Better fundraising but redemptions impact AUM; guidance reiterated

研报英文原文证据摘录

Better fundraising but redemptions impact AUM; guidance reiterated

Equity Research

European Diversified Financials

16 July 2026

Partners Group Holding AG

Better fundraising but

redemptions impact AUM;

PGHN.S/PGHN SW OVERWEIGHTguidance reiterated

Unchanged

H1 gross inflows of $16bn were 14% ahead of consensus with European Diversified POSITIVE Financials

UnchangedPartners reiterating FY26 fundraising targets. Elevated

redemptions, FX and weaker investment performance result Price Target CHF 930.00 lowered -1% from CHF 940.00

in lower AUM growth. New H1 performance fee guide but FY Price (15-Jul-26) CHF 720.40

Potential Upside/Downside +29.1%reiterated. Incremental call colour helpful. We trim EPS/PT by

Source: Bloomberg, Barclays Research

c.1%.

Market Cap (CHF mn) 19234

H1 26 AUM 1% below consensus at $186.0bn but gross inflows ahead: Partners reported H1 Shares Outstanding (mn) 26.70

new client commitments at $16.0bn, 14% ahead of company-complied consensus of $14.0bn Free Float (%) 80.21

with 52% (H1 25: 74%) of this new money raised in the form of Bespoke client solutions (either 52 Wk Avg Daily Volume (mn) 0.1

mandates or Evergreen products); 38% of this gross new money was raised in Infrastructure Dividend Yield (%) 6.39

where broad demand complemented the close of the Infrastructure IV traditional fund with 25% Return on Equity TTM (%) 54.80

and 19% raised in Private Equity and Private Credit strategies respectively. AUM rose only 1% Current BVPS (CHF) 84.83

over H1 to $186.0bn, 1% below consensus as while tail-downs were in line with FY guidance Source: Bloomberg

range (at -$6.6bn), the impact of redemptions ($3.6bn), FX and other investment performance

effects of -$4.6bn were below expectations. Price Performance Exchange-SWX

52 Week range CHF 1158.00-632.40