Half Year 2026 Partners Group Holding AG Earnings Call Transcript
Key Points
- Record H1 fundraising of $16 billion, up 31% year-on-year, with full-year guidance reconfirmed.
- Management income grew 12% at constant currency, with a solid 63% EBITDA margin.
- Strong recent vintage performance, with direct equity portfolio back to double-digit growth and expectations of over 2x net TVPI in five of the last six vintages.
- Significant market share gains, with fundraising up ~50% since 2023 while the industry is down ~15%.
- Diversified growth across client segments, including a strategic push into insurance with an ambition to quadruple AUM to $100 billion by 2033.
- Performance fee guidance for 2026 was lowered to 20%-25% of revenue due to uncertainty around the timing of a few large exits, which may slip into 2027.
- Recurring fee margin fell to 109 basis points in H1, impacted by a mix shift towards infrastructure and private credit fundraising.
- Mature evergreen strategies continue to face redemption pressure, with liquidity limitations expected to persist for the next 12-18 months.
- Net profit was flat year-on-year on a constant currency basis, with adverse FX impacts and a conscious decision to hedge balance sheet positions adding costs.
- The environment remains challenging with political and macro uncertainty, and public markets are priced for perfection, making it harder to find attractive investment opportunities.
Thank you very much. Good morning, everyone. Thank you for joining us for the 2026 interim results. I'm Dave, the CEO of Partners Group. Joris, our CFO, and Stefan, our Chairman, will also present during the prepared portion of this call.
We're hosting this call from our London office and invited some select investors and analysts to our office for this call. Welcome. We also have a handful of other executives from the firm, including our incoming co-CEOs.
And there could not be a more capable or ready set of executives than the two of them. And they'll be available for the Q&A portion if needed. Let me start here with the headlines and the key business updates. This was a strong first half. Fundraising was solid, $16 billion of new assets. That's up 31% year on year.
We've been raising private capital now for 30 years. And this was the best H1 from a fundraising perspective that we've ever seen with record client demand. And on that basis and on the pipeline we currently see
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