Partners Group Holding Ag · SIX:PGHN
Partners — Investor Day (March 2026)
108 slides from Partners's investor day presentation, Mar 10, 2026
Slide 1: Capital Markets Day
Capital Markets Day 10 March 2026
Slide 2: Introduction
Introduction David Layton Chief Executive Officer
Slide 3: One of the leading global private markets firms with 30 years of experience
3 One of the leading global private markets firms with 30 years of experience Built differently to build differently Swiss-heritage 1 Established in 1996 in Switzerland Client-centric 2 Long-term stewardship across cycles Industrial DNA 3 Hands-on approach grounded in deep industry expertise One-fir
Slide 4: Our heritage of thinking differently has driven continuous growth of our investment platform
4 Our heritage of thinking differently has driven continuous growth of our investment platform Key milestones 1997 First private equity investment 185 5 Asset classes1 1999 First real estate investment 2001 First infrastructure investment >75% AuM in equity strategies2 2003 First private credit inve
Slide 5: We are transformational investors, developing and building businesses differently
5 We are transformational investors, developing and building businesses differently Industry Expertise Entrepreneurial Ownership Transformational Investing Platform Building ▪ Vertical depth with >90 high ▪ Active board leveraging a network of conviction themes >200 operating directors ▪ Large advis
Slide 6: Our transformational investment approach generates industry-leading returns
6 Our transformational investment approach generates industry-leading returns We build leading businesses by driving Private equity1 $86bn AuM transformational value creation 2.3x / 19.8% 5yr CAGR: 11% TVPI / nIRR alongside management teams We provide tailored financing solutions Private credit2 $40
Slide 7: We have been pioneering private markets program innovations
7 We have been pioneering private markets program innovations Private Markets program development … Over 350 active 1st open-ended PE SICAV 1st single line mandate 1st UK PM DC solution investment 1st major private markets programs 1st listed PE fund 1st PE 40 Act fund manager to IPO 1st US PE DC CI
Slide 8: Future growth from new investor needs; we cater to this demand with bespoke solutions
8 Future growth from new investor needs; we cater to this demand with bespoke solutions Demand for bespoke solutions will outpace traditional We are the leader in …and fulfil must-haves bespoke solutions… for growth in next cycle Illustrative overview of industry growth1 (AuM in USD trillion) ✓ Glob
Slide 9: We manage private markets allocations with institutional discipline and scale
9 We manage private markets allocations with institutional discipline and scale 1 Access to scale and depth of platform 2 Customized portfolio management 3 Relative value and risk management Access to individual Typical asset allocation transactions (single lines) ✓ High level of control and efficie
Slide 10: Our investment platform is built differently, creating unique advantages for our clients
10 Our investment platform is built differently, creating unique advantages for our clients Industry Partners Group Siloed investment teams focused on individual funds Integrated investment platform focused on portfolio solutions Traditional GP Team Team Team Team Thematic & cross-sectoral investmen
Slide 11: We pursue strategic expansion through consolidation and in-house developments
11 We pursue strategic expansion through consolidation and in-house developments Consolidation In-house developments Clients Investments Investments Strategic partnerships M&A De Novo launches Selective partnerships to Selective opportunities based on Expanding our investment strategies to ✓ Launch
Slide 12: Expansion through consolidation: Strategic client partnerships with need for imminent focus
12 Expansion through consolidation: Strategic client partnerships with need for imminent focus Clients Investments <50 Strategic partnership opportunities >100 M&A opportunities Past 2 years Immediate opportunity window Past 2 years Opportunities over next decade Peers Actionable opportunities Peers
Slide 13: We will build on our strong foundation to further expand our platform
13 We will build on our strong foundation to further expand our platform Investments Clients New strategies Institutional 1 Growing infrastructure with income strategy 1 Building out strategic relationships with institutions 2 Developing private equity yield strategy 2 Scaling mandate offering acros
Slide 14: Winning investment strategies in the AI / tech-enabled transformation of the economy
Winning investment strategies in the AI / tech-enabled transformation of the economy Steffen Meister Executive Chairman
Slide 15: The Winning Business Transformation
15 The Winning Business Transformation Companies translating AI / technology into better business models significantly outperform Accelerating pace… Winner takes "a lot" dynamics… Offence and defense… …of business model evolution through tech adoption …increasingly driven by scale and platform effec
Slide 16: Private Equity: Industrial Approach in the New Business Transformations Era
16 Private Equity: Industrial Approach in the New Business Transformations Era A B C Directs: Directs: Partnerships: Transformational Investing Growth Capital Investing Value-creation Secondaries Building scalable winners through Selective investments in thematic Direct-style underwriting of transfo
Slide 17: The Next Generation Utilities
17 The Next Generation Utilities A new landscape for energy creates distinct platform development opportunities Once-in-a-generation investment window… Integrated platforms… Platform transformation… …driven by global energy transition …outperform fragmented, country-by-country utility models …provid
Slide 18: Infrastructure: Multi-strategy Approach to Next Generation Infrastructure
18 Infrastructure: Multi-strategy Approach to Next Generation Infrastructure A B C Directs: Directs: Partnerships: Platform Building Platform Enhancement Value-creation Secondaries Building next generation Driving next generation 4-5x Market growth with infrastructure platforms utility transformatio
Slide 19: The New Real Estate Business Model
19 The New Real Estate Business Model Vertical integration and specialization drive new real estate platform business model Demand being reshaped… Vertically integrated operations… New platform business models… …by demographics, digitization, hybrid work & decarbonization …reduce fee leakage and imp
Slide 20: Real Estate: Investing with New Real Estate Business Model Approach
20 Real Estate: Investing with New Real Estate Business Model Approach A B C Directs: Directs: Partnerships: Living Platforms Industrial Platforms Value-oriented Secondaries Private rentals in locations with Urban logistics benefiting from Diversification potential via limited new supply and land sc
Slide 21: The Great Private Credit Bifurcation
21 The Great Private Credit Bifurcation Only active and alpha-oriented investing leads to attractive returns Rapid scaling of private credit… Transformation drives credit bifurcation… Widening dispersion in credit outcomes… …driven by broader participation and the rise of mega deals …influencing def
Slide 22: Private Credit: Generating Alpha Through Direct Lending and Adjacent Strategies
22 Private Credit: Generating Alpha Through Direct Lending and Adjacent Strategies A B C Directs: Directs: Partnerships: Middle Market Lending Special Opportunities Adjacent Strategies Lending to stable extended mid-cap Need for solution capital due to Exposure to diversified portfolios and business
Slide 23: The Royalties Financing Revolution
23 The Royalties Financing Revolution Three global dynamics will drive unprecedented growth in royalty financing Rise of the intangible economy… New growth firms with recurring revenues… Incumbents require transformation financing… …driven by rapidly expanding IP universes across industries …but lim
Slide 24: Royalties: Strong Investment and Structuring Capabilities to Capture Growing Opportunity Set
24 Royalties: Strong Investment and Structuring Capabilities to Capture Growing Opportunity Set A B C Directs: Directs: Partnerships: Traditional Royalties RBNs1 and Synthetic Royalties Secondaries and Funds Buying royalties in established Investments backed Capturing broad royalty and new segments
Slide 25: Conclusion: We are Well Positioned for the "Brave New World"
25 Conclusion: We are Well Positioned for the "Brave New World" Private Equity Infrastructure Real Estate Private Credit Royalties The Winning Business The Next Generation The New Real Estate The Great Private The Royalties Transformation Utilities Business Credit Bifurcation Financing Revolution Pa
Slide 26: Investment Updates
Investment Updates Wolf Scheider Head Private Equity Esther Peiner Head Infrastructure Christopher Bone Head Private Credit Europe and Asia Joshua Hartz Head Special Opportunities Mike Bryant Head Real Estate Stephen Otter Head Royalties
Slide 27: Private Equity
Private Equity
Slide 28: 2025 was a solid year amid volatility
28 2025 was a solid year amid volatility Investments Realizations Partners Group vs. Industry USD 11.2bn >75 USD 13.4bn >500 committed new investments1 realized realization events2 Investments 4.9 11.2 +44% 4.9 13.4 -39% 8.6 5.7 0.6 2024 2025 2024 2025 Industry3 Direct Direct Portfolio Total1 Direct
Slide 29: Transformational Investing
29 We are transformational investors Thematic Sourcing Entrepreneurial Ownership We track assets in high-conviction industries for 2+ years We run portfolio companies with the mindset of a founder Pharma Building Safety Cyber Security Power Grid (L)OD PG CEO Supply Chain Industrial Tech Agri-Innovat
Slide 30: We have >20 years of operating & entrepreneurial value creation experience
30 We have >20 years of operating & entrepreneurial value creation experience EBITDA growth of Partners Group's PE Direct portfolio companies vs MSCI World 40% Partners Group MSCI World 2.3x / 19.8% Realized net 30% track record 13% avg.1 of lead strategy2 20% 10% ~70% 0% driven by -10% MSCI World c
Slide 31: Technology: Underweight on investments, but overweight as value creation driver
31 Technology: Underweight on investments, but overweight as value creation driver Our portfolio is significantly underexposed to software We make portfolio companies tech leaders in their fields Software PE investment exposure by vintage1 % of companies adopting AI (Direct and portfolio assets) ~90
Slide 32: AI & Tech journey: Three-pronged strategy to drive portfolio differentiation with AI
32 AI & Tech journey: Three-pronged strategy to drive portfolio differentiation with AI PG AI Champions New ways of engaging with stakeholders UI Messaging Chat Voice CoPilot User Engagement Differentiated AI-enabled insights and ML LLM/SLM RAG Agent decision making Frameworks AI Enablement Intellig
Slide 33: International Schools Partnerships – realization & company overview
33 International Schools Partnerships – realization & company overview 100k+ 111 25 75 34 Students Schools Countries Languages Curricula Central America 9% ~25% Schools 22% Europe L4Y CAGR Asia 16% >EUR 1bn ~36% In Sales Total Sales L4Y CAGR 20% US & Canada Middle East 16% ~37% Founded in 2013 by Pa
Slide 34: International Schools Partnerships – exit & re-underwriting
34 International Schools Partnerships – exit & re-underwriting Key Value Creation Initiatives Partial Exit and Re-Underwriting Operations Proprietary EdTech Why ISP remains attractive ▪ Doubled learning team to improve ▪ Invested ~ EUR 20m to develop education quality and resources digital infrastru
Slide 35: Secondary market reached another record in 2025; we took advantage of this environment
35 Secondary market reached another record in 2025; we took advantage of this environment Industry Secondary Transaction Volume (USD bn) 2025 Partners Group Statistics LP secondaries 226 +25% ~80% > USD 3bn CAGR LP Secondaries Invested 162 115 22 % of 2025 PG Secondary Transactions 132 Volume 108 12
Slide 36: We have a leading secondary track record driven by strong underlying value creation
36 We have a leading secondary track record driven by strong underlying value creation Underlying revenue growth Performance break-down1 Performance vs. peers 20% 90% of net multiple uplift driven by 15% Market-leading net multiples2 fundamental value creation 10% 5% 0.74x 1.84x 1.8x 1.9x 0% 2023 20
Slide 37: Outlook: We will continue to generate consistent returns as our portfolio matures
37 Outlook: We will continue to generate consistent returns as our portfolio matures Private Equity Direct Net Returns by Fund1 Private Equity Secondaries Net Returns by Fund2 3.0x 3.0x Wind-down Realizing 2.5x 2.5x Wind-down 2.0x 2.0x Realizing Value creation Value creation Investing 1.5x 1.5x Inve
Slide 38: Infrastructure
Infrastructure
Slide 39: Consistent deployment and realizations across thematic sectors in 2025
39 Consistent deployment and realizations across thematic sectors in 2025 Investments Realizations Partners Group vs. Industry USD 6.9bn >25 Investments USD 5.6bn >100 committed new investments1 realized realization events2 +46% +25% 1.4 6.9 1.3 5.6 5.5 4.3 2024 2025 2024 2025 Industry3 Realizations
Slide 40: Broad capabilities and thematic focus are essential as value lies at intersection of sectors
40 Broad capabilities and thematic focus are essential as value lies at intersection of sectors Clean Power Circular Economy Low Carbon Fuels Carbon Management USD 106 trillion Renewables Platforms Infrastructure investment need until 2040 Renewables Platforms Natural Gas Carbon Utilization Decarbon
Slide 41: Data center capex is running (too) hot; we moved to highest selectivity
41 Data center capex is running (too) hot; we moved to highest selectivity 70% data center investment increase USD 5tn of capex until 2030 Requires USD 650bn YoY recurring revenue (USDbn) USD 5tn capex (USDbn) 455 650 +70% YoY 1'370 1'130 970 268 810 c. 16x 628 455 2025 2026 2027 2028 2029 2030 Toda
Slide 42: Our data center investment approach is the result of a 10-year+ thematic journey
42 Our data center investment approach is the result of a 10-year+ thematic journey Direct data center assets are a result of deep thematic research Conscious underweight position in the current secondary market We reduced secondaries deployment 50% vs. market Global data center % share of deploymen
Slide 43: Recent announcement: We successfully exited our pan-Nordic data center operator atNorth
43 Recent announcement: We successfully exited our pan-Nordic data center operator atNorth ~ 1GW >30% >25% 8 100+ Power secured Lower TCO2 Nordic market share Data centers International clients EBITDA Growth Entry Exit 300 <80 MW >250 MW 200 Leased capacity Leased capacity 4bn 2.5x 30% 100 ~ 2 years
Slide 44: We maintain a diversified infrastructure portfolio across regions and themes
44 We maintain a diversified infrastructure portfolio across regions and themes Current allocation breakdown Established global track record by region and sector Mega-theme: APC Critical Mega-theme: Mega-theme: Mega-theme: supply chain Low carbon Data Clean fuels storage power NAM Mega-theme: Data M
Slide 45: Outlook: We will continue to generate resilient returns across directs and secondaries
45 Outlook: We will continue to generate resilient returns across directs and secondaries Direct returns are robust and realizations are consistently above 1.5x… …complemented by secondaries Direct infrastructure realizations since inception2 2.2x 1.6x nTVPI1 49% nTVPI3 38% 20.8% 13% 18.2% nIRR1 nIR
Slide 46: Private Credit
Private Credit
Slide 47: In 2025, we saw concerning headlines about private credit, but they are oversimplified
47 In 2025, we saw concerning headlines about private credit, but they are oversimplified The default rates is based on the Cliffwater Direct Lending Index universe. A default is defined as a loan being moved to non-accrual status within the trailing four-quarter period. For illustrative purposes on
Slide 48: Headlines focus on defaults and technical market issues…
48 Headlines focus on defaults and technical market issues… Technical market issues Elevated defaults today are concentrated in junior debt 10% 8% 1st Lien Junior Debt Industry 6% 4% 2% 0% 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 1Q25 30-50% Lower PIK as a % of total income PIK El
Slide 49: …but the real issue is how the economic transformation drives bifurcation of outcomes
49 …but the real issue is how the economic transformation drives bifurcation of outcomes Transformation economy drives credit quality bifurcation… …with strict credit selection as key for alpha generation Default & recovery rate (historical and expected)1 200% Unleveraged return over base rates 6.0%
Slide 50: AI disruption will re-write the investable landscape across sectors beyond software
50 AI disruption will re-write the investable landscape across sectors beyond software Our thematic approach identifies opportunities and risks from AI-driven transformation Software IT Services Opportunities Risks Opportunities Risks Vertical expertise and integration Horizontal solutions IT staff
Slide 51: Our private credit platform remains disciplined and designed to limit downside
51 Our private credit platform remains disciplined and designed to limit downside Disciplined investment strategy across non-cyclical sectors Our EBITDA sweet spot by region WEU: EUR 20-50m Diverse Global PE-style Active Conservative credit sponsor due management valuation NAM: APAC: USD 25-100m+ US
Slide 52: We have a highly diversified portfolio with an industry-leading loss rate
52 We have a highly diversified portfolio with an industry-leading loss rate AuM breakdown (USD) Diversification Consistent returns Direct Credit >170 18bn Sponsor relationships 0.08% 40bn loss rate Liquid Credit 22bn Example: Private Loans SICAV1 0.5% Average borrower ~100% Regional Split by AuM co
Slide 53: Proven track record in developing natural business adjacencies allows to grow strategy set
53 Proven track record in developing natural business adjacencies allows to grow strategy set We built our Liquid and Structured Credit capabilities via a de novo strategy and are now an established player 22 Liquid Credit AuM (USD bn) 15 17 11 12 ▪ First European CLO in 2007 7 9 1 2 4 0 0 0 0 0 0 1
Slide 54: De Novo launch: We are launching a complementary special opportunities strategy
54 De Novo launch: We are launching a complementary special opportunities strategy Private Special Senior Equity Opportunities credit Downside protected Upside potential Return Profile Private Investment velocity Equity Special Opportunities Inflation hedge Long duration Private Credit Cash yield Re
Slide 55: Special opportunities: We leverage our integrated platform to scale this new strategy
55 Special opportunities: We leverage our integrated platform to scale this new strategy Why special opportunities now Economic transformation Maturity wall for refinancing Highly limited solution capital Why Partners Group GP GP GP GP GP GP GP GP Active stakeholder with established Deep understandi
Slide 56: We will invest in special opportunities across three strategies
56 We will invest in special opportunities across three strategies Capital Solutions Growth solutions Asset Solutions ▪ Great companies with short-term constraints ▪ Growth financing ▪ Deep valuation work ▪ Protect value by providing runway ▪ Custom financing structures ▪ Real asset financing Exampl
Slide 57: Real Estate
Real Estate
Slide 58: Real assets have become operationally more intense
58 Real assets have become operationally more intense Technology needs Leases Rent rolls Tenants are more Energy efficiency significant are shorter are more granular demanding required management 57%1 >22'500 leases c. 20% rent 13+ systems3 Up to 60%4 premium2 Reduction in UK Partners Group Real US
Slide 59: Managing this operational intensity requires vertical integration
59 Managing this operational intensity requires vertical integration Vertical Integration Benefits Example: Xxxxxxxxx Faster time to market Leasing 15-25% 1 2 3 4 Construction 15-25% 20-25% Acquisitions & Construction & Leasing & Property & Permitting 20-30% Development Project Sales Asset Managemen
Slide 60: M&A: In 2025, we created significant value through the Empira-Partners Group collaboration
60 M&A: In 2025, we created significant value through the Empira-Partners Group collaboration Integrated Leader in bespoke Access to global Boots on Thematic Strong platform solutions client base the ground focus track record Thematic Depth Vertical Integration Operational Capabilities CapEx 1 Sourc
Slide 61: Investment example: German transition to green strategy
61 Investment example: German transition to green strategy Thesis Sourcing Portfolio ✓ 75% of existing residential ✓ Local presence delivers ✓ 2024 Year of entry +1 stock require energy competitive advantage +1 Hamburg retrofits ✓ EUR 167m +10 ✓ Motivated sellers due to Net Purchase Price +5 Berlin
Slide 62: German Transition to Green: Operational value creation
62 German Transition to Green: Operational value creation Tailored energy concept Capex implementation COMOOD PropTech "Green" Financing Modernisation initiatives To include façade, roof Enhanced tenant experience Federal funding approval including heating system insulation, replacement via captive
Slide 63: Outlook: The winners of the next real estate cycle will be vertically integrated
63 Outlook: The winners of the next real estate cycle will be vertically integrated Next cycle Industry fundraising growth Partners Group Offerings What matters the most (2020-2024)1 Living Platforms ▪ Vertically Integrated sector platforms Private rentals in locations with limited >140% new supply
Slide 64: Royalties
Royalties
Slide 65: Successful de Novo launch: We were the first to develop a cross-sector royalties offering
65 Successful de Novo launch: We were the first to develop a cross-sector royalties offering Royalties Sourcing & Deep Sector Broader Platform Execution Capabilities Expertise Benefits ~25 45 >97% PG Private PG Royalty Investments Declined Equity Partnerships Relative investment across investments f
Slide 66: In 2025, we built momentum to scale our royalties business
66 In 2025, we built momentum to scale our royalties business 2025 investments Portfolio by Sector Opportunistic March 2025 Today 1% 15 ~25 Energy Transition 20% Life Sciences 37% Team Size Team Size Media Music 0.2bn >1bn Entertainment 42% AuM (USD) AuM (USD) Portfolio by Investment Structure 28 45
Slide 67: Our strategy is built to deliver stable returns regardless of market cycle
67 Our strategy is built to deliver stable returns regardless of market cycle Development risk Revenue predictability Underwriting methodology Idiosyncratic risk Royalties track record Focus on derisked Products with clear Yield-driven Diversification producing assets + market demand + (No exit reli
Slide 68: Proven benefits of our diversified, cross-sector royalties investment approach
68 Proven benefits of our diversified, cross-sector royalties investment approach Low correlation to other investment classes…. …with high quality investments across sectors Asset Index Performance (Rebased to 100) Weak Correlation (<0.4) to Royalty Fund1 220 1st and only FDA approved no needle, LOC
Slide 69: Outlook: $2 trillion market with growing opportunity set
69 Outlook: $2 trillion market with growing opportunity set Expanding Royalties Market The Rise of Royalty Backed 2033 ambition Lending and Synthetic Royalties Established Sectors Emerging Sectors Lending Against Royalties: Accessing Capital Without Giving Up Control "While older acts have dominated
Slide 70: Client Updates
Client Updates Juri Jenkner President, Head Business Development Roberto Cagnati Head Portfolio Solutions
Slide 71: Institutional
Institutional
Slide 72: We are a global leader in innovative private markets solutions
72 We are a global leader in innovative private markets solutions AuM by investor type Distribution partners Corporate & / private individuals London other pension Luxembourg Guernsey Paris Munich funds Toronto Zug Milan 20% New York Seoul Kuwait Shanghai Tokyo Denver Abu Dhabi 19% 20% Houston Dubai
Slide 73: We serve institutional investors mainly through traditional funds and bespoke mandates
73 We serve institutional investors mainly through traditional funds and bespoke mandates AUM of traditional funds vs. mandates vs. evergreens Traditional funds Mandates 30% Evergreens 37% 22% Mandates Mandates >100 >180 traditional funds with AUM unique mandate solutions 33% Traditional Customizabl
Slide 74: In 2025, we raised $7.5bn in traditional funds through established and new strategies
74 In 2025, we raised $7.5bn in traditional funds through established and new strategies Established strategies New launches for strategic expansion Infrastructure directs De Novo: Royalties 1 1 >USD 1bn in AuM achieved in 2 years 20-year track record Private equity secondaries Strategic partnership
Slide 75: We raised $9.4bn for mandates in 2025, marking a record year
75 We raised $9.4bn for mandates in 2025, marking a record year Mandate fundraising 2025 mandate fundraising by asset class (USDbn) Royalties Record year 9.4 ~1% Private Equity ~30% 5.5 Private Credit ~40 $9.4 billion 1.6 ~20% ~5% Infrastructure 2015 2020 2025 Real Estate Strongest year for mandates
Slide 76: Customization and perpetuality make bespoke mandates preferred option for LPs and us
76 Customization and perpetuality make bespoke mandates preferred option for LPs and us Mandates allow for dynamic investment exposure tailored to clients' individual needs Illustrative mandate build-up and exposure Traditional fund lifecycle Strategic allocation decision (in USD or % of overall AuM
Slide 77: Mandates provide investors with a tailored access to our sophisticated investment platform
77 Mandates provide investors with a tailored access to our sophisticated investment platform Strategic asset allocation with Single-line allocation across directs Tailored regional and vintage flexible guidelines and portfolio investments year exposure Mandate AUM by asset class Mandate AUM by Inve
Slide 78: Private equity: Mandates implementing relative value allocation across cycles
78 Private equity: Mandates implementing relative value allocation across cycles Client profile Since inception (2008) Application of dynamic asset allocation according to relative value year after year Downturn Normalization Pension Recent Current Relative 14.5% SEC fund Value Focus SEC PRIM DIR nI
Slide 79: Infrastructure: Building mandates with targeted exposure to specific themes
79 Infrastructure: Building mandates with targeted exposure to specific themes Infrastructure mandate Thematic exposure 50% Transition to clean energy Client profile Carbon Low Carbon Fuels Clean Power Circular Economy 2023 9-13% Management Decentralized Energy Inception EUR 400m Target net return N
Slide 80: Private credit: Allocation within private markets portfolio or dedicated credit mandate
80 Private credit: Allocation within private markets portfolio or dedicated credit mandate Private markets mandate with private credit allocation Credit-focused mandate with portfolio build-up options Client profile Client profile 2016 10.4% 2023 Pension fund USD 900m Inception1 nIRR2 Insurance USD
Slide 81: Royalties: Additional allocation to increase diversification or dedicated income mandate
81 Royalties: Additional allocation to increase diversification or dedicated income mandate Diversification within private markets mandate Royalties-focused mandate Actual Allocation Diversified Sector High Private equity Allocation Others Music Return expectation 6% Private infrastructure Carbon 25
Slide 82: Outlook: Continued mandate growth through customization across client spectrum
82 Outlook: Continued mandate growth through customization across client spectrum >6x growth in mandate AuM over the past 10 years… …driven by customization across full client spectrum (USD bn) USD USD USD 6.0bn USD 4.7bn 1.4bn 1.1bn >1bn USD USD 910m 69 USD USD 890m USD 730m 59 630m 790m 57 USD USD
Slide 83: Private Wealth
Private Wealth
Slide 84: We have served private clients since >20 years; the market recently accelerated
84 We have served private clients since >20 years; the market recently accelerated Evergreen market evolution vs Partners Group Acceleration driven by private credit Industry 2010-2015 2015-2025 CAGR: 8% CAGR: 21% Industry Industry CAGR: <5% CAGR: >20% Industry excluding private credit 2010 2011 201
Slide 85: Industry AuM growth was driven by private credit; we focus on equity strategies
85 Industry AuM growth was driven by private credit; we focus on equity strategies Industry Partners Group US private wealth market AuM1 Partners Group evergreen AuM3 $337bn $53bn $46bn 10% $278bn $42bn 4% $35bn 8% 6% 1% Private Credit 5% 69% $178bn Infrastructure 68% $127bn ~90% 85% equity 65% 94%
Slide 86: We benefit from market growth with record fundraising across our platform
86 We benefit from market growth with record fundraising across our platform 2025 marked our strongest fundraising year… …with inflows diversified across all dimensions Broader Evergreen 1 >30 different evergreen vehicles Platform 59% 2 5 different asset classes $9.4 billion 3 Regionally split acros
Slide 87: Our evergreen solutions cater to private investors' needs across the globe
87 Our evergreen solutions cater to private investors' needs across the globe Industry Partners Group 2025 market evergreen AuM1 2025 evergreen AuM Non-US US 24% Switzerland 37% ~80% ~20% US Non-US 12% 3% APAC 10% 2% 5% 6% Rest of Europe UK RoW France/ Germany Benelux 80% of industry AuM in US; non-
Slide 88: We deliver robust long-term performance for clients...
88 We deliver robust long-term performance for clients... Partners Group private equity strategy performance as of Dec-25 Performance Rebased to $1000 at inception1 Monetary tightening in advanced economies accelerates COVID-19 11% Trade tensions/ Fed tightening Per annum Brexit referendum since inc
Slide 89: …with returns resulting from realized value creation gains
89 …with returns resulting from realized value creation gains US private equity evergreen funds: realized vs unrealized gains 81% of our PG PE registered strategy gains are realized1 Unrealized 19% 77% Realized 81% 23% PG Industry GP1 GP2 GP3 GP4 GP5 GP6 GP7 GP8 GP9 GP10 GP11 GP12 GP13 GP14 GP15 GP1
Slide 90: Our diversified portfolio provides a positive liquidity and returns outlook
90 Our diversified portfolio provides a positive liquidity and returns outlook Younger vintages underpin future …while maturing vintages support near-term growth… liquidity and returns ~58% 2023- Pre- ~42% 2017 2025 younger vintages1 8% 6% mature vintages1 2017-2018 13% 2022 22% 2021- 2025 2019-2020
Slide 91: We have seen improvement in Q4 2025 redemptions; further improvement expected
91 We have seen improvement in Q4 2025 redemptions; further improvement expected Partners Group 2025 evergreen AuM ▪ Outflows driven by mature PE funds due to portfolio rebalancing Private Multi-asset Equity 63% 19% ▪ Platform diversification reduces risk of higher 11% redemptions Total 2025 redempt
Slide 92: Credit funds represent <10% of Evergreen AuM; institutional clients reduce redemption risk
92 Credit funds represent <10% of Evergreen AuM; institutional clients reduce redemption risk Private Credit represents <10% of our Evergreen AuM Continued positive momentum driven by institutional clients Client base >90% institutional investors Private Equity 2025 Inflows 81% >$1.3bn inflows, >20%
Slide 93: We successfully expanded our evergreen platform with recent fund launches
93 We successfully expanded our evergreen platform with recent fund launches Our evergreen funds show strong early performance1… …with some strategies among the leaders in the industry2 Net annual performance since inception3 Infrastructure evergreens annual performance 25% 19% 18% 16% 16% 16% 15% 1
Slide 94: Evergreens may provide immediate exposure and compounding returns
94 Evergreens may provide immediate exposure and compounding returns Closed-ended fund1 Evergreen fund2 Net internal rate of return: 15-20% Compound net return p.a.: 10-12% Money multiple Money multiple 300 2.8x 300 2.8x Value of USD 100m investment Value of USD 100m investment 250 250 200 200 Entir
Slide 95: Importantly: Long-term net return targets of 10-12% for established private equity strategies
95 Importantly: Long-term net return targets of 10-12% for established private equity strategies From EBITDA growth to net fund return Long-term target return Actual long-term net return 10-12% 13-16% + - 8-14% 10-15% Typical return 11% - across cycles EBITDA growth at NAV growth Secondaries Liquidi
Slide 96: Strategic Partnerships
Strategic Partnerships
Slide 97: We replicate our institutional growth with portfolio solutions in private wealth
97 We replicate our institutional growth with portfolio solutions in private wealth Institutional Private Wealth Partners Group Mandate AuM vs Traditional AuM Partners Group projected evergreen inflows 53% Bespoke mandates Bespoke JV partnerships 26% 47% Program Traditional partners funds 2015 2016
Slide 98: We tailor portfolio solutions to the specific needs of our strategic partners
98 We tailor portfolio solutions to the specific needs of our strategic partners Approach A: New dedicated vehicle Approach B: Building block approach Open architecture Funds from Private for 3rd party fund strategic partner equity evergreen Private credit evergreen Single line Infrastructure invest
Slide 99: BlackRock: We launched the first private markets SMA for wealth platforms
99 BlackRock: We launched the first private markets SMA for wealth platforms Distinct risk profiles Portfolios with diversified allocations 3 across asset classes and managers Risk Profiles Growth Balanced Income Strategy Strategy Strategy Leading global managers Combination of Blackrock's proven 2
Slide 100: Deutsche Bank: We created a one-stop solution across private markets
100 Deutsche Bank: We created a one-stop solution across private markets Diversified investment types and asset allocation What makes Partners Group the partner of choice 3rd party Leading track-record and 1 integrated investment platform funds Liquidity Industry leadership in evergreen Private 2 so
Slide 101: PGIM: We seek to combine both platforms into a single, cohesive portfolio framework
101 PGIM: We seek to combine both platforms into a single, cohesive portfolio framework Private Equity Liquid Strategies ▪ Direct Buyout ▪ Public Credit ▪ Direct Growth ▪ Public Equity ▪ Co-investments ▪ Secondaries 15-35% 15-35% Real Assets Private Credit 15-35% 15-35% ▪ Corporate credit ▪ Direct I
Slide 102: Royalties: We build custom solutions for our partners in specific segments
102 Royalties: We build custom solutions for our partners in specific segments Expanding client segments Entering new markets "We are pleased to partner with a leading provider "We are creating an exclusive partnership to of insurance, annuities, group benefits and provide Italian investors with acc
Slide 103: Strategic joint ventures generate early momentum for long-term growth
103 Strategic joint ventures generate early momentum for long-term growth Select recent portfolio solutions partnerships 2025: ~1$bn inflows by JV Selection criteria ▪ Unique client segment or market opportunity #7 #6 #1 ▪ Leadership of JV partner connected to #5 the program ~$1 #4 JV 4 billion Outl
Slide 104: Portfolio solutions will fuel the expansion of our evergreen platform
104 Portfolio solutions will fuel the expansion of our evergreen platform 2025 Evergreen AuM 1st ever private markets SMA for retail 2016 1st ever ELTIF 2013 by PG 2026 Onwards PG starts strategic DC market ▪ Strategic joint 2009 initiatives ventures for wealth 2007 management and Launched 1st defin
Slide 105: Concluding remarks
Concluding remarks David Layton Chief Executive Officer
Slide 106: Conclusion
106 Conclusion 1 Conservatively constructed platform: Underexposed to current headlines 2 Market complexity is increasing: Bespoke solutions are key 3 Strategic priority: Distribution Source: Partners Group (2026).
Slide 107: We are on track delivering the next cycle, growing our AuM to USD >450bn
107 We are on track delivering the next cycle, growing our AuM to USD >450bn Our base case scenario for assets under management over the next cycle1 ▪ 14% AuM growth in 20252 >450bn ▪ We ended 2025 ahead of 13% CAGR trajectory for USD 450bn 185 152 ▪ We are confident in achieving our 2033 ambition 2
Slide 108: Q&A
Q&A 2 April 2026 15:50