Partners Group, which specialises in private market investments (private equity, private debt and others), increased its operating result (EBITDA) by 19 percent to 1,61 billion francs in the 2025 financial year. After depreciation, taxes and other items, net profit amounted to 1,26 billion francs, an increase of 12 percent.

Revenue rose by 20 percent year-on-year to 2,56 billion francs. It consists of management fees and performance fees.

Strong Increase in Performance Fees Thanks to Exits

Management fees amounted to 1,74 billion francs. The increase of 7 percent (currency-adjusted) reflects the development of assets under management. Performance fees totalled 819 million francs (+60 percent), which was also due to successful exits, according to the media release published on Tuesday.

Operating expenses increased significantly by 22 percent to 953 million francs. This was mainly due to performance-related compensation, the expansion of the workforce and the integration of Empira Group.

CFO Managing Expectations

Chief executive David Layton commented: «Through our transformative investment approach, we have built a pipeline of highly attractive companies that continue to attract buyers despite a more challenging transaction environment. Driven by direct exits, we realised 26 billion dollar for our clients during this period. We had a record year in fundraising and exceeded the peak achieved in 2021.»

Chief financial officer Joris Gröflin added: «As the exit environment continued to improve, we accelerated large transactions from our pipeline of mature assets, which resulted in a significant increase in realisations and the associated performance fees. Based on the size of our exit pipeline, we expect performance revenues to represent 25 to 40 percent of revenues in the coming years.» He also warned: «Given the pull-forward effect from 2025, we expect performance revenues in 2026 to be at the lower end of that range.»

Dividend Increased by 10 Percent

In its outlook for 2026, the company expects gross client demand between 26 and 32 billion dollar. The forecast is based on its fundraising pipeline across the three main areas of mandates, evergreen programmes and traditional closed private markets programmes.

The target of increasing assets under management (currently 185 billion dollar) to 450 billion dollar by 2033 was confirmed.

A dividend of 46 francs per share (10 percent more than in the previous year) will be proposed to the annual general meeting on 20 May. The shares are listed on the SIX Swiss Exchange.

Partners Group had already provided initial indications regarding the development of the 2025 financial year in January.