Partners Group (PGHN) Status Update summary

Market environment and transaction activity

• Transaction environment is gradually improving, with global buyout and IPO volumes rising 18% year-on-year and increased financing availability.

• Buyout volumes are expected to be on par with 2018-2020 levels, indicating a stable backdrop.

• Realizations and liquidity are increasing, but private equity distributions remain at historically low levels.

• Fundraising is increasingly concentrated among fewer, more differentiated managers, with a 40% drop in the number of managers raising capital since 2021.

• Industry consolidation is expected as capital concentrates with leading platforms.

Investment and fundraising performance

• $9.2 billion invested in H1 2024, up 55% year-over-year, with 57% in direct assets and 43% in portfolio assets.

• Realizations reached $9.2 billion, up 69% from H1 2023, mainly driven by credit and portfolio assets.

• $11.1 billion in new commitments raised in H1 2024, with bespoke solutions accounting for 77% of fundraising.

• Fundraising up 39% year-over-year, with strong inflows from mandates and private wealth clients.

• Full-year fundraising guidance of $20–25 billion is reaffirmed.

Product and client solutions

• Bespoke solutions, including mandates and evergreens, accounted for 77% of fundraising and now represent 69% of total AuM.

• Mandates and evergreen programs made up 39% and 30% of AuM, respectively, while traditional closed-ended programs comprised 31%.

• 150 mandates managed, with 80% invested in two or more asset classes; evergreen funds show industry-leading track record.

• Evergreen inflows are split between private wealth and smaller institutional investors, with no single lumpy ticket.

• New product launches include infrastructure, growth, private equity directs, BDCs, and royalties.