Partners Group Shares Steady as Jefferies Trims Targets and Credit Fund Talk Swirls

Jefferies trimmed its price target to CHF 605 and cut EPS forecasts, as Partners Group shares remain down 41% this year after weaker first-half results.

Partners Group stock found its footing midweek, climbing 1.9% to EUR 641.00 by Wednesday after closing the prior session at EUR 629.00. The rebound offers little comfort against a bruising year, however: the Swiss asset manager has shed 41% since January, and a fresh downgrade from Jefferies has done nothing to lift the gloom.

Jefferies Cuts Target, Trims Earnings Forecasts

The brokerage lowered its price target on Partners Group from CHF 710 to CHF 605, keeping its rating at "Hold." The revision rests on more cautious assumptions about future profitability, with Jefferies slicing its earnings-per-share estimates for the next two fiscal years by 10% and 11% respectively. The message is clear: earnings momentum is slowing.

First-Half Figures Show the Strain

Those tempered expectations trace back to the company's own recent results. In the first six months of 2026, revenue slipped 7% to CHF 1.12 billion. Performance fees took the hardest hit, tumbling 39% to CHF 216 million. EBITDA fell 9% to CHF 706 million, leaving a margin of 63%, while net profit dropped 13% to CHF 502 million.

Management responded by narrowing its full-year outlook for performance fees, now guiding to 20–25% of total income for 2026, down from an earlier range of 25–40%. Fundraising targets, by contrast, were left untouched at USD 26–32 billion in capital commitments for the year.

Credit Continuation Vehicle Under Review

Beyond the earnings picture, attention has turned to Partners Group's private credit book. According to Bloomberg, the firm is weighing a continuation fund for its own direct lending holdings, a vehicle that would carry roughly EUR 800 million. Such a structure would give investors in the original funds the option to roll their stakes into the new vehicle or cash out. No completed transaction has been announced. The review follows earlier discussion of expanding the firm's direct lending activities about two weeks ago.

UK Property Deal Adds Student Housing Beds

On the transaction front, Partners Group has been active. On September 18, a joint venture with Aboria Capital acquired a UK real estate portfolio from HSBC Asset Management, with Partners Group acting on behalf of its clients. The package comprises five student accommodation properties totaling 1,570 beds, at a transaction volume of GBP 165 million. The deal extends the firm's UK real assets footprint.

Leadership Handover Looms

Investors are also digesting a leadership transition announced roughly a month ago. CEO David Layton is stepping down, with Roberto Cagnati and Juri Jenkner set to take over as co-CEOs on January 1, 2027. How that new structure, alongside the firm's portfolio decisions, shapes operating performance over the medium term remains a live question for the market.