Swiss private equity firm Partners Group has reported a 13% drop in first-half profits to CHF 502m (£455.5m) as performance income fell, despite record client fundraising.
While total revenues decreased 7% to CHF 1.12bn (£1.02bn) for the six months to 30 June 2026, assets under management grew 7% year-on-year to $186bn (£168.8bn), bolstered by $16bn (£14.5bn) in new client commitments during the period.
Management income likewise rose 6% to CHF 905m (£821m), while performance income fell 39% to CHF 216m (£196m) following accelerated asset exits in late 2025.
The firm confirmed its full-year guidance for gross client demand of $26bn (£19.2bn) – $32bn (£23.6bn). Operating costs declined 5% to CHF 414m (£375m), driven by lower variable fee-related personnel expenses and efficiency gains from AI. EBITDA fell 9% to CHF 706m (£640m), maintaining a margin of 63%.
Separately, the group announced executive team rotations effective 1 January 2027, subject to regulatory approval. CEO David Layton will transition to chief investment officer and chairman of the global investment committee after eight years leading the firm.
In addition, partners Roberto Cagnati and Juri Jenkner will take over as co-chief executive officers.
Layton said: “Over the past fundraising cycle, our platform has received over $80bn (£59bn) in client commitments, culminating in record fundraising in H1 2026.”
Steffen Meister, executive chairman of Partners Group, added: “As we prepare our firm to gain speed in this next cycle and era of transformation, we are proud to announce Roberto and Juri as our new Co-CEOs.”
