Partners Group (PGHN) Guidance summary

Opening remarks and agenda

• 2025 business update and outlook call introduced by CEO, joined by President and Head of Portfolio Solutions, with Q&A to follow.

Guidance on key objectives

• Achieved 21% AuM growth in 2025, reaching $184.9bn, with $30.2bn in new assets and 14.1% growth on guided metrics.

• 2026 guidance targets $26–32bn in new client demand and $10–13bn in tail-downs, with redemptions expected to be offset by performance and other effects.

• Performance fees for 2025 expected above 30% of revenue due to pull-forward effects; 2026 guidance set at 25–40%, likely starting at the lower end.

• Management fee margins expected to remain stable, with no significant changes anticipated from product mix.

• 2033 ambition aligns with a $450bn AuM target, maintaining double-digit net organic growth before M&A and FX.

Market trends and strategic opportunities

• Gained significant market share in a challenging environment, with fundraising, investment, and realizations all exceeding 2019 and 2021 levels.

• Customization and bespoke solutions drove 72% of 2025 fundraising, with mandates and evergreens at record levels.

• Strategic partnerships and joint ventures with major financial institutions (e.g., Deutsche Bank, BlackRock) provide future fundraising opportunities and access to new client segments.

• Growing demand for customized solutions, mandates, and Evergreens, especially in Asia, APAC, the Middle East, and private wealth.

• Private markets becoming mainstream, with increased benchmarking and client sophistication.