Partners Group Holding AG stock faces pressure amid private equity slowdown and currency headwinds in 2026

Partners Group Holding AG (ISIN: CH0024608827), the Swiss private equity giant, navigates challenging markets as its listed vehicles report NAV declines. DACH investors watch closely for distribution strength and strategic shifts. Latest annual results highlight FX drags but robust realizations.

Partners Group Holding AG, the Zug-based private equity powerhouse, released key updates through its listed vehicles, signaling headwinds in the sector. Currency fluctuations and idiosyncratic portfolio challenges drove a negative NAV total return of -8.7% for Partners Group Private Equity Limited (PGPE) in 2025, its latest full-year figures published today. Despite strong distributions of EUR 227.3 million, the share price traded at a 19.6% discount to NAV on the London Stock Exchange in EUR. For DACH investors, this underscores the appeal of Partners Group's distribution-focused model amid volatile public markets, with the holding company's registered shares on SIX Swiss Exchange offering direct exposure to its global platform.

As of: 23.03.2026

By Dr. Elena Voss, Senior Private Equity Analyst – Tracking Swiss asset managers' resilience in turbulent deal environments for DACH markets.

Annual Results Spotlight FX Drag and Realization Strength

The annual results for PGPE, managed by Partners Group, reveal a NAV of EUR 13.00 per share at 2025 year-end. This delivered a total return of -8.7%, including a EUR 0.75 per share dividend. Unfavorable currency movements accounted for -5.7% of the decline, primarily from a weakening US dollar against the euro.

Value creation remained modest at +0.7%, hit by portfolio companies facing macro and company-specific issues. Assets from 2021-2023 vintages showed sensitivity to higher entry valuations and capital structures from low-rate eras. Still, most stayed above cost with positive EBITDA growth.

Realizations shone brightly, with EUR 227.3 million in proceeds, the highest since 2021. This exceeded 2024's EUR 144.0 million and aligned with the firm's long-term average of 20% of net assets in distributions. Key exits included PCI Pharma Services (EUR 73.6 million), Apex Logistics (EUR 14.1 million), and listed holdings like Vishal and Galderma.

Shareholder Returns and Buyback Extensions

Shareholders received EUR 57.6 million in 2025, split between EUR 51.8 million in dividends and EUR 5.8 million in buybacks. The 5% NAV payout yielded 7.2% annualized based on the year-end share price of EUR 10.45 on the London Stock Exchange. The buyback program, initially EUR 15 million, was extended to April 2026 with EUR 9.2 million remaining.

PGPE's share price total return contrasted positively at +5.3%, though the 19.6% NAV discount persists. FTSE 250 inclusion in September 2025 boosted trading volumes. The board is exploring options to narrow the discount, balancing liquidity for investors with long-term appeal, with updates at the June 2026 AGM.

A renewed EUR 150 million revolving credit facility, undrawn and expiring 2029, bolsters liquidity. Over five years (2021-2025), cumulative NAV return was 21.7% or 4.0% annualized, lagging broader private equity amid tough vintages.

Portfolio Highlights and Vintage Performance

Partners Group's platform emphasizes direct investments, with PGPE's portfolio weighted average hold at 4.6 years. Top 20 holdings drove much activity. PCI's sale to Bain Capital and Kohlberg validated the 2016 thesis of building a CDMO leader for pharma.

Apex Logistics' full exit at over USD 4 billion enterprise value capped five-year EBITDA growth of 151%. Initiatives in technology, charter capacity, and operations fueled global expansion. Listed stakes contributed EUR 55.2 million, led by Vishal (EUR 22 million), Galderma (EUR 17 million), and Global Blue (EUR 9.5 million).

Newer 2024-2025 vintages, 15% of the portfolio, posted 15% average EBITDA growth at attractive valuations. Pre-2021 assets provided liquidity, while recent ones face headwinds but show recovery potential as M&A and IPOs rose 45% and 47% versus 2024.

Private Equity Market Context and Recovery Signals

Global private equity saw USD 1.2 trillion in transactions in 2025, driven by mega-cap deals. Yet, PGPE outperformed industry distribution norms. Exit markets recovered, with M&A and IPO up significantly, aiding held assets.

Macro headwinds like higher rates challenged 2021-2023 vintages, but improving conditions could spur further realizations. Partners Group's focus on EBITDA growth and operational improvements positions it well. The firm's undrawn credit line supports deployment amid selective opportunities.

For the holding company, Partners Group Holding AG (SIX Swiss Exchange, CHF), these results reflect platform strength. Investors value the 20%+ distribution yield potential from mature portfolios.

Relevance for DACH Investors

German-speaking investors favor Partners Group for its Swiss domicile, CHF-denominated shares on SIX, and DACH-focused funds. The group manages over CHF 100 billion in private equity, infrastructure, and real estate, with strong European exposure. Amid equity volatility, private market distributions offer yield and diversification.

PGPE's results highlight currency risks for EUR-exposed holdings, relevant for Eurozone portfolios. Yet, CHF strength benefits the holding stock. Tax-efficient structures appeal to high-net-worth DACH clients seeking alternatives to public markets.

With buybacks and dividends, the model suits income-focused strategies. As EU regulations evolve, Partners Group's compliance edge reassures institutional allocators in Germany, Austria, and Switzerland.

Risks and Open Questions Ahead

Persistent NAV discounts challenge liquidity, prompting board review. FX volatility remains a drag if USD weakens further. Vintage performance hinges on exit windows; delayed M&A could pressure returns.

Competition in private equity intensifies, with dry powder at record levels. Regulatory scrutiny on fees and valuations grows in Europe. Idiosyncratic risks in portfolio firms, like sector downturns, persist.

Strategic options may include tender offers or restructuring, balancing short-term liquidity with long-term growth. Investors await AGM clarity. Macro uncertainties, including rates and geopolitics, add layers.

Strategic Positioning and Outlook

Partners Group differentiates via direct, thematic investing across privates. Platform scale enables co-investments and secondaries. Recent vintages' growth bodes well for future distributions.

Buyback extensions signal commitment to shareholder value. Credit facility renewal provides flexibility. As markets normalize, realization uptick could narrow discounts and boost NAV.

DACH investors should monitor SIX Swiss Exchange (CHF) for holding stock moves, correlating with platform news. Balanced portfolios benefit from private equity's illiquidity premium.

Disclaimer: This is not investment advice. Stocks are volatile financial instruments.