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Partners Group Holding AG
(PGHN)
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Rating:75Outperform
Price Target:
CHF722.00
▼(-0.55% Downside)
Action:Reiterated
Date:09/15/26
The score is driven primarily by strong financial performance (exceptional margins and strong 2025 cash generation) and a constructive earnings call with reaffirmed fundraising guidance and robust profitability. These positives are partially offset by weak technicals (price below all major moving averages with negative MACD) and a key fundamental watch-out of rising leverage.
Positive Factors
Fundraising and market-share gains
Record H1 fundraising and gains against a shrinking industry indicate durable distribution strength and market-share capture. Continued capital raising expands fee-generating AUM, supports recurring management income, and broadens the platform’s ability to compound across strategies.
Negative Factors
Rising leverage
Debt-to-equity rose from about 0.61 in 2023 to 1.14 in 2025, reducing flexibility versus prior years. Higher leverage can constrain capital allocation and increase sensitivity to financing costs, weakening the balance sheet’s ability to absorb a downturn or fund expansion without added risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Fundraising and market-share gains
Record H1 fundraising and gains against a shrinking industry indicate durable distribution strength and market-share capture. Continued capital raising expands fee-generating AUM, supports recurring management income, and broadens the platform’s ability to compound across strategies.
Read all positive factors
Partners Group Holding AG (PGHN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF16.69B
Dividend Yield7.14%
Average Volume (3M)117.14K
Price to Earnings (P/E)14.1
Beta (1Y)0.99
Revenue Growth8.63%
EPS Growth-0.75%
CountryCH
Employees2,056
SectorGeneral
Sector StrengthN/A
IndustryAsset Management
Share Statistics
EPS (TTM)45.83
Shares Outstanding26,700,000
10 Day Avg. Volume105,812
30 Day Avg. Volume117,141
Financial Highlights & Ratios
PEG Ratio1.68
Price to Book (P/B)11.64
Price to Sales (P/S)9.08
P/FCF Ratio17.42
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF739.00Price Target Upside1.79% Upside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)40.18
Revenue Forecast (FY)CHF2.27B
Partners Group Holding AG Business Overview & Revenue Model
Company Description
Partners Group Holding AG is a leading global investment manager concentrating its efforts in the private markets. The firm actively engages in direct investments, acquiring existing stakes (secondaries), and making primary commitments to new fund...
How the Company Makes Money
Partners Group primarily makes money by earning management fees for managing client assets and performance-based fees when investment returns exceed agreed hurdles or benchmarks. Its core revenue streams typically include: (1) recurring management...
Partners Group Holding AG Earnings Call Summary
Earnings Call Date:Sep 01, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 16, 2027
Earnings Call Sentiment Positive
The call was strongly constructive, highlighting record fundraising, market-share gains, resilient recurring earnings, robust margins, strong recent-vintage portfolio growth, a sizable exit pipeline and confidence in the medium- and long-term strategy. The company also acknowledged softer near-term growth, exit-timing uncertainty, mature-evergreen liquidity limitations, FX effects, portfolio-specific issues and a cautious approach to M&A. The number and significance of the stated achievements materially outweighed the challenges.Positive Updates
Record First-Half Fundraising
The company raised $16 billion of new assets in H1 2026, up 31% year-on-year, making it the best first half for fundraising in the firm's history. Management reconfirmed its full-year fundraising guidance of $26 billion to $32 billion.
Negative Updates
Challenging External Environment
Management said the environment remains not straightforward because of political and geopolitical macro uncertainty, while large parts of public markets are priced for perfection.
Read all updates
Q2-2026 Updates
Positive
Negative
Record First-Half Fundraising
The company raised $16 billion of new assets in H1 2026, up 31% year-on-year, making it the best first half for fundraising in the firm's history. Management reconfirmed its full-year fundraising guidance of $26 billion to $32 billion.
Read all positive updates
Company Guidance
Management reconfirmed full year fundraising guidance of $26 billion to $32 billion; insurance AUM is intended to quadruple to $100 billion by 2033, adding $75 billion toward the $450 billion AUM target. Performance income is guided towards a range of around 20% to 25% for 2026, with confidence to generate performance income of 25% to 40% of revenue over the next 3 years and beyond from a current exit pipeline of roughly USD 75 billion. Double-digit management income growth at constant currency has been and will be the continued goal for the mid and long term, even though there may be temporary deviations, while EBITDA margin has been always above 60% over the last 5 years and is a range management is comfortable with going forward. Management expects positive investment income contribution in the second half of the year, a slight improvement in net financial income is possible, stable or growing dividends year-by-year, strong growth in partnerships, though not quite 2x, evergreen growth of $20 billion to $30 billion, and mature evergreen liquidity limitations for a few quarters as part of a dynamic to be dealt with over the next 12 to 18 months.Partners Group Holding AG Financial Statement Overview
Summary
Income Statement
90
Very Positive
Balance Sheet
74
Positive
Cash Flow
86
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.79B | 2.80B | 2.12B | 1.94B | 1.87B | 2.62B |
| Gross Profit | 2.38B | 2.42B | 1.46B | 1.34B | 1.27B | 1.76B |
| EBITDA | 1.56B | 1.65B | 1.36B | 1.23B | 1.17B | 1.69B |
| Net Income | 1.18B | 1.26B | 1.13B | 1.00B | 1.00B | 1.46B |
Balance Sheet | ||||||
| Total Assets | 6.19B | 6.39B | 5.68B | 4.80B | 4.58B | 4.83B |
| Cash, Cash Equivalents and Short-Term Investments | 173.10M | 328.80M | 288.90M | 281.00M | 779.50M | 910.70M |
| Total Debt | 2.82B | 2.49B | 2.14B | 1.48B | 1.15B | 859.90M |
| Total Liabilities | 4.73B | 4.20B | 3.27B | 2.38B | 2.16B | 1.93B |
| Stockholders Equity | 1.46B | 2.19B | 2.41B | 2.43B | 2.42B | 2.90B |
Cash Flow | ||||||
| Free Cash Flow | 1.53B | 1.46B | 792.80M | 534.40M | 968.80M | 639.70M |
| Operating Cash Flow | 1.54B | 1.47B | 933.90M | 643.10M | 1.06B | 695.90M |
| Investing Cash Flow | -344.60M | -395.70M | -279.00M | -450.80M | -74.10M | -24.60M |
| Financing Cash Flow | -1.30B | -1.02B | -653.10M | -676.70M | -1.15B | -969.30M |
Partners Group Holding AG Technical Analysis
Negative
726.00
Price Trends
641.74
Negative
666.26
Negative
759.58
Negative
Market Momentum
-1.71
Negative
60.92
Neutral
89.03
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:PGHN, the sentiment is Negative. The current price of 726 is above the 20-day moving average (MA) of 606.57, above the 50-day MA of 641.74, and below the 200-day MA of 759.58, indicating a neutral trend. The MACD of -1.71 indicates Negative momentum. The RSI at 60.92 is Neutral, neither overbought nor oversold. The STOCH value of 89.03 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CH:PGHN.
Partners Group Holding AG Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | CHF16.69B | 14.06 | ― | 7.14% | 8.63% | -0.75% | |
71 Outperform | CHF5.42B | 14.65 | ― | 2.09% | 3.78% | 17.30% | |
67 Neutral | CHF4.98B | 17.46 | 12.14% | 4.00% | -0.85% | -25.22% | |
63 Neutral | CHF5.09B | 13.46 | 14.87% | 3.28% | 11.49% | 51.27% | |
61 Neutral | CHF14.14B | 12.39 | ― | 3.78% | -0.29% | 31.63% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
48 Neutral | CHF72.07M | -1.21 | -277.14% | 5.97% | -35.48% | 20.77% |
* General Sector Average
CH:PGHN
Partners Group Holding AG
644.40
-295.00
-31.40%
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Partners Group Holding AG Corporate Events
Partners Group makes first lead sports investment with stake in SEG
Sep 15, 2026
Partners Group has taken a significant stake in Amsterdam-based Sports Entertainment Group, marking its first lead investment in the sports industry and expanding its private equity reach into fast-growing talent representation. The move positions...
Partners Group backs BU’s MDT takeover with EUR 300 million financing
Sep 15, 2026
Partners Group has provided a senior direct lending financing package of over EUR 300 million to MDT technologies, a German-based specialist in smart building components built on the KNX standard. MDT offers a broad portfolio of wired and wireless...
Partners Group Deepens Nordic Push With New Stockholm Office
Sep 10, 2026
Partners Group, a major global private markets manager with USD 186 billion in assets under management and around 2,000 professionals, has expanded its European network by opening a new office in Stockholm, Sweden. The firm, known for investments ...
Partners Group Reinvests in Nordic Data Center Operator atNorth
Sep 2, 2026
Partners Group is deepening its exposure to the fast-growing Nordic data center market by acquiring around 10% of atNorth through its infrastructure secondaries strategy, only months after selling the platform to Canada Pension Plan Investment Boa...
Partners Group lifts AuM to USD 186bn as leadership reshuffle reshapes next growth cycle
Sep 1, 2026
Partners Group reported first-half 2026 results showing assets under management rising to USD 186 billion after USD 16 billion of new fundraising, with management income up in line with asset growth and EBITDA margin holding at 63%, even as total ...
Partners Group Power Platforms Fast‑Track Battery‑Backed Capacity in U.S. Grid
Aug 25, 2026
Partners Group’s U.S. power platforms Middle River Power and PowerTransitions are using battery storage co-located at legacy natural gas plants to ease severe grid constraints and shorten multi‑year interconnection queues. By redevelop...
Partners Group exits Gong cha credit investment as Bain Capital steps in
Aug 24, 2026
Partners Group has agreed to exit its private credit and minority equity investment in Gong cha, a fast-growing global tea brand, following TA Associates’ sale of the company to Bain Capital. The firm originally provided more than USD 200 mi...
Partners Group’s Emeria Launches Agentic AI Program to Boost Margins in Property Management
Aug 19, 2026
Emeria, the European residential property manager owned by Partners Group, is rolling out an agentic AI program across its platform as it pursues a strategy to become an AI-first real estate operating business. Building on proprietary software, un...
Partners Group Wins USD 1 Billion Asian Private Credit Mandate Amid Rising Regional Demand
Aug 17, 2026
Partners Group, a major global private markets manager with a strong Asian footprint and over USD 40 billion in private credit assets, continues to expand its bespoke solutions for institutional investors across private equity, credit, infrastruct...
Partners Group’s U.S. HVAC Holdings Surge as Extreme Weather Drives Cooling Demand
Aug 10, 2026
Partners Group reports that its U.S. HVAC portfolio companies DiversiTech and PremiStar have delivered robust revenue and EBITDA growth since their acquisition in 2021. The firm’s operationally focused investment strategy in HVAC parts manuf...
Partners Group Takes Majority Stake in AVK to Power European Data Centre Growth
Aug 6, 2026
Partners Group has agreed to acquire a majority stake in UK-based AVK Power Solutions, a leading supplier of power infrastructure for data centres and AI workloads across Europe. AVK, which has delivered more than 20,000 projects and installed abo...
Partners Group in exclusive talks to buy fast-growing natural beauty brand Aroma-Zone
Aug 6, 2026
Partners Group, the Swiss-based private markets investor, has entered exclusive talks to acquire a majority stake in Aroma-Zone, one of Europe’s fastest-growing natural beauty and wellness brands, from Eurazeo, which will retain a significan...
Partners Group unlocks USD 10 million EBITDA uplift at FRP through AI portfolio collaboration
Aug 3, 2026
Partners Group has used a cross-portfolio collaboration to lift profitability at Foundation Risk Partners, a fast-growing U.S. insurance brokerage acquired in 2022. By pairing FRP’s proprietary policy-level data with the AI expertise of Vers...
Partners Group Raises Over USD 5.5 Billion for Infrastructure Secondaries Program
Jul 23, 2026
Partners Group has closed its latest infrastructure secondaries program at over USD 5.5 billion, marking one of the largest dedicated fundraises in this niche and underscoring its position as a pioneer in infrastructure secondaries. The program co...
Partners Group Raises Over USD 15 Billion for Fourth Direct Infrastructure Program
Jul 20, 2026
Partners Group has closed its fourth direct infrastructure program at over USD 15 billion, making it more than 50% larger than the prior vintage and similar in scale to its latest direct private equity vehicles. The program, which combines a close...
Partners Group Royalties AuM Jumps 50% to USD 1.5 Billion
Jul 17, 2026
Partners Group, a major global private markets manager, has expanded its cross-sector royalties strategy that targets income streams from pharmaceuticals, music, media and entertainment, and energy transition assets. The strategy, accessible via e...
Partners Group posts record H1 fundraising and reaffirms 2026 guidance
Jul 15, 2026
Partners Group reported record fundraising in the first half of 2026, securing USD 16 billion in new client commitments and lifting assets under management to USD 186 billion, driven chiefly by bespoke solutions and traditional flagship programs a...
Partners Group invests GBP 260 million in UK rolling stock leasing platform
Jul 1, 2026
Partners Group, one of the largest global private markets firms, has committed GBP 260 million to a UK passenger rolling stock leasing platform via its infrastructure secondaries strategy. The investment, made as co-lead in a continuation vehicle ...
Partners Group Leads USD 250 Million Deal in Avenue Capital’s Aviation Leasing Portfolio
Jun 30, 2026
Partners Group has invested USD 250 million as sole lead investor in a roughly USD 360 million continuation vehicle set up by Avenue Capital Group to acquire a global commercial aviation leasing portfolio. The move marks one of Partners Group̵...
Partners Group unveils Breitling-branded luxury tower strategy in Miami
Jun 26, 2026
Partners Group, one of the largest global private markets firms, is expanding its real estate platform through a branded luxury residential strategy tied to Breitling, a watchmaker it owns on behalf of clients. Working with Empira Group, a vertica...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.