Partners Group Reports Solid H1 Results Amid Challenging Market Conditions

Partners Group has released its H1 2024 results, demonstrating a robust performance despite a challenging market environment. Total assets under management (AuM) reached USD 149 billion, reflecting a 5% year-on-year growth, bolstered by USD 11 billion in new fundraising.

Management fees increased by 4% to CHF 815 million, aligning with the growth in average AuM. However, the firm saw a 39% decline in performance fees, totaling CHF 161 million, due to delays in asset divestitures amid a slower-than-expected market recovery.

Total revenues decreased by 7% to CHF 977 million. Despite this, the EBIT margin improved slightly to 62%, though overall profit was down by 8% to CHF 508 million, primarily due to lower performance fees.

Personnel expenses decreased by 12% to CHF 300 million, driven by lower performance fee-related costs. Other operating expenses increased marginally by 4% to CHF 50 million.

Looking forward, the firm maintains a positive outlook, expecting gross client demand of USD 20-25 billion for the year. Performance fees are projected to account for 20-30% of total revenues in 2024 and 2025.