Partners Group Next Generation Infrastructure

Assessed on CHANGE IN NAV + DISTRIBUTIONS, i.e. total return including UNREALISED write-ups of the infrastructure holdings plus distributions - not limited to realised gains. Hurdle: 5.00 % p.a., expressly as a SIMPLE annualised hurdle (simple, non-compounding). Catch-up: 100 % - hence a SOFT hurdle: once the hurdle is exceeded, the manager first receives 100 % of the excess return until it has collected 15 % of the entire gain including the hurdle amount. High-water mark: yes, expressly in place; reset rule not documented in further detail (not documented). Crystallisation: monthly accrual, QUARTERLY payment in arrears - considerably more frequent than the annual crystallisation customary at KKR/Blackstone, which can lead to overpayments where valuations are volatile

No PRIIPs KID with a total cost ratio is published for the institutional class. Known components: management fee 1.25 % p.a., servicing fee up to 0.10 % p.a., performance fee 15 % above a 5 % hurdle. Net return since launch 19.2 % p.a. (class I USD Acc, as at 31 Jan 2026), volatility 2.3 %.