Partners Group (PGHN) Status Update summary

Market Environment and Industry Trends

• H1 2025 experienced mixed conditions, with optimism tempered by tariff-driven volatility and subdued IPO and private markets activity, leading to lower global buyout capital raised and muted transaction volumes.

• Distribution levels have room for upside, potentially sparking future investor commitments.

• Structural growth is expected from wealth, defined contribution, insurance, and select institutional channels, with private wealth adoption still in early stages.

Fundraising, AUM, and Product Mix

• USD 12 billion was raised in H1 2025, up 10% from H1 2024, with mandates and evergreens as key contributors; full-year fundraising guidance of USD 22-27 billion was reconfirmed.

• Assets under management grew to USD 174.4 billion, supported by strong client demand, the Empira acquisition, and positive performance effects.

• Mandates and evergreens accounted for the majority of new assets, with mandates offering dynamic portfolio steering and evergreens benefiting from a broad investment offering.

• Private credit was the strongest asset class, followed by private equity, with significant contributions from evergreen and mandate solutions.

• New evergreen and royalties products launched, with flows increasingly spread across multiple new funds.

Investment and Realization Activity

• USD 9 billion was invested and USD 9 billion realized in H1 2025, matching prior year levels, with a balanced approach between portfolio and direct investments.

• Direct equity and infrastructure remain focus areas, with infrastructure secondaries and data center investments contributing meaningfully.

• Realizations included the sale of Greenlink, gradual sell-downs of listed companies, and infrastructure portfolio divestments.

• Secondary investments were tactically overweight due to market volatility, offering attractive opportunities.

• Recent exits highlight the benefits of a diversified platform and value creation capabilities.