The Partners Fund Trust

TPF-TRUST

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Overview Strategy Performance Allocations Key terms Share classes FAQ

Overview

Legal Name:

The Partners Fund

Manager:

Partners Group

Website:

https://www.partnersgroup.com/

Fundraising Status:

Open

Domicile:

Guernsey

Legal Form:

Guernsey Unit Trust

Regulatory Regimes:

Guernsey Authorised Fund

Term:

100 years

Base Currency:

USD

Launch Year:

2002

Inception Date:

Dec 31, 2002

Target Net Return:

10%

Size:

$7.1B (as of Dec 31, 2025)

No. of Investments:

500 (as of Feb 28, 2025)

Administrator:

Northern Trust International Fund Administration Services (Guernsey) Limited

Investor Eligibility Segments:

Professional / Accredited

Permitted Distribution Countries:

Guernsey, United Kingdom, United States, Saudi Arabia, Singapore

Strategy

TPF-TRUST is a global, multi-asset evergreen portfolio investing across private equity, private infrastructure/real assets and opportunistic private credit/secondaries, plus a liquid sleeve in listed alternatives and cash. It primarily invests via direct holdings, complemented by primary and secondary fund positions and selected loans, targeting resilient, growing companies and assets diversified by region, sector and vintage, with flexibility to deploy into dislocations.

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:

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

Sector Focus (GICS):

Diversified

Sector Focus (not standardized):

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

Other Focus:

ESG Investment Focus

Leverage Limits Summary:

Credit line up to 25% of NAV for temporary liquidity shortfalls.

Investment Limits Summary:

Max 20% of NAV per single investment; limit waived for diversified collective schemes or structures.

Performance

for I (USD) share class

Total Returns (% Net of Fees)

Net returns (since inception)	I (USD)
Total Return	480%
Annualized Return	8%
Best Month	(Apr 2020)4.9%
Worst Month	(Mar 2020)-10%
Risk metrics (since inception)
Volatility	5.4%
Sharpe Ratio (4.3% risk-free)	0.68

Yearly returns (since inception)

Allocations

Asset Class allocation

Asset Class

as of Dec 31, 2025Include liquidity sleeve

Target

Asset Class

as of Dec 31, 2025

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Asset Class

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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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Vintage allocation

Vintage

as of Sep 30, 2025Include liquidity sleeve

Target

Vintage

as of Sep 30, 2025

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Vintage

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Underlying Investment Type allocation

Underlying Investment Type

as of Sep 30, 2025Include liquidity sleeve

Target

Underlying Investment Type

as of Sep 30, 2025

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Underlying Investment Type

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Key terms

for I (USD) share class

Share Class

Currency:

USD

Inception Date:

Jan 21, 2003

Distribution Type:

Accumulating

Investor Type:

Institutional

ISIN:

GB0032367819

Liquidity

Gate:

10% of Trust NAV per month, 25% per 3 months, 40% per 12 months.

Gate Level:

Fund level NAV

Redemption Frequency:

Monthly

Redemption Basis:

NAV per Unit on month-end

Subscribtion Frequency:

Monthly

Subscribtion Basis:

NAV per Unit as at month-end Valuation Point preceding Dealing Day

Fees

Management Fee:

1.50%

1.5% excludes Cash and Cash Equivalents and Multi-Manager Investments, 0.9% on Multi-Manager Investments + Cash and Cash Equivalents; paid quarterly in arrears; accrued monthly

Management Fee Basis:

NAV + unfunded commitments

Excludes Cash and Cash Equivalents and Multi-Manager Investments for (i); separate basis for Multi-Manager Investments + Cash and Cash Equivalents

Performance Fee:

7.50%

Subject to high water mark; net-positive NAV per Unit (incl paid-out distributions) vs HWM; calculated and paid monthly in arrears

Performance Fee Basis:

Change in NAV, Distributions

Net-positive NAV per Unit (incl paid-out distributions) vs high water mark; calculated and paid monthly in arrears

Front load (subscription):

3.00%

Up to 3% of relevant Subscription Price.

Management Fee:	1.50%	1.5% excludes Cash and Cash Equivalents and Multi-Manager Investments, 0.9% on Multi-Manager Investments + Cash and Cash Equivalents; paid quarterly in arrears; accrued monthly
Management Fee Basis:	NAV + unfunded commitments	Excludes Cash and Cash Equivalents and Multi-Manager Investments for (i); separate basis for Multi-Manager Investments + Cash and Cash Equivalents
Performance Fee:	7.50%	Subject to high water mark; net-positive NAV per Unit (incl paid-out distributions) vs HWM; calculated and paid monthly in arrears
Performance Fee Basis:	Change in NAV, Distributions	Net-positive NAV per Unit (incl paid-out distributions) vs high water mark; calculated and paid monthly in arrears
Front load (subscription):	3.00%	Up to 3% of relevant Subscription Price.

Share classes

Name	Min. Subscription	Currency	Inception	Distribution	Investor Type	ISIN	BBG Ticker
I (USD)	-	USD	2003-01-21	Accumulating	Institutional	GB0032367819	-
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 Trust?

The Partners Fund Trust is an evergreen Guernsey Authorised Fund focused on Multi-asset and managed by Partners Group.

Who manages The Partners Fund Trust?

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

How big is The Partners Fund Trust?

The Partners Fund Trust has a size of $7.1B.

What type of fund is The Partners Fund Trust?

The Partners Fund Trust is an open-ended / evergreen Guernsey Authorised Fund investing in multi-asset and domiciled in Guernsey.

When was The Partners Fund Trust launched?

The Partners Fund Trust was launched on Dec 31, 2002 and is structured as a Guernsey Unit Trust vehicle with a 100 years term.

Where is The Partners Fund Trust domiciled and regulated?

The Partners Fund Trust is domiciled in Guernsey under Guernsey Authorised Fund.

Data transparency

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Borgline's analyst team cross-checks key figures across independent documents and updates the database only when data is confirmed against the latest, most authoritative disclosures.

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