Partners Group Holding AG · SIX:PGHN
Partners — FY2024 Earnings Presentation
26 slides from Partners's earnings presentation, Jan 14, 2025
Slide 1: Business update 2024 & outlook 2025
Business update 2024 & outlook 2025
Slide 2: Table of contents
2 Table of contents 1Strategic update 2024 1 Strategic update 2024 2AuM update 2024 2 AuM update 2024 3AuM outlook 2025 3 AuM outlook 2025
Slide 3: In 2024, we laid the foundations for future growth
Strategic update 2024 3 In 2024, we laid the foundations for future growth 1 Acting on a consolidating industry with our acquisition of Empira 2 Solving the allocation gap in private wealth with the first one-stop solution 3 Extending our suite of evergreen funds with seven new offerings 4 Entering
Slide 4: We added vertical depth to our real estate business via a strategic acquisition
Strategic update 2024 4 We added vertical depth to our real estate business via a strategic 1 acquisition Residential development Focusing on acquiring land with planning or existing building rights to develop residential properties Total Gross Development Value1 (GDV) Fee-paying assets under manage
Slide 5: We partnered with BlackRock to solve the allocation gap
Strategic update 2024 5 We partnered with BlackRock to solve the allocation gap and access 2 a USD ~10tn1 private wealth opportunity; target launch H1 2025 First-of-its-kind model portfolio solution to provide Illustrative private markets model portfolios: access to private markets in one portfolio
Slide 6: We launched 7 new evergreens, satisfying diverse needs
Strategic update 2024 6 We launched 7 new evergreens, satisfying diverse needs across a 3 fragmented global private wealth market 20+ year track record of providing leading solutions Largest 4 evergreens by size below… 50 1940 Act Global value Multi-asset Private loan 45 Registered Fund program prog
Slide 7: We launched a new asset class: private markets royalties
Strategic update 2024 7 We launched a new asset class: private markets royalties is a ~$2tn 4 opportunity which could double in the next cycle What is a Royalty? Comparative analysis with other asset classes Performance relative to other asset classes1 Worst Year Private equity Royalties Senior cred
Slide 8: We expanded our growth equity strategy, with a focus on healthcare & technology
Strategic update 2024 8 We expanded our growth equity strategy, with a focus on healthcare & 5 technology Building on our long track record of investing in fast-growing companies Growth investment Series C fundraising Applying our thematic sourcing approach, which already tracks transformative growt
Slide 9: Table of contents
9 Table of contents 1Strategic update 2024 1 Strategic update 2024 2AuM update 2024 2 AuM update 2024 3AuM outlook 2025 3 AuM outlook 2025
Slide 10: 2024 was a transition year for the industry; equity investment activity improved modestly
AuM update 2024 10 2024 was a transition year for the industry; equity investment activity improved modestly Equity investments by asset class (in USD tn)1 +65% Gradual recovery continued in 2024 Invested in equity2 with 17% increase in industry activity 2.0 1.9 Industry +17% Industry investment lev
Slide 11: 2024 was a solid year for Partners Group
AuM update 2024 11 2024 was a solid year for Partners Group $22bn Invested ▪ Transaction environment continues to gradually improve ▪ Attractive investments signed based on thematic research +66% YoY $18bn Realized ▪ Realizations concentrated across credit and portfolio assets ▪ Improved exit enviro
Slide 12: Investment activity up 66% year-on-year
AuM update 2024 12 Investment activity up 66% year-on-year as we executed on significant near- term thematic pipeline Investments 20241 Portfolio ▪ Significant increase in direct equity investments; +61% assets Liquid loans year-on-year as pipeline successfully converted 13% 41% ▪ Strong infrastruct
Slide 13: We continue to build unique platforms with strong thematic tailwinds
AuM update 2024 13 We continue to build unique platforms with strong thematic tailwinds 1GW+ 10-15 years USD 1.9bn up to 30 year 100'000 EUR 10bn capacity in pipeline average contract term equity investment contract terms connections supplied target market next 10yrs Leading developer, owner, and op
Slide 14: We generated USD 18 billion in realizations, up 53% year-on-year
AuM update 2024 14 We generated USD 18 billion in realizations, up 53% year-on-year Portfolio realizations 2024 Portfolio assets 30% Second. ▪ H2 realizations in line with H1; 2024 performance fees & prim. confirmed to be at around 20% 30% Credit 37% ▪ Late 2024 exits result of focus on building sol
Slide 15: Recent sales highlight that the exit environment is gradually improving
AuM update 2024 15 Recent sales highlight that the exit environment is gradually improving… Trade sale Strategic Undisclosed +52% EUR 6.7bn Undisclosed 5x EUR 1.6bn MOIC1 smart reader market share enterprise value MOIC1 increase in EBITDA equity value Global provider of digitally enabled solutions i
Slide 16: ...and IPO markets are an attractive exit opportunity
AuM update 2024 16 …and IPO markets are an attractive exit opportunity IPO IPO >7x 640 INR 370bn >3x 2'400 USD 2.7bn MOIC1 stores pan-India fully diluted equity value1 MOIC2 centers nationwide market cap2 Leading retailer for middle- and lower-middle income consumers India Leading provider of early
Slide 17: For strong assets, the real estate market is increasingly supportive of exits
AuM update 2024 17 For strong assets, the real estate market is increasingly supportive of exits Residential multi- family property United Kingdom Spain >3x 17'000+ 36'000 >1.5x (partial exit) 10'200 160 MOIC1 homebuyers helped properties MOIC3 square meters (GLA4) apartments One of the largest prov
Slide 18: We raised USD 22 billion in 2024, up 18% year-on-year
AuM update 2024 18 We raised USD 22 billion in 2024, up 18% year-on-year Fundraising by asset class Fundraising by strategy Royalties Private equity Real estate 1% Traditional programs 6% 40% 22% Mandates Infrastructure 20% $22 $22 39% billion billion Evergreens Bespoke 33% 39% solutions Private cre
Slide 19: Solid AuM development; strong USD impacted AuM growth
AuM update 2024 19 Solid AuM development; strong USD impacted AuM growth 2024 AuM bridge (in USD bn) ▪ Tail-downs: mainly formula-based in 21.5 -9.2 -2.5 traditional programs and mandates Perform./others (pre-agreed with clients) (+2.2) 159.3 -4.4 ▪ Performance/others: performance 152.3 Redemptions
Slide 20: Table of contents
20 Table of contents 1Strategic update 2024 1 Strategic update 2024 2AuM update 2024 2 AuM update 2024 3AuM outlook 2025 3 AuM outlook 2025
Slide 21: We have a robust and geographically diversified fundraising pipeline
AuM outlook 2025 21 We have a robust and geographically diversified fundraising pipeline that we will continue developing throughout 2025 Illustrative global pipeline (indicative size of pipeline per region) 2025 new client demand & tail-down guidance ▪ New client demand: USD +22 to +27 billion full
Slide 22: Partners Group's Capital Markets Day 2025
AuM outlook 2025 22 Partners Group's Capital Markets Day 2025 Date: Wednesday, 12 March 2025 (in-person attendance only) Location: Partners Group Zug Office Time: 9:00am - 4:00pm CET Campus tour & dinner (optional): 11 March 2025, 5:00pm CET This event is solely intended for institutional shareholde
Slide 23: Q&A
Q&A PARTNERS GROUP Bill
Slide 24: Appendix: AuM development by asset class in 2024
AuM outlook 2025 24 Appendix: AuM development by asset class in 2024 AuM New client Tail-downs2 Perform./other, AuM 31 Dec 2023 demand1 redemptions, 31 Dec 2024 and FX3,4 USD bn Private equity 75.5 +8.7 -3.0 -3.7 77.6 Private credit 29.3 +7.0 -3.2 -1.7 31.5 Infrastructure 25.2 +4.3 -0.9 -1.1 27.4 Re
Slide 25: Contacts
25 Contacts Unternehmer-Park 3 Philip Sauer Head Corporate Development T +41 41 784 66 60 6340 Baar-Zug philip.sauer@partnersgroup.com Switzerland T +41 41 784 60 00 shareholders@partnersgroup.com www.partnersgroup.com Danica Ruso Corporate Development T +41 41 784 67 67 danica.ruso@partnersgroup.co
Slide 26: Disclaimer
AuM outlook 2025 26 Disclaimer This presentation has been prepared by Partners Group Holding AG (the "Company") solely for information purposes and use at the presentation to the respective recipient ("Presentation"). All sources, which have not been otherwise credited, have been derived from Partne
Partners Group Holding — FY2024 Earnings Presentation on 6ix