Partners Group Profit Falls 13% Amid Fund Turmoil; CEO to Step Down
Partners Group Reports Decline in Profit and Leadership Changes
ZURICH, Sept 1 (Reuters) - Swiss private equity firm Partners Group reported a net half-year profit of 502 million Swiss francs ($620 million) on Tuesday, down 13% year-on-year, after turmoil around its open-ended funds weighed on its shares.
Leadership Transition at Partners Group
The company also said CEO David Layton will step down from the executive team on January 1, 2027, and be replaced by Roberto Cagnati and Juri Jenkner as co-CEOs, who have both been with the company since 2004.
Chairman’s Statement on New Co-CEOs
"As we prepare our firm to gain speed in this next cycle and era of transformation, we are proud to announce Roberto and Juri as our new Co-CEOs," Chairman Steffen Meister said.
Fund Performance and Client Demand
The company in July beat expectations for new client demand in the first half, but warned withdrawals from some of its mature evergreen funds are likely to continue after it capped redemptions in June.
Outlook for New Client Assets
Partners Group confirmed it expects total new client assets of between $26 billion and $32 billion for the full year.
Performance Income Forecast
Guidance for 2026 and Beyond
Depending on the timing of select active direct exit processes, performance income is expected to be around 20-25% in 2026, the company said, below its mid- to long-term guidance of 25-40%.
Exit Pipeline and Future Expectations
"Our exit pipeline remains full," outgoing CEO David Layton said, adding that some exit processes are likely to shift into 2027.
(Reporting by Ariane Luthi, Editing by Friederike Heine and Louise Heavens)