Partners Group Wins Brussels Clearance for Aroma-Zone as Fundraising Hits $16 Billion Record

Partners Group secured unconditional EU approval for its joint Aroma-Zone acquisition, as H1 profit fell 13% and the stock lost 40% year-to-date.

Partners Group has secured unconditional approval from the European Commission for its joint acquisition of French natural cosmetics maker Aroma-Zone alongside Eurazeo, clearing the last regulatory hurdle for a deal valued at roughly EUR 2 billion according to the Financial Times. Brussels confirmed on Thursday that the transaction raises no competition concerns, following the Swiss asset manager's confirmation in early August that it had entered exclusive talks to buy the French brand. The pair will take joint control of Aroma-Zone and Legendre Holding 91.

The green light hands Partners Group one of its larger portfolio additions of the year — and a timely operational counterweight to a stock that has been under sustained pressure.

Shares Slip Without a Clear Trigger

Despite the regulatory win, the equity came under selling pressure during the week. On Thursday, the stock dropped 5.35% to CHF 591.00 on the SIX Swiss Exchange, a decline that news agency AWP reported had no immediate catalyst, since the Commission's clearance does not fundamentally explain the move. Calm returned by week's end: the shares finished Friday at EUR 639.20, up 1.3% on the day. The broader trend remains punishing, with a year-to-date loss of 40%.

Performance Fees Weigh on First-Half Results

The operational backdrop has been challenging. Revenue for the first half of 2026 fell 7% to CHF 1.12 billion, while group profit slid 13% to CHF 502 million. The chief culprit was performance income, which collapsed 39%. EBITDA declined 9% to CHF 706 million.

Management responded by trimming its guidance: performance fees are now expected to make up just 20% to 25% of total revenue in 2026, down from an earlier forecast of 25% to 40%. Client demand for new investment programs, by contrast, proved resilient — fundraising reached a record USD 16 billion in the first half, a 31% increase over the prior-year period.

Leadership Shake-Up and a Trimmed Price Target

The softer earnings picture prompted changes at the top. Roughly three weeks ago, Partners Group announced the appointment of Roberto Cagnati and Juri Jenkner as co-CEOs. Incumbent David Layton will step down at the end of 2026 after eight years in the role and move into the chief investment officer position.

Analysts have also adjusted their models. About two weeks ago, Vontobel's Andreas Venditti cut his price target on the stock from CHF 940 to CHF 860, lowering his estimates for fee margins and performance income.

Deal Pipeline Stays Busy

Even as earnings face headwinds, Partners Group continues to push its transaction pipeline forward, acting both as a financing partner for corporate deals and as a direct equity investor. On September 15, the firm provided a senior financing package worth more than EUR 300 million to support Bregal Unternehmerkapital's acquisition of a majority stake in MDT technologies from IK Partners.

That same day, it expanded its own portfolio by taking a stake in SEG, an international sports talent agency. Partners Group became the agency's largest external shareholder and said it would more than double its initial equity investment. Founder Kees Vos and existing shareholders will remain invested in the business as it pursues global expansion.

Key Dates for Investors

Two fixed points anchor the coming reporting cycle. Partners Group will disclose assets under management as of December 31, 2026, on January 13, 2027. Full annual results for the same reporting date are scheduled for release on March 16, 2027.