First Read Partners Group Holding AG: H1 26 AuM update: broadly in-line AuM, strong gross commitments offset by larger FX & other headwinds

研报英文原文证据摘录

First Read Partners Group Holding AG: H1 26 AuM update: broadly in-line AuM, strong gross commitments offset by larger FX & other headwinds

Forecast returns

Forecast price appreciation -2.1%

Forecast dividend yield 6.4%

Forecast stock return 4.2%

Market return assumption 5.2%

Forecast excess return -1.0%

Company Description

Founded in 1996, Partners Group is a leading private markets asset management firm. Initially

focused on private equity, the company has diversified its activities into private debt, private

real estate, and private infrastructure. Partners Group manages various funds, liquid and

semi-liquid investment programmes, as well as tailor-made mandates for an international

clientele of institutional investors, private banks and other financial institutions. The company

is headquartered in Zug, Switzerland, and listed on the Swiss Exchange.

Valuation Method and Risk Statement

Partners Group is exposed to a number of risks, including market risks, such as exchange rate

and interest rate fluctuations, the conditions and the activity level of the capital markets,

regulatory and taxation changes, reputation risks and macroeconomic conditions. Further,

the company is exposed to margin compression due to new market entrants and substantial

money inflows into private equity that may lead to an increase in transaction prices and

diminish returns and fees. An increased relative attractiveness of public vs. private capital

markets may also trigger substantial asset reallocations by investors and impair Partner

Group’s growth basis. We value Partners Group with a DCF valuation model.

First Read: Partners Group Holding AG 16 July 2026 ab 3