Partners Group has generated double-digit growth across fundraising, investments, and realizations in 2025 despite what it described as a “demanding” private markets environment, lifting assets under management to $184.9 billion as of December 31, 2025, up from $152.3 billion a year earlier.
The Swiss private markets firm reported $30.2 billion in gross new assets during 2025, including a one-off $4.0 billion underwritten AuM contribution tied to its acquisition of Empira Group. Client demand totaled $26.2 billion for the year, above the firm’s guidance range of $22 billion to $27 billion, and compared with $22 billion in 2024.
Partners Group said fundraising was dominated by bespoke solutions, which accounted for 72% of capital raised. It attributed mandate growth to institutions seeking tailored private markets exposure, while evergreens posted a record year with 59% of demand coming from newer funds and 41% from its three largest funds. Traditional programs represented 28% of assets raised.
AuM growth was shaped by several offsetting items, including tail-down effects from mature programs of negative $8.7 billion and evergreen redemptions of negative $6.0 billion. Foreign exchange contributed $9.5 billion to AuM during the period, while other factors—including programs with AuM linked to NAV development—added $7.6 billion, the firm said.
By asset class, Partners Group ended 2025 with $85.8 billion in private equity AuM, $40.2 billion in private credit, $35.7 billion in infrastructure, $22.2 billion in real estate, and $1.0 billion in royalties. The company reported total new assets of $30.2 billion in 2025, with private credit and real estate representing the largest new-asset gains at $9.6 billion and $6.2 billion, respectively.
By strategy, AuM totaled $60.2 billion in traditional programs, $68.5 billion in mandates, and $56.2 billion in evergreens as of December 31, 2025. New client demand was $7.5 billion for traditional programs, $9.4 billion for mandates, and $9.4 billion for evergreens.
The firm also highlighted an expanding set of joint ventures with financial services partners aimed at private markets program creation and distribution. It cited collaborations with Deutsche Bank on an evergreen private markets fund, with PGIM on multi-asset portfolio solutions, and with Generali Investments on a private credit secondaries fund, alongside additional agreements with Lincoln Financial, Erste Asset Management, BBVA Asset Management, and Perpetual Group.
On deployment, Partners Group said it invested $27 billion in 2025, up from $22 billion in 2024, with 65% directed to direct assets and 35% to portfolio assets. The company pointed to a private equity investment in Infinity Fincorp Solutions, a non-bank lender in India, and an infrastructure investment in Life Cycle Power, a U.S. provider of mobile power generation solutions tied to rising near-term power needs from data centers and industrial expansion. In royalties, it cited a transaction supporting The Weeknd’s catalog move into a new vehicle co-owned with Lyric Capital, structured through a royalty-backed note.
Partners Group said realizations rose to $26 billion in 2025 from $18 billion in 2024, with direct equity realizations up 54% year over year. It noted that exits were concentrated in pre-2022 vintages and, in aggregate, transacted at a modest premium to most recent valuations. As an example, the firm described its multi-year repositioning of PCI Pharma Services into a global CDMO, including a 2020 majority-stake sale while retaining a minority position, followed by a full sale in 2025 that it said generated significant client returns.
For 2026, Partners Group forecasts gross new client demand of $26 billion to $32 billion, supported by a visible fundraising pipeline across mandates, evergreens, and traditional closed-ended programs. It expects tail-down effects of negative $10 billion to negative $13 billion for the full year, driven in part by certain fund tail-downs shifting from late 2025 to early 2026. The firm also reaffirmed its long-term view that performance fees should represent 25% to 40% of revenues, while signaling 2026 performance fees should land toward the lower end of that range due to some fees being pulled forward into 2025.
KEY QUOTES:
“We delivered on our 2025 objectives with double-digit growth across fundraising, investments, and realizations. In doing so, we defied the general industry trend in a challenging business environment, with average private markets transaction and fundraising levels still materially down on previous years. Our ability to avoid the general malaise and grow our business in a demanding environment enables us to look confidently ahead to 2026, despite continued market uncertainty.”
David Layton, Chief Executive Officer, Partners Group
“Our track record of evergreen fund management and ability to tailor bespoke solutions has made us a partner of choice for a broad range of financial services firms seeking to expand into private markets. We are proud to be partnering with some of the most prominent names in asset management on portfolio solutions for the next generation of private markets investors. Our partnership strategy is already bearing fruit and we anticipate it being a strong driver of client demand in years to come, representing an additional source of significant long-term growth beyond our own established suite of offerings.”
Roberto Cagnati, Head of Portfolio Solutions, Partners Group
“Our 2025 results set us firmly on the path to achieving the goals we laid out at our Capital Markets Day last March, including our aim of growing AuM to USD 450 billion by 2033. In 2026, we will build on the groundwork we laid in 2025 for strategic initiatives including joint ventures with leading financial services firms, capturing growth in APAC and the Middle East, and expanding the distribution of our new evergreen funds.”
Juri Jenkner, President and Head of Business Development, Partners Group
