Partners Group’s shares rose 0.8% to 678.40 Swiss francs in early trading on Thursday, outpacing a flat Swiss Market Index, but remain 31% below their year-start level. While most analysts have trimmed targets in recent months, Roger Degen at Bank Julius Bär has maintained a 1,100-franc price target and a ‘Buy’ recommendation, implying potential upside of more than 60%.
The Zurich-based asset manager operates as a leading global private-equity investor, deploying a diversified relative-value strategy across development stages, regions, and asset classes including private equity, infrastructure, real estate and private credit. Julius Bär’s analyst highlights the firm’s minimal direct equity exposure and argues that growth in management fees will be supported by rising institutional and private allocations to private markets, alongside expanding supply of investable private assets.
Partners Group reported first-half results in line with expectations, though a stronger currency effect offset one-off deferred management fees. While the company reaffirmed its fundraising guidance, it adopted a more cautious stance on performance-fee projections, Degen noted. The analyst views the market reaction as excessive, noting a 7.8% drop in the stock following the half-year release.
Julius Bär’s bullish stance is anchored in valuation metrics, with a 2027 price-to-earnings ratio of 14.6x and a dividend yield of 6.7%. Additional positives cited include above-average growth performance, superior margins and a lower-risk profile relative to the broader private-equity sector. Based on AWP data, seven analysts rate the stock ‘Buy’ and seven ‘Hold,’ with no ‘Sell’ recommendations. The consensus target stands at 858 francs.
