PartnersGroup

Interim Report 2019

Key figures

1,326
professionals
EUR
79.8
billion
assets under management
EUR
7.4
billion
new assets raised
USD
6.9
billion
invested
CHF
552
million
management fees
CHF
130
million
performance fees
CHF
432
million
EBIT
CHF
397
million
profit

Message from the Chairman and the Co-CEOs

We are pleased to report a solid start to 2019. Clients across all regions entrusted us with EUR 7.4 billion in new commitments in the first half of the year. At the same time, we were able to invest USD 6.9 billion on behalf of our clients in attractive businesses and assets across all private markets asset classes.

As ever, we remain committed to creating long-term value for all our stakeholders – our clients, business partners, fellow shareholders and colleagues – and thank you for your continued trust in our firm.

Message from the Chairman and the Co-CEOs
Co-CEOs
André Frei
Co-Chief Executive Officer
Steffen Meister
Executive Chairman
David Layton
Co-Chief Executive Officer

H1 2019 at a glance

Investments

Despite lower investment volumes in the market, we invested a total of USD 6.9 billion on behalf of our clients across all private markets asset classes in H1 2019. Of this total amount, USD 4.1 billion was deployed in direct assets, of which USD 2.3 billion was invested as equity in individual businesses and real assets and USD 1.8 billion was invested in corporate debt. For our equity investments, our entrepreneurial ownership approach, with its focus on value creation through strong governance structures and deep industry expertise, remains the key to generating sustainable outperformance.

Investments

Clients

We saw solid client demand in H1 2019. We received EUR 7.4 billion in new commitments from our global client base across all private markets asset classes. This demand for programs and mandates brings total assets under management to EUR 79.8 billion as of 30 June 2019. While our fundraising was spread over around 20 individual programs and numerous mandates across all asset classes, our next-generation flagship programs were the ones that contributed more significantly to fundraising during the period and are also expected to do so over the next twelve to 18 months.

Clients

Financials

Strong client demand and continued successful investment activities enabled us to generate a solid 14% increase in management fees in H1 2019. During the same period, underlying portfolio realizations amounted to USD 4.7 billion. Realizations were affected by the end of 2018 market correction, which caused uncertainty in the market and slowed the global exit environment in the first quarter of 2019. This resulted in a decrease in performance fees, which were around the lower end of our communicated full-year guidance of 20-30% of total revenues. Total revenues rose 4% to CHF 682 million during the period.

Financial Report Financial Statements

Total assets under management

(in EUR bn)
See breakdown

Total assets under management