Partners Group Holding AG (0QOQ) Q2 2025 Earnings Call

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WEBVTT 00:00:00.385 -- 00:00:04.609 Good day, and thank you for standing by. Welcome to the Partners Group's announcement 00:00:04.609 -- 00:00:10.054 of AUM as of the 30th of June, 2025 webcast and conference call. 00:00:10.054 -- 00:00:14.118 I would now like to hand the conference over to your third speaker today, David Layton. 00:00:14.118 -- 00:00:16.280 Please go ahead, sir. 00:00:16.280 -- 00:00:18.762 Hello, everyone. Welcome 00:00:18.762 -- 00:00:21.925 to Partners Group's H1 business update and outlook call. 00:00:21.925 -- 00:00:26.829 I'm Dave, CEO of Partners Group, and I'm joined today by Roberto, our head of portfolio 00:00:26.829 -- 00:00:33.171 solutions and our chief risk officer. Doris, our CFO, will join us for the Q&A. 00:00:33.293 -- 00:00:38.317 Earlier this year, January, February, March, it felt like 2025 had the potential 00:00:38.317 -- 00:00:41.921 to be a big rebound year for the industry. 00:00:41.921 -- 00:00:46.885 However, the volatility stemming from tariffs in April stole some of that momentum, and 00:00:46.885 -- 00:00:50.529 the environment during H1 turned out to be a bit more mixed. 00:00:50.529 -- 00:00:55.333 Gold buyout volume is holding steady, maybe up a little from recent periods. 00:00:55.333 -- 00:01:00.823 IPO activity remains subdued. Buyout exit volume fell year on year, 00:01:00.823 -- 00:01:05.609 and global buyout capital raised was down pretty meaningfully from the same period last 00:01:05.609 -- 00:01:10.195 year, a continuation of what we were experiencing in H2. 00:01:10.195 -- 00:01:15.081 Distribution levels continue to have room for upside, which could help to spark additional 00:01:15.081 -- 00:01:20.248 investor commitments in future periods. So for the industry, it's a bit of a mixed 00:01:20.248 -- 00:0...