The private equity firm reported a 13% drop in earnings in the first half of the year. Roberto Cagnati and Juri Jenkner will take over as co-CEOs in 2027.
Partners Group has once again disappointed. Business performance in the first half of the year was poor, as expected, and it now appears that the second half of the year will not be much better. This is evident in the trend of performance fees. Their share of total revenue was only 19% in the first half of the year, falling short of the medium-term target range of 25 to 40%. Management had already anticipated this result in July.
For the full year, however, management had held out the prospect of a return to the target range. That would have implied a significant increase in performance fees and, consequently, higher transaction activity. But that will not happen. Partners Group now expects performance fees to account for only 20 to 25% of total revenue. This represents only a slight increase compared with the first half of the year. As a result, analysts will revise their forecasts downward. The medium-term target remains the range of 25 to 40%.
The The trend in performance fees is closely linked to the level of profit. Compared to the previous year, this therefore results in a 13% decline in profit. On a positive note, the group once again underscores its strict cost management. The operating profit margin remains at the previous year’s level despite lower revenue. Partners Group also unexpectedly announced a change in CEO: David Layton will be succeeded by Roberto Cagnati and Juri Jenkner, both of whom are already members of the management team.
https://www.fuw.ch/partners-group-gewinn-sinkt-13-ceo-wechsel-per-2027-580705694929
