Partners Group profit falls 13% as firm names new co-CEOs
Swiss private markets manager Partners Group has reported a 13% year-on-year decline in first-half net profit, while announcing a leadership change that will see Roberto Cagnati and Juri Jenkner take over as co-CEOs from January 2027, according to a report by Reuters.
Swiss private markets firm Partners Group disclosed a 13% decrease in net profit for the first half of the year, with Roberto Cagnati and Juri Jenkner becoming co-CEOs starting January 2027, Reuters reported. The company reported a net profit of CHF502m ($620m) for the six-month period ending June 30, due to ongoing uncertainty surrounding its open-ended investment vehicles, which impacted its business and share price.
Current CEO David Layton will depart the executive team on January 1, 2027, to be succeeded by Cagnati and Jenkner, both long-term Partners Group employees who joined in 2004. Partners Group chairman Steffen Meister stated that these appointments would prepare the firm for the next phase of its development and transformation. The leadership change coincided with the company managing liquidity pressures affecting some of its mature evergreen funds, which led to the introduction of investor redemption limits in June and expectations of lingering withdrawals.
Despite these challenges, Partners Group reported stronger-than-expected demand from new clients throughout the first half of the year, forecasting $26bn to $32bn in new client assets for the full year. The firm projected performance-related revenues to account for 20% to 25% of revenues in 2026, below its long-term target range of 25% to 40%.
Layton acknowledged a substantial exit pipeline, though some transactions might be postponed until 2027.
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