Evergreen Blues; PT to CHF760

研报英文原文证据摘录

Evergreen Blues; PT to CHF760

2.5bn). However, traditional fundraising is set to be 1H-weighted — PE Secondaries closed

at $9bn; Infra Direct and Infra Secondaries expect final closes by mid-year, after which

traditional fundraising should normalise. PGHN's >10 strategic partnerships contributed ~ Exhibit 1 - Partners Group Private Wealth

$1bn to fundraising in FY25. This was anticipated to step up in 26E, but given the current Partnerships

Multi-asset model portfolios US wealth (launched Q1 2026) 12-Sep-24backdrop in private wealth, we're now more circumspect. PartnerBlackRockMediobanca Product Type Target Market Announcement date Partners Group Global Value SICAV European wealth 18-Sep-24

Deutsche Bank Multi-asset evergreen ELTIF 20m+ European private clients 23-Sep-25

Credit secondaries strategy Insurance/institutional 22-Apr-25Softer performance income as vintage headwinds and limited exits constrain FY26. From PGIMGenerali Multi-asset portfolio solutions US wealth 17-Sep-25

Partners Group Private Equity

Sella European wealth 17-Jun-25

Opportunities SICAV

Asset Management & Global Value SICAV exposure BRL Latam wealth 08-Aug-25FY26, PGHN adopts IFRS 18, reclassifying investment income (CHF 75m in FY25) into BradescoGama Investimentos Hedged

revenues under a combined "performance income" line, thereby flattering EBITDA margin. LincolnErste AMFinancial RoyaltiesMulti-assetevergreenevergreen USEuropeaninsurancewealth 16-Dec-2525-Sep-25

Perpetual Group Public-private strategy Australia 11-Jun-25We now model performance income at 25% of revenues for FY26, the lower end of the 25– BBVA AM Multi-asset evergreen European wealth 10-Nov-25

Bank of East Asia (BEA) Private markets products Asian HNW clients 12-May-26 .