Partners Group (PGHN) Status Update summary

Strategic initiatives and business development

• Launched new asset classes in royalties and expanded growth equity, targeting significant AUM growth and deploying $2.5bn in tech and healthcare.

• Acquired Empira, adding EUR 4 billion in AUM, expanding real estate and credit capabilities, and deepening sustainable renovations.

• Formed a partnership with BlackRock to deliver private markets model portfolios for wealth clients, targeting a $10tn market and aiming for a 10% private markets allocation by 2029.

• Launched seven new evergreen funds, growing evergreen AUM to $48bn and contributing to record fundraising in private wealth.

• Opened a new office in Hong Kong to capture private wealth opportunities in Asia.

Fundraising, AUM, and financial guidance

• Assets under management reached $152.3bn at end-2024, up 7% year-on-year before FX effects, with growth driven by new client demand and inorganic expansion.

• Raised $22bn in 2024, marking a record fundraising year for private wealth, with evergreens and mandates each contributing $8bn.

• Net new money totaled $12bn, with redemptions at $4.7bn and performance effects at $2.2bn; FX effects negatively impacted AUM by $4.4bn.

• 2025 guidance for new client assets is $26–31bn, including $4bn from Empira, with tail-down effects estimated at $9–10bn.

• Performance fees expected to remain at 20%-30% of revenue in 2025, with potential to rise to 25%-40% in subsequent years.

Product innovation and market positioning

• Rolled out Private Markets Model Portfolio with BlackRock, offering diversified, easy-access solutions for private wealth clients.

• Over 20 evergreen funds now available, with new launches in infrastructure, growth equity, and royalties, and evergreen AUM at $48bn.

• Evergreens and model portfolios are expected to drive future AUM growth, with high client demand and new distribution partners.

• Royalties strategy targets $500m–$1bn in new AUM in 2025, with long-term potential of $10–$20bn.

• Growth equity is a focus area, with clients seeking increased exposure, especially in technology and healthcare.