Partners Group Shares Slide After Drop in Performance Fees, CEO Change

By Michael Hennessey

Partners Group shares dropped after the Swiss private-equity group reported a sharp fall in performance fees and named new co-chief executives after a turbulent period.

Shares were down 7.7% at 676.40 Swiss francs in early European trading on Tuesday. The stock has fallen 31% year to date.

Partners Group has been under pressure this year as clients soured on private markets and investors grew concerned over its exposure. The company in June capped redemptions from a flagship private-markets fund because of high demand from investors to get their money back.

Partners Group said Tuesday, alongside its first-half results, that its chief executive officer would move to an investment role and be replaced by Roberto Cagnati and Juri Jenkner as co-chief executives from the start of 2027.

David Layton, who was named co-CEO in 2019 and became sole CEO in 2021, will return to an investment role, becoming chief investment officer and chairman of the global investment committee.

Cagnati has been with the group since 2004 and most recently served as head of portfolio solutions and chief risk officer.

Jenkner joined Partners Group in 2004 and currently serves as president and head of business development of the firm. He formerly served as head of infrastructure and head of private credit.

For the first half, performance income dropped 39% to 216 million Swiss francs ($267.2 million), the company said. Management income grew to 905 million francs from 854 million francs.

Depending on the timing of select exits, it now sees performance income at between 20% and 25% of total revenue for 2026, down from previous guidance for the lower part of the 25%-40% range.

"Our exit pipeline remains full, and while some exit processes are likely to shift into 2027, our mid- to long-term guidance remains for performance income to be around 25-40% of total revenue in the years ahead," Layton said.

Partners Group said performance income was hit by sizable exits in the second half of 2025 that were sped up to benefit from market momentum.

Net profit fell 13% to 502.1 million francs in the first half of the year, but remained flat in constant currency.

The company reaffirmed its expectations of total new client assets between $26 billion and $32 billion for the full year. Assets under management at the end of the first half stood at $186.0 billion, up from $174.4 billion a year before.

Write to Michael Hennessey at michael.hennessey@wsj.com

(END) Dow Jones Newswires

September 01, 2026 05:05 ET (09:05 GMT)