Partners Group reported a 13% decline in first-half 2026 net profit to 502 million Swiss francs, even as assets under management grew to 186 billion dollars from 185 billion at year-end 2025.
The Zug-based private markets asset manager raised 16 billion dollars in new client money during the period, but revenue fell 7% to 1.12 billion francs. Recurring management fees rose 6% to 905 million francs, while performance-related income dropped 39% to 216 million francs, reducing its share of total revenue to 19% from 29%.
EBITDA declined 9% to 706 million francs, with the margin holding at 63% versus 64% a year earlier. Operating expenses fell 5% to 414 million francs, partly due to lower performance-linked personnel costs and productivity gains from artificial intelligence, the company said.
Partners Group also announced a leadership reshuffle, with current CEO David Layton stepping down from operational duties at the start of 2027 after eight years in the role. Layton will transition to Chief Investment Officer and Chairman of the Global Investment Committee, leaving the executive board. The company will be led by two co-CEOs: Roberto Cagnati, previously Head of Portfolio Solutions and Chief Risk Officer, and Juri Jenkner, currently President and Head of Business Development. The changes remain subject to approval by Swiss regulator Finma.
For the full year, Partners Group maintained its guidance for 26-32 billion dollars in new client inflows and expects performance income to account for roughly 20-25% of total revenue. The company reiterated its medium- to long-term target for performance income to represent 25-40% of total revenue.
