Partners Group (PGHN) CMD 2026 summary

Strategic priorities, platform evolution, and market positioning

• Focus on expanding distribution partnerships and bespoke client solutions, with a third of recent industry partnerships involving the firm and 67% of 2025 AuM in tailored strategies.

• Continued innovation through vertical integration in real estate, new asset classes like royalties, and a global, multi-asset platform.

• Integrated investment platform enables cross-sectoral thematic teams, moving away from siloed fund structures and supporting operational alpha.

• Strategic expansion through consolidation, in-house developments, and selective partnerships, including JVs in APAC and the Middle East.

• The firm is well-positioned for industry consolidation, leveraging its operational backbone, differentiated business model, and client-centric culture.

Investment strategies, performance, and innovation

• Five asset classes managed, with $185bn AuM as of end-2025, and over 75% in equity strategies.

• Private equity AuM reached $86bn with a 5-year CAGR of 11%, and private credit at $40bn with 10% CAGR; infrastructure at $36bn with 18% CAGR.

• Industry-leading realized returns: 2.3x/19.8% for private equity, 2.2x/20.8% for infrastructure, and 1.4x/9.3% for real estate.

• Royalties business scaled to over $1.5bn AuM, targeting $30bn by 2033, with a 14.3% nIRR and diversified exposure across sectors.

• Pioneered innovations like open-ended PE SICAV, listed PE fund, and cross-sector royalties, with 90% of portfolio companies deploying AI.

Financial performance and fundraising outlook

• 2025 saw record fundraising: $9.4bn in mandates and $7.5bn in traditional funds, with mandates now preferred by LPs for customization and perpetuality.

• AuM grew 14% in 2025, ahead of the 13% CAGR needed to reach >$450bn by 2033.

• Evergreen platform expanded with strong early performance and net positive flows, especially in private equity and infrastructure.

• Organic growth target is 10% annually, with expectations to outperform industry fundraising trends and maintain management fee margins.

• EBITDA margins remain strong at 63%, with operational efficiencies and excess investment capacity supporting future growth.