The private equity firm uses favorable market conditions to make company sales and clear backlog.
Zug-based Partners Group's profit more than doubled to 629 million Swiss francs ($687 million) in the first half, it said in a statement on Tuesday. It said it used an improved market to make company sales, including some which were originally scheduled for 2020 but postponed due to the pandemic.
Performance fees, representing 39 percent of the company's revenues for this period, swelled to 442 million francs, while management fees increased by 21 percent and amounted to 688 million francs.
Financial Outlook Confirmed
Partners Group expects performance fees in 2021 to make up for 40 bis 45 percent of total revenues, while these are expected to drop to 20 to 30 percent for 2022.
The company sees new money flows of $19 to $22 billion for 2021.
Board Departure
The company announced that Lisa Hook stepped down on September 3 from the board of directors for personal reasons. Hook will be replaced by the board of directors' independent member Joseph Landy, who will take over Hook's nomination and compensation committee responsibilities ad-interim.
