Partners Group outlines mid-term growth ambitions, shares in focus for private markets investors

Partners Group Holding updates its medium-term ambitions and highlights its private markets growth strategy. Investors look at the SIX-listed manager’s fee outlook, assets under management and capital deployment pipeline.

By Thomas Klein, Operations & Strategy desk. Reviewed prior to publication on 2026-06-25, 14:56.

Partners Group Holding AG (CH0024608827) positions itself with updated medium-term ambitions for growth in private markets. The Swiss asset manager, listed on SIX in Zurich, underlines its focus on fee-based recurring income and scaled global platforms, as highlighted in its latest strategic materials and earnings communication.

What recent guidance implies

In its most recent full-year communication for 2023, Partners Group set out a medium-term ambition to grow assets under management (AuM) to more than USD 300 billion over time, compared with USD 147 billion in AuM as of 31 December 2023, according to its published figures. The company also reiterated an EBITDA margin target corridor of 60 percent to 70 percent on management fees in normal market conditions, based on its latest annual report available on the Partners Group financial reports page.

Partners Group confirmed in that disclosure that full-year 2023 management fees reached a record level, supported by higher average AuM and resilient client demand across private equity, private debt, private real estate and private infrastructure strategies. At the same time, performance fees remained a meaningful but more cyclical component of overall revenues, in line with broader listed private markets peers such as Blackstone and EQT, as noted by market commentary on global alternative asset managers in recent months on Reuters coverage of alternative managers.

How analysts view the private markets model

Analyst consensus compiled on financial data platforms in June 2026 generally characterizes Partners Group as a high-margin, fee-centric private markets platform with a stable base of long-term capital commitments. Several European broker houses, including UBS and Deutsche Bank, describe the group’s growth profile as closely tied to institutional allocations to private markets and to retail access initiatives in semi-liquid products, according to aggregated analyst summaries on platforms such as MarketScreener and finanzen.net.

UBS has in earlier notes highlighted that the company’s AuM growth is supported by a diversified investor base of institutional clients and private investors across Europe, North America and Asia-Pacific, while Deutsche Bank has pointed to the importance of investment performance and exit activity for performance fee visibility, as reported in analyst commentary on listed private markets managers during 2024 and 2025. These reports generally compare Partners Group’s earnings mix and valuation multiples to those of peers like Blackstone, KKR and EQT, underlining the sector’s sensitivity to fundraising cycles and interest rates, as noted for example in a Financial Times analysis of alternative asset managers.

Where Partners Group earns its fees

Partners Group derives the bulk of its revenues from management fees charged on AuM across private equity, private debt, private real estate and private infrastructure programs. These include flagship direct programs and evergreen solutions for private investors, alongside bespoke mandates for large institutions, as described in detail in its annual and semi-annual reports on the company website and in public filings available via SIX Swiss Exchange.

The firm structures many of its investment vehicles with long lock-up periods, creating a relatively predictable stream of management fees over multi-year horizons. This contrasts with traditional long-only asset managers whose AuM can be more sensitive to short-term market movements and daily liquidity. Performance fees at Partners Group, while meaningful, tend to be realized when assets are exited or reach performance hurdles, leading to more volatile quarterly contributions to total revenues, a pattern also highlighted in sector commentary by research analysts and financial media.

How the stock trades on SIX

Partners Group shares trade on SIX Swiss Exchange under the ticker symbol PGHN. As of the latest available data on SIX pricing pages and financial portals such as SIX and MarketWatch, the stock changes hands in the low-to-mid three-digit Swiss franc range, reflecting a multi-billion Swiss franc market capitalization and positioning the company among the larger financials in the Swiss equity market.

Partners Group Holding at a glance

• Company: Partners Group Holding AG
• ISIN: CH0024608827
• WKN: A0M6ZQ
• Ticker: PGHN
• Trading venue: SIX Swiss Exchange
• Price (as of 2026-06-25, 12:30): data not specified CHF
• Market cap: multi-billion range CHF (as of 2026-06-25)
• Sector / industry: Financials - Asset Management & Custody Banks
• Index membership: SMI
• Next earnings date: not officially scheduled

This article was produced with AI assistance and editorially reviewed. Price and company figures without guarantee; prices and dates may change at short notice. No investment advice, no buy or sell recommendation. Stock-market transactions carry risks up to and including total loss.