Partners Group's Climate Hedge: How a Swiss Private-Markets Giant Is Profiting From the Heat

Swiss investor Partners Group sees surging demand for US cooling systems amid heatwaves, while European economies lose billions to extreme weather.

The same heatwaves that are shaving billions off European economic output are quietly fuelling a lucrative corner of Partners Group's portfolio. The Swiss private-markets investor revealed on Monday that two of its US heating, ventilation and air-conditioning holdings are enjoying a demand surge as rising temperatures push Americans toward cooling systems — a neat counterpoint to the warnings from several institutes about the economic toll of extreme weather across the Atlantic.

DiversiTech, one of the two portfolio companies in question, has seen revenue jump 60 percent, with EBITDA compounding at an average annual rate of 14 percent over recent years. The other, PremiStar — acquired by Partners Group in 2021 — has doubled its sales since the investment was made, while EBITDA has grown at a steeper 22 percent yearly clip. Beyond the weather, the company points to an ageing installed base of air-conditioning units in the US, a broader push toward energy efficiency, and the growing automation of building technology as additional tailwinds.

The update lands in the same week that the Triodos Bank projected heat-related disruptions could shave around one percent — roughly €180 billion — off European Union economic growth this year, with agriculture bearing the brunt at losses of three to seven percent. Allianz and ING have similarly flagged strains on Rhine shipping, nuclear plants and farming across several European countries. For Partners Group, climate change is thus a double-edged instrument: destructive to growth in some regions, yet a reliable generator of demand in others through its cooling-related bets.

A Busy Deal-Making Stretch

The HVAC news follows a particularly active period for the Zug-based firm. On Wednesday, Partners Group announced two separate transactions in a single day. It has entered exclusive talks to acquire a majority stake in Aroma-Zone, the French natural cosmetics brand, from Eurazeo — which would retain a significant minority position in return. In parallel, the firm agreed to buy a majority interest in AVK Power Solutions, a British provider of power supply solutions for data centres, with an initial equity commitment exceeding $1 billion.

Both deals fit the group's playbook of targeting high-growth niches with structural momentum: AVK rides the global build-out of data-centre infrastructure, while Aroma-Zone capitalises on the consumer shift toward natural products. The market responded favourably on Friday, with the share price climbing 2.28 percent to €788.60.

The acquisition spree comes alongside evidence that Partners Group can also wring value from existing holdings. At US insurance broker Foundation Risk Partners, a collaboration with portfolio company Version 1 — a British digital-transformation specialist — delivered a 120-basis-point improvement in EBITDA margin through an AI transformation programme, translating to a $10 million financial impact. Such operational wins matter for investors because they demonstrate that returns are being generated not merely through new purchases but through active stewardship of the existing portfolio.

AuM Growth, Fee Pressure, and a Share Price Still in the Red

The half-year figures published in mid-July painted a picture of robust asset gathering. Assets under management reached $186 billion as of 30 June 2026, up from $174 billion a year earlier. New client commitments totalled $16 billion in the first half, while the firm invested $9 billion and realised another $9 billion. Management reaffirmed its full-year guidance for gross new client demand of $26–32 billion.

The performance-fee line, however, tells a less flattering story. Performance revenues are expected to come in below 20 percent of total income for the first half — shy of the medium-term target range of 25–40 percent. The company attributes the shortfall to timing-related lower direct-exit activity and weaker portfolio performance in more mature evergreen strategies. Looking ahead, Partners Group anticipates the evergreen platform could shave one to two percentage points off net AuM growth in the second half of 2026, a drag it expects to persist into 2027.

There is at least one notable exit to point to: the February-agreed sale of atNorth, the Nordic data-centre platform, which fetched 2.5 times the invested capital and delivered clients an annualised return above 30 percent.

Executive Stability and the Valuation Gap

Amid the flurry of activity, the firm also announced rotations within its executive team. Wolf-Henning Scheider remains partner, co-head of investments and head of private equity — continuity at the top that should reassure investors given the pace of deal-making.

Yet for all the operational momentum, the share price continues to trade well below its highs. The stock sits roughly 36–37 percent beneath its 52-week peak of €1,240.00, reached in early September. In German trading on Monday, the shares slipped 1.27 percent to €778.60, having closed Friday at €788.60. The recent recovery has nonetheless pushed the equity about 4–5 percent above its 50-day moving average — a sign of short-term stabilisation after a punishing twelve months.

Analysts remain cautious, with a "Hold" rating and a price target of CHF 680 — below the current level. The question for investors is whether the positive signals from individual portfolio companies and fresh acquisitions will eventually translate into the kind of earnings momentum that closes the gap to those September heights. For now, the evidence points to a firm that is busy, growing and operationally engaged — but whose share price still reflects a market waiting for more.