Partners Group Holding Ag · SIX:PGHN
Partners — H1 2025 Earnings Presentation
19 slides from Partners's earnings presentation, 2025
Slide 1: Business update H1 2025 & outlook 2025
Business update H1 2025 & outlook 2025
Slide 2: Tariff uncertainty kept private markets activity muted in H1
2 Tariff uncertainty kept private markets activity muted in H1 Transaction environment Exit environment Fundraising environment Global buyout and IPO volumes1 (USD billion) Global buyout exit volume3 (USD billion) Global buyout capital raised4 (USD billion) North America Asia-Pacific Forecast 413 Eu
Slide 3: Partners Group is built for any cycle; our solid results highlight the strengths of our platform
3 Partners Group is built for any cycle; our solid results highlight the strengths of our platform $12bn Raised ▪ Fundraising driven by insurance mandate & evergreen wins ▪ Target of USD 22-27bn confirmed for full-year $9bn Invested ▪ Portfolio assets offered good relative value in H1 ▪ Significant
Slide 4: We generated USD 12 billion in client demand in H1
4 We generated USD 12 billion in client demand in H1 Fundraising by strategy Fundraising by asset class Royalties Traditional Real estate Private equity programs 1% 5% 26% 29% 20% Infrastructure $12 Mandates 39% $12 billion billion Evergreens Bespoke 35% 45% solutions 74% Private credit Mandate flow
Slide 5: Our mandates continue to be attractive for clients who require a tailored one-stop solution
5 Our mandates continue to be attractive for clients who require a tailored one- stop solution Mandate AuM by strategy & asset class1 Mandate portfolio (example) Primaries 22% Private equity Private credit 48% 13% Asset allocation2 Asset allocation Direct participation in Real estate 19% $66 (Privat
Slide 6: We believe a broad investment offering is key to building a successful evergreens business
6 We believe a broad investment offering is key to building a successful evergreens business... Evergreen AuM by strategy & asset class Real estate 2% Secondaries Private equity 64% 15% ▪ Our track record providing private wealth solutions remains key selling point for distribution partners Infrastr
Slide 7: Sustainable growth in private wealth results from delivering long-term repeatable performance
7 ...and sustainable growth in private wealth results from delivering long-term repeatable performance Our private equity LLC has delivered double digit returns with a 5x net investment multiple since inception $6’000 Monetary tightening to $1000 at inception1 in advanced economies Performance rebas
Slide 8: We saw strong performance across new evergreen launches, while our largest evergreens navigate short-term challenges
8 We saw strong performance across new evergreen launches, while our largest evergreens navigate short-term challenges Largest evergreens faced a temporary slowdown in …while new evergreen launches show strong early development… performance (since inception net performance ) 3 26% 21% 18% 18% Long-t
Slide 9: We made USD 9 billion in new investments in H1
9 We made USD 9 billion in new investments in H1 Investments H1 20251 Direct assets Liquid loans (Direct equity and direct ▪ H1 activity driven by relative value investments; direct equity Portfolio 15% lending investments) impacted by tariff uncertainty increasing bid-ask spreads 52% assets Equity
Slide 10: We committed to leading companies and assets in resilient sectors
10 We committed to leading companies and assets in resilient sectors ▪ Building operations in new markets to accelerate global growth Market leading premium Humanization while reinforcing supply chain to ensure resilience cat food brand of pets ▪ Expanding to the underserved premium cat food segment
Slide 11: We generated USD 9 billion in realizations in H1
11 We generated USD 9 billion in realizations in H1 Portfolio realizations H1 2025 Portfolio assets 38% ▪ Resilience of infrastructure assets drove meaningful realizations over the period Second. Credit & prim. 24% ▪ Techem perf. fee reversal expected in H1, included in 38% guidance; restructured tr
Slide 12: Recent exit activity highlights the benefits of our diversified platform
12 Recent exit activity highlights the benefits of our diversified platform Diversified infrastructure portfolio Private equity direct Infra. direct Infra. secondaries ~68 million 2.7x EUR 1+ bn Not disclosed USD 1.5bn 2.4x customers annually nTVPI1,2 enterprise value nTVPI2 distributions nTVPI2,3 o
Slide 13: We achieved solid AuM development in H1
13 We achieved solid AuM development in H1 H1 2025 AuM bridge (in USD bn) ▪ Tail-downs: mainly formula-based in traditional programs and mandates (pre-agreed with clients) 16.2 -0.6 9.6 174.4 Client demand (+12.2) -3.2 Perform./others ▪ Performance/others: performance (+2.3) 165.3 on programs that l
Slide 14: Most AuM growth in the next private markets cycle will originate from new sources
14 Most AuM growth in the next private markets cycle will originate from new sources; we are well-positioned to access these channels Private markets AuM by client segment (USD tn)1 Institutions 5.8 25.1 1.3x 4.0 increase 15.3 Private wealth Private wealth 2.7x 2024 Institutions Private wealth 2028
Slide 15: We reconfirm our 2025 guidance
15 We reconfirm our 2025 guidance Illustrative global pipeline (indicative size of pipeline per region) 2025 new client demand & tail-down guidance ▪ Expected new assets: USD 26 to 31 billion, including USD 22 to 27 billion in 3% new client demand ▪ Tail-downs1: USD -9 to -10 billion based on high v
Slide 16: Q&A
Q&A PARTNERS GROUP Bill 16
Slide 17: Appendix: AuM development by asset class in H1 2025
17 Appendix: AuM development by asset class in H1 2025 AuM Total new Tail-downs2 Perform./other, AuM 31 Dec 2024 assets1 redemptions, 30 Jun 2025 and FX3,4 USD bn Private equity 77.6 +3.5 -1.3 +3.5 83.3 Private credit 31.5 +5.5 -0.9 +1.7 37.8 Infrastructure 27.4 +2.4 -0.6 +1.3 30.6 Real estate 15.6
Slide 18: Contacts
18 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 19: Disclaimer
19 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
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