Partners Group Holding Ag · SIX:PGHN
Partners — Investor Day (March 2025)
142 slides from Partners's investor day presentation, Mar 12, 2025
Slide 1: Capital Markets Day
Capital Markets Day 12 March 2025
Slide 2: Welcome
CAPITAL MARKETS. DAY 2025 ® & fo) 2 ® S
Slide 3: Welcome to Switzerland
Welcome to Switzerland Our Home and Origin Built differently…
Slide 4: Our new campus
Our new campus The factory The foundry The greenery Where we build assets & Where we take our firm's investment Where we manifest our systematically manufacture value content & shape it into solutions that sustainable & technology- & returns for our clients are built to meet our clients' needs enabl
Slide 5: Our highly specialized capabilities have created an entrenched position in private markets
Our highly specialized capabilities have created an entrenched position in the private markets space Total assets under management1 (in USD bn) 152 $152bn assets under management $108bn in bespoke solutions 2 5 private markets asset classes 3 IPO 11 $234bn invested since foundation ~1'800 profession
Slide 6: Private markets have evolved to a $15tn industry
Over the last 30+ years, private markets have evolved to a $15tn industry; we expect future growth to be driven by "non-traditional" programs Illustrative overview of key trends in private capital Today and beyond Increased demand for new strategies, expanded capabilities, and exposure to Insurance
Slide 7: Next wave of opportunity is private wealth
Historical growth was largely fueled by expansion of institutional allocations into private markets; the next wave of opportunity is private wealth Alternative investment allocations based on investor type1 Other institutional investors Total other allocation Insurance companies Institutional capita
Slide 8: Private markets to reach $30-40 trillion over the next decade
The increasing scale of private markets is expected to result in new allocation strategies bringing our market to $30-40 trillion over the next decade Estimated private markets AuM until 20331 (USD trillion) 30-40 Private wealth 15-20% p.a. +6 25 2024-2033 +4 37% ~5% 15 Institutions Avg. allocation
Slide 9: Portfolio solutions will play a central role to access private markets
Portfolio solutions will play a central role to access private markets Tailorization Democratization $59bn $48bn 39% mandates evergreen 32% of AuM AuM AuM of AuM We provide permanent capital We transform the private wealth solutions across asset classes market and set a new benchmark tailored for in
Slide 10: We built a global leader in portfolio solutions at scale
We built a global leader in portfolio solutions at scale Private equity, infrastructure Private credit, real estate, royalties Global buyout PE secondaries Infra directs Infra primary Direct lending NAV Finance CLO Royalties Growth Primaries Infra second. Loan second. Direct RE RE second. Distributi
Slide 11: Consolidating fundraising landscape benefits large managers
Consolidating fundraising landscape in private markets benefits large managers Market share of top 20 private markets firms by asset class1 Infrastructure Real estate Private credit Private equity +19% +15% +13% +9% 75% 67% 56% 52% 50% 37% 31% 22% ’13-’22 ’23-Current ’13-’22 ’23-Current ’13-’22 ’23-
Slide 12: Our market is poised to consolidate over the next decade
Our market is poised to consolidate over the next decade Market dynamics Our strength Market fragmentation Shifting channels Significant resources 1st mover advantage 11k ~1-2% >400 +20yrs Existing Private wealth Professionals Innovation in "non- private markets allocation to private supporting our
Slide 13: A preview of some of the key topics you will hear today
A preview of some of the key topics you will hear today Investments Clients Outlook • Why the accelerated pace of • How we craft highly • How we will play the private change in the economy calls for bespoke solutions with our markets democratization & transformational investing investment content co
Slide 14: Private Markets in the Next Cycle: The Reconfiguration of the Economy
Private Markets in the Next Cycle: The Reconfiguration of the Economy
Slide 15: Review of 2022-2024 key private markets trends
Review Key private of 2022-2024 markets trends AGM Claims AGM 2022 AGM 2023 AGM 2024 A structural role New entrants & Technology drives A structural role change New entrants & market Technology drives the next change occurred occurred in financing the real in market developments developments reshape
Slide 16: The reconfiguration of the economy is NOW
The next cycle: the reconfiguration of the economy The tech-led transformation of the economy …and drives a reconfiguration of industry 01 02 is NOW… models Note: For illustrative purposes only. Source: Partners Group (2025).
Slide 17: Digitization 2.0 drives the next transformation of the economy
Digitization 2.0 drives the next transformation of the economy towards autonomy in business systems Democratization of artificial intelligence Institutionalization of cloud-based computation-aaS Access to deep learning, APIs, verticalization Distributed data processing, Edge integration Industrials
Slide 18: Business process transformation
Business process transformation: co-pilots/intelligent systems streamline tasks and processes Consumer Energy-as-a-service provider behavior / Comprehensive Approach to AI and Supply Chain Management AI-assisted user consumption supply chain analysis and assessment 2.5x analytics Simulation engineer
Slide 19: Business performance transformation
Business performance transformation: the full automation of entire tasks and jobs Predictive network governance Predictive modelling software modeling AI to boost production forecasts agents by 90% Digital software twin for power utility assets 6x Prod. Replacing typical simulations and analyses AI
Slide 20: Business model transformation
Business model transformation: novel scientific methods drive radical shifts in business models Biologics / Antibody CRO and In-silico drug engineering design and “World’s first” clinically tested anti-aging discovery peptide discovered by AI Phage and mammalian display technologies 10x Prod. Bypass
Slide 21: Redistribution of profit pools
Redistribution of profit pools Tech-empowered infrastructure – example of energy production Renewables asset management & development firm Price in USD per MWh of electricity1 Share of electricity generation in Europe2 378 Offshore Wind 100 200 Solar Other RE Transition to a fully fledged Coal Solar
Slide 22: Acceleration of change
Acceleration of change Tech-empowered business services – example of education International group of K-12 schools Global EdTech market revenue (in USD bn)1 EdTech market growth1 Transition to a fully fledged Overall education market growth2 348 electricity management platform +14% 142 +4% 2030 AI-t
Slide 23: The reconfiguration of the economy is starting today
The reconfiguration of the economy is starting today… Integration and collaboration across various industries by next-generation platforms… How Disney's Use of AI/AR Elon Musk launches USD 52,000,000 impacts the entertainment SpaceX rockets that could change how sector we use the internet forever Is
Slide 24: Tech-enabled new economy cross-sector champions (I/II)
…leading to Partners Group's tech-enabled new economy cross-sector champions (I/II) Healthcare services & technology Pharmaceutics & data services Agriculture & technology / data services Combination of physical and digital methods in patient treatment Integration of AI / machine learning in the pha
Slide 25: Tech-enabled new economy cross-sector champions (II/II)
…leading to Partners Group's tech-enabled new economy cross-sector champions (II/II) Manufacturing & software services Infrastructure services & technology Computation services & energy Software solutions become significant USP and P&L driver Incorporation of advanced technologies into infrastructur
Slide 26: The accelerated transformation calls for transformational investing
The accelerated transformation and reconfiguration of the economy calls for transformational investing From sector approach From vertical team to From industry advisors From opportunistic IT 01 to thematic investing 02 cross-sector squad 03 to active operators 04 to tech & data strategy PG's themati
Slide 27: The accelerated transformation of the economy: conclusions
The accelerated transformation of the economy: conclusions The next generation of Tech-enabled cross- Need for thematic Transformational technology is the game sector leaders will define investing and cross- operators and technology changer for the next cycle the reconfiguration of the sector team c
Slide 28: Investment platform
Investment platform
Slide 29: Our investment platform has invested USD 234bn to-date
Our investment platform has invested USD 234bn to-date USD 234bn1 invested across all strategies 114bn 31bn 58bn 30bn 0.4bn Private equity Infrastructure Private credit Real estate Royalties 1 Total executed direct, primary and secondary investments until 31 December 2024 (in USD). Data includes inv
Slide 30: The capacity of our investment platform is not yet fully utilized
The capacity of our investment platform is not yet fully utilized Current capacity USD 35-40bn2 USD 32bn1 invested USD 24bn1 invested We currently run USD 22bn1 invested below capacity 2018 2021 2024 ~1'200 FTE ~1'600 FTE ~1'800 FTE 1 Total executed direct, primary and secondary investments per cale
Slide 31: Strong realized track record (net)
We have built this platform on a strong realized track record (net) 2.5x nTVPI 2.1x nTVPI 1.2x nTVPI 1.4x nTVPI 1.1x nTVPI 21.6% nIRR 22.6% nIRR 6.9% nIRR 10.0% nIRR 11.5% nIRR Private equity1 Infrastructure2 Private credit3 Real estate4 Royalties5 1 Private equity directs investments (excluding ear
Slide 32: How do we ensure the performance is repeatable?
How do we ensure the performance is repeatable? Thematic Entrepreneurial Transformational sourcing governance investing We buy what we want to own, Building differentiated assets through a Acquire established assets and transform not what is for sale truly active governance approach them into market
Slide 33: Strong process ensures track record consistency
We have a strong process in place that ensures track record consistency Selection In- / divestment decision Allocation First screening Due diligence I Global IC Portfolio management Due diligence II Specialist IC Specialist IC Specialist IC Specialist IC … Investments 1-3% Investment Rate Note: For
Slide 34: We continue to focus on operational business
We continue to focus on operational business, also during the last 12 months EBITDA EBITDA Loss rate NOI growth Investments growth growth (since inception) (high conviction themes) signed (since 06/24) 10% 19% 0.07% 13.3% 8 Private equity1 Infrastructure2 Private credit3 Real estate4 Royalties5 1 Da
Slide 35: Shift to direct investments has increased future performance fee potential
Our shift to direct investments has increased future performance fee potential Direct investments1 Non-direct investments $ 78bn $ 56bn Performance fee guidance • 2025: 20-30% performance fees $ 10bn of total revenues $ 3bn • 2026+: further upside to 25-40% as substantial value in direct portfolios
Slide 36: Full and promising exit pipeline for the next 2-3 years
We have a full and promising exit pipeline for the next 2-3 years Near- to mid-term exit pipeline of Partners Group's private equity and infrastructure direct assets1 (NAV, as of 31 December 2024) Size of NAV is maturing and USD 19bn expected to be exited over next 2-3 years of NAV in portfolio asse
Slide 37: How do we invest?
HOW DO WE INVEST? How do we How do we source How do we transform differentiate? thematically? assets?
Slide 38: Private equity
Private equity
Slide 39: Our private equity platform
Our private equity platform 11% p.a. AuM growth over last 10 years (in USD bn) 78 USD 114bn investment volume since inception 45 27 250+ in-house professionals 2014 2019 2024 Note: For illustrative purposes only. Past performance is not indicative of future results. Diversification does not ensure p
Slide 40: Thematic sourcing + entrepreneurial governance = transformational investing
Thematic sourcing + Entrepreneurial governance = Transformational investing Health & life Goods & products Technology Services Direct capital invested in last 15 years USD 9.3bn USD 10.3bn USD 8.2bn USD 12.4bn Pharma Pharma Multiyear process Multi-site Wellness & Enhancing quality & safety discovery
Slide 41: Thematic sourcing + entrepreneurial governance = transformational investing
Thematic sourcing + Entrepreneurial governance = Transformational investing Health & life Goods & products Technology Services Direct capital invested in last 15 years USD 9.3bn USD 10.3bn USD 8.2bn USD 12.4bn Pharma Pharma Multiyear process Multi-site Wellness & Enhancing quality & safety discovery
Slide 42: Entrepreneurial governance creates value
Thematic sourcing + Entrepreneurial governance = Transformational investing We create value with entrepreneurial governance, leveraging the Partners Group Business System One of the strongest operating Defined onboarding from day 1 Strong transformational value directors network creation build and f
Slide 43: PG Business System in practice: Rosen
PG Business System in practice: Rosen investment overview DIRECT EQUITY SWISS-BASED Fund V Stans, Switzerland c. 33% EBITDA margin Technology leader of recurring, +3'800 employees regulatory-driven, and mission-critical Mar 2024 Dec 2024 inspection services for Entry Current 15 yrs avg client tenure
Slide 44: Forterro overview
Forterro overview Selected Brands DIRECT EQUITY LOCATION Fund IV UK & International Pan-European Enterprise ✓ Software helps customers digitize #1 Resource Planning and unify their core business (ERP) provider to SMEs processes into one central platform Manufacturing SME >22k customers ✓ Consolidate
Slide 45: PG Alpha: proprietary solution for digital boardroom
PG Alpha: proprietary solution for digital boardroom Monitor Value Creation Plan & KPIs View latest company financials Access Board events calendar Board activity tracker for joint transparency Repository of board content Enable management, board and PG team to collaborate effectively, securely, and
Slide 46: Momentum picking up in realizations
Momentum picking up in Partners Group's realizations Key drivers of success in a IPO challenging environment Critical focus on Organic Growth Sale to financial investors IPO Exits Quality of Earnings Sale to PE IPO & Sale to PE Sale to family Digitally 'future proof' business models Dividends & Purs
Slide 47: IPO of Vishal
IPO of Vishal IPO in December 2024 What makes this asset attractive for >7x +90% next owner? MOIC1 vs. latest valuation1 Among India's fastest growing retailers INR 479bn (>USD 5.5bn) INR 370bn (>USD 4.2bn) >13% same store growth in FY24 Market cap in Fully diluted equity value2 in December 2024 Dec
Slide 48: Dual track process of Techem
Dual track process of Techem Sale to What makes this asset attractive for signed in September 2024 next owner? Dual track IPO / private sale Strong organic growth from new Undisclosed In line with latest EUR 6.7bn products and services MOIC1 valuation Enterprise value Continued momentum in Transform
Slide 49: Consistent outperformance across mature vintage programs
Consistent outperformance across our mature vintage programs PG Direct Equity I PG Direct Equity II PG Direct Equity III PREQIN: most consistent performing (2008) (2012) (2016) large buyout managers post-GFC3 1st quartile 2.63x 2.28x 2.25x nTVPI nTVPI nTVPI 2nd quartile 3rd quartile Investments Inve
Slide 50: Consistent development of younger vintage programs
Consistent development of our younger vintage programs PG Direct Equity IV PG Direct Equity V 2.5x (2020) (2023) 2.0x 1.5x 1.24x 1.07x nTvPI nTVPI nTVPI 1.0x 0.5x Investments Investments (Realized) (Realized) 0.0x 25 (1) 10 (0) 0y 1y 2y 3y 4y 5y Years after final close 6y 7y 8y Fund I Fund II Fund I
Slide 51: Secondary market reached a new record high in 2024
Secondary market reached a new record high in 2024 driven by LP transactions USD bn Record volume of supply for LP secondaries 200 LP portfolios 162 Extension secondaries 132 108 112 100 88 74 58 60 40 37 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Note: For illustrative purposes only. Sourc
Slide 52: Selectivity remains key
Selectivity remains key in light of market challenges 2020-2023 2024 Screening Screening $ >375bn $ >125bn volume volume 2.4% 2.5% Average Average Investment Rate Investment Rate Note: For illustrative purposes only. Source: Partners Group (2025).
Slide 53: Best secondary returns achieved during stabilization
Best secondary returns achieved during stabilization, not market dislocations Secondary market pricing evolution Average discount of PG Secondary investments 31% 23% 105% 99% 97% 97% 5% 96% 95% 94% 93% 94% 95% 91% 91% 89% -2% 86% 90% 2008 + 2009 2012 2013 2014 84% 85% 87% Average nTVPI1 of PG Second
Slide 54: Strategy delivers strong capital gains
Our strategy identifies value creation potential and delivers strong capital gains Partners Group's demonstrated …market-leading net multiples across the industry and vintages approach has resulted in… 1.80x 1.76x PG secondary funds 1.59x industry average 1.00x GP A GP B GP C GP D GP E GP F GP G GP
Slide 55: Three key messages to take away
Three key messages to take away Transformational Transformational ownership paces operational results – PG Business System ownership systematically manages our portfolio. Diversified We run a diversified investment engine and plan to grow in all areas – Direct and platform Partnership investments ar
Slide 56: Infrastructure
‘CAPITAL MARKETS DAY 2025 Infrastructure
Slide 57: Our infrastructure platform
Our infrastructure platform 20% p.a. AuM growth over last 10-years (in USD bn) 27.4 USD 31bn investment volume since inception 12.0 4.5 120+ dedicated in-house 2014 2019 2024 investment professionals Note: For illustrative purposes only. Figures as of 31 December 2024. Source: Partners Group (2025).
Slide 58: Significant need for transformative investment in infrastructure
Significant need for transformative investment in infrastructure 2024-2040: USD 94tn of infrastructure investment needed1 Energy Water Transport Communications Large market opportunity 28tn 7tn 50tn 9tn % Infrastructure characteristics Low GDP correlation Inflation linkage Robust capital preservatio
Slide 59: High conviction themes supported by double-digit growth sectors
High conviction themes supported by double-digit growth sectors Decarbonization & Sustainability Digitization & Automation New Living CLEAN POWER DATA TRANSMISSION NEW MOBILITY INFRASTRUCTURE Decentralized energy Wireless Wireline Renewables platforms Fleet outsourcing Electrification solutions Ener
Slide 60: We build the infrastructure of tomorrow
We build the infrastructure of tomorrow Sell Partners Group investment focus Source Maintenance Optimization Expansion Construction Asset value Permitted Growth Platform building Industrial value creation Core operating platform 14-20% nIRR 10-14% nIRR 8-10% nIRR 5-8% nIRR Entrepreneurial governance
Slide 61: Portfolio provides robust downside protection
Our portfolio provides robust downside protection Low GDP exposure Inflation linkage Long-term contracts Fixed-rate financings Correlated 7% Nominal 15% 100% Floating Fixed, 28% Hedged 75% 52% 50% c. 72% fixed1 25% 0% Unlevered Not or weakly Correlated/ 20% contractually-linked ≥5 ≥10 ≥15 correlated
Slide 62: Clear focus on value creation upsides
Combined with a clear focus on value creation upsides ✓ Build EBITDA instead of buying EBITDA Differentiated ✓ Attractive seed asset and potential to anchor a larger platform platform building ✓ Success-based capex provides downside mitigation & EV / EBITDA multiple for selected investments Attracti
Slide 63: Global thematic conviction in data centres
Global thematic conviction in data centres and platform value creation US Pan-Nordic Australia Location Location Location Growing enterprise, 1.1 GW USD 4bn 236MW HPC & AI customers, 5 sites building capacity total contract value capacity across under exclusivity in Sydney, Melbourne and across 5 ca
Slide 64: Diversified global portfolio of next-generation infrastructure platforms
Diversified global portfolio of next-generation infrastructure platforms Mega-theme: Critical Mega-theme: supply chain Low carbon fuels Mega-theme: Data storage Mega-theme: Mega-theme: Data storage Social infrastructure Mega-theme: Mega-theme: Mega-theme: Clean New Social Mega-theme: power mobility
Slide 65: #1 provider of sustainable heating and cooling in the Netherlands
#1 provider of sustainable heating and cooling solutions in the Netherlands HQ Infrastructure Netherlands The Hague Fund IV Location Infrastructure characteristics #1 ✓ Essential services – heating player in fragmented Dutch heat contracting market with 25% market share Jul-24 ✓ Defensive position –
Slide 66: Delivering consistent risk-adjusted returns throughout market cycles
Delivering consistent risk-adjusted returns throughout market cycles Total Realized Consistent return profile with significant majority of portfolio1 returns1 realizations between 1.5 - 3.5x4 13.6% 22.6% 45% 52% nIRR1 nIRR2 1.5x 2.1x nTVPI1 nTVPI2 3% 52 17 1.5x-2.5x 2.5x-3.5x >3.5x investments3 exit
Slide 67: VSB: built to the liking of TotalEnergies
VSB: built to the liking of TotalEnergies – a global energy leader Note: For illustrative purposes only. Past performance is not indicative of future results. There is no assurance that similar investments will be made. There is no guarantee that targets will be achieved or that the investment will
Slide 68: 2024 exit: transformational value creation in action
2024 exit: transformational value creation in action 5.0x 9x operational capacity 2x pipeline growth (megawatts) (gigawatts) Increase in EBITDA VSB is a leading pan- European renewables 9x >2x 475 18 platform focused on wind, solar PV, and batteries Key achievements Apr-2020 Dec-2024 8 entry exit 53
Slide 69: Resilient portfolio diversified across themes and regions
Resilient portfolio diversified across high-growth thematics and regions PG Direct PG Direct PG Direct By investment theme By geography Infrastructure II Infrastructure III Infrastructure IV PG Direct Infrastructure II PG Direct Infrastructure II (2018) (2022) (in fundraising) 6% 16% 19% 18% 9% APAC
Slide 70: One of the most experienced infrastructure secondaries investors
Partners Group is one of the most experienced infrastructure secondaries investors 20-year track record in infrastructure secondaries 18 17 16 14 58 Investments # of transactions 12 10 since inception 8 8 8 8 7 6 4 3 4 2 10 2 1 Investments in 2024 Pre-2008 2009-2010 2011-2012 2013-2014 2015-2016 201
Slide 71: Structural growth supports the secondaries opportunity
Structural growth in infrastructure supports the secondaries opportunity Growing private infrastructure AuM1 3-5x growth of infrastructure secondary transaction volumes2,3 (in USD bn) c. 2'900 (Figures in USD bn) 60 Infrastructure secondaries outlook: 1.2-2% of AuM (= Private Equity steady-state tod
Slide 72: The mid-market represents the largest opportunity
The mid-market represents the largest opportunity Private infrastructure funds raised Characteristics of Mid-market 2018-2023 (USD bn)1 mid-market opportunities success factors Fund sizes of USD 500m-5bn 452 ▪ >10x # of GPs vs. large cap (52%) 450 ▪ Higher sector / regional 400 ▪ Broad GP relationsh
Slide 73: Vast platform enables thematic focus and direct-style due diligence
Partners Group's vast platform enables thematic focus and direct-style due diligence Unparalleled platform >85% thematic focus in 2024 Value creation development of Fully realized resources infrastructure secondary investments infrastructure secondaries1 track record Infrastructure Other nTVPI secon
Slide 74: Private credit
Private credit
Slide 75: Established global private credit platform
Established global private credit platform 20% p.a. AuM growth over last 10-years (in USD bn) 31.5 USD 58bn investment volume since inception 21.9 5.1 90+ dedicated in-house investment professionals 2014 2019 2024 Note: For illustrative purposes only. Figures as of 31 December 2024. Source: Partners
Slide 76: Industrial approach key to managing through disruption
Our industrial approach will be key to managing through disruption Private credit returns Syndicated loan returns 0.10% 0.02% 0.00% >18% CLO equity cash- Annualized US loss Annualized Annualized APAC on-cash rate European loss rate loss rate distributions 10.7% 7.6% 10.0% 5.9% US senior direct Europ
Slide 77: Private credit key areas of focus
Partners Group private credit key areas of focus Global direct lending Leading global direct lender in the extended sponsor-backed middle market utilizing our industrial approach Platform investing Portfolio solutions Leveraging our platform to access the syndicated loan Providing bespoke credit mar
Slide 78: Global reach, local expertise
Global reach, local expertise: tapping into diverse credit opportunities EUR EBITDA focus: EUR 20-50m APAC EBITDA NAM EBITDA focus: focus: USD 20-200m+ USD 25-100m+ Note: For illustrative purposes only. All investment metrics as of close of the transaction. There is no assurance that the above state
Slide 79: Industrial approach key to managing through disruption
Our industrial approach will be key to managing through disruption Thematic Private equity Active sourcing style diligence ownership Note: For illustrative purposes only. Source: Partners Group (2025).
Slide 80: Active ownership mindset
Supporting growth and protecting capital through our active ownership mindset Business Long-term active investment Active Management coverage with support from Building Ongoing support of growing, & Governance restructuring and legal experts performing businesses with incremental capital Agile portf
Slide 81: Core strategy supplemented by platform investing
Partners Group core strategy supplemented by platform investing capabilities CLO Syndicated loans Private credit CLO secondaries Global direct CLO CLO equity lending & GP sponsor relationships NAV lending CLO CLO CLO debt Note: For illustrative purposes only. Source: Partners Group (2025).
Slide 82: Synergies across direct lending and syndicated loans
Synergies across direct lending and syndicated loans Leverage experienced CLO credit analysts Overlap of GP and CLO bank relationships Global direct lending and syndicated loans Use of portfolio Grow financing with CLO CLO financing companies Flexible client CLO allocations Note: For illustrative pu
Slide 83: Syndicated loan growth through CLO platform
Syndicated loan growth and development through CLO platform EU CLOs US CLOs 16 14 9 11 Total Number of Global CLOs Issued >USD 12bn 6 CLO AuM 18 as of 31 December 2024 4 15 2 13 3 11 1 2 2 8 5 6 2007 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Note: For illustrative purposes only. There is no
Slide 84: Private credit key areas of focus
Partners Group private credit key areas of focus Global direct lending Platform investing Portfolio solutions Leading global direct lender in the Leveraging our platform to access the Providing bespoke credit portfolio extended sponsor-backed middle syndicated loan market and other solutions across
Slide 85: Real estate
Real estate
Slide 86: Partners Group real estate platform
Partners Group real estate platform 8.7% p.a. AuM growth over last 10-years 19.6 15.2 8.5 USD 53bn+ gross asset value under management1 2014 2019 2024 Direct equity Exclusive focus on high- growth Secondaries Pioneered the real estate secondaries Vertical integration PG has made 3 strategic investme
Slide 87: Real estate is going through the most disruptive changes in decades
Real Estate is going through the most disruptive changes in decades Cyclical Interest rates, market liquidity, valuations … 'Fastest rise in 'Higher for longer rates 'The painful reset in global interest rates puts more emphasis on commercial real estate' for 30 Years' value creation to drive return
Slide 88: Thematic investing and vertical integration
Thematic investing and vertical integration will help navigate structural change Changes in macro real Disruptive forces estate fundamentals Challenged real estate Demand will adjust to assets and values structural trends The market Thematic investing Vertical integration Focus on select themes with
Slide 89: Thematic investing
Thematic investing USD >25bn GAV invested globally across high conviction themes Giga themes Real estate disruptive forces High conviction themes Consumer supply chain Digital infrastructure E-commerce Digitization & automation Digital Services / AI 1.89x nTVPI / 20.4% nIRR1 Realized PropTech Genera
Slide 90: Ownership of specialized operators delivers vertical integration
Ownership of specialized operators delivers vertical integration Owning every level of value creation allows us to manage operational complexities at scale Operational intensity Low High Implementation complexity Partnerships with specialized operators Ownerships of specialized operators Consumer su
Slide 91: Vertical integration case studies
Vertical integration case studies Operator / platform Theme Hospitality Consumer Urban Lifestyle Transition Next gen supply chain living residential to green offices Region Investible universe 96bn1 43bn2 10bn3 Value creation lever Sourcing >50 Investment professionals >8 Investment professionals >3
Slide 92: Empira
Empira Empira Empira Transition-to-green Residential development European credit opportunities ▪ Acquisition of existing properties in urgent ▪ Acquisition of land with existing building rights ▪ 2nd lien credits for real estate opportunities need of modernization to meet sustainability for multi-st
Slide 93: Royalties
CAPITAL MARKETS DAY 2025 Royalties
Slide 94: What is a royalty?
What is a royalty? 3 Features of A Royalty Investment Asset We own assets such as IP (ie copyrights, patents, license agreements), subsurface rights, or land titles owner Limited cost The asset is commercialized by a third-party operator who funds all costs (capex and opex) exposure Revenue We recei
Slide 95: What is a royalty?
What is a royalty? A standalone asset class sitting between private equity and credit Key Attractions of royalties are… Private equity Private markets royalties Senior credit Long duration …a long-term thematic financing tool bridging private equity & private credit… Upside potential Downside mitiga
Slide 96: Why has a cross-sector royalty strategy not been done before?
Why has a cross-sector royalty strategy not been done before? Pioneering cross-sector royalty financing with holistic vision, cross-sector expertise, and evergreen experience converge Sourcing & execution capabilities Private markets expertise Further platform benefits Core Private Infrastructure Ro
Slide 97: Three distinct royalties structures
Three distinct royalties structures Creating a royalty ("synthetic royalty") Lending against a royalty Providing capital ("royalty backed note") Buying a royalty Direct revenue exposure Secured against a royalty Asset owner Highly structured to Coupon + amortization mitigate risks Direct revenue exp
Slide 98: Media royalties: exposure to high quality IP
Media royalties: exposure to high quality IP Lending Against A Royalty Case Study: Multimedia Music (MMM) Portfolio ("Royalty Backed Note") Media-Music IP1 • Royalty Backed Note to the purchaser of a media- music rights portfolio • Diversified portfolio of Film & TV music IP across studios, composer
Slide 99: Pharma royalties: exposure to novel solutions
Pharma royalties: exposure to high quality portfolio of novel solutions Case study: non-surgical treatment for urothelial cancer Buying a Royalty Sector Geography Duration Pharma US 10-15 years Royalty investment attraction Upside potential Expansion of indication to adjacent therapeutic area ✓ High
Slide 100: US nat gas royalties
US nat gas royalties: exposure to multiple producing gas wells in a downside mitigated structure Case study: RoyFin natural gas Creating a Royalty Natural gas Sector ✓ Creation of a highly structured royalty across a portfolio of multiple producing and near-term producing natural gas >30 years wells
Slide 101: Partners Group private markets royalties
Partners group private markets royalties Where we stand Where we are going Seed portfolio updates ✓ Investors gain immediate access to a broadly diversified portfolio 5 Years 30 ✓ 7 investments closed in 2024; ✓ Near-term pipeline allowing deployment of USD 500-750m this year since inception1 Invest
Slide 102: Note: For illustrative purposes only. Partners Group does not currently have a Royalties fund
Note: For illustrative purposes only. Partners Group does not currently have a Royalties fund offering in the US. Source: Partners Group (2025).
Slide 103: Clients Pillar
Clients Pillar
Slide 104: As global leader in private markets solutions…
As global leader in private markets solutions… 310+ Professionals in the clients pillar 1'200+ Institutional clients London Luxembourg Guernsey Munich Paris Milan Toronto Zug Denver New York Seoul Shanghai Tokyo 65'000+ Houston Dubai Hong Kong Individuals in Mumbai Manila evergreens Singapore 39% Sã
Slide 105: …we have strategically positioned ourselves and our offering…
…we have strategically positioned ourselves and our offering… AuM by asset class 71% of our clients are invested in two or more asset classes Private Private credit equity 21% 51% All of our asset classes are expected $152bn to grow in the next cycle 18% Infrastructure 10% Our most recent addition,
Slide 106: …to attract a broad range of clients
…to attract a broad range of clients AuM by type of investors The industry's future growth will be driven by growing allocations Insurance Asset managers, family companies offices, banks & others 27% 10% Private wealth Distribution partners / private individuals 21% $152bn Insurances 20% Corporate &
Slide 107: Tailored solutions for diverse client needs
We have proven our thought leadership and differentiation by providing tailored solutions for diverse client needs Bespoke solutions – 71% of total AuM Mandate solutions Evergreen solutions Traditional solutions Bespoke access to the entire PG platform Fully invested semi-liquid solutions Multigener
Slide 108: Customization and perpetuality of bespoke solutions
Customization and perpetuality of bespoke solutions makes them preferred choice for both clients and Partners Group Illustrative example of program characteristics from a client's perspective Mandates Evergreens Traditional funds Strategic allocation decision Decision to invest in Commitment decisio
Slide 109: Our portfolio solutions are amongst the most sophisticated in the industry
Our portfolio solutions are amongst the most sophisticated in the industry Mandate portfolio (example) Evergreen solution (example) Strategy allocation Asset allocation (Private equity directs, private (IT, healthcare, consumer, equity secondaries, private equity discretionary, industrial, primaries
Slide 110: Top of the class portfolio solutions for evergreens
A D M A S T E R - S T A M P ! 2 0 2 Top of the class portfolio solutions for evergreens allows us to build leading 4 0 7 2 2 - 3 7 2 9 3 9 8 portfolios The Partners Fund (USD I)1 Global Value SICAV (USD I)2 PE 40-act Fund (USD I)3 6'000 500 5.4x 4.4x 500 5.0x 5'000 400 400 4'000 300 300 3'000 200 20
Slide 111: Great evergreen management for over 20 years
Great evergreen management for over 20 years Focus on direct investments – limiting the role of funds as portfolio building blocks Having the right access to a strong & broad investment engine - with a pro-rata allocation policy Disciplined fund growth is key to sustainable long-term success Robust
Slide 112: Mandates
CMD Capital Markets Day Zug Mandates
Slide 113: One stop solution across the full private markets spectrum
One stop solution offering access across the full private markets spectrum Strategic asset allocation with flexible guidelines Diversified by investment type, region, sector & vintage Single asset exposure Top 5 Private credit 8% 0-15% Top 20 Private equity 22% 40%-70% Real estate 5-30% Top 50 40% I
Slide 114: Bespoke solutions: foundational ingredients
Bespoke solutions: foundational ingredients 1 Access to individual transactions (single lines) Bespoke solutions 2 State-of-the-art investment platform 3 Pro-rata allocation policy This allows us to facilitate implementation of active portfolio management Note: For illustrative purposes only. Source
Slide 115: Evergreens
Evergreens
Slide 116: We are in the first inning of the adoption of evergreens
We are in the first inning of the adoption of evergreens globally Private wealth US DC Existing investors $140tn+ $12tn+ $140tn+ ~1-2% allocation <1% allocation <1% allocation to private markets1 to private markets2 to evergreens3 1 Global wealth by investor type, 2022. Source: Bain & Company, 2023:
Slide 117: Industry leader: launched first evergreen structure in 2003
Industry Leader – Launched the first of its kind evergreen structure for individual investors in 2003 2024 1st ever 2013 45 PG starts ELTIF1 by PG 2025 onwards 2009 strategic DC 40 market Launched 1st initiatives New evergreen strategies & solutions 2007 ever 1940-Act 35 1st ever PE evergreen 30 200
Slide 118: Equity-focused evergreen solutions have significant growth potential
Equity-focused evergreen solutions continue to have significant growth potential CMD Capital Markets Day Zug US registered private market funds Partners Group owns a net asset value (NAV) excluding leverage1 specific corner of the US market2 274 241 44 220 34 Market share 39% 25 41% 150 109 88 p.a.
Slide 119: Clear focus on the upper end of the US wealth market
We have a clear focus on the upper end of the wealth market in the US CMD Capital Markets Day Zug <$100k $500k $2m $5m $10m $20m $100m+ Advisor-reported average client size (AuM) Single-family office Multi-family office Hybrid RIA Independent RIA Private Bank & Trust Co's Wirehouse National & Region
Slide 120: Expanding on decades of pioneering work in private wealth
Expanding on our decades of pioneering work in private wealth CMD Capital Markets Day Zug Our focus Opportunities to accelerate Aggressively deepen and expand RIA & Multi-family office segment distribution partnerships Global private specific sales wealth marketing team team Senior Expand market pre
Slide 121: Case study: USD 17bn private equity focused 40-act fund
Case study: USD 17bn private equity focused 40-act fund A structure that allows for long-term potential compounding of capital for private wealth Why PG? Target portfolio allocation Liquidity 10% Fully invested Diversification 5.0x Private Credit 20% ability to compound across 15+ vintages money mul
Slide 122: We will replicate our largest evergreens across 7 new ones
We will replicate what we did for our largest evergreens across our 7 new ones Largest 4 evergreens by size below… 1940 Act Global value Multi-asset Private loan Registered Fund program program program 2009 2007 2003 2016 USD 17 billion USD 10 billion USD 8 billion USD 2 billion LLC SICAV Trust SICA
Slide 123: Invested substantially in the private wealth space
We have invested substantially in the private wealth space to provide a growing CMD fundraising trajectory for the future Capital Markets Day Zug We are committed to growing our private Continuously growing our wealth team and related functions distribution network 50+ 50+ FTE >200 Distributors ~200
Slide 124: Private wealth panel
Private wealth panel
Slide 125: Our vision
ITAL MARKETS 2025 Our vision
Slide 126: First and second private markets cycles
First and second private markets cycles "Private markets "Private markets initiation" institutionalization" 2001 1st full cycle 2008 2nd full cycle 2023 Broad initiation Institutionalization Investors of allocations of allocations Provide "access solutions" Provide "key building blocks" ▪ Diversifie
Slide 127: Third private markets cycle: individual investors enter a maturing industry
Third private markets cycle: individual investors enter a maturing industry "Private markets democratization & consolidation" Must-haves for the next cycle 2024 3rd full cycle 2033 • Global reach and presence • Asset-class capabilities ▪ Broadening allocations across ALL investor types Investors ▪ O
Slide 128: Most growth in the third cycle will originate from new sources
Most growth in the third private markets cycle will originate from new sources 1 Private markets AuM by client segment (USD tn)1 >59% of growth between 2024 and Institutions 2028 driven by private wealth 5.8 25.1 1.3x Private wealth 15.3 4.0 increase Franklin Templeton turns toward Private wealth Pr
Slide 129: A key pillar of the third cycle: private wealth
1 A key pillar of the third private markets cycle: private wealth Net worth PM alloc.3 PG solutions Channels (USD) Evergreens Closed- Wealth & asset ended managers, banks, wire houses and Feeder funds Ultra HNW > USD 50m RIAs ~20% "Trad." mutual funds USD USD 5m – Very HNW <5% Retail SMA USD 50m >14
Slide 130: A key pillar of the third cycle: US Defined Contribution
2 A key pillar of the third private markets cycle: US Defined Contribution Market size PG Target Description Channel in USD3 solutions PM alloc. Off-the-shelf Traditional TDF products Custom-made Asset management Target Date which are available broadly mandates partnerships 83% Funds ("TDFs") Total:
Slide 131: A key pillar of the third cycle: insurance
3 A key pillar of the third private markets cycle: insurance Description PG solutions Insurance Life and annuity companies that act as Evergreens distribution distribution partners to retail clients Evergreens Custom solutions that address strategic General account and tactical balance sheet needs M
Slide 132: Client focused innovation has been core to our DNA
Client focused innovation has been a core part of our DNA since our foundation What started out of necessity…. Today: 1st open-ended PE SICAV 1st single line mandate 1st UK PM DC solution $152bn 1st listed PE fund 1st PE 40 Act fund 1st US PE DC CIT 1st rated PE-backed bond 1st PM ELTIF 1st SICAR ba
Slide 133: Increased demand for our solutions will command more investment content
Increased demand for our solutions will command more investment content #1 "In delivering branded, tailored portfolio solutions across client segments" DB pensions DC pensions Portfolio solutions SWF PG private PG Mandates equity private PG 401k credit infra Empira Evergreens Family offices PG Inorg
Slide 134: Our vision for private equity
Our vision for private equity "Leader in extended middle markets and in providing comprehensive private #1 equity solutions" USD >200bn Harness cutting-edge technology USD 78bn Complementary Globally leading Partner of choice in the inorganic growth operators bench PE community Best transformational
Slide 135: Our vision for private credit
Our vision for private credit #1 "Best provider of portfolio solutions in corporate private credit" USD >70bn Grow structured offerings USD 31bn NAV lending Credit secondaries Strengthen middle market Other private markets Expand CLO platform franchise credit AuM Middle market leadership and ancilla
Slide 136: Our vision for infrastructure
Our vision for infrastructure #1 "Leader in actively managed infrastructure strategies" USD >100bn Active core plus strategy Infra growth strategy USD 27bn Infra business Infra PG business Infra operators development DNA system AuM Develop active platform strategy across risk-return spectrum; 2024 f
Slide 137: Our vision for real estate
Our vision for real estate #1 "Become the leading real estate investor in key thematic sectors" USD >50bn Acquisition of other specialist platforms Build development PG real estate systems expertise USD 16bn1 Add operational Build out thematic Empira experience sourcing AuM Develop vertically integr
Slide 138: Our vision for royalties
Our vision for royalties #1 "Leader in relative value driven, cross-sector royalties portfolios" USD >30bn Pursue scale Vertical depth distribution capabilities building Royalties launch Grow a leading team Thematic approach AuM USD <1bn 2024 Develop leading cross-sector royalties platform 2033 Note
Slide 139: We are ready for the next cycle and aim to grow AuM to USD >450bn
We are ready for the next cycle and aim to grow our AuM to USD >450bn Our base case scenario for assets under management over the next cycle1 3rd cycle >450bn Ambitions ~3x growth incl. inorganic growth Top 5 in fee-paying AuM in active private markets management 152bn Top 5 in market capitalization
Slide 140: Founder perspective and Q&A
Founder perspective and Q&A
Slide 141: Capital Markets Day
Capital Markets Day 12 March 2025
Slide 142: Disclaimer
Disclaimer This presentation was created and delivered with the target audience of shareholders. This Presentation does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy any product of the Company in any jurisdiction or an