Partners Group's Billion-Euro Shopping Spree Can't Shake the Share Price Gloom

Partners Group's new acquisitions in power and cosmetics contrast with a delayed recovery in its evergreen funds, prompting a Deutsche Bank downgrade.

The Zurich-based private markets firm is making headlines for what it's buying, yet investors remain fixated on what they're not seeing: a recovery in the firm's flagship open-ended fund structures.

Partners Group has spent the first half of August assembling a two-pronged acquisition strategy that spans the digital economy and the consumer sector. The firm confirmed it has taken a majority stake in AVK Power Solutions, a supplier of power infrastructure for data centers and artificial intelligence facilities, in a transaction executed on behalf of its clients. The deal, which closed on August 6, is positioned to ride the surging electricity demand generated by the global data center buildout.

That same day, reports emerged that Partners Group had entered exclusive negotiations with French investment firm Eurazeo to acquire Aroma-Zone, a fast-growing European natural cosmetics and wellness brand. Media reports value the potential transaction at roughly €2 billion, or $2.3 billion, though both sides have stressed the talks remain ongoing and no binding agreement has been signed.

The twin deals illustrate a deliberate diversification play — one foot in mission-critical energy infrastructure, the other in established consumer brands. For shareholders, the message is clear: the investment engine is running at full throttle despite a challenging fundraising environment.

Deutsche Bank Pours Cold Water

The optimism surrounding the deal pipeline, however, has been tempered by a notable downgrade. On August 11, Deutsche Bank moved its rating on Partners Group from "Buy" to "Hold" and trimmed its price target, citing a delayed recovery in the firm's so-called evergreen business — its suite of open-ended, perpetual fund vehicles. The bank had already adjusted its target in a similar direction on August 7, though no precise new figure has been consistently communicated.

The analyst caution lands at a delicate moment for the stock. Shares recently changed hands at €785.00, leaving the equity down 26 percent since the start of the year. Measured against the 52-week high of €1,240.00, reached in early September last year, the stock sits roughly 37 percent below that peak — a gap that underscores the market's skepticism despite the steady drumbeat of corporate activity.

On Thursday, the shares closed at €775.20, down 1.1 percent on the day, extending a year-to-date decline that has now reached 27 percent.

Operational Bright Spots Within the Portfolio

While the market fixates on the share price, Partners Group has quietly pointed to operational wins inside its portfolio. Early in August, the firm highlighted that an AI-enabled collaboration between several of its private equity holdings had improved the EBITDA margin at Foundation Risk Partners, a US insurance brokerage.

Separately, the company noted that its US portfolio companies in the heating, ventilation, and air conditioning sector are experiencing robust demand, fueled by extreme weather conditions and the resulting surge in cooling needs.

These developments don't move the needle on Partners Group's own consolidated revenue, but they do demonstrate that operational progress is continuing within individual holdings — even as analysts question the timing of the evergreen business recovery.

What Comes Next

The next major catalyst arrives later this month, when Partners Group is scheduled to release its second-quarter 2026 results. That report will offer the first opportunity to assess whether the recent acquisition activity is translating into measurable financial performance — and whether management can quantify the growth trajectory across its infrastructure and consumer investments.

Until then, the picture for the stock remains defined by a curious tension: a deal machine firing on all cylinders, and a share price that has yet to catch fire.