Partners Group Doubles Down on Deal-Making With $2.3 Billion Aroma-Zone Talks and $1 Billion Data Center Power Play

Swiss private markets firm accelerates dealmaking with Aroma-Zone and AVK acquisitions, recycling capital from ?abka exit amid record fundraising.

The Swiss private markets investor has packed an entire quarter's worth of activity into a single trading day. Partners Group confirmed it has entered exclusive negotiations to acquire a majority stake in French natural cosmetics brand Aroma-Zone from Eurazeo, with the enterprise value pegged at roughly $2.3 billion including debt, according to company statements and reporting from Reuters and the Financial Times. In the same breath, the firm announced it had agreed to take control of AVK Power Solutions, a European supplier of power infrastructure for data centers, with an equity commitment exceeding $1 billion.

The twin transactions underscore an investment machine that shows no signs of slowing, even as its listed shares endure a bruising year. The AVK deal, in particular, places Partners Group squarely in the fast-growing niche of physical infrastructure underpinning the artificial intelligence boom — power and cooling capacity have emerged as critical bottlenecks for data center expansion. Existing AVK management will retain a minority stake, a structure designed to preserve operational continuity.

A Familiar Private Equity Rhythm

The timing of the acquisitions follows a well-worn playbook: recycle capital from a mature exit into fresh opportunities. Late July brought the agreed sale of Partners Group's majority position in Polish convenience store chain ?abka Group to Canada's Alimentation Couche-Tard via a public tender offer. That divestment now feeds directly into the Aroma-Zone and AVK purchases.

Fundraising momentum provides additional fuel. The firm closed its "Infrastructure Secondaries" program on July 23 with commitments surpassing $5.5 billion, more than 70 percent of which came from new clients — a signal that the investor base continues to broaden despite volatile markets. Just days earlier, on July 20, Partners Group had wrapped up its fourth direct infrastructure program at a total volume exceeding $15 billion.

Record Inflows Meet Guidance Caution

The mid-July business update for the first half painted a picture of robust capital attraction: record fundraising of $16 billion, up from $12 billion in the prior-year period, with assets under management climbing to $186 billion as of June 30, compared with $174 billion a year earlier. Management reaffirmed full-year guidance for gross new client demand of $26 billion to $32 billion.

Yet the tone carried a note of restraint. Partners Group cautioned that performance fees could land below its customary target corridor of 25 to 40 percent of revenue, flagging that the difficult market environment is weighing on incentive-based income. The company has also been working to offset those pressures operationally, launching an AI initiative in early August designed to lift EBITDA margins across its private equity portfolio. Early results are already visible: a collaboration between portfolio companies Foundation Risk Partners and Version 1 boosted the former's EBITDA margin by 120 basis points, translating to roughly $10 million in EBITDA impact.

Share Price: Stabilizing, But Deep in the Red

The flurry of announcements arrives as the stock shows tentative signs of finding its footing. The shares traded at €784.80 on the day of the announcement, up 1.16 percent, and have climbed 7.42 percent over the past seven sessions. On a monthly basis, the gain stands at 7.15 percent, leaving the stock roughly 4 percent above its 50-day moving average of €754.00.

The longer-term picture, however, remains stark. The stock is down 26.03 percent since the start of the year and 33.66 percent over the past twelve months. At current levels, it sits more than 36 percent below its 52-week high of €1,240.00, reached in September 2025.

Investors now have a clear date on the calendar: September 1, when Partners Group releases its full interim report for the period ending June 30. That document should offer the first comprehensive look at how the recent deal wave — and the softer performance fee outlook — translates into the firm's financial statements. For a company juggling record inflows, aggressive deployment, and margin-enhancing initiatives, the report will be the clearest test yet of whether the operational story can outrun the market's skepticism.