Partners Group (PGHN) H2 2024 earnings summary

Executive summary

• Profit increased 12% year-over-year to CHF 1.13 billion, with revenues up 10% to CHF 2.136 billion and a proposed dividend of CHF 42 per share, up 8%.

• Management fees reached CHF 1.625 billion (+3% YoY), performance fees CHF 511 million (+38% YoY), with performance fees representing 24% of revenues.

• Assets under management grew 4% year-over-year in both USD and CHF terms, reaching USD 152 billion.

• Fundraising rose 18% to CHF 22 billion (USD 22 billion), with bespoke client solutions accounting for 78% of fundraising and 33% of new assets from North America.

• Realization activity increased 53% to $18 billion, and investment activity grew 66% to CHF 22 billion.

Financial highlights

• EBITDA increased 10% year-over-year to CHF 1.357 billion, with a stable margin of 63.6%.

• Performance fees accounted for 24% of total revenues, mainly driven by private equity and infrastructure exits.

• Operating costs rose 9% year-over-year, mainly due to higher personnel expenses and growth initiatives.

• Return on equity reached 47%, and available liquidity stood at CHF 2.7 billion as of year-end.

• Management fee margin was stable at 1.25%-1.26%.

Outlook and guidance

• 2025 fundraising guidance confirmed at USD 26–31 billion, with new client demand expected between USD 22–27 billion.

• Performance fees as a percentage of revenues expected to rise to 25%-40% by 2026 and beyond.

• Management fee margin expected to remain stable, subject to product mix.

• Tax rate anticipated at 18%-19% from 2025 onwards.

• Anticipates continued disproportionate growth in North America, especially the US and Canada.