Partners Group Replaces CEO After Performance Income Drops 39%

Partners Group has replaced CEO David Layton following a 39% decline in performance income. The reduction was influenced by significant exits in H2 2025, which were accelerated to capitalize on market momentum, according to the company's earnings report. Partners Group has named Roberto Cagnati and Juri Jenkner as co-CEO in response to the weakened performance-related revenue.

Layton will retain his role as chief investment officer. The firm operates under challenging conditions, including geopolitical tensions, economic uncertainty, and concerns within the private markets sector. Despite these challenges, Partners Group has managed to maintain disciplined capital deployment, gain market share, and raise funds successfully.

However, the company faced redemption requests in its evergreen fund due to broader concerns about the private credit industry. In the first half of 2026, total revenues decreased by 2% in constant currency and 7% reported, with growth in management income being offset by lower performance income. For the full year 2026, Partners Group anticipates new client assets ranging from $26 billion to $32 billion, with $10 billion to $13 billion in tail-down effects as older funds wind down.

The asset manager expects performance income to hover between 20-25% for 2026, with a mid- to long-term goal of 25-40%. Additionally, Partners Group is under pressure to refinance approximately $7 billion in debt across three portfolio companies, creating concerns among creditors about its ability to manage all three simultaneously.

The Swiss firm manages approximately $185 billion across private equity, private credit, infrastructure, and real estate.