Partners Group Private Equity (Master Fund), LLC — the firm’s flagship US-investor vehicle — holds the Russian exposure through a Luxembourg chain that is forensically traceable in public filings.
The Master Fund acquired Ciddan S.à r.l. in September 2017, reporting two tranches: preferred equity at a cost of $27.82 million and common equity at a cost of $14.67 million.
Ciddan’s 2024 annual accounts, filed with the Luxembourg Registre de Commerce et des Sociétés, show that as of December 31, 2024, Ciddan owned:
49.78% of Nidda Topco S.à r.l.
50% of Nidda Manco GP GmbH
17.9% of Nidda Beteiligungs GmbH & Co KG
Nidda Topco’s 2024 accounts show 99.51% ownership of Nidda Midco S.à r.l. Nidda Midco’s accounts, in turn, disclose 100% ownership of four entities, including Nidda German Topco GmbH, Nidda Lynx S.à r.l., Stada Arzneimittel B.V., and Nidda Finco S.à r.l.
Nidda Lynx’s 2024 annual accounts, filed before the April 2025 decree, stated 100% ownership of JSC Nizhny Novgorod Chemical-Pharmaceutical Plant (JSC Nizhpharm), one of the largest domestic pharmaceutical manufacturers in Russia.
Ciddan’s 49.78% stake in Nidda Topco is a minority interest, not a control position. The STADA/Nidda group’s principal operating asset is the German pharmaceutical business Stada Arzneimittel AG; Nizhpharm was the group’s Russian operation. But Nidda Topco’s consolidated accounts include the subsidiaries below it in the chain (Nidda Midco at 99.51%, and Nidda Lynx at 100% of Nidda Midco), and Ciddan’s Master Fund position is carried at fair value reflecting its proportionate share of Nidda Topco’s consolidated net assets. The state transfer of Nizhpharm is therefore a direct impairment event to Nidda Topco’s consolidated net assets, and through Ciddan’s 49.78% stake, a proportionate impairment to the Master Fund’s underlying exposure.
The Ciddan markup Partners Group recorded during this exact reporting window would require the Valuation Designee to assume either (a) that the state transfer is temporary and reversible, (b) that Nizhpharm’s contribution to Nidda Topco’s consolidated value was immaterial, or (c) that some offsetting positive development at Nidda Topco or its other subsidiaries justified an overall 12% markup despite the Nizhpharm loss. None of those assumptions has been publicly disclosed. None is obviously supportable from the public record.
THIS REPORT AND ALL STATEMENTS CONTAINED HEREIN ARE THE OPINIONS OF GRIZZLY RESEARCH LLC AND ARE NOT STATEMENTS OF FACT.
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As of the publication date of GRIZZLY RESEARCH LLC’S short-biased report, Certain GRIZZLY RESEARCH LLC Associated Persons (AS DEFINED HEREUNDER) (along with or through its members, partners, affiliates, employees, and/or consultants), clients, and investors, and/or their clients and investors have a short position in the securities of a Covered Issuer (and options, swaps, and other derivatives related to these securities), and therefore will realize significant gains in the event that the prices of a Covered Issuer’s securities decline. Likely, you should assume that as of the publication date of any GRIZZLY RESEARCH LLC’s long-biased report, certain GRIZZLY RESEARCH LLC Associated Persons, clients and investors, and/or their clients and investors have a material long position in all securities covered herein, and therefore stands to realize significant gains in the event that the price of any securities covered herein rises.Certain reports, whether long- or short-biased of a Covered Issuer, may also contain the opinions of other issuers in which GRIZZLY RESEARCH LLC Associated Persons, clients and investor, and/or their clients and investors may have a long position.
Following publication of any long or short report, GRIZZLY RESEARCH LLC and GRIZZLY RESEARCH LLC Associated Persons are likely to continue to transact in Covered Issuers’ securities for an indefinite period after an initial report on a Covered Issuer, and such position(s) may be long, short, or neutral at any time hereafter regardless of their initial position(s) and views as stated in GRIZZLY RESEARCH LLC’S research. One or more GRIZZLY RESEARCH LLC associated Persons have provided GRIZZLY RESEARCH LLC with publicly available information that GRIZZLY RESEARCH LLC has included in this report, following GRIZZLY RESEARCH LLC’S independent due diligence. YOU SHOULD DO YOUR OWN RESEARCH AND DUE DILIGENCE BEFORE MAKING ANY INVESTMENT DECISION WITH RESPECT TO THE SECURITIES COVERED HEREIN. THE OPINIONS EXPRESSED IN THIS REPORT ARE NOT INVESTMENT ADVICE NOR SHOULD THEY BE CONSTRUED AS INVESTMENT ADVICE OR ANY RECOMMENDATION OF ANY KIND. FOLLOWING PUBLICATION OF THIS REPORT, WE MAY CONTINUE TRANSACTING IN THE SECURITIES COVERED THEREIN, AND WE MAY BE LONG, SHORT, OR NEUTRAL AT ANY TIME HEREAFTER REGARDLESS OF OUR INITIAL OPINION.
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THIS REPORT AND ALL STATEMENTS CONTAINED HEREIN ARE THE OPINIONS OF GRIZZLY RESEARCH LLC AND ARE NOT STATEMENTS OF FACT.
Reports are based on generally available information, field research, inferences and deductions through Grizzly Research LLC’s due diligence and analytical process.
Our opinions are held in good faith, and we have based them upon publicly available facts and evidence collected and analyzed including our understanding of representations made by the management of the companies we analyze, all of which we set out in our research reports to support our opinions, all of which we set out herein. HOWEVER, THEY REMAIN OUR OPINIONS AND BELIEFS ONLY.
We conducted research and analysis based on public information in a manner that any person could have done if they had been interested in doing so. You can publicly access any piece of evidence cited in this report or that we relied on to write this report.
Grizzly Research LLC makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use.
We are entitled to our opinions and to the right to express such opinions in a public forum. We believe that the publication of our opinions and the underlying facts about the public companies we research is in the public interest, and that publication is justified due to the fact that public investors and the market are connected in a common interest in the true value and share price of the public companies we research. All expressions of opinion are subject to change without notice, Grizzly Research LLC does not undertake a duty to update or supplement this report or any of the information contained herein.
Recipients of the research report are professional investors who are expected to make their own judgment as to any reliance that they place on the research report. You represent that you have sufficient investment sophistication to critically assess the information, analysis and opinion on this website.
You further agree that you will not communicate the contents of reports and other materials on this site to any other person unless that person has agreed to be bound by these Terms of Use. If you access this website, download or receive the contents of reports or other materials on this website on your own behalf, you agree to and shall be bound by these Terms of Use. If you access our website, download or receive the contents of reports or other materials on this website as an agent for any other person, you are binding your principal to these same Terms of Use.
As of the publication date of GRIZZLY RESEARCH LLC’S short-biased report, Certain GRIZZLY RESEARCH LLC Associated Persons (AS DEFINED HEREUNDER) (along with or through its members, partners, affiliates, employees, and/or consultants), clients, and investors, and/or their clients and investors have a short position in the securities of a Covered Issuer (and options, swaps, and other derivatives related to these securities), and therefore will realize significant gains in the event that the prices of a Covered Issuer’s securities decline. Likely, you should assume that as of the publication date of any GRIZZLY RESEARCH LLC’s long-biased report, certain GRIZZLY RESEARCH LLC Associated Persons, clients and investors, and/or their clients and investors have a material long position in all securities covered herein, and therefore stands to realize significant gains in the event that the price of any securities covered herein rises.Certain reports, whether long- or short-biased of a Covered Issuer, may also contain the opinions of other issuers in which GRIZZLY RESEARCH LLC Associated Persons, clients and investor, and/or their clients and investors may have a long position.
Following publication of any long or short report, GRIZZLY RESEARCH LLC and GRIZZLY RESEARCH LLC Associated Persons are likely to continue to transact in Covered Issuers’ securities for an indefinite period after an initial report on a Covered Issuer, and such position(s) may be long, short, or neutral at any time hereafter regardless of their initial position(s) and views as stated in GRIZZLY RESEARCH LLC’S research. One or more GRIZZLY RESEARCH LLC associated Persons have provided GRIZZLY RESEARCH LLC with publicly available information that GRIZZLY RESEARCH LLC has included in this report, following GRIZZLY RESEARCH LLC’S independent due diligence. YOU SHOULD DO YOUR OWN RESEARCH AND DUE DILIGENCE BEFORE MAKING ANY INVESTMENT DECISION WITH RESPECT TO THE SECURITIES COVERED HEREIN. THE OPINIONS EXPRESSED IN THIS REPORT ARE NOT INVESTMENT ADVICE NOR SHOULD THEY BE CONSTRUED AS INVESTMENT ADVICE OR ANY RECOMMENDATION OF ANY KIND. FOLLOWING PUBLICATION OF THIS REPORT, WE MAY CONTINUE TRANSACTING IN THE SECURITIES COVERED THEREIN, AND WE MAY BE LONG, SHORT, OR NEUTRAL AT ANY TIME HEREAFTER REGARDLESS OF OUR INITIAL OPINION.
In order to manage risk, we may close open positions as we deem prudent. We do not provide “price targets”, although we may express our opinion of what the security is worth. An opinion of the value of a security differs from a price target in that we do not purport to have any insight as to how the market as a whole might value a security – we can only speak for how we, ourselves, view its value. We therefore do not hold a position until it reaches a certain price target, nor do we hold positions until they reach the price at which we have expressed a valuation opinion. There are numerous factors that enter into investment decisions aside from opinions of the value of the security, including without limitation, the borrow cost of a shorted security, the potential for a “short squeeze”, prudent risk sizing relative to capital and volatility, reduced information asymmetry, the opportunity cost of capital, client expectations, and the ability to hedge market risk, among other things. Therefore, you should assume that upon publication of any report, we will, or have begun to, close a substantial portion – possibly the entirety – of our positions in the covered issuer’s securities.
To the best of our ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stock covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. Note that researched companies and insiders, agents, and legal representatives of researched companies and other entities mentioned herein may be in possession of material non-public information that may be relevant to the matters discussed herein. Do not presume that any person or company mentioned herein has reviewed our report prior to its publication.
This is not an offer to sell or a solicitation of an offer to buy any security, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction.
By downloading and opening this report you knowingly and independently agree: (i) that any dispute arising from your use of this report or viewing the material herein shall be governed by the laws of the State of [New York], without regard to any conflict of law provisions; (ii) to submit to the personal and exclusive jurisdiction of the superior courts located within the State of [New York] and waive your right to any other jurisdiction or applicable law, given that Grizzly Research LLC is a Delaware limited liability company; and (iii) that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to use of this website or the material herein must be filed within one (1) year after such claim or cause of action arose or be forever barred. The failure of Grizzly Research LLC to exercise or enforce any right or provision of this disclaimer shall not constitute a waiver of this right or provision. If any provision of this disclaimer is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties’ intentions as rejected in the provision and rule that the other provisions of this disclaimer remain in full force and effect, in particular as to this governing law and jurisdiction provision. You agree that the information on this website is copyrighted, and you therefore agree not to distribute this information (whether the downloaded _le, copies / images / reproductions, or the link to these _les) in any manner other than by providing the following link: http://GRIZZLYREPORTS.COM . If you have obtained research published by Grizzly Research LLC in any manner other than by download from that link, you may not read such research without going to that link and agreeing to the Terms of Use on the Grizzly Research LLC designated website.
“Grizzly Research LLC Associated Person” is defined as: Grizzly Research LLC and its affiliates and related parties, including, but not limited to, any principals, officers, directors, employees, members, clients, investors, consultants, and agents.
