The 1H26 performance income of Zurich-listed private capital firm plummeted by 39%, profits by 13%, while the investors in evergreen vehicles redeemed a relevant part of the resources that previously poured. Partners Group market capitalization fell by almost a third year-to date.
From 1 January 2027 Roberto Cagnati and Juri Jenkner will act as co-chief executive officers of Zurich-listed Partners Group (PG), the private capital firm with 186 billion US Dollars di asset under management said. The partners are part of the firms since 2004 and will replace David Layton that will act as chief investment officer and chairman del Global Investment Committee (press release and investors presentation).
Cagnati is a Swiss-Italian citizen that is a PG partner, co-head of Clients Pillar and head of Portfolio Solutions. He previously acted as chief risk officer and as member of the Executive Team and of Global Portfolio Committee. Before joining Partners Group in 2004, Cagnati worked for Deutsche Bank Asset Management and Credit Suisse Private Banking.
Jenkner is currently a partner and chairman of Partners Group Holding, head of Business Development and co-head of the Clients Pillar, having previously served as co-head of the Investments Pillar and head of private infrastructure activities. He also previously led the private credit and European Private Credit divisions. Before joining the group, he worked for the German private bank Merck Finck & Co.
In late August 2026, Partners Group share price increased (see here a previous post by BeBeez International), but at the closure of trading of 01 September, Tuesday, plummeted by 7.26% for a 34% year to date as the firm said that its fees turnover amounted to 1.121 billion CHF (-7% yoy from 1.21 billion) and profits to 502 million (-13% 578 million). PG explained that performance fees are worth 216 million (- 39%, 355 million) as it carried out substantial disposals of shareholdings in 2H25. However, the firm attracted 16 billion US Dollars in 1H26 for AuM of 186 billion (+7% yoy). In 2025, Partners Group turnover rose by 20% to 2.563 billion CHF (press release). In 2026 Partners Group expects to close a gross fundraising of 26-32 billion US Dollars with a performance income of 20-25% of revenues with a 25-40% medium to long-term target.
At the end of 2025, Partners Group allocated 56 billion US Dollars or 30% of its assets under management in evergreen private credit funds. In 1H26, several PG clients attempted to redeem some of the firm’s major evergreen vehicles due to disappointing results and the crisis in international private credit funds that started in January 2026 and later also affected the private equity sector (see here a previous post by BeBeez International). The group provided an extraordinary market update and confirmed that for 2026 expected gross inflows to be between 26 and 32 billion US dollars. However, PG also warned that in 2H26 evergreen funds could slow the net growth of total AuM by 1–2 percentage points, with a similar effect expected for the whole of 2027.
Steffen Meister, the executive chairman of Partners Group, said: “As we prepare our company to accelerate into this new cycle and this era of transformation, we are proud to announce Roberto and Juri as our new co-CEOs. Both are highly experienced executives with a long history at Partners Group, and we look forward to continuing our collaboration as they take on these important roles. We are also delighted that, after eight successful years as CEO, Dave will continue to play a key role in the company, focusing on investments, where his extensive experience will help us to continue delivering strong performance for our clients”.
Layton, the current ceo of PG, added: “During the latest fundraising cycle, our platform received over 80 billion US dollars in commitments from clients, culminating in record fundraising in 1H26. As we enter the 2H26, we are putting this capital to work whilst investment activity accelerates across the entire platform. Our exit pipeline remains full and, although some divestment processes may delay until 2027, our medium- to long-term guidance remains for performance income to account for approximately 25–40% of total revenue in the years ahead”.
Goldman Sachs alumni Alfred Gantner, Urs Wietlisbach and Marcel Erni founded PG in 1996. In 2008, the firm opened a bureau in Milan and manages assets worth above 4 billion Euros in Italy.
