Partners Group Holding AG

PGHN

Equity

ISIN CH0024608827 / Valor 2460882

SIX Swiss Exchange (2026-09-25)

CHF 601.00+1.69%

Partners Group Holding AG
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About company

Partners Group Holding AG is a global private markets investment management firm headquartered in Switzerland. The company specializes in private equity, private real estate, private infrastructure, and private debt, managing a diverse portfolio of assets on behalf of institutional clients such as pension funds, insurance companies, and sovereign wealth funds. Founded in 1996, Partners Group has established itself as a leader in the private markets sector, leveraging its expertise to identify and invest in opportunities that offer potential for growth and value creation. The firm operates across various regions, providing tailored investment solutions and focusing on long-term value generation for its clients.

Summarized from source with an LLMView SourceSector: Finance

Net new client commitments

New client demand was USD 16.0 billion in H1 2026 (H1 2025: USD 12.0 billion). Bespoke solutions were the largest contributor (52% of new assets), with mandates and evergreens each at 26%. Evergreen inflows totaled USD 4.2 billion, but net flows were only modestly positive due to USD 3.8 billion of redemptions (79% of which came from three mature evergreens).

Assets under management (AuM)

AuM stood at USD 186.0 billion as of 30 June 2026, up from USD 174 billion a year earlier. Growth was partly offset by tail‑down effects from mature programs (USD -6.6 billion), foreign‑exchange headwinds (USD -2.3 billion) and other NAV‑linked factors (USD -2.4 billion).

Investments and realizations

Partners Group deployed USD 9 billion of capital in H1 2026 (matching H1 2025) and generated USD 9 billion of realizations. Portfolio assets accounted for 64% of capital deployed versus 36% for direct investments; secondaries and syndicated loan exposure were tactically emphasized.

Fundraising outlook and guidance

The firm reconfirmed full‑year 2026 gross new client demand of USD 26–32 billion. For H2 2026 it expects the evergreen platform could slow net AuM growth by about 1–2% and forecasts full‑year tail‑down from mature closed‑ended programs of USD -10 to -13 billion.

Performance income and notable exits

Performance income is expected below 20% of total revenues for H1 2026 (below the mid‑to‑long‑term 25–40% target) and the firm expects full‑year 2026 performance income around the lower end of that mid‑term range. Notable realizations include the sale of atNorth (≈2.5x multiple, >30% CAGR) and gradual sell‑downs/listings such as Vishal Mega Mart and Galderma.

Market environment and positioning

Management describes the investment environment as complex with high valuations—especially in private equity—leading to a selective approach. The firm highlights a strong fundraising pipeline, diversified asset‑class demand (infrastructure, private credit, private equity, real estate, royalties) and continued strategic focus on bespoke, mandate and evergreen growth.

Summarized from source with an LLMView Source

Key figures

-41.7%1Y

-41.1%3Y

-62.3%5Y

Performance

34.4%1Y

29.9%3Y

32.4%5Y

Volatility