As Partners Group announced on Tuesday, the private markets specialist raised 16 billion dollar in new client commitments in the first half of the year.

Revenue growth, however, failed to keep pace. Revenue fell 7 percent to 1.12 billion francs. While recurring management fees rose 6 percent to 905 million francs, performance fees plunged 39 percent to 216 million francs. Their share of total revenue declined from 29 percent to 19 percent.

One reason was that Partners Group had brought forward several larger asset sales into the second half of 2025 to take advantage of favourable market conditions at the time.

Profit Falls 13 Percent

EBITDA declined 9 percent to 706 million francs. The EBITDA margin remained relatively stable at 63 percent, compared with 64 percent a year earlier. Net profit came in at 502 million francs, down 13 percent year on year. On a currency-adjusted basis, profit was stable.

As has been known since July, the Zug-based asset manager had 186 billion dollar in assets under management at the end of June, compared with 185 billion dollar at the end of 2025.

Some relief came from the cost side. Operating expenses fell 5 percent to 414 million francs. Partners Group attributed this in part to lower performance-related personnel expenses as well as productivity gains from artificial intelligence.

Two New Co-CEOs

At the same time, Partners Group is making significant changes to its top management. CEO David Layton will hand over operational leadership at the beginning of 2027 after eight years at the helm and return to the investment side of the business. He will become Chief Investment Officer and Chairman of the Global Investment Committee and will step down from the Executive Team.

Roberto Cagnati and Juri Jenkner will take over as co-CEOs. Both joined Partners Group in 2004. Cagnati most recently served as Head of Portfolio Solutions and Chief Risk Officer, while Jenkner is currently President and Head of Business Development. The changes remain subject to approval by the Swiss Financial Market Supervisory Authority Finma.

Guidance Confirmed

For the full year, Partners Group continues to expect new client commitments of between 26 billion and 32 billion dollar. Performance fees are expected to account for around 20 to 25 percent of total revenues. Over the medium to long term, the company is maintaining its target range of 25 to 40 percent.