above-average growth

of the Hispanic population and its spending power in the US

PGGO made a direct equity investment in the company.


9

General Nutrition Centers, Inc. (GNC)

In March, PGGO received an invitation from Ares Manage-

ment to participate in a direct investment related to the buy-

out of GNC, the largest global specialty retailer of nutrition-

al products, vitamin, mineral, herbal and other specialty

supplements and sports nutrition, diet and energy products.

The company has more than 4,800 retail locations through-

out the US and franchise operations in 46 international mar-

kets. Ares Management and the other investors have

acquired GNC from Apollo for a total enterprise value of USD

1.65bn. The private equity investors believe GNC is well

positioned for future growth.

Ferretti SpA

In March, PGGO was invited by Royal Bank of Scotland to

participate in the mezzanine financing for Ferretti SpA, a

leading manufacturer of high-performance luxury motor

yachts that was sold by Permira to Candover last October.

Majority equity funding was provided at the time by

Candover with Permira, the Chairman Norberto Ferretti and

his management team re-investing into the company. With

the backing of the new investors, Ferretti can continue to

expand its business internationally, both organically and

through acquisitions, in order to sustain its position as the

world's leading manufacturer of high-performance luxury

yachts.

The Reader’s Digest Association, Inc.

In November 2006, an investor group led by Ripplewood

Holdings entered into a definitive merger agreement to

acquire The Reader’s Digest Association, Inc., in a USD

2.4bn transaction. In February 2007, PGGO was invited to

invest directly into the transaction as well. Reader’s Digest

is a publisher and direct marketing company that creates

and delivers content and products for magazines, books,

recorded music collections, home videos and online web-

sites. Reader’s Digest Magazine, its flagship publication, is

published in 21 languages with a monthly circulation of

approximately 18m copies.

EXCO Resources, Inc.

Alongside Ares Capital, PGGO completed a EUR 11.2m

direct equity investment in EXCO Resources, Inc., an inde-

pendent oil and natural gas company engaged in the acqui-

sition, development and exploitation of onshore North

American oil and natural gas properties. EXCO Resources,

Inc. is a public company listed on the New York Stock

Exchange with a market capitalization of USD 1.7bn. The

company recently announced two transactions (acquisitions

of assets from Andarko Petroleum), which will increase the

size of the company by over 40%.

SELECTED PARTNERSHIP COMMITMENTS

Apax US VII, L.P.

In January, PGGO made a USD 10m commitment to Apax

US VII. The fund will invest in mid-market buyout as well as

later-stage and growth transactions. It will focus on compa-

nies based in the US that show potential for high growth.

Apax US has a long history of building high-impact growth

companies with considerable expertise in the consumer

segment.

Doughty Hanson & Co V, L.P.

In February, PGGO committed EUR 10m to Doughty Hanson

& Co V. This fund will continue the investment strategy suc-

cessfully applied by its predecessor funds, i.e. focusing on

control investments in European mid- and large-cap buyout

transactions. Doughty Hanson, a reputable and long-estab-

lished player in Europe, differentiates itself from its com-

petitors through its strong network within the European

buyout community, its extensive industry experience, and

its focus on family businesses.


PORTFOLIO OVERVIEW

QUARTERLY REPORT

10

At the end of March 2007, the portfolio of PGGO comprised 27 direct

investments and commitments to 18 partnerships.


11

DIRECT INVESTMENTS

Direct equity

AHT Coolings Systems, GmbH

Avio Holding S.p.A.

Dutch Cable

Exco Resources, Inc.

Freescale Semiconductor, Inc.

Generac Power Systems, Inc.

General Nutrition Centers, Inc.

NXP B.V.

Roadlink USA

RSC Equipment Rental

The Reader’s Digest Association, Inc.

Univision Communications, Inc.

Direct private debt

Avio Holding S.p.A.

BSN medical GmbH & Co. KG

Dutch Cable

Elior S.A.

Ferretti SpA

Get (fka: United European Communications Norge AS)

IMO Carwash Group

Kabel Baden-Württemberg

Médica France

Stahl Holdings B.V.

Telepizza S.A.

The Automobile Association

The Sports Authority, Inc.

Thule Holding AB

Tommy Hilfiger Corporation

SECONDARY INVESTMENTS

Europe – Buyout

Aksia Capital III, L.P.

North America – Buyout

American Capital Equity I, LLC

Bain Capital IX, L.P.

Bain Capital IX Co-Investment, L.P.

GRP AQ, L.P.

Clayton, Dubilier & Rice Fund VI, L.P.

Asia & Rest of World – Buyout

Alothon Cristal, L.P.

PRIMARY INVESTMENTS

Europe – Buyout

Doughty Hanson & Co V, L.P.

EQT V, L.P.

Terra Firma Capital Partners III, L.P.

North America – Buyout

Apax US VII, L.P.

Avista Capital Partners (Offshore), L.P.

Clayton, Dubilier & Rice Fund VII (Co-Invest), L.P.

Fenway Partners Capital Fund III, L.P.

Thomas H. Lee Equity Fund VI, L.P.

Silver Lake Partners III, L.P.

Providence Equity Partners VI-A, L.P.

North America – Special situations

BNY Mezzanine Partners, L.P.

OPPORTUNISTIC INVESTMENTS

Partners Group Alternative Beta Strategies

New commitments and investments added this quarter are stated in italics.

STATEMENT OF THE INVESTMENT MANAGERQUARTERLY REPORT

12

13

CONDENSED CONSOLIDATED UNAUDITED FINANCIAL STATEMENTSfor the period from 1 January 2007 to 31 March 2007

CONSOLIDATED UNAUDITED INCOME STATEMENTfor the period from 1 January 2007 to 31 March 2007

QUARTERLY REPORT

14

01.01.2007–31.03.2007

Notes EUR

Net income from limited partnerships anddirectly held investments 4,687,355 – Dividend and interest income 3 3,888,020– PIK interest 3 2,300,000 – Revaluation 3 166,343 – Foreign exchange gains & (losses) 3 (1,667,008)

Net income from opportunistic investments 409,472 – Revaluation 4 (34,208)– Foreign exchange gains & (losses) 4 443,680

Net income from cash & cash equivalents 726,873 – Interest income 747,701 – Foreign exchange gains & (losses) (20,828)

Operating income 5,823,700

Operating expenses (2,056,509)– Management fee (1,102,028)– Administration fee (484,891)– Other foreign exchange gains & (losses) (7,714)– Other operating expenses (461,876)

Surplus / (loss) for the financial period 3,767,191

Earnings per share 7

– Weighted average number of shares outstanding 39,900,002 – Basic surplus / (loss) per share for the financial period 0.10 – Diluted surplus / (loss) per share for the financial period 0.10

The earnings per share are calculated by dividing the surplus / (loss) for the financial period by the weighted average number of shares outstanding.

15

CONSOLIDATED UNAUDITED BALANCE SHEETas at 31 March 2007

31.03.2007Notes EUR

Assets Non-current assetsInvestments in limited partnershipsand directly held investments at fairvalue through profit or loss 2&3 260,325,677Opportunistic investments at fairvalue through profit or los 2&4 73,790,302 334,115,979

Current assets Other short-term receivables 5,702,174 Hedging assets 2&4 2,502,821 Cash and cash equivalents 50,963,074

59,168,069

Total assets 393,284,048

EquityCapital and reservesShare premium 5 33,775,934Distributable reserve 5 350,000,002Reserves 7,484,413

391,260,349

Liabilities falling due within one yearOther short-term payables 2,003,499 Current income tax liabilities 20,200

2,023,699 Total equity and liabilities 393,284,048

CONSOLIDATED UNAUDITED STATEMENT OF CHANGES IN EQUITY for the period from 1 January 2007 to 31 March 2007 (all amounts in EUR)

QUARTERLY REPORT

16

Share Distributable Accumulatedpremium reserve surplus / (loss) Total

Equity at beginning of reporting period 33,775,934 350,000,002 3,717,222 387,493,158 Surplus/(loss) for the financial period – – 3,767,191 3,767,191

Equity at end of reporting period 33,775,934 350,000,002 7,484,413 391,260,349

17

CONSOLIDATED UNAUDITED CASH FLOW STATEMENTfor the period from 1 January 2007 to 31 March 2007

01.01.2007–31.03.2007

Notes EURCash flow from operating activities– Management fee (1,102,028)– Administration fee (484,891)– Other operating expenses (461,876)– Proceeds from / (costs of) hedging activities 1,431,413

– (Increase) / decrease in other short-term receivables (4,099,762)– Increase / (decrease) in other short-term payables 601,904

– Interest received from limitedpartnerships and directly held investments 3 3,888,020

– Purchase of limited partnershipsand directly held investments 3 (88,930,056)

– Distributions from limited partnerships anddirectly held investments 3 14,436,826

– Interest from cash and cash equivalents 747,701

Net cash from / (used in) operating activities (73,972,749)

Net increase / (decrease) in cash and cash equivalents (73,972,749)

Cash and cash equivalents at beginning of reporting period 124,956,651

Effects on cash and cash equivalents– Movement in exchange rates (20,828)

Cash and cash equivalents at end of reporting period 50,963,074

NOTES TO THE CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS

QUARTERLY REPORT

18

1 ORGANIZATION AND BUSINESS ACTIVITY

Partners Group Global Opportunities Limited (the “Company”) is a limited liability com-

pany, incorporated and domiciled in Guernsey, Channel Islands. The Company together

with Partners Group Prime Yield, S.à r.l. (the “Subsidiary”) invests in a broadly diversi-

fied portfolio of private market investments. The Company´s registered office is Tudor

House, St. Peter Port, Guernsey, GY1 1BT.

Partners Group Prime Yield, S.à r.l. (“the Subsidiary”) was incorporated as a private limited

liability company (société à responsabilité limitée) on 22 February 2006 and is governed

by the laws of Luxembourg, in particular by the law dated 10 August 1915, on commer-

cial companies, as amended (hereafter the Company Law), the law of 22 March 2004 on

securitization (the “Securitization Law”), as well as by the present articles of association.

On 3 October 2006 the shares of the Company were listed on AIM, a market operated

by the London Stock Exchange.

2 BASIS OF PREPARATION

The condensed consolidated financial statements have been prepared in accordance with

IAS 34 Interim Financial Reporting. The condensed consolidated financial statements do

not include all the information and disclosures required in the annual financial state-

ments, and should be read in conjunction with the Group´s annual financial statements

as per 31 December 2006.

The accounting policies adopted in the preparation of the condensed consolidated finan-

cial statements are consistent with those followed in the preparation of the Group’s

annual financial statements for the year ended 31 December 2006, except for the adop-

tion of the following amendments mandatory for annual periods beginning on or after 31

December 2006.

IFRS 7 – Financial Instruments: Disclosures

Amendment to IAS 1 – Presentation of Financial Statements: Capital Disclosures

IFRIC 11 – Group and Treasury Share Transactions

The adoption of these amendments did not affect the Group’s results of operations or

financial position.

3 LIMITED PARTNERSHIPS AND DIRECTLY HELD INVESTMENTS

3.1 INVESTMENTS

31.03.2007

Balance at beginning of reporting period 185,033,112

Capital activity recorded at the transaction rate 88,930,056 Return of investments (14,436,826)Accrued PIK interest 2,300,000Revaluation 166,343 Foreign exchange losses (1,667,008)

Balance at end of reporting period 260,325,677

3.2 DISTRIBUTIONS

01.01.2007–31.03.2007

Dividend and interest income 3,888,020 3,888,020

Return of investments 14,436,826

Total distributions 18,324,846

3.3 FOREIGN EXCHANGE

01.01.2007-31.03.2007

Foreign exchange revaluation (1,667,008)

NOTES TO THE CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS(continued)

4 OPPORTUNISTIC INVESTMENTS4.1 INVESTMENTS

31.03.2007

At beginning of reporting period 74,847,534 Revaluation (34,208)Foreign exchange losses (1,023,024)

At end of reporting period 73,790,302

At the balance sheet date, the investments classified as Opportunistic Investmentscomprised 79,790.8850 Units in the Green Vega Cell, a protected cell within PartnersGroup Alternative Strategies PCC Limited.

4.2 FOREIGN EXCHANGE

01.01.2007-31.03.2007

Foreign exchange revaluation (1,023,024)Revaluation of foreign exchange hedges relatingto investments in opportunistic investments 1,466,704

443,680

At the balance sheet date, the Group had the following forward foreign exchangecontracts in place. The contracts were entered into to protect against changes in theforeign exchange value of the investments. The unrealized surplus / (loss) at the endof the reporting period is detailed below:

EUR Rate Value date Surplus /(loss)

31.03.2007

Sell USD against EUR 75,333,323 0.7671 9.1.2007 1,945,893 Sell USD against EUR 22,288,833 0.7686 18.1.2007 616,374 Sell EUR against USD 1,143,990 0.7627 6.3.2007 (23,001)Sell EUR against USD 2,278,423 0.7595 8.3.2007 (36,445)

2,502,821

5 SHARE CAPITAL AND SHARE PREMIUM5.1 SHARE CAPITAL

At 31 December 2006 39,900,002 Ordinary shares were issued. The Ordinary shareshave no par value.

5.2 SHARE PREMIUM 31.03.2007

Share premium on inception 2Share premium from issuance of shares 350,000,000Transfer from share premium to distributable reserves 1) (350,000,002)Share premium from subsequent issuance of shares 49,000,000Deduction of organisational expenses 2) (15,224,066)

Total share premium 33,775,934

Distributable reserves 350,000,002

1) On 6 October 2006 the Royal Court of Guernsey confirmed a special resolution passedby the board of the Company whereby the amount standing to the credit of theshare premium account, net of issue costs, immediately following the initial placingwas transferred to a special distributable reserve.

2) Organisational expenses cover underwriters' commissions, placement fees and otherexpenses in relation to the set-up of the Company structure and the listing of theshares on AIM, a market operated by the London Stock Exchange, on 3 October 2006.An amount of EUR 15,224,066 has been charged against the share premium account.

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NOTES TO THE CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS(continued)

QUARTERLY REPORT

20

6 COMMITMENTS

31.03.2007

Unutilized commitments translated at the rate 92,285,534prevailing at the balance sheet date

7 NET ASSETS AND DILUTED ASSETS PER ORDINARY SHARE

The net assets are calculated by deducting the liabilities falling due within one yearfrom the total assets.

31.03.2007

Net assets of the Group 391,260,349Outstanding shares at the balance sheet date 39,900,002

Net asset per share at the balance sheet date 9.81Diluted net assets per share at the balance sheet date 9.81

21

NOTES

NOTES

QUARTERLY REPORT

22

23

NOTES

LIST OF ADDRESSES

Globa l Opportun i t ies L imi ted

Registered Office

Partners Group Global Opportunities Limited

Tudor House

Le Bordage

St. Peter Port

Guernsey GY1 1BT

Channel Islands

Phone +44 1481 711 690

Facsimile +44 1481 730 947

Email: [email protected]

Info: www.pg-globalopportunities.net

Investment Manager

Partners Group (Guernsey) Limited

Guernsey, Channel Islands

Investor Relations

Björn Seynsche

Email: [email protected]

Auditors

PricewaterhouseCoopers CI LLP

Trading Information

Listing AIM, a market operated by the London Stock Exchange

Channel Islands Stock Exchange

ISIN GB00B16KPY96

Valor 2 701 643

Trading symbol PGGO

Bloomberg PGGO LN

Reuters PGGO.L

quart pggo e - datahotelpgdatahotel.net/pdf/pg-go_qrt_2007_1_en.pdf · pggo received a first early...

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