Does moving/ reallocating Pagefile.sys affect performance (Windows 7)?

I've reallocated my pagefile to a different partition (1GB on primary partition and 4GB on a different one), does this affect any performance or cause any known issues in future? (My system has 4GB RAM)

Why I did it, I basically wanted to free up space on my windows primary partition so thought of moving hibernation file to a different partition but looks like its not possible.

Since I can't move hibernate file, I reallocated the pagefile.

Just moving it does not affect performance. If, however, you are relocating the pagefile.sys to a significantly faster drive - an SSD for example - you would see a significant difference in performance.

This assumes, of course, that your system relies on your pagefile heavily. If you have enough RAM in your system, there is little reliance on the pagefile and the perceived performance benefit will be minimal.

Issues? No. Performance? If you're talking about multiple partitions on a single physical disk: It can't help. Basically, this means that any access to the pagefile forces your disk to do a seek to a different partition. Now, if this is a data partition that's going to see other access, then the performance hit won't be too severe. If you'd created a dedicated partition at "the end" of your drive, then you'd effectively be forcing your drive to do full seeks every time it needed to touch the pagefile.

Now, if you've got multiple physical drives, then having pagefiles on multiple drives won't hurt anything. If you system needs to write anything to a pagefile, then Windows will use the least busy drive available at the time, so access is spread out across multiple disks.