Partners Group / CH0024608827

Partners Group reports AuM of USD 152 billion per end of 2024

Partners Group / Key word(s): Annual Results


14-Jan-2025 / 17:45 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.

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Baar-Zug, Switzerland; 14 January 2025 | Ad hoc announcement pursuant to Art. 53 Listing Rules (LR)

USD 22 billion in gross client commitments received; largest ever fundraising year for private wealth USD 22 billion invested and USD 18 billion realized as transaction environment gradually improved in H2 2025 expected total new client assets of USD 26 to 31 billion; several key initiatives launched in 2024 to drive future growth Partners Group received USD 22 billion in new commitments from its global client base in 2024 (guidance: USD 20-25 billion), bringing the firm's total assets under management (AuM)[1] to USD 152 billion as of 31 December 2024 (31 December 2023: USD 147 billion). AuM grew by 7% year-on-year, or USD 10 billion, before the impact of foreign exchange effects, and 4% net of these effects. The firm committed USD 22 billion (2023: USD 13 billion) globally across private markets asset classes with a focus on assets benefiting from transformative growth and generated USD 18 billion (2023: USD 12 billion) in realizations. For 2025, Partners Group expects total new client assets of USD 26 to 31 billion. This includes a guidance of USD 22 to 27 billion in expected gross client demand from the firm’s existing business activities and USD 4 billion of platform growth from the acquisition of Empira Group[2]. David Layton, Partner and Chief Executive Officer, comments: “Our focus on high-conviction investment themes and entrepreneurial ownership continue to serve us well as we navigate a market that is slowly returning to normal activity levels. During the period, our investment activity increased 66% and realizations rose by 53%, both from low levels in 2023. In addition, we announced several significant exits in H2, which will contribute positively on our financials in 2025. Finally, we laid the foundations for future growth with new initiatives, including entering the royalties market, announcing several innovative solutions to further close the allocation gap in private wealth, as well as expanding on our growth equity strategy.” USD 22 billion in new client demand, largest fundraising year ever for private wealth   For the full-year 2024, client demand resulted in total new commitments of USD 22 billion (2023: USD 18 billion). Evergreens reported their strongest fundraising year ever, primarily driven by private wealth, a client segment that Partners Group identified early on as an important lever for future growth. Overall, the firm received new assets from across its three principal offering categories: Evergreens (USD 8 billion raised): these programs provide immediate exposure to a diversified private markets portfolio without subsequent capital calls as well as offering limited liquidity to address the specific needs of individual investors. Partners Group launched seven new evergreens in 2024, laying the foundation for future growth in this segment. As of 31 December 2024, Partners Group manages 32% of its AuM in evergreen programs, or USD 48 billion.  Mandates (USD 8 billion raised): the demand for bespoke solutions continues to grow as clients seek to customize their private markets exposure, a capability that differentiates Partners Group from the industry. As of 31 December 2024, Partners Group manages 39% of its AuM in mandates, or USD 59 billion. Traditional closed-ended private market programs (USD 5 billion raised): the firm closed fundraising for its fifth direct private equity program and has several additional programs in fundraising, including its fourth-generation direct infrastructure strategy, its eighth-generation private equity secondary strategy, and several other programs across asset classes. As of 31 December 2024, Partners Group manages 29% of its AuM in traditional private markets programs, or USD 45 billion.  During the twelve-month period to 31 December 2024, AuM grew by USD 10 billion before foreign exchange effects of USD -4 billion, resulting in AuM growth of USD 5 billion net of these effects. Gross client demand stood at USD 22 billion before tail-down effects from mature private markets investment programs, which amounted to USD -9 billion. Redemptions from evergreen programs totaled USD -5 billion. A final USD 2 billion mainly stemmed from a select number of investment programs that link AuM to NAV development[3].   Breakdown of total AuM as of 31 December 2024 (in USD billion):

	2024		2023	Last 5 years CAGR[4]	Gross client demand
Private equity		78	76	+ 12 %	8.7
Private credit		31	29	+ 8 %	7.0
Infrastructure		27	25	+ 18 %	4.3
Real estate		16	17	+ 0 %	1.3
Royalties		0.2	0.0		0.2
Total		152	147	+ 10 %	21.5

USD 22 billion invested In 2024, Partners Group translated a significant portion of its thematically sourced, near-term investment pipeline into attractive investment in companies and assets that are well positioned in areas of the economy benefiting from structural growth tailwinds. In total, the firm invested USD 22 billion (2023: USD 13 billion) on behalf of its clients, representing an increase of 66% year-on-year. North America continues to offer a large opportunity set for investments and remains the most relevant investment region for Partners Group. The firm has invested over USD 100 billion across asset classes to-date, making it one of the largest non-US headquartered private markets managers in the region. As of 31 December 2024, Partners Group’s total investment exposure to the region stands at approximately 45% of AuM[5], with the region also accounting for 45% of total new investments in 2024. For example, in September, Partners Group completed a USD 1.9 billion equity investment in portfolio company EdgeCore Digital Infrastructure, a leading developer, owner, and operator of scalable hyperscale data centers in the US, which included significant syndication from the firm’s existing client base. The investment will fund the continued development and expansion of EdgeCore's data center platform, to capitalize on the accelerating demand for data processing and compute storage as the adoption of generative AI, cloud computing, and 5G technologies widens. Outside of North America, Partners Group acquired Benelux-based Eteck, a market-leading provider of sustainable decentralized heating and cooling solutions, in September. Eteck benefits from resilient and predictable infrastructure characteristics, including long-term contracts of up to 30 years, high barriers to entry, and a supportive regulatory framework. Partners Group plans to transform Eteck into a decentralized energy solutions platform by further digitizing the business and expanding its footprint internationally. Within Royalties, its recently added fifth asset class, the firm has signed six seed investments with a combined equity value of over USD 200 million[6]. Recent activity includes an investment into a highly diversified portfolio of Film and TV music rights and an investment into a royalty on an approved and established pharma product for cancer treatment. These investments are expected to be followed by a significant pipeline in the coming years as the program begins to ramp up. Overall, Partners Group invested 59% of its total global volume into direct assets, deployed thematically across asset classes, on behalf of its clients. The firm invested the remaining 41% of the total investment volume into portfolio assets. These included secondary investments into diversified private markets portfolios, select primary commitments to other complementary private markets strategies, and investments into the broadly syndicated loan market. USD 18 billion realized Portfolio realizations amounted to USD 18 billion (2023: USD 12 billion), up 53% year-on-year. The transaction environment further improved in H2, allowing the firm to announce several high-profile exits which will positively contribute to realizations in 2025 and beyond. The success of these transactions highlights how firms such as Partners Group, with its approach driven by hands-on transformational value creation initiatives, can continue to generate significant value for their clients in more difficult environments. Noteworthy exits in 2024 included: Partners Group agreed to sell Techem, an international provider of digitally enabled energy service solutions for the building ecosystem, to TPG and GIC. The transaction values Techem at an enterprise value of around EUR 6.7 billion, and was the largest buyout exit in Europe of the year at the time of signing. Since acquiring Techem in 2018, Partners Group actively transformed the company, resulting in a period of strong growth. The closing process has advanced to the stage where performance fees will be recognized in 2024. The transaction is expected to close in H1 2025. Partners Group agreed to sell VSB Group, a leading full-service renewables platform in Europe, to strategic buyer TotalEnergies. The transaction gives VSB an equity value of EUR 1.57 billion, a significant increase on Partners Group’s internal valuation at the time of signing. Since acquiring a majority stake in VSB in 2020, Partners Group has transformed VSB from a mid-sized renewables developer into a leading pan-European renewables platform. The transaction is expected to close in H1 2025. Within Real Estate Partnerships, the sale of around 36’000 homes from Annington, part of Partners Group’s largest real estate investment, will result in a blended net multiple of 3.2x of the invested capital. Value creation included transforming uninhabitable housing into move-in ready homes to increase the supply of affordable housing to the undersupplied UK market. The transaction is expected to close in H1 2025. In H2 2024, IPO markets became more conducive to transactions and increasingly offered an attractive exit route. Partners Group listed KinderCare Learning Centers, a leading provider of early childhood education services in the US, on the New York Stock Exchange in the third largest Initial Public Offering in the US in Q4 2024[7], and Vishal Mega Mart, a leading retailer for middle- and lower-middle income consumers in India, on India’s National Stock Exchange and Bombay Stock Exchange, achieving the single largest capital gain in the history of Indian private equity. The realization of these investments is expected to occur over the next couple of years. Outlook 2025   For the full year 2025, Partners Group expects total new client assets of between USD 26 to 31 billion. This includes a guidance of USD 22 to 27 billion (2024: USD 20 to 25 billion) in expected gross client demand from existing Partners Group business activities and USD 4 billion of platform growth from the acquisition of Empira Group. The firm bases its fundraising guidance on the large and visible pipeline of fundraising opportunities across the private wealth and insurance space in 2025, as well as other strategic collaboration initiatives planned for the second half of the year. Full-year estimates for tail-down effects from more mature closed-ended investment programs are USD -9 to -10 billion.  Roberto Cagnati, Partner and Head of Portfolio Solutions, adds: “In 2025, we look to build on the foundations we have laid for our private wealth business in the last 20 years, including several new offerings launched in 2024. This year we partnered with BlackRock to develop a first-of-its-kind model portfolio, expected to be launched in H1 2025, offering individual investors in the US access to private markets through a single, professionally managed portfolio. We also launched a suite of new evergreen funds such as a next-generation infrastructure strategy, a first of its kind ELTIF regulated evergreen in Europe, and a growth equity evergreen in the US. These initiatives, among others, have laid the groundwork for continued record momentum in this important growth area for the firm.” Conference call today Partners Group’s senior management will hold a conference call today at 6:15pm CET. To register for the call, please click here or use the contact details at the end of this press release. The presentation for this call can be found under the following link: www.partnersgroup.com/financialreports.  Upcoming key dates

11 March 2025	Announcement of Financial Results and Report as of 31 December 2024, 7:00am CET
12 March 2025	Capital Markets Day, 9:00am CET
21 May 2025	Annual General Meeting of shareholders
15 July 2025	Announcement of AuM as of 30 June 2025, 5:45pm CET

  [1] AuM is an Alternative Performance Metric (APM). A description of the APMs can be found in Partners Group's 2024 Interim Report on pages 22-23, available for download at http://www.partnersgroup.com/en/shareholders/reports-presentations/. AUM figures are for Partners Group Holding AG, inclusive of all Partners Group affiliates.

[2]Empira Group is a vertically integrated real estate investment manager (www.empira-invest.com). Transaction closed in January 2025. No debt financing was applied and no new shares were issued.

[3] Partners Group reports fee-paying AuM. Most of the firm's evergreen programs base fees on NAV. The portfolio performance during the period impacts the NAV of these products and this translates to a corresponding change in firm-level AuM. As always, calculations for semi-annual AuM numbers for evergreen programs are based on 31 May NAV valuations. Full-year AuM numbers are based on 30 November NAV valuations.

[4] CAGR: compound annual growth rate for net assets for the period 31 December 2019 until 31 December 2024.

[5]In % of North American NAV, as proxy for investments exposure.

[6]Includes syndication and signed but not closed transactions.

[7] Bloomberg (2025), ranked by offer size at effective date, excluding withdrawn listings.  

About Partners Group
Partners Group is one of the largest firms in the global private markets industry, with around 1’800 professionals and over USD 150 billion in overall assets under management. The firm has investment programs and custom mandates spanning private equity, private credit, infrastructure, real estate, and royalties. With its heritage in Switzerland and its primary presence in the Americas in Colorado, Partners Group is built differently from the rest of the industry. The firm leverages its differentiated culture and its operationally oriented approach to identify attractive investment themes and to transform businesses and assets into market leaders. For more information, please visit http://www.partnersgroup.com/ or follow us on LinkedIn. Shareholder relations contact
Philip Sauer
Phone: [phone]
Email: [e-mail] Media relations contact
Jenny Blinch
Phone: [phone]
Email: [e-mail]

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End of Inside Information

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Language:	English
Company:	Partners Group
	Zugerstrasse 57
	6341 Baar
	Switzerland
Phone:	[phone]
Fax:	+ 41 41 784 60 01
E-mail:	[e-mail]
Internet:	https://www.partnersgroup.com/en/
ISIN:	CH0024608827
Valor:	2460882
Listed:	SIX Swiss Exchange
EQS News ID:	2067667

End of Announcement	EQS News Service

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2067667  14-Jan-2025 CET/CEST