Partners Group (PGHN.S): 1H26 AuM First Take: Key focus to centre around the growth pathway of evergreen business

Research evidence excerpt

Partners Group (PGHN.S): 1H26 AuM First Take: Key focus to centre around the growth pathway of evergreen business

Equity Research

15 July 2026 | 10:51PM BST

Partners Group (PGHN.S): 1H26 AuM First Take: Key focus to centre

around the growth pathway of evergreen business

After market close, July 15, PGHN reported 1H26 AuM which came in 1% below Oliver Carruthers, CFA

+44(20)7552-9364 |

company-compiled consensus expectations for end-June. While net new client oliver.carruthers@gs.com

Goldman Sachs International

commitments amounted to $16bn, ahead of consensus of $14bn, end-period AuM

Anshika Mehrotra

came in lower vs expectations, largely reflecting a combination of higher +1(212)934-7679 |

redemptions, tail-downs, and negative FX/performance/other effects. Fundraising anshika.mehrotra@gs.comGoldman Sachs India SPL

was largely driven by bespoke solutions, which contributed 52% to the mix, while Naimeh Sabourian

traditional programmes accounted for 48%, although within bespoke solutions, we +44(20)7051-0573naimeh.sabourian@gs.com|

note that demand in both Evergreens and Mandates fell HoH and YoY. On Evergreens Goldman Sachs International

Fergusonmore broadly, AuM development was tempered by higher redemptions of $3.8bn, of Tom | +44(20)7051-0547

which 79% came from the group’s three mature evergreen strategies. On the outlook tom.ferguson@gs.com Goldman Sachs International

for 2026, management reiterated FY26 performance income to be around the lower

end of its 25-40% mid-term target range (CC. cons: 24.2%), but noted that 1H26

performance income is expected to account for below 20% of total revenues

reflecting lower direct exits due to timing effects and weaker portfolio performance

within the mature evergreen strategies (CC. cons: 21.5%). Furthermore, PGHN