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Partners Group Holding (CH:PGHN)
:PGHN
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Partners Group Holding AG (PGHN) AI Stock Analysis

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Partners Group Holding AG

(PGHN)

Rating:75Outperform
Price Target:
CHF1,254.00
▲(11.57%Upside)
Partners Group Holding AG has a balanced financial profile with strong earnings growth and efficient cash flow management. The positive earnings call, marked by strategic growth drivers, enhances its appeal. However, technical indicators suggest caution as the stock approaches overbought levels, and valuation metrics show moderate pricing.

Partners Group Holding AG (PGHN) vs. iShares MSCI Switzerland ETF (EWL)

Partners Group Holding AG Business Overview & Revenue Model

Company DescriptionPartners Group Holding AG is a global private markets investment management firm based in Switzerland. The company specializes in investments across private equity, private debt, private real estate, and private infrastructure. Partners Group serves a broad range of institutional investors, including pension funds, insurance companies, and sovereign wealth funds, offering tailored investment solutions and asset management services.
How the Company Makes MoneyPartners Group Holding AG generates revenue primarily through management fees and performance fees. Management fees are charged for the ongoing management of assets under management (AUM), which provide a steady revenue stream. Performance fees, on the other hand, are contingent on the achievement of specific investment return targets, offering upside potential when investment outcomes exceed benchmarks or pre-agreed thresholds. The company's revenue model is supported by its global network and ability to source and manage diverse private market investments. Strategic partnerships and long-term client relationships further underpin its earnings, enabling the firm to access significant capital commitments and investment opportunities.

Partners Group Holding AG Earnings Call Summary

Earnings Call Date:Mar 11, 2025
(Q4-2024)
|
% Change Since: -9.64%|
Next Earnings Date:Sep 02, 2025
Earnings Call Sentiment Positive
The earnings call reflected strong financial performance with significant growth in performance fees, investment activity, and U.S. market penetration. Despite slight pressure on management fee margins and challenges in the real estate sector, the overall sentiment remains positive due to robust operational results and strategic growth initiatives.
Q4-2024 Updates
Positive Updates
Significant Increase in Performance Fees
Performance fees reached CHF511 million, up 38% from the prior year, contributing 24% of total revenues. This was largely driven by private equity and infrastructure, which contributed approximately 89% of the performance fees.
Strong Growth in Investment Activity
Investment activity grew by 66% to $22 billion, and realization activity was up 53% to $18 billion. Fundraising increased by 18% to $22 billion, with bespoke solutions accounting for 78% of the fundraising.
Record U.S. Market Growth
U.S. fundraising increased by more than 50%, with the U.S. now accounting for 24% of the total mix, up 8 points since the U.S. push began 5 years ago.
Stable EBITDA Margin
The EBITDA margin remained stable at approximately 63%, with a proposed dividend increase to CHF42 per share, reflecting confidence in business strength.
Negative Updates
Pressure on Management Fee Margins
Management fees grew by only 3% in 2024, slightly below the 4% growth in average AUM, due to currency impacts. The management fee margin decreased slightly.
Challenges in Real Estate Performance
Real estate was the lowest contributor to performance fees, with the industry continuing to be in a state of transition.
Currency Impact on Financial Performance
The strengthening Swiss franc had a negative translation effect on the EBITDA margin of approximately 0.3 percentage points.
Company Guidance
During the call, Partners Group provided detailed guidance on several key metrics for fiscal year 2024 and beyond. Management fees were reported at CHF1.6 billion, consistent with a management fee margin of 1.25% and representing a stable portion of their business at 24% of total revenues. Performance fees were notably up by 38% from the previous year, reaching CHF511 million, and are expected to increase as a percentage of revenue from 20% to 30% in 2025, and potentially between 25% and 40% by 2026 and beyond. The EBITDA margin remained strong at around 63%, while the firm achieved a profit of CHF1.1 billion, marking a 12% increase. The firm proposed a dividend of CHF42 per share, reflecting an 8% rise. Additionally, the investment activity grew significantly by 66% to $22 billion, with realization activity up 53% to $18 billion. The U.S. market contributed 33% of inflows, and total U.S. fundraising increased by more than 50%. Looking forward, the company expects new client assets to range between $26 billion and $31 billion for 2025, maintaining a positive outlook based on a robust fundraising pipeline.

Partners Group Holding AG Financial Statement Overview

Summary
Partners Group Holding AG displays solid financial health with strong profitability, efficient cash flow management, and a stable balance sheet. While profitability and cash flow indicators are impressive, increasing debt levels warrant close monitoring. The company is well-positioned in the asset management industry, reflecting a balance of growth and stability.
Income Statement
78
Positive
Partners Group Holding AG has demonstrated strong profitability with a high Gross Profit Margin of approximately 80.8% for 2024. The Net Profit Margin is also robust at around 55.8%. Revenue growth from 2023 to 2024 is approximately 3.96%, indicating steady growth in an industry where stable income is crucial. However, the absence of EBIT data in the latest report is a limitation, although EBITDA Margin is strong at approximately 71.6%.
Balance Sheet
72
Positive
The company's balance sheet shows a reasonable Debt-to-Equity Ratio of about 0.89, indicating moderate leverage. The Return on Equity (ROE) is strong at approximately 46.7%, reflecting efficient use of equity to generate profits. The Equity Ratio is 42.5%, showing a healthy balance of equity and total assets. The increase in total debt over recent years is a potential risk factor.
Cash Flow
75
Positive
The Free Cash Flow Growth Rate from 2023 to 2024 is a significant 48.33%, showcasing strong cash generation capabilities. The Operating Cash Flow to Net Income Ratio is approximately 0.83, reflecting solid cash conversion. The Free Cash Flow to Net Income Ratio is about 0.70, indicating efficient conversion of net income to cash. Overall, cash flow metrics are strong, bolstering the company's financial health.
BreakdownDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue2.02B1.86B1.81B2.59B1.38B
Gross Profit1.63B1.48B1.39B2.18B1.12B
EBITDA1.45B1.26B1.19B1.77B975.50M
Net Income1.13B1.00B1.00B1.46B804.80M
Balance Sheet
Total Assets5.68B4.80B4.58B4.83B4.03B
Cash, Cash Equivalents and Short-Term Investments288.90M281.00M779.50M910.70M1.23B
Total Debt2.14B1.48B1.15B859.90M865.80M
Total Liabilities3.27B2.38B2.16B1.93B1.76B
Stockholders Equity2.41B2.43B2.42B2.90B2.27B
Cash Flow
Free Cash Flow792.80M534.40M968.80M639.70M1.12B
Operating Cash Flow933.90M643.10M1.06B695.90M1.15B
Investing Cash Flow-279.00M-450.80M-74.10M-24.60M-10.50M
Financing Cash Flow-653.10M-676.70M-1.15B-969.30M-827.50M

Partners Group Holding AG Technical Analysis

Technical Analysis Sentiment
Positive
Last Price1124.00
Price Trends
50DMA
1067.27
Positive
100DMA
1112.45
Positive
200DMA
1178.29
Negative
Market Momentum
MACD
15.18
Negative
RSI
69.98
Neutral
STOCH
81.16
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:PGHN, the sentiment is Positive. The current price of 1124 is above the 20-day moving average (MA) of 1048.49, above the 50-day MA of 1067.27, and below the 200-day MA of 1178.29, indicating a neutral trend. The MACD of 15.18 indicates Negative momentum. The RSI at 69.98 is Neutral, neither overbought nor oversold. The STOCH value of 81.16 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:PGHN.

Partners Group Holding AG Peers Comparison

Overall Rating
UnderperformOutperform
Sector (64)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
75
Outperform
CHF28.87B25.90
3.74%9.45%12.15%
CHSQN
72
Outperform
CHF7.59B26.02
1.19%24.78%34.74%
71
Outperform
$3.84B14.5512.22%4.38%9.24%
66
Neutral
CHF10.77B10.98
4.76%7.69%126.15%
65
Neutral
CHF8.80B23.00
4.16%-4.03%60.24%
64
Neutral
$6.54B11.137.19%5.10%23.85%5.18%
64
Neutral
$4.84B15.9513.89%3.80%11.14%7.22%
* Financial Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
CH:PGHN
Partners Group Holding AG
1,122.00
-30.03
-2.61%
CH:BALN
Baloise Holding AG
195.00
45.11
30.10%
CH:BAER
Julius Baer Group Ltd
55.68
7.30
15.09%
CH:EFGN
EFG International AG
16.02
3.22
25.17%
CH:VONN
Vontobel Holding AG
69.50
14.03
25.30%
CH:SQN
Swissquote Group Holding Ltd.
506.00
238.44
89.12%

Partners Group Holding AG Corporate Events

Partners Group Reports Solid H1 2025 AuM Growth Amid Market Volatility
Jul 15, 2025

Partners Group reported a solid development in assets under management (AuM) for the first half of 2025, with new client commitments totaling USD 12 billion and an additional USD 4 billion from the acquisition of Empira Group. Despite market volatility, the firm maintained its investment and realization levels at USD 9 billion each, leveraging its platform to navigate challenging conditions. The company reconfirmed its full-year guidance, expecting gross new client demand between USD 22 to 27 billion, and highlighted a strong pipeline for the second half of the year. The announcement underscores Partners Group’s strategic positioning in private markets, emphasizing its ability to find relative value and manage evergreen funds effectively, which sets it apart in a competitive industry.

The most recent analyst rating on (CH:PGHN) stock is a Hold with a CHF1325.00 price target. To see the full list of analyst forecasts on Partners Group Holding AG stock, see the CH:PGHN Stock Forecast page.

Partners Group Exits Initial Investment in PCI Pharma Services, Reinvests for Future Growth
Jul 15, 2025

Partners Group has decided to exit its initial investment in PCI Pharma Services, a global contract manufacturing and development organization, generating significant returns for its clients. The firm will reinvest by acquiring a minority stake to support PCI’s next growth phase, which includes expanding its competitive positioning and capabilities in the pharmaceutical and life sciences industry.

The most recent analyst rating on (CH:PGHN) stock is a Hold with a CHF1325.00 price target. To see the full list of analyst forecasts on Partners Group Holding AG stock, see the CH:PGHN Stock Forecast page.

Partners Group Leads Acquisition of Techem to Boost Digital Real Estate Solutions
Jul 14, 2025

Partners Group, alongside GIC, TPG Rise Climate, and Mubadala, is set to acquire Techem, a provider of digital solutions for the real estate sector, for EUR 6.7 billion. This acquisition aims to drive Techem’s growth through digitization and expansion of services, reinforcing its role in the decarbonization of the real estate sector, which aligns with global energy efficiency trends and regulatory demands.

The most recent analyst rating on (CH:PGHN) stock is a Hold with a CHF1325.00 price target. To see the full list of analyst forecasts on Partners Group Holding AG stock, see the CH:PGHN Stock Forecast page.

Partners Group’s Infrastructure Strategy Yields $1.5 Billion in H1 2025
Jul 10, 2025

Partners Group has announced that its infrastructure secondaries strategy has generated USD 1.5 billion in distributions for its clients in the first half of 2025. This achievement is attributed to successful full and partial exits from investments in North American and European infrastructure assets, including significant projects in US power generation. The strategy focuses on mid-market opportunities, offering advantages such as attractive valuations and proprietary opportunities. This performance underscores Partners Group’s leadership and expertise in the infrastructure secondaries market, with plans to continue investing significantly in this area.

The most recent analyst rating on (CH:PGHN) stock is a Hold with a CHF1200.00 price target. To see the full list of analyst forecasts on Partners Group Holding AG stock, see the CH:PGHN Stock Forecast page.

Partners Group Acquires Majority Stake in Infinity Fincorp Solutions
Jul 10, 2025

Partners Group has announced its acquisition of a significant majority stake in Infinity Fincorp Solutions, a leading non-bank lender in India, for INR 19.5 billion. This strategic investment aims to leverage Partners Group’s expertise to enhance Infinity’s operations, including expanding its branch network and improving technological capabilities, thus supporting the growth of the MSME sector in India.

The most recent analyst rating on (CH:PGHN) stock is a Hold with a CHF1325.00 price target. To see the full list of analyst forecasts on Partners Group Holding AG stock, see the CH:PGHN Stock Forecast page.

Partners Group Expands in the Americas with New Miami Office
Jul 9, 2025

Partners Group has expanded its presence in the Americas by opening a new office in Miami, Florida. This office will serve as a hub for business development in Florida and a gateway to Latin America, shared with Empira Group, a real estate investment platform acquired by Partners Group. The expansion reflects the company’s growth in investment and client activities, particularly in its Private Wealth business, and aims to enhance service to business partners in the Southeast US and support growth in Latin America. With significant investments in North America, Partners Group continues to be a major player in the region, managing a diverse portfolio across various industries.

The most recent analyst rating on (CH:PGHN) stock is a Hold with a CHF1325.00 price target. To see the full list of analyst forecasts on Partners Group Holding AG stock, see the CH:PGHN Stock Forecast page.

Partners Group Announces H1 2025 Business Update and Outlook
Jul 1, 2025

Partners Group has announced an upcoming business update and outlook presentation for the first half of 2025, scheduled for July 15. This event will feature key executives discussing the company’s performance and future projections, with interim results set to be published on September 2, 2025, which may impact stakeholder expectations and market positioning.

The most recent analyst rating on (CH:PGHN) stock is a Hold with a CHF1380.00 price target. To see the full list of analyst forecasts on Partners Group Holding AG stock, see the CH:PGHN Stock Forecast page.

Partners Group Exits Aavas Financiers with Strong Returns
Jul 1, 2025

Partners Group has completed the sale of its final stake in Aavas Financiers, marking a full exit and delivering strong returns for its clients. The firm initially acquired a significant stake in Aavas in 2016, aiming to establish a private equity-controlled housing finance company in India. Under Partners Group’s ownership, Aavas grew significantly, overcoming macroeconomic challenges and expanding its market presence. The sale to CVC Capital Partners underscores Aavas’s position as a leader in affordable housing finance in India, with substantial growth in assets and net income, and improved asset quality.

The most recent analyst rating on (CH:PGHN) stock is a Hold with a CHF1380.00 price target. To see the full list of analyst forecasts on Partners Group Holding AG stock, see the CH:PGHN Stock Forecast page.

Partners Group Acquires Premium Cat Food Leader MPM Products
Jun 17, 2025

Partners Group has announced its acquisition of MPM Products, a leading global pet food business specializing in premium cat food brands such as Applaws, Reveal, and Encore. This acquisition is set to leverage the growing trends in pet ownership and premiumization of pet food, with plans to expand MPM’s market presence and reinforce its supply chain resilience, potentially enhancing the company’s growth and market positioning.

The most recent analyst rating on (CH:PGHN) stock is a Hold with a CHF1380.00 price target. To see the full list of analyst forecasts on Partners Group Holding AG stock, see the CH:PGHN Stock Forecast page.

Partners Group Opens New Regional Headquarters in Abu Dhabi
Jun 17, 2025

Partners Group has expanded its Middle Eastern presence by opening a new regional headquarters in Abu Dhabi, reflecting the region’s growing importance in technology, energy, manufacturing, and digital services. This strategic move aims to deepen the firm’s network of regional clients and partners, and capitalize on investment opportunities in the Middle East, enhancing its industry positioning and offering potential growth for stakeholders.

The most recent analyst rating on (CH:PGHN) stock is a Hold with a CHF1380.00 price target. To see the full list of analyst forecasts on Partners Group Holding AG stock, see the CH:PGHN Stock Forecast page.

Partners Group’s Evergreen Fund Reaches EUR 2 Billion Amid Growing Investor Interest
Jun 12, 2025

Partners Group’s private credit evergreen fund has reached EUR 2 billion, driven by increasing investor interest in evergreen products. The fund, which is one of the largest Luxembourg-domiciled private credit evergreen funds, follows a global direct lending strategy and has a diversified portfolio of over 140 senior secured loans. It has shown strong performance, returning 9% net last year, and is attracting both institutional and private wealth investors. This growth reflects a broader trend of rising demand for private credit amid higher interest rates, positioning Partners Group as a significant player in the private credit market.

The most recent analyst rating on (CH:PGHN) stock is a Hold with a CHF1380.00 price target. To see the full list of analyst forecasts on Partners Group Holding AG stock, see the CH:PGHN Stock Forecast page.

Partners Group Acquires PowerTransitions to Boost US Renewable Energy Capacity
Jun 4, 2025

Partners Group has announced its acquisition of PowerTransitions, a US-based utility-scale power developer, with a planned investment of over USD 450 million to drive future growth. This strategic move aims to capitalize on the rising power demand in the US by transforming legacy thermal power assets into renewable energy projects, addressing infrastructure challenges, and enhancing grid reliability. The acquisition aligns with Partners Group’s focus on co-locating renewables with existing power assets, leveraging its experience to optimize underutilized sites and meet the growing energy needs driven by data center expansion and economic electrification.

The most recent analyst rating on (CH:PGHN) stock is a Hold with a CHF1380.00 price target. To see the full list of analyst forecasts on Partners Group Holding AG stock, see the CH:PGHN Stock Forecast page.

Partners Group Strengthens US Private Wealth Leadership with Key Appointment
Jun 2, 2025

Partners Group has appointed Anastasia Amoroso as Managing Director and Chief Investment Strategist for its Private Wealth and Retirement business, marking a strategic move to bolster its growth in the US market. This appointment is part of a broader effort to enhance leadership within its Private Wealth division, following record fundraising achievements and strategic partnerships, positioning the firm as a leader in making private market investments accessible to a wider range of investors.

The most recent analyst rating on (CH:PGHN) stock is a Hold with a CHF1380.00 price target. To see the full list of analyst forecasts on Partners Group Holding AG stock, see the CH:PGHN Stock Forecast page.

Partners Group Shareholders Approve Key Proposals at 2025 AGM
May 21, 2025

Partners Group Holding AG’s shareholders approved all proposals at the 2025 Annual General Meeting, including the 2024 financial and non-financial reports, a cash dividend of CHF 42.00 per share, and the discharge of the Board and Executive Team from liability. The meeting also saw the re-election of Steffen Meister as Executive Chairman and the election of Urban Angehrn to the Board. PricewaterhouseCoopers AG was appointed as the new statutory auditor, indicating a continued focus on governance and strategic leadership.

The most recent analyst rating on (CH:PGHN) stock is a Hold with a CHF1380.00 price target. To see the full list of analyst forecasts on Partners Group Holding AG stock, see the CH:PGHN Stock Forecast page.

Green Tea’s IPO Marks New Growth Phase Under Partners Group
May 16, 2025

Green Tea, a top casual dining brand in China, has successfully listed its shares on the Hong Kong Stock Exchange, marking a significant milestone under the ownership of Partners Group. The IPO will enable Green Tea to expand its restaurant network, enhance its food processing capabilities, and upgrade IT systems, positioning it for further growth in China’s rising market.

The most recent analyst rating on (CH:PGHN) stock is a Hold with a CHF1380.00 price target. To see the full list of analyst forecasts on Partners Group Holding AG stock, see the CH:PGHN Stock Forecast page.

Partners Group Acquires Digital Halo to Expand Data Center Operations in Asia
May 13, 2025

Partners Group has announced its acquisition of Singapore-based data center operator Digital Halo, with plans to invest approximately USD 400 million to expand its operations across Southeast and North Asia. This acquisition marks Partners Group’s fourth data center investment globally since 2021, highlighting its strategic focus on the high-growth data center sector. The firm aims to transform Digital Halo into a leading regional data center platform, leveraging the robust demand for data center capacity driven by trends such as cloud migration and AI workloads. The initiative will involve the development of new data center assets in key Asian markets, positioning Partners Group to capitalize on significant growth opportunities in the region.

The most recent analyst rating on (CH:PGHN) stock is a Hold with a CHF1380.00 price target. To see the full list of analyst forecasts on Partners Group Holding AG stock, see the CH:PGHN Stock Forecast page.

Generali and Partners Group Launch Private Credit Secondaries Fund
Apr 22, 2025

Generali Investments, in collaboration with Partners Group, has launched its inaugural Private Credit Secondaries Fund, targeting professional investors in Europe, the Middle East, and Asia. The fund aims to capture market share in the rapidly growing private credit secondaries space by leveraging Generali’s origination and underwriting strengths and Partners Group’s expertise in private credit markets. This strategic collaboration is expected to enhance origination capacity, underwriting capabilities, and client reporting support, while also expanding fundraising efforts. The partnership aims to capitalize on the rising private credit assets under management, estimated at $1.6 trillion, and the increasing use of the secondary market as a portfolio management tool by LPs.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jul 17, 2025