Partners Group Targets Indian Market Amid Share Price Weakness

Swiss private markets firm Partners Group targets $1B+ for new India buyout fund as it shifts strategy toward infrastructure, despite shares hitting a 12-month low.

Despite its shares trading at a twelve-month low, Swiss private markets firm Partners Group is pushing forward with an ambitious growth initiative. The company is preparing to launch a new India-focused buyout fund, targeting commitments in excess of $1 billion. This move comes as the firm's stock price has declined by approximately 20% since the start of the year.

Operational Strength Contrasts with Market Performance

The company's fundamental business metrics remain robust. In 2025, fundraising reached $30 billion, hitting the top end of its own forecast and pushing total assets under management to $185 billion. Looking ahead to 2026, Partners Group anticipates generating between $26 billion and $32 billion in gross new business. Its long-term goal of managing $450 billion by 2033 is unchanged.

A notable area of stability has been its evergreen fund range. Despite industry-wide concerns regarding liquidity and redemptions in open-ended private credit vehicles, these funds have experienced no net outflows throughout 2025 and 2026.

This operational health, however, is not reflected in the current share price. Trading at 870.80 euros, the equity is precisely at its 52-week low—roughly 32% below the high of 1,278 euros recorded in May 2025. Whether the new India fund can act as a catalyst for a re-rating will largely depend on the speed at which the firm can secure investor commitments.

Strategic Pivot Towards Infrastructure and India

The forthcoming India fund is primarily aimed at existing limited partners seeking to increase their Asian exposure, though the firm also intends to attract new investor groups. Specific details regarding the fund's structure are expected to be released in the coming weeks.

This initiative aligns with a broader strategic portfolio shift. Partners Group has deliberately reduced its technology exposure—particularly in software—to less than half the industry average. Capital is now being increasingly directed toward power generation infrastructure, sectors poised to benefit from rising demand driven by the AI industry.

The stability of the firm's evergreen funds is another key point. In contrast to sector-wide worries about liquidity and redemptions in open-ended private credit vehicles, these funds have seen no net outflows in 2025 or 2026 to date.