Partners Group reported first-half results on 1 September 2026, with management income rising in line with assets under management, while performance income fell sharply amid timing shifts in exit activity. The firm also announced a leadership rotation that will see CEO David Layton move to chief investment officer.
Partners Group grew total AuM to USD 186 billion as of 30 June, up 7% year-on-year, with fundraising in H1 contributing USD 16 billion. Management income amounted to CHF 905 million, up 12% in constant currency and 6% on a reported basis, broadly tracking average AuM growth in CHF of 5%. Performance income fell 39% to CHF 216 million, representing 19% of total revenues, down from 29% in H1 2025. The decline followed several large exits accelerated into H2 2025 to capture market momentum.
Total revenues decreased 2% in constant currency and 7% reported to CHF 1,121 million, at a revenue margin of 1.54%, compared with 1.75% in the prior-year period.
EBITDA stood at CHF 706 million, down 9% year-on-year, with the margin stable at 63.0%. Operating costs fell 5% to CHF 414 million, reflecting lower variable performance-fee-related personnel expenses and productivity gains from AI adoption. Personnel expenses dropped 6% to CHF 352 million, including a 27% decline in performance fee-funded staff costs to CHF 82 million from CHF 112 million in H1 2025. The company allocates up to 40% of performance fees to employees, linking the two components.
Net profit came in at CHF 502 million, flat in constant currency but down 13% reported, against CHF 578 million a year earlier. Income taxes totaled CHF 108 million at an effective rate of 17.7%.
For full-year 2026, Partners Group expects gross new client demand of USD 26–32 billion and tail-down effects from mature closed-ended programs of USD −10 to −13 billion. Performance income is projected to represent 20–25% of total revenues for the year, while mid- to long-term guidance remains at 25–40%.
In an organizational update, David Layton will step down as CEO effective 1 January 2027, transitioning to chief investment officer and chairman of the Global Investment Committee after eight years leading the firm. Roberto Cagnati, currently head of portfolio solutions and chief risk officer, and Juri Jenkner, president and head of business development, will be appointed co-CEOs. The changes are subject to FINMA approval.
Steffen Meister, executive chairman, said the firm was preparing for "speed" in the next cycle of growth.
A conference call with senior management was held on 1 September at 10:00 CET, and the interim report is available on the company website.
