The Partners Fund SICAV

TPF-SIVAC

Overview Strategy Performance Allocations Key terms Share classes FAQ

Overview

Legal Name:

Manager:

Partners Group

Website:

https://www.partnersgroup.com/

Fundraising Status:

Open

Domicile:

Luxembourg

Legal Form:

Lux SICAV (S.A.)

Regulatory Regimes:

Lux UCI (Part II), EU AIF

Term:

Perpetual-Life

Base Currency:

EUR

Launch Year:

2016

Inception Date:

Mar 4, 2016

Target Net Return:

10%

Size:

$1.5B (as of Dec 31, 2025)

Administrator:

Northern Trust Global Services SE

Investor Eligibility Segments:

Institutional, Professional / Accredited

Permitted Distribution Countries:

Denmark, Germany, Hong Kong, United Kingdom, Australia

Strategy

TPF-SICAV is a Luxembourg-domiciled evergreen vehicle providing global, multi-asset private markets exposure across private equity, private credit, private real estate and infrastructure, complemented by opportunistic strategies and a liquidity sleeve including listed and broadly syndicated instruments. The portfolio combines direct investments with primary and secondary fund commitments, targeting diversified, medium- to long-term capital growth, stable returns, and moderate risk with low correlation to traditional equity and bond markets.

Asset Classes:

Multi-asset

Strategy:

Buyout (PE), Diversified (PC), Diversified (RE), Diversified (Infra)

Underlying Investment Type:

Direct investments, Primary Fund Commitments, Secondaries

Geographic Focus Region:

Global

Geographic Focus:

Europe, North America, Asia-Pacific, Rest of World

Sector Focus (GICS):

Diversified

Sector Focus (not standardized):

Consumer discretionary, Real Estate, Industrials, Information Technology, Communication Services, Consumer Staples, Healthcare

Other Focus:

ESG Investment Focus

Leverage Limits Summary:

May borrow up to 25% of assets for liquidity only.

Investment Limits Summary:

No more than 20% of total net assets in any single investment; limit waived for diversified collective investment schemes.

Performance

for I (USD) share class

Total Returns (% Net of Fees)

Net returns (since inception)	I (USD)
Total Return	102.1%
Annualized Return	7.7%
Best Month	(Apr 2020)4.7%
Worst Month	(Mar 2020)-10.6%
Risk metrics (since inception)
Volatility	5.6%
Sharpe Ratio (4.3% risk-free)	0.61

Yearly returns (since inception)

Allocations

Underlying Investment Type allocation

Underlying Investment Type

as of Dec 31, 2025

Target

Underlying Investment Type

as of Dec 31, 2025

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Underlying Investment Type

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Geography allocation

Geography

as of Dec 31, 2025

Target

Geography

as of Dec 31, 2025

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Geography

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Asset Class allocation

Asset Class

as of Dec 31, 2025Include liquidity sleeve

Target

Asset Class

as of Dec 31, 2025

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Over time

Asset Class

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Key terms

for I (USD) share class

Share Class

Minimum Subsribtion:

€10,000

Currency:

USD

Inception Date:

Jun 30, 2016

Distribution Type:

Accumulating

Investor Type:

Retail

ISIN:

LU1339194497

Liquidity

Gate:

10% of NAV per month, 25% per rolling 3 months, 30% per rolling 12 months.

Gate Level:

Fund level NAV

Redemption Frequency:

Monthly

Redemption Basis:

NAV per Share at immediately preceding monthly Valuation Day.

Subscribtion Frequency:

Monthly

Subscribtion Basis:

Forward pricing at next monthly NAV

Fees

Management Fee:

1.50%

Payable quarterly in arrears.

Management Fee Basis:

NAV + unfunded commitments

Disposal Portfolio excluded for non-redeemers; Management Fee on it borne by redeeming Shareholders.

Performance Fee:

12.50%

High water mark; monthly accrual and payment.

Performance Fee Basis:

Change in NAV, Distributions

Net-positive difference of NAV per share (incl. paid-out distributions) over high water mark.

Hurdle rate:

0.00%

Front load (subscription):

0.00%

Up to 5% of NAV for benefit of Fund; currently 0% per latest terms.

Back load (redemption):

0.00%

Up to 5% of NAV for benefit of Fund; currently 0% per latest terms.

Servicing fee:

0.10%

Service Fees capped at 0.1% of fund NAV p.a.; includes administrator, depositary, registrar and transfer agent.

Management Fee:	1.50%	Payable quarterly in arrears.
Management Fee Basis:	NAV + unfunded commitments	Disposal Portfolio excluded for non-redeemers; Management Fee on it borne by redeeming Shareholders.
Performance Fee:	12.50%	High water mark; monthly accrual and payment.
Performance Fee Basis:	Change in NAV, Distributions	Net-positive difference of NAV per share (incl. paid-out distributions) over high water mark.
Hurdle rate:	0.00%
Front load (subscription):	0.00%	Up to 5% of NAV for benefit of Fund; currently 0% per latest terms.
Back load (redemption):	0.00%	Up to 5% of NAV for benefit of Fund; currently 0% per latest terms.
Servicing fee:	0.10%	Service Fees capped at 0.1% of fund NAV p.a.; includes administrator, depositary, registrar and transfer agent.

Share classes

Name	Min. Subscription	Currency	Inception	Distribution	Investor Type	ISIN	BBG Ticker
I (USD)	10,000 EUR	USD	2016-06-30	Accumulating	Retail	LU1339194497	-
Class B eg	250,000 EUR	EUR	15 Mar 2018	Accumulating	Institutional	LU1987654321	FUND B LX
Class C Example	500,000 USD	USD	01 Jun 2019	Distributing	Professional	IE0123456789	FUND C ID
Class D eg.	100,000 GBP	GBP	22 Sep 2020	Accumulating	Institutional	GB00ABCDEF12	FUND D LN
Class E Example	25,000 EUR	EUR	03 Jan 2021	Distributing	Retail	LU9988776655	FUND E LX
Class F Example	1,000,000 USD	USD	10 Nov 2017	Accumulating	Institutional	US1234567890	FUND F US

FAQ

What is The Partners Fund SICAV?

The Partners Fund SICAV is an evergreen Lux UCI fund focused on Multi-asset and managed by Partners Group.

Who manages The Partners Fund SICAV?

The Partners Fund SICAV is managed by Partners Group, based in Baar, Switzerland.

How big is The Partners Fund SICAV?

The Partners Fund SICAV has a size of $1.5B.

What type of fund is The Partners Fund SICAV?

The Partners Fund SICAV is an open-ended / evergreen Lux UCI fund investing in multi-asset and domiciled in Luxembourg.

When was The Partners Fund SICAV launched?

The Partners Fund SICAV was launched on Mar 4, 2016 and is structured as a Lux SICAV (S.A.) vehicle with a perpetual-life term.

Where is The Partners Fund SICAV domiciled and regulated?

The Partners Fund SICAV is domiciled in Luxembourg under Lux UCI (Part II) and EU AIF.

Data transparency

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