Partners Group H1 2026业绩：募资创纪录但绩效收入下滑39%，股价跌近8%

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Introduction & Market Context
Partners Group (SWX:PGHN) presented its H1 2026 interim results on September 1, 2026, showcasing record fundraising performance and strong operational metrics across its private markets platform. However, the presentation comes against a backdrop of significant market turbulence, with the stock having fallen 47.66% to $674.6 following investor concerns about performance income timing and exit delays.
The Baar-Zug, Switzerland-based alternative asset manager reported $16 billion in H1 fundraising—a 31% year-over-year increase and the strongest first-half performance in the company’s 30-year history. Yet the market’s harsh reaction underscores a disconnect between operational momentum and near-term earnings visibility, particularly around the timing of performance fees and portfolio realizations.
Executive Summary
Partners Group’s H1 2026 presentation highlighted four key areas of performance, as shown in the following business update snapshot:
The company raised $16 billion in new capital during the first half, representing a 31% increase from the prior year period. Management income reached CHF 905 million, growing 12% in constant currency terms with a stable margin of 1.24%. EBITDA totaled CHF 706 million with a 63% margin, consistent with the firm’s five-year average, though performance income declined due to exit timing.
The portfolio demonstrated robust operational health, with double-digit KPI growth across the recent direct equity portfolio, creating what management described as a "strong value creation basis for future performance." The company confirmed its full-year 2026 fundraising guidance of $26-32 billion.
Fundraising & Market Share Gains
Partners Group’s fundraising performance has significantly outpaced industry trends, as illustrated in this comparison of fundraising growth:
While industry fundraising declined approximately 15% since 2023, Partners Group’s capital raising has surged more than 50% over the same period, resulting in over $80 billion raised across the last fundraising cycle. This market share gain reflects successful final closings across multiple strategies, with private equity attracting $28 billion, private credit $25 billion, infrastructure $20 billion, real estate $8 billion, and royalties $2 billion.
The firm’s diversified fundraising approach targets multiple growth segments, including insurance companies, sovereign wealth funds, consultants, defined contribution plans, Asia-Pacific and Middle East investors, and private wealth channels. This broad-based strategy has enabled Partners Group to capture client demand even as traditional fundraising sources have contracted.
Investment Activity Across Asset Classes
The company accelerated its investment pace during the period, with $5 billion in signed transactions as of August 2026. The following breakdown shows recent investments across the platform:
Notable transactions included the acquisition of Aroma-Zone, a fast-growing natural beauty and wellness brand in Europe, and AVK, a leading supplier of power solutions for data centers and AI infrastructure. In private credit, the firm provided tailored financing to LyoContract, a German pharmaceutical CDMO expected to double production capacity by 2028. Real estate investments focused on building a prime residential portfolio in Milan, while the royalties platform entered a strategic partnership with Park County for South Park film and TV show rights.
These investments reflect Partners Group’s thematic focus areas, including beauty and wellness, digital infrastructure and decentralized energy, pharmaceutical services, new living concepts, and entertainment royalties.
Portfolio Performance & Value Creation
The direct equity portfolio demonstrated robust operational execution across vintage years, as shown in this performance breakdown:
The most recent vintage pool (2023-2025) showed particularly strong performance, with private equity EBITDA growth of approximately 15%, infrastructure revenue growth of 30%, and real estate NOI growth of 10%. Older vintages also continued to deliver solid results, with pre-2018 infrastructure assets posting 30% revenue growth.
Specific value creation examples included PremiStar, a commercial HVAC service provider that achieved over 20% EBITDA growth through operational investment and selective M&A. Middle River Power doubled its operating capacity to 4.8 GW while reducing gas-fired generation by over 70% through battery storage additions, resulting in more than 30% revenue growth. A portfolio of urban logistics assets in Spain created over €7 million in new NOI through seed acquisitions and development-led expansion.
Track Record Across Vintage Pools
Partners Group’s presentation emphasized consistent performance delivery across market cycles. The private equity direct track record shows the following results across vintage pools:
All vintage pools from 2009 through 2026 remained on track or above the firm’s >2x return target. Fully realized pools from 2009-2011 delivered a 4.4x net TVPI (first quartile), while the 2012-2014 pool achieved 2.6x (first quartile). More recent pools in the value creation phase, including 2021-2023 and 2024-2026, showed net TVPIs of 1.3x and 1.4x respectively, both tracking toward the >2x target.
The infrastructure platform demonstrated similarly strong performance:
Infrastructure vintage pools showed particularly robust results, with the 2018-2020 pool achieving a 2.1x net TVPI (first quartile) and 1.80x net DPI compared to just 0.20x for the market. The 2021-2023 pool posted a 1.8x net TVPI (first quartile), while the most recent 2024-2026 pool showed a 1.5x net TVPI in early stages.
Strategic Initiatives
Partners Group outlined an ambitious expansion plan for its insurance channel, targeting a quadrupling of insurance AuM from approximately $25 billion to $100 billion by 2033:
The insurance strategy encompasses four key areas: insurance distribution through joint ventures with life and annuity companies, general account custom ALM solutions, capital charge efficient structures tailored to regulatory needs, and consolidator financing arrangements. The firm expects to capture $75 billion in additional insurance AuM through 2033, supported by its dedicated insurance team and structured solutions expertise.
The company also announced a significant leadership succession plan, subject to FINMA approval. Effective January 1, 2027, David Layton will transition from CEO to Chief Investment Officer and Chair of the Global Investment Committee, while Juri Jenkner and Roberto Cagnati will assume Co-CEO roles. All three executives have been with Partners Group since the mid-2000s and have served on the Executive Team since 2017 or 2021.
Financial Performance
The detailed financial results for H1 2026 showed mixed performance across key metrics:
Assets under management grew 7% to $174 billion in USD terms, supported by strong fundraising partially offset by tail-downs and other effects. Management income increased 6% in CHF terms (12% in constant currency) to CHF 905 million, with the management income EBITDA margin improving to 63% from 62% in the prior year period.
However, performance income declined 39% to CHF 216 million, representing 19% of revenues compared to 29% in H1 2025. This decline reflected the timing of exits between 2025 and 2026, as well as lower investment income. Total EBITDA fell 9% to CHF 706 million, though the margin remained stable at 63%.
The revenue composition shifted notably during the period:
Total revenues declined 7% on a reported basis to CHF 1,121 million, driven entirely by the 39% decrease in performance income. Management income growth of 12% in constant currency partially offset this decline, demonstrating the resilience of the firm’s recurring revenue base. The management income margin remained at 1.24%, within the historical bandwidth of 1.18% to 1.33% maintained since the company’s IPO.
Performance Income Outlook
Partners Group provided updated guidance on performance income expectations, as illustrated in the following outlook:
For 2026, the company now expects performance income to represent approximately 20-25% of revenues, dependent on the timing of select exits. This compares to 26% of revenues achieved during the 2023-2025 period. Over the mid-term (three years and beyond), the firm confirmed its expectation for performance income to reach 25-40% of revenues.
Expected realizations are projected at approximately $20 billion in 2026, rising to $25 billion in 2027 and $30 billion in 2028. In H1 2026, private equity and infrastructure drove 48% and 40% of performance fees respectively, with traditional programs and mandates contributing 70% and evergreen products 30%.
The detailed financial progression from revenues to EBITDA showed the impact of lower performance income on overall profitability:
Total operating costs declined 5% to CHF 414 million, with personnel expenses falling 6% to CHF 352 million. Performance fee-funded personnel costs decreased 27% in line with lower performance fees, while management income-funded personnel costs increased 3%, consistent with the 3% growth in average FTEs to 2,056. The EBITDA margin compressed slightly to 63.0% from 64.0%, though management emphasized the firm continues to invest in future growth at approximately 60% operating margin.
Balance Sheet & Liquidity
Partners Group maintained a solid financial position as of June 30, 2026:
The company reported CHF 2.9 billion in available liquidity, a 55% return on equity, and CHF 1.7 billion in investments alongside clients. Credit ratings remained stable at A- from Fitch and A3 from Moody’s, both with stable outlooks. Net profit totaled CHF 502 million, down 13% in CHF terms but flat in constant currency, reflecting the impact of FX movements against the Swiss franc.
Market Reaction & Investor Concerns
Despite the strong operational performance highlighted in the presentation, Partners Group’s stock has experienced significant volatility. The shares fell 47.66% to $674.6, trading near the bottom of the 52-week range of $632.8 to $1,156.5.
The market’s negative reaction appears focused on several factors not fully addressed in the upbeat presentation. Exit timing uncertainties have pushed some expected realizations from 2026 into 2027, reducing near-term performance income visibility. The lower performance income guidance of 20-25% for 2026, compared to the historical 26% achieved during 2023-2025, suggests potential pressure on overall profitability despite strong management income growth.
Additionally, investors may be concerned about the sustainability of the firm’s market share gains in an environment where industry fundraising has declined 15% since 2023. While Partners Group has clearly outperformed with 50% growth over the same period, questions remain about whether this momentum can continue as competition intensifies for a shrinking pool of capital.
Forward-Looking Statements
The company’s H1 2026 reflections emphasized four key themes for the remainder of the year:
Management highlighted substantial operational growth across the portfolio, describing it as "ultimately driving strong outcomes for clients." The firm noted a significant realizable investment pipeline, with $5 billion signed since July and more expected. A solid 6-12 month exit pipeline of successful businesses is advancing through several processes, while the company continues to win market share in higher-growth areas including Asia, the Middle East, sovereign wealth funds, insurance, and consultants.
Partners Group reconfirmed its full-year 2026 fundraising guidance of $26-32 billion. With $16 billion already raised in H1, the company needs to secure $10-16 billion in the second half to meet this target—a range that appears achievable given historical seasonality and the stated pipeline visibility.
The presentation outlined a three-wave economic transformation strategy spanning business process transformation (AI co-pilots and intelligent systems), business performance transformation (automation via autonomous systems), and business model transformation (new scientific methods reconfiguring ecosystems). This framework guides the firm’s investment approach across private equity, infrastructure, real estate, private credit, and royalties.
Despite the near-term headwinds reflected in the stock price, Partners Group’s presentation conveyed confidence in its long-term strategic positioning. The combination of record fundraising, double-digit portfolio growth, expanding insurance relationships, and continued market share gains suggests operational momentum remains intact, even as exit timing creates near-term earnings uncertainty. Investors will be watching closely to see whether the firm can deliver on its performance income expectations and successfully navigate the leadership transition planned for early 2027.
Full presentation:
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