Partners Group (AO) | Buy | Feedback from group call with CEO and Head of Private Wealth US

研报英文原文证据摘录

Partners Group (AO) | Buy | Feedback from group call with CEO and Head of Private Wealth US

Marketing event feedback

Release date: 12 May 2026

Nicolas Payen

Equity Research Analyst

Buy +44 (0)207 621 5128Partners Group npayen@keplercheuvreux.com

Switzerland | Banks & Asset Managers Beta Profile: MCap: CHF22.9bn

Target Price: CHF1255.00 Bloomberg: PGHN SW Reuters: PGHN.S

Current Price: CHF882.00 Free float 75.0%

Up/downside: 42.3% Avg. daily volume (CHFm) 159.9

YTD abs performance -10.2% Market data: 08 May 2026

52-week high/low (CHF) 1198.50/793.20

Feedback from group call with CEO and Head of Private Wealth US

Key points:

We had the pleasure to welcome Partners Group CEO Dave Layton and Head of Private Wealth US Robert Collins in a 45mins

group call.

The breadth of topics was wide, ranging from Evergreens to Private Credit and Software exposure. There were little questions

about the Grizzly report as the market seems to have moved on. Regarding the latter, Management provided a strong rebuttal of

specific mark allegations (several positions since exited at or above challenged marks).

PG's bespoke solutions, particularly the USD66bn of mandates AUM are described as the company's gem, although management

acknowledged the risk of temporary elevated Evergreens redemption. The Q1 voluntary update showed strong fundraising

momentum while management highlighted long-term growth opportunities.

Management introduction

CEO Layton’s central message was that the structural private markets adoption curve — from institutional to wealth to DC — is

intact and accelerating, and that the current period of short-seller noise and private credit uncertainty is a temporary dislocation

that Partners Group is positioned to exploit as a secondary buyer and solutions provider.