Partners Group (PGHN) CMD 2026 summary

Strategic priorities and business model evolution

• Focus on expanding distribution partnerships over manufacturing M&A, with a third of recent industry partnerships involving the firm, and a global footprint of 25 offices and ~2,000 employees emphasizing a client-centric, integrated, and innovation-driven culture.

• Continued innovation in bespoke client solutions, reducing minimum account sizes, with 67% of 2025 AuM in tailored strategies and leveraging a unique integrated platform for custom mandates and evergreen vehicles globally.

• Emphasis on operational efficiency and scalability, managing over 350 investment vehicles without new teams, and enabling cross-sectoral thematic teams and portfolio solutions.

• Strategic partnerships, such as with BlackRock and Deutsche Bank, and expansion through consolidation, in-house developments, and selective partnerships, including new strategies like royalties and vertical integration in real estate.

• Targeting 10%+ organic AUM growth, with additional upside from M&A, and aiming for >$450bn AuM by 2033.

Asset class performance and investment strategies

• Private equity delivered strong results in 2025, with $11.2B invested, $13.4B realized, $86bn AuM, a 5-year CAGR of 11%, and 2.3x/19.8% realized returns, driven by thematic sourcing and operational value creation.

• Infrastructure AUM reached $36B, with an 18% five-year CAGR, 2.2x/20.8% realized returns, and a focus on next-generation utilities and data centers.

• Private credit AUM stands at $40B, with a 10% CAGR, a conservative approach yielding a 6.7% return, a loss rate of 0.08%, and a 1.4x/9.3% realized return.

• Real estate strategy centers on vertical integration, exemplified by the Empira acquisition, targeting energy retrofits in German residential, and expanding into multifamily and industrial sectors.

• Royalties, the newest asset class, surpassed $1.5B AUM, with a diversified portfolio across life sciences, entertainment, and energy transition, a 14.3% nIRR, and a target of $30B AUM by 2033.

Market outlook and growth drivers

• The industry is shifting from institutional to more customized and retail-oriented solutions, with mandates and evergreens driving sticky, long-term client relationships.

• Strategic partnerships and JVs are expected to contribute over $2B in 2026, with a focus on global expansion, especially in Asia-Pacific and the Middle East.

• AI and technology adoption are central to business transformation, with differentiated strategies for portfolio companies and sector-specific risk/opportunity mapping.

• Fundraising guidance for 2026 is $26B-$32B, with growth balanced across private wealth, mandates, and traditional funds, and a conservative approach to macro headwinds.

• Operating leverage remains strong, with excess capacity in investment teams and operational backbone, supporting scalable growth and stable margins.