Solid results overlooked by the market
Partners Group delivered resilient results in 2025 despite a demanding environment, although this was not reflected in the share price. Assets under management increased materially, supported by robust net inflows from both institutional and private client segments. In particular, customised mandates and evergreen structures remained in strong demand and continue to do so, as their long-term structure enables stable and predictable earnings streams.
Despite increased uncertainty across private markets – especially regarding private credit and valuations in technology-driven sectors – Partners Group remains well positioned. Exposure to software is relatively low, and risks stemming from open-ended credit vehicles appear contained. At the same time, the company benefits from broad diversification across asset classes.
Its capital-light and scalable business model continues to support high profitability, with margins at very attractive levels. A significant portion of revenues is derived from recurring management fees, while performance fees provide additional earnings momentum and enhance operating leverage.
Following the weaker share price performance over the past twelve months, the valuation now appears moderate. Combined with an attractive dividend yield and solid structural growth opportunities, the stock offers a compelling risk-return profile for long-term investors.
