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

Investor webinar replay

Replay transcript excerpt

Good day, and thank you for standing by. Welcome to the Partners Group's announcement of AUM as of the 30th of June, 2025 webcast and conference call. I would now like to hand the conference over to your third speaker today, David Layton. Please go ahead, sir. Hello, everyone. Welcome to Partners Group's H1 business update and outlook call. I'm Dave, CEO of Partners Group, and I'm joined today by Roberto, our head of portfolio solutions and our chief risk officer. Doris, our CFO, will join us for the Q&A. Earlier this year, January, February, March, it felt like 2025 had the potential to be a big rebound year for the industry. However, the volatility stemming from tariffs in April stole some of that momentum, and the environment during H1 turned out to be a bit more mixed. Gold buyout volume is holding steady, maybe up a little from recent periods. IPO activity remains subdued. Buyout exit volume fell year on year, and global buyout capital raised was down pretty meaningfully from the same period last year, a continuation of what we were experiencing in H2. Distribution levels continue to have room for upside, which could help to spark additional investor commitments in future periods. So for the industry, it's a bit of a mixed bag so far this year. Next slide. I believe our firm has been able to navigate this environment well. And we've again shown that we're built for any cycle. We have one of the most diversified and resilient platforms in the private markets. We raised $12 billion in new commitments during the period. That's up about 10% versus H-124. And we reconfirm our fundraising guidance for the year. This has the potential, we think, to be a strong vintage year from a returns perspective. and we invested $9 billion this period. You'll see us ebb and flow wi...