Partners Group Holding AG

Latest Results (17.12.2024):

Revenue and Profit Decline

In the first half of 2024, Partners Group Holding AG reported a decrease in both revenue and profit compared to the same period in the previous year. Revenues fell by 7% to CHF 977 million, while profit decreased by 8% to CHF 508 million. This decline was primarily attributed to lower performance fees, which were impacted by postponed exit processes for several mature assets.

Assets Under Management Growth

Partners Group Holding AG's assets under management (AuM) increased to USD 149 billion as of June 30, 2024, marking a 5% year-on-year growth. This increase in AuM contributed to a 4% rise in management fees, which reached CHF 815 million. The growth in AuM was driven by strong client demand for bespoke private markets solutions.

Performance Fees Impact

Performance fees for Partners Group Holding AG fell by 39% year-on-year to CHF 161 million in H1 2024, accounting for 17% of total revenues. The decline in performance fees was due to a concentration of realization activity in private credit and portfolio assets, which typically yield lower performance fees. The company anticipates performance fees to constitute 20% to 30% of revenues for the full year 2024.

EBIT Margin Stability

Despite the decline in revenues, Partners Group Holding AG maintained a robust EBIT margin of 62% in H1 2024, aligning with its target margin of approximately 60% for new business and performance fees. However, EBIT decreased by 6% year-on-year to CHF 605 million, reflecting the overall reduction in revenue.

Outlook and Strategic Focus

Looking ahead, Partners Group Holding AG remains focused on its strategy of transformational investing and bespoke client solutions. The company expects performance fees to gradually increase as the pipeline of direct assets ready for realization grows. Additionally, Partners Group continues to emphasize the importance of innovation and technological transformation in driving future growth and value creation.