Partners Group reported $30bn of new assets in 2025, lifting assets under management to $185bn, as it defied a broader slowdown in private markets fundraising and transactions.

Client demand totalled $26.2bn during the year, with bespoke solutions accounting for 72% of capital raised. Evergreen funds also recorded a strong year, supported by the launch of new products and growing demand from institutional and wealth clients.

Partners Group invested $27bn globally across private equity, private credit, infrastructure, real estate, and royalties, while generating $26bn of realizations, a 47% increase year on year. Direct equity exits were concentrated in pre-2022 vintages and transacted at modest premiums to recent valuations.

Chief executive David Layton said the firm delivered double-digit growth across fundraising, investments, and realizations despite a challenging market environment. He added that the firm’s ability to grow through the cycle allowed it to look confidently toward 2026.

Partners Group expects gross new client demand of between $26bn and $32bn in 2026, supported by joint ventures with financial institutions including Deutsche Bank, PGIM, Generali Investments, and BBVA Asset Management.

The results underline how large, diversified private markets managers with evergreen and bespoke strategies have been able to capture market share as capital becomes more selective.

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