Partners Group Bets on Rivals and Retail in $450 Billion Growth Push

Swiss asset manager builds stakes in Brookfield, Blackstone, Ares while trimming KKR/TPG; targets $450B AUM by 2033 via new retail-focused fund structures.

Partners Group is pursuing two distinct yet complementary strategies to accelerate its expansion: buying bigger stakes in its publicly-listed peers while simultaneously cracking open the private-markets world for wealthy individuals. The Swiss asset manager used the recent weeks to pour capital into Brookfield Corporation, Blackstone and Ares Management, even as it trimmed holdings in KKR and TPG and seeded new positions in Restaurant Brands International, Sony and Royal Gold.

The most significant move was the buildup in Brookfield to 1.32 million shares worth roughly $60 million, vaulting it to the fifth-largest holding in the portfolio. Blackstone was increased by 6% to a market value of about $51 million, while Ares Management was expanded by a full fifth. These purchases came as Partners Group modestly pared back its positions in KKR and TPG, reallocating capital to what it sees as more attractive risk-reward profiles. The fresh bets on Restaurant Brands, Sony and Royal Gold mark entirely new additions to the portfolio.

On the fundraising side, the firm reaffirmed at its May 2026 annual general meeting a longer-range target to grow assets under management to $450 billion by 2033. The ambition hinges on broadening access to private equity and infrastructure beyond traditional institutional clients such as pension funds and sovereign-wealth entities. Partners Group is rolling out Evergreen structures and European Long-Term Investment Fund (ELTIF) formats that allow continuous capital raising instead of relying on closed-end fund cycles. Partnerships with distributors worldwide are expected to funnel capital from wealthy retail investors into these vehicles.

To better reflect its shifting revenue mix, Partners Group will adopt a new financial-reporting framework under IFRS 18 starting in fiscal 2026. The company will bundle performance fees and income from its own investments into a single line item called “Performance Income.” Management expects this metric to account for 25% to 40% of total revenue over the medium term, though for 2026 it has guided toward the lower end of that range after some transactions were pulled forward into the prior year.

Operationally, 2025 was a strong year. EBITDA reached 1.61 billion Swiss francs, with performance fees alone contributing 819 million francs. Net profit rose by a double-digit percentage, allowing the board to propose a dividend of 46.00 francs per share, a 10% increase that shareholders approved. For 2026, the company has guided for gross client commitments of $26 billion to $32 billion.

The broader private-equity industry is navigating a more demanding environment. Geopolitical risks continue to weigh on dealmaking, and a study by Alvarez & Marsal found that operational improvements now drive a much larger share of earnings growth at portfolio companies than they did a few years ago. More than 60% of firms are using artificial intelligence tools to enhance the value of their holdings, and the first 100 days after an acquisition have become a critical window for hitting value-creation targets. Partners Group’s core holdings, such as Brookfield, carry a high institutional ownership base that provides stability, the firm noted.

The stock price reflects the mixed sentiment. Shares recently changed hands at 991.40 euros, up from a midweek dip to 981.40 euros that represented a 0.83% decline. The recovery puts the stock about 5% above its 50-day moving average of 940.40 euros, but it remains well below the 200-day average of 1,060.78 euros. Year-to-date, the loss stands at roughly 9% on one reading and 10.13% on another, underscoring that while the short-term trend has turned mildly positive, the longer-term picture has yet to reverse.