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{{Short description|Swiss-based global private equity firm}} | |||
{{Infobox company |
{{Infobox company | ||
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| name = Partners Group Holding AG | |||
| image = File:Partners Group Denver offices.jpg | |||
| logo = Partners Group.svg | |||
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| type = '']'' | |||
| traded_as = {{SWX|PGHN}} | |||
| key_people = André Frei (Co-CEO)<br> | |||
| key_people = Steffen Meister (]) <ref name="privateequityinternational">{{Cite web|url=https://www.privateequityinternational.com/partners-groups-meister-on-how-private-markets-get-to-20trn/|title=Partners Group's Meister on how private markets get to $20trn|date=13 May 2020 |access-date=4 August 2021}}</ref><br />David Layton (]) <ref name="H12021">{{Cite web|url=https://gateway.eqs.com/maily/file/3d5169ca-658c-4044-bf7c-09945b360a96|title=Half Year 2021|access-date=4 August 2021}}</ref><ref name="Citywire">{{Cite web|url=https://citywire.ch/news/partners-group-reports-chf-109bn-aum/a1531528?ref=international-switzerland-latest-news-list|title=Partners Group reports CHF 109bn AUM|access-date=4 August 2021}}</ref> | |||
David Layton (Co-CEO) | |||
| industry = ], ], ], ], ] | |||
| | |||
| aum = {{increase}} US$149 billion (2024)<ref>{{cite web |title=Partners Group reports solid AuM development in H1 and reconfirms full-year fundraising guidance |url=https://www.partnersgroup.com/en/news-and-views/press-releases/corporate-news/detail?news_id=e35d2b13-a361-463d-9964-56b3c4c8c23a |publisher=Partners Group}}</ref> | |||
industry = Private party equity, infrastructure, real estate, and debt | |||
| num_employees = {{increase}} 1,800 (2024)<ref name=Aum2023>{{cite web |title=Partners Group reports AuM of USD 147 billion per end of 2023; increases guidance for gross client demand in 2024 |url=https://www.partnersgroup.com/en/news-views/press-releases/corporate-news/detail/partners-group-reports-aum-of-usd-147-billion-per-end-of-2023-increases-guidance-for-gross-client-demand-in-2024/ |publisher=Partners Group}}</ref> | |||
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| revenue = {{increase}} 1,945 million ]<ref>{{cite web |title=2023 Annual Report |url=https://www.partnersgroup.com/~/media/Files/P/Partnersgroup/Universal/shareholders/reports-and-presentations/2023/annual-report-2023.pdf |publisher=Partners Group}}</ref> | |||
assets = US$91 billion (June 2019) | |||
| revenue_year = 2023 | |||
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⚫ | | homepage = {{URL|www.partnersgroup.com}} | ||
num_employees = 1,300 (June 2019) | |||
⚫ | | foundation = {{start date and age|1996}} | ||
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| founder = Marcel Erni<br>]<br> ] | |||
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⚫ | | location = ]| | ||
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'''Partners Group Holding AG''' is a Swiss-based global ] firm with US$149 billion in ] in private equity,<ref name="finanzen23">{{Cite web|url=https://www.finanzen.ch/nachrichten/aktien/partners-group-continues-to-strengthen-its-presence-in-japan-with-the-appointment-of-teppei-kawai-as-country-head-1032039235|title=Partners Group continues to strengthen its presence in Japan with the appointment of Teppei Kawai as Country Head|date=25 January 2023|access-date=1 March 2023}}</ref> private infrastructure, private real estate and private debt.<ref>{{Cite web|title=Partners Group reports total AuM of USD 94 billion as of 31 December 2019|url=https://www.partnersgroup.com/en/news-views/corporate-news/current/detail/article/partners-group-reports-total-aum-of-usd-94-billion-as-of-31-december-2019/|website=www.partnersgroup.com|language=en|access-date=2020-05-29}}</ref> | |||
'''Partners Group AG''' ({{SWX|PGHN}}) is a private equity firm with US$91 billion in assets under management in private equity, private infrastructure, private real estate and private debt. The firm manages a broad range of funds, structured products and customized portfolios for an international clientele of institutional investors, private banks and other financial institutions. Partners Group AG is in the private equity industry, having completed more than 200 private equity investments in portfolio companies. | |||
The firm manages a broad range of funds, structured products and customised portfolios for an international clientele of institutional investors, private banks, individual investors and other financial institutions. The firm has completed more than 250 private equity investments in portfolio companies. In 2020, Partners Group became a constituent of the ], an index of the 20 largest stocks in ]. As of 2024, Partners Group is the fifth most-valuable ] in the world by market capitalisation.<ref name='FT'>{{Cite web|url = https://www.ft.com/content/c8da614e-c2c8-4769-a302-1be39620f957|title = Inside private equity's race to go public |date=2022-01-10|access-date = 2022-05-24|website = www.ft.com|publisher = Financial Times}}</ref> | |||
== History == | == History == | ||
===Early history (1996-2010)=== | |||
Founded in 1996, the firm is headquartered in Zug, Switzerland with offices in Denver, Houston, Toronto, New York, São Paulo, London, Guernsey, Paris, Luxembourg, Milan, Munich, Dubai, Mumbai, Singapore, Manila, Shanghai, Seoul, Tokyo and Sydney. Partners Group is a joint stock company under Swiss law, listed on the ] since its 2006 ] (minority floating).<ref> {{webarchive|url=https://archive.is/20120723230809/http://www.altassets.com/news/arc/2006/nz8202.php |date=2012-07-23 }}. ], 2006</ref> As of today, around 45% of the shares are held by all employees and partners.<ref> {{Webarchive|url=https://web.archive.org/web/20120602092841/http://www.partnersgroup.com/g3.cms/s_page/79880/s_name/firmprofile |date=2012-06-02 }}. ]</ref> Founding partners are Alfred Gantner, Marcel Erni, Urs Wietlisbach and Stefan Degen. | |||
Partners Group was co-founded in 1996 by ], Marcel Erni and ] in ]. Each of the co-founders contributed an equal share to the initial pool in the first year. In the firm's second year it had its first major milestone, launching a US$150 million small & midcap fund focused on investments in German-speaking ]. The fund was a huge success in mainland Europe. According to ], this is partly due to the lack of competition at the time in Europe compared to North America. In the same article, co-founder ] stated ''“you had to explain the term to people because ‘private equity’ in the way we understand it today did not exist, it was called Risikokapital, risk capital, which was associated with ].”''<ref name=institutionalinvestor>{{cite web |last1=Timms |first1=Aaron |title=Switzerland's Partners Group Changes Its Profile, not Its Approach |url=https://www.institutionalinvestor.com/article/2bsuas4gvs74tsei75vy8/portfolio/switzerlands-partners-group-changes-its-profile-not-its-approach |publisher=Institutional Investor |date=May 27, 2014}}</ref> | |||
In 1998, it completed a ] involving the private equity portfolio of ]’s U.S. pension fund for US$265 million. At the time, it was the largest secondary transaction recorded.<ref name=institutionalinvestor /> In 2002, Partners Group was an early investor in ], a Java client software maker.<ref>{{cite web |title=Esmertec tops up its second round |url=https://www.swissinfo.ch/eng/esmertec-tops-up-its-second-round/2650016 |publisher=] |date=April 12, 2002}}</ref> Partners Group is a joint stock company under Swiss law, listed on the ] since its 2006 ] (minority floating).<ref> {{webarchive|url=https://archive.today/20120723230809/http://www.altassets.com/news/arc/2006/nz8202.php|date=2012-07-23}}. AltAssets, 2006</ref> Around 45% of the shares are held by employees and partners.<ref> {{Webarchive|url=https://web.archive.org/web/20120602092841/http://www.partnersgroup.com/g3.cms/s_page/79880/s_name/firmprofile|date=2012-06-02}}. Partners Group.</ref> As of 2016, according to ], founders Gantner, Erni, and Wietlisbach are listed as three of the 25 wealthiest private equity managers in the world, each with net worths totaling $1.3 billion.<ref>{{Cite web|title=The 25 richest people in private equity|url=https://www.businessinsider.com/the-richest-people-in-private-equity-2016-3|last=Crowe|first=Portia|website=Business Insider|access-date=2020-05-29}}</ref> Since 2001, Partners Group has pioneered evergreen funds in private markets and launched the first ] (ELTIF) in 2017.<ref name="Spearswms">{{Cite news|url=https://spearswms.com/individual-investors-private-equity-markets/|title=Individual investors are finding new ways to access private markets|publisher=SPEAR'S|date=2023-01-25|access-date=2023-03-01}}</ref> | |||
] | |||
Beginning in late 2004, Partners Group made a number of announcements about the opening of new global offices. This began with the Asia Pacific region, with the opening of an office in ] in December 2004.<ref name=asiafund>{{cite web |title=Partners opens in Singapore, launches Asia fund |url=https://www.privateequityinternational.com/partners-opens-in-singapore-launches-asia-fund/ |publisher=Private Equity International |date=December 14, 2004}}</ref> The regional office would be responsible for the Asian-focused ] and the investment firm's push into Asia.<ref name=asiafund /> Christoph Rubeli was responsible for overseeing the expansion. Partners Group Singapore has since become an important regional office for the investment firm, reaching the operational milestone of 20 years in 2024.<ref>{{cite web |title=Partners Group Singapore celebrates its 20-year anniversary this month |url=https://www.linkedin.com/posts/partners-group_partners-group-singapore-celebrates-its-20-activity-7242800933741412353-Ji7T/ |publisher=]}}</ref> In March 2005, the investment firm opened its first UK-based office in ] due to its growing investor base in the region. Erik Kaas of PG's executive board would manage the UK operations.<ref>{{cite web |title=Partners Group opens London office and launches joint HSBC fund of funds |url=https://www.altassets.net/private-equity-news/partners-group-opens-london-office-and-launches-joint-hsbc-fund-of-funds.html |publisher=AltAssets |date=March 30, 2005}}</ref> By 2005, Partners Group had $6 billion in ], and was benefitting from the growing ] industry.<ref name=privateequityft>{{cite web |last1=Davis |first1=Phil |title=Private equity given wide berth by many |url=https://www.ft.com/content/b24c26f6-fae5-11d9-a0f6-00000e2511c8 |publisher=] |date=July 24, 2005}}</ref> The ] reported that private equity funds had raised $60 billion in first half of 2005 compared with $90 billion for the whole of 2004, demonstrating a growing demand for ].<ref name=privateequityft /> Wietlisbach was quoted stating he saw continued growth in the industry as ''"generalist funds will struggle to attract new money."''<ref name=privateequityft /> Partners Group reported in its 2007 annual report that the firm had undergone a period of rapid expansion over the previous 24 months. During that time, it has more than doubled its ], employee numbers and its annual ] figure.<ref>{{cite web |title=Annual report 2007 |url=https://www.partnersgroup.com/fileadmin/user_upload/Files/Financial_PDFs/Annual_report_2007.pdf |publisher=Partners Group}}</ref> Two years after launching its first Asian private equity fund, the firm expanded its presence in ] with the opening of its Japanese office in the country's capital ].<ref>{{cite web |last1=Lim |first1=Sharon |title=Partners Group opens in Tokyo |url=https://www.privateequityinternational.com/partners-group-opens-in-tokyo4/ |publisher=Private Equity International |date=September 4, 2007}}</ref> As an early investor in Swiss-based semi-conductor manufacturer ], Partners Group benefitted when the company announced it would be going public by the end of 2007.<ref>{{cite web |title=U-blox Goes Public |url=https://www.pehub.com/u-blox-goes-public/ |publisher=pehub.com |date=October 26, 2007}}</ref> | |||
On February 6, 2009, Partners Group announced that ] would be joining its board of directors. Wuffli had previously served as CEO ] until 2007.<ref>{{cite web |title=Partners Group to propose unchanged dividend of CHF 4.25 per share for 2008 and Peter Wuffli as a new board member |url=https://www.partnersgroup.com/en/shareholders/ad-hoc-announcements-art-53-lr/detail/partners-group-to-propose-unchanged-dividend-of-chf-425-per-share-for-2008-and-peter-wuffli-as-a-new-board-member/ |publisher=Partners Group}}</ref> Partners Group launched the Private Equity Master Fund in 2009. The fund was one of the first to meet the requirements of the ], and one of the first SEC-regulated funds available in the ]. Since its launch, the fund has consistently remained as largest entrant in this sector with US$16 billion in assets in 2024.<ref>{{cite web |title=Partners Group Private Equity (Master Fund), LLC |url=https://www.sec.gov/Archives/edgar/data/1447247/000139834423011910/fp0083566-3_ncsr.htm |publisher=]}}</ref><ref>{{cite web |last1=Schultz |first1=Abby |title=Future Returns: The ‘Democratization’ of Private Equity |url=https://www.barrons.com/articles/future-returns-the-democratization-of-private-equity-01638908703 |publisher=] |date=December 7, 2021}}</ref> According to the firm's 2010 Annual Report, total assets under management grew from €17.3 billion in 2009 to €21.4 billion in 2010.<ref>{{cite web |title=Annual Report 2010 - Sustained Growth in a Changing World |url=https://www.partnersgroup.com/~/media/Files/P/Partnersgroup/Universal/shareholders/reports-and-presentations/2010/annual-report-2010.pdf |publisher=Partners Group |date=April 11, 2010}}</ref> | |||
===International growth (2011-20)=== | |||
⚫ | As of 30 November 2011, Partners Group has been included in the ], after having been included in mid-September in the Swiss Small & Mid Cap Index (]), which tracks the 30 biggest listed companies in Switzerland that are not listed by the ].<ref> {{webarchive|url=https://web.archive.org/web/20131029185616/http://origin-www.bloomberg.com/apps/news?pid=conewsstory&tkr=P2H:GR&sid=aXde7Bgq12qc |date=2013-10-29 }}</ref> | ||
At Private Equity International's 2012 awards, Partners Group were standout winners at the awards ceremony, as they were the only firm to win three categories.<ref>{{cite web |last1=Winfrey |first1=Graham |title=PEI Awards: Carlyle and Partners win Big |url=https://www.privateequityinternational.com/pei-awards-carlyle-and-partners-group-win-big/ |publisher=Private Equity International |date=March 1, 2013}}</ref> During the same year, Partners Group announced it was investing an undisclosed amount in solar panel production company, RioGlass.<ref>{{cite web |title=Ventizz Capital, Partners Group Invest In RioGlass Solar |url=https://www.wsj.com/articles/DJFLBO0020120119e81jlaqf4 |publisher=] |date=January 19, 2012}}</ref> In July 2013, Partners Group announced the planned appointment of Christoph Rubeli and André Frei as co-CEOs, replacing Steffen Meister who had held the role since 2005.<ref name=seca>{{cite web |title=Partners Group plans additions and changes to the firms boards |url=https://www.seca.ch/mobile/news/detail.aspx?identifier=/Newsletters/2013/Template-(9)/Private-Equity---Swiss-News/News |publisher=The Swiss Private Equity & Corporate Finance Association}}</ref> Meister would remain at Partners Group as a full-time executive member of its ].<ref name=seca /> In 2014, Partners Group announced that it had closed its third direct investment fund at its hard cap of €1.5 billion.<ref name=directinvestmentswsj>{{cite web |last1=Macfarlane |first1=Alec |title=Partners Group Pushes Further Into Direct Investments |url=https://www.wsj.com/articles/DJFLBO0020140213ea2dgda0r |publisher=] |date=February 13, 2014}}</ref> Later that year, Partners Group and ] joined forces to acquire Voyage Care for £375 million, a specialist support company based in the UK.<ref>{{cite web |last1=Chassany |first1=Anne-Sylvaine |title=PE groups take a second bite at the apple |url=https://www.ft.com/content/f4c975d6-27b0-11e4-b7a9-00144feabdc0 |publisher=] |date=August 20, 2014}}</ref> The ] reported the financial firm would likely continue its strategic focus on buyouts.<ref name=directinvestmentswsj /> It also held its first investor conference in the ] during the same year.<ref name=institutionalinvestor /> Partners Group expanded its real estate portfolio in 2015 with a number of purchases in the ] and also in ].<ref name=fenchurch>{{cite web |title=Partners Group unveils plans for 80 Fenchurch Street office tower |url=https://www.cityam.com/partners-group-unveils-plans-80-fenchurch-street-office-tower/ |publisher=] |date=May 26, 2015}}</ref> In London it acquired the 80 Fenchurch Street site next to ], with plans to construct a 245,000sq ft office building in a ] with Marick Real Estate.<ref name=fenchurch /> This was after the firm brought the 0.6 acre site out of receivership earlier that year for over £50 million.<ref>{{cite web |last1=Sidders |first1=Jack |title=Private equity firm pounces on City scheme |url=https://www.egi.co.uk/news/private-equity-pounces-on-300m-city-scheme/ |publisher=] |date=January 6, 2015}}</ref> In the US, hotels in ] and Tennessee were acquired, along with land in ]. The United States real estate deals totalled US$163 million.<ref>{{cite web |title=Partners Group kauft zu |url=https://www.nzz.ch/wirtschaft/partners-group-kauft-zu-ld.1055112 |publisher=] |language=German |date=October 1, 2015}}</ref> In February 2016, Partners Group acquired ]-based childcare firm Guardian Early Learning in a deal worth $440million.<ref>{{cite web |last1=Thompson |first1=Sarah |title=Partners Group buys Guardian Early Learning for $440m |url=https://www.afr.com/companies/partners-group-buys-guardian-early-learning-for-440m-20160202-gmjo3f |publisher=] |date=February 2, 2016}}</ref> | |||
In January 2018, ] purchased the company's 44% minority interest in solar energy firm Silicon Ranch for an estimated $200 million.<ref>{{Cite web|url=https://www.nashvillepost.com/business/manufacturing/energy/article/20988737/shell-takes-big-stake-in-silicon-ranch|title=Shell takes big stake in Silicon Ranch|website=Nashville Post|date=15 January 2018 |language=en|access-date=2019-04-29}}</ref> Around the same time, Partners Group continued with its efforts to invest in green technology companies by investing in the ] project off the coast of the ].<ref>{{cite web |last1=Allen |first1=Nathan |title=Partners Group to Take 45% Stake in Dutch Offshore Wind Farm Project |url=https://www.wsj.com/articles/partners-group-to-take-45-stake-in-dutch-offshore-wind-farm-project-1515434050 |publisher=] |date=January 8, 2018}}</ref> It acquired a 45% stake in the wind farm. Partners Group continued with acquisitions throughout 2018, including two other major deals.<ref>{{cite web |last1=Ballard |first1=Ed |title=Partners Group Makes a Splash With Deal Spree |url=https://www.wsj.com/articles/partners-group-makes-a-splash-with-deal-spree-1530617401 |publisher=] |date=July 3, 2018}}</ref> The first was German smart metre business Techem followed by Megadyne SpA and Ammeraal Beltech Holding BV.<ref name=bloomberg18>{{cite web |last1=Syed |first1=Sarah |title=Partners Group Seeks Up to $5.8 Billion for Buyout Fund |url=https://www.bloomberg.com/news/articles/2018-10-07/partners-group-said-to-seek-up-to-5-8-billion-for-buyout-fund |publisher=] |date=October 7, 2018}}</ref> In August, it was announced that Christoph Rubeli would be stepping down from his role as co-CEO, and would be replaced by David Layton.<ref name=layton>{{cite web |last1=McElhany |first1=Alicia |title=Partners Group Reveals Succession Plan as Co-CEO Steps Down |url=https://www.institutionalinvestor.com/article/2bsxmmpkj3hmy63zg86ps/corner-office/partners-group-reveals-succession-plan-as-co-ceo-steps-down |publisher=] |date=August 30, 2018}}</ref> The firm continued with its co-CEO model, with André Frei remaining as the firm's other co-CEO. Layton's role at the time was as senior manager at the firm's ] office, and became Partners Group's first ] chief executive officer.<ref name=layton /> ] reported in October 2018 that the firm was seeking to raise a reported $5.8 billion for its fourth buyout fund.<ref name=bloomberg18 /> | |||
] | |||
In 2019, the former ] and chancellor ] was announced as an advisor to Partners Group. His role would be to advise the private equity firm on ].<ref>{{cite web |last1=Clark |first1=Simon |title=Former U.K. Prime Minister Gordon Brown to Advise Private-Equity Firm |url=https://www.wsj.com/articles/former-u-k-prime-minister-gordon-brown-joins-private-equity-firm-11547060520 |publisher=] |date=January 9, 2019}}</ref> During the same year, Partners Group announced it was acquiring a majority stake in ]-based optometry specialist EyeCare Partners in a USD$2.2 billion deal.<ref>{{cite web |last1=Bunker |first1=Ted |title=Partners Group Buys U.S. Eye-Care Company in $2.2 Billion Deal |url=https://www.wsj.com/articles/partners-group-buys-u-s-eye-care-company-in-2-2-billion-deal-11576516689 |publisher=] |date=December 16, 2019}}</ref> In June, the firm opened its 129,400-square-foot North American headquarters in ].<ref name="BizJournal">{{Cite web|url=https://www.bizjournals.com/denver/news/2020/03/11/dbj-offices-partners-group.html |title= DBJ Offices: Inside the factory-themed Broomfield HQ of Swiss investment firm Partners Group (Video) |website=Denver Business Journal|access-date=2020-06-01}}</ref> In 2020, Partners Group was awarded Firm of the Year in ] for the fourth consecutive year (previously 2017, 2018 and 2019) by ].<ref>{{Cite web|author=|date=2021-03-01|title=PEI Awards 2020: Winners|url=https://www.privateequityinternational.com/pei-awards-2020-winners/|access-date=2021-06-06|website=Private Equity International|language=en-GB}}</ref> Partners Group entered into a major cooperation with ] in the form of a new private markets solution for its wealth management clients, targeting an annual investment capacity of US$1‐3 billion over time.<ref>{{cite news |url= https://www.reuters.com/article/uk-ubs-group-partners-group-private-equi-idUKKBN27F0IK|title=UBS makes private markets push with Partners Group tie-up|newspaper=Reuters |date=30 October 2020 |language=English|access-date=9 November 2021}}</ref><ref name="PBI">{{cite web |url= https://www.privatebankerinternational.com/news/ubs-strengthens-focus-on-private-markets-with-partners-group-partnership/|title=UBS strengthens focus on private markets with Partners Group partnership|date=30 October 2020 |language=English|access-date=9 November 2021}}</ref><ref name="WB">{{cite web |url= https://www.wealthbriefing.com/html/article.php?id=189169#.YYpvlfnMKUl|title=UBS To Launch Private Market Programmes With Partners Group|language=English|access-date=9 November 2021}}</ref><ref name="BI">{{cite web |url= https://www.businessinsider.com/ubs-clients-private-markets-access-partners-group-deal-2020-10?r=US&IR=T|title=UBS joins forces with private equity firm Partners Group to give wealthy clients access to private markets|website=] |language=English|access-date=9 November 2021}}</ref> During the same year, MidRail accused Partners Group of violating a non-disclosure agreement, which allegedly impacted the bidding process for acquisition target ].<ref>{{Cite web|url=https://www.institutionalinvestor.com/article/b1jydgdxs2f6c8/Partners-Group-Sued-Over-Alleged-Breach-of-Non-Disclosure-Agreements|title=Partners Group Sued Over Alleged Breach of Non-Disclosure Agreements|website=Institutional Investor|date=17 January 2020 |language=en|access-date=2020-03-13}}</ref> The case was closed in October 2023, after Partners Group and MidRail mutually agreed to dismiss their claims against each other.<ref>{{cite web |title=Stipulation of Discontinuance with Prejudice |url=https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=jWH/j_PLUS_MJFCjnB/xfRsPRFQ==&system=prod |publisher=] |date=October 27, 2023}}</ref> September 2020 saw Partners Group join the ], with its first day of trading on 21 September. The SMI contains the 20 largest Swiss stocks, and is the most prominent stock index in ].<ref>{{cite web | url=https://www.six-group.com/dam/download/market-data/news/swiss-exchange-messages/2020/swx_message_202007081745_en.pdf | title=Index adjustments on the occasion of the ordinary index review | publisher=SIX Swiss Exchange |access-date=2020-09-03}}</ref> It was Partners Group's first time listed on the index.<ref>{{Cite news|title=Partners Group boots Adecco out of the SMI|language=en|work=Citywire Switzerland|url=https://citywire.ch/news/partners-group-boots-adecco-out-of-the-smi/a1378293|access-date=2020-07-11}}</ref> | |||
=== Recent history (2021-present) === | |||
In 2021, Partners Group was selected by ] to manage a substantial portion of its US$600 million Shariah Private Equity Direct/Co-Investment Fund - the largest of its kind in the world.<ref name="GLC">{{cite web |url= https://www.globallegalchronicle.com/employees-provident-funds-us600-million-fundraising/|title=Employees Provident Fund's US$600 Million Fundraising|date=20 March 2021 |language=English|access-date=9 November 2021}}</ref> In September 2021, the firm announced that it had raised $15 billion for a ] program.<ref name=reuters>{{cite web |last1=Oguh |first1=Chibuike |title=Partners Group raises $15 bln for private equity investing |url=https://www.reuters.com/business/finance/exclusive-partners-group-raises-15-bln-private-equity-investing-2021-09-20/ |publisher=] |date=September 20, 2021}}</ref> At the time of the announcement, $6 billion of the total had been invested to acquire stakes in 17 companies.<ref name=reuters /> Partners Group led a consortium in the biggest Swiss 2022 venture capital investment in cleantech company ], the world's largest direct air capture and storage plant.<ref name="SVCR23">{{Cite news|url=https://www.startupticker.ch/assets/files/SVC%20Report%202023_web.pdf|title=Swiss Venture Capital Report 2023|publisher=JNB Journalistenbüro |work=startupticker.ch|access-date=2023-03-01}}</ref> Also in 2022, Partners Group invested ] 500 million in Budderfly, an energy-as-a-service company that provides energy efficient systems to businesses. The ]-based energy company served 2,750 clients across the ] at the time of the investment.<ref>{{cite web |last1=Garcia |first1=Luis |title=Partners Group Invests $500 Million in Energy-as-a-Service Company Budderfly |url=https://www.wsj.com/articles/partners-group-invests-500-million-in-energy-as-a-service-company-budderfly-11657533604 |publisher=] |date=July 11, 2022}}</ref> In November 2022, Partners Group acquired EdgeCore for $1.2 billion, a Colorado-based ] owner and operator company.<ref>{{Cite news |last=Hu |first=Krystal |date=2022-11-11 |title=Partners Group buys data center platform EdgeCore Digital with $1.2 bln investment |language=en |work=Reuters |url=https://www.reuters.com/markets/deals/partners-group-buys-data-center-platform-edgecore-digital-with-12-bln-investment-2022-11-11/ |access-date=2022-11-15}}</ref> In December, Partners Group announced that it was increasing its stake in the Swiss watchmaker, ]. It previously had a 23% stake in Breitling and would become the majority shareholder once the deal was completed. Breitling at the time was valued at ] 4.5 billion.<ref>{{cite web |last1=Hoffman |first1=Andy |title=Breitling Said Valued at $4.5 Billion in Partners-CVC Deal |url=https://www.bloomberg.com/news/articles/2022-12-07/breitling-said-to-be-valued-at-4-5-billion-in-partners-cvc-deal#xj4y7vzkg |publisher=] |date=December 7, 2022}}</ref> Co-founder of Partners Group, ], also became President of Breitling's directorial board.<ref>{{Cite news |title=Partners Group installiert Alfred Gantner als Präsident von Breitling |url=https://www.handelszeitung.ch/unternehmen/partners-group-baut-breitling-beteiligung-aus-alfred-gantner-wird-prasident-558556 |date=2022-12-23 |access-date=2022-12-31 |work=] |language=de}}</ref> Breitling re-entered the list of top 10 Swiss brands after it posted its 2022 revenue figures.<ref>{{cite web |last1=Hoffman |first1=Andy |title=Breitling Breaks into Top 10 Swiss Watch Brands as Sales Jump |url=https://www.bloomberg.com/news/articles/2023-03-28/breitling-breaks-into-top-10-swiss-watch-brands-as-sales-jump?leadSource=uverify%20wall |publisher=] |date=March 28, 2023}}</ref> Also in 2022, Partners Group bought U.S. heating, ventilation and air conditioning parts maker DiversiTech.<ref>{{Cite web |title=Partners Group recently acquired U.S. heating, ventilation and air conditioning parts maker DiversiTech and also took a minority stake in watchmaker Breitling. |url=https://www.reuters.com/article/partners-group-results-idUKKBN2JN1QQ |access-date=2023-12-31 |website=Reuters}}</ref> In the same year, Partners Group acquired Version 1, a digital transformation company from ].<ref>{{Cite web |date=2022-04-20 |title=Partners Group to acquire Version 1, a leading digital transformation services provider in the UK and Ireland |url=https://www.finanzen.ch/nachrichten/aktien/partners-group-to-acquire-version-1-a-leading-digital-transformation-services-provider-in-the-uk-and-ireland-1031368893 |access-date=2023-12-31 |website=finanzen.ch}}</ref> | |||
On January 4, 2023, Partners Group announced that they had acquired SureWerx, a ]-] supplier of ], safety gear, and tools.<ref>{{cite web |title=Partners Group acquires SureWerx |url=https://www.partnersgroup.com/en/news-views/press-releases/investment-news/detail/partners-group-acquires-surewerx-a-leading-north-american-supplier-of-personal-protective-equipment-safety-gear-and-tool-solutions/ |publisher=Partners Group |date=January 4, 2023}}</ref> They acquired SureWerx from ].<ref>{{cite web |last1=Leach |first1=Kamaron |title=Partners Group Agrees to Buy SureWerx from Riverside Co. |url=https://www.bloomberg.com/news/articles/2023-01-04/partners-group-agrees-to-buy-surewerx-from-riverside-co |publisher=] |date=January 4, 2023}}</ref> In April, Partners Group continued its focus on decarbonisation, when it agreed to buy 7,000 credits generated by ]’ direct air capture (DAC) facilities.<ref>{{cite web |last1=Hodgson |first1=Camilla |title=Banks and oil groups place bets on carbon capture schemes |url=https://www.ft.com/content/7aa77038-62b6-4761-9ce3-1e0647ffb607 |publisher=] |date=April 30, 2023}}</ref> The firm entered into a partnership with Canadian-based ] to launch a private assets fund for smaller investors. The fund is aimed at Canadian retail investors as well as smaller institutional clients.<ref>{{cite web |last1=Bradshaw |first1=James |title=BMO joins forces with Partners Group to launch private assets fund for smaller investors |url=https://www.theglobeandmail.com/business/article-bmo-joins-forces-with-partners-group-to-launch-private-assets-fund-for/ |publisher=] |date=June 23, 2023}}</ref> In November 2023, Partners Group acquired ], an inspection and integrity management services provider for energy transmission pipelines, for an undisclosed amount.<ref>{{Cite web |title=Partners Group Agrees to Acquire Pipeline Inspector Rosen |url=https://news.bloomberglaw.com/mergers-and-acquisitions/partners-group-agrees-to-acquire-pipeline-inspector-rosen |access-date=2023-11-14 |website=news.bloomberglaw.com |language=en}}</ref> In December 2023, Partners Group acquired Velvet CARE, one of the leading European manufacturers of hygiene paper products.<ref>{{Cite web |date=2023-12-11 |title=Partners Group to acquire Velvet CARE, one of the leading European manufacturers of hygiene paper products |url=https://markets.businessinsider.com/news/stocks/partners-group-to-acquire-velvet-care-one-of-the-leading-european-manufacturers-of-hygiene-paper-products-1032888968 |access-date=2023-12-11 |website=markets.businessinsider.com |language=en}}</ref> | |||
In early 2024, Partners Group announced that it was expanding its investments in the ] real estate sector.<ref name=camplus>{{cite web |title=Partners Group sets off European student living expansion with DeA Capital |url=https://reactnews.com/article/partners-group-sets-off-european-student-living-expansion-with-dea-capital/ |publisher=React News}}</ref> In March 2024, the firm added private markets ] to its investment platform, launching the industry's first scalable multi-sector royalty strategy. The new offering would target a fast-growing addressable market, with royalties representing the fifth asset class on Partners Group's ] platform.<ref>{{cite web |last1=Gopinath |first1=Swetha |title=Partners Group Joins Rivals in Pushing Into Royalties Investing |url=https://www.bloomberg.com/news/articles/2024-03-18/partners-group-joins-rivals-in-pushing-into-royalties-investing?embedded-checkout=true |publisher=] |date=March 17, 2024}}</ref> During the same month, the investment firm launched its new corporate brand with new logo and slogan, 'Built Differently to Build Differently.' The new logo incorporates bricks into its design, underlining the firm's focus as a business builder.<ref>{{cite web |title=Partners Group Launches its new Corporate Brand |url=https://www.linkedin.com/posts/partners-group_we-are-proud-to-launch-our-new-partners-group-activity-7173236194158321664-Rwof |publisher=]}}</ref> In May, the firm announced it was expanding its ] solutions with the launch of a private equity evergreen strategy.<ref>{{cite web |last1=Martinez |first1=Valeria |title=Partners Group expands ELTIF line-up with evergreen private equity strategy |url=https://www.investmentweek.co.uk/news/4205292/partners-group-expands-eltif-line-evergreen-private-equity-strategy |publisher=] |date=May 7, 2024}}</ref> The firm also expanded geographically during the same period, opening a new office in ].<ref>{{cite web |last1=Yiu |first1=Enoch |title=Swiss private equity giant Partners Group opens Hong Kong office with eye on rich clients |url=https://www.scmp.com/business/banking-finance/article/3267389/swiss-private-equity-giant-partners-group-opens-hong-kong-office-eye-rich-clients |publisher=] |date=June 21, 2024}}</ref> | |||
In July of that year, it was announced Partners Group would be acquiring a majority share in the Portuguese biotech firm, FairJourney Biologics.<ref>{{cite web |last1=Vardon |first1=Elena |title=Partners Group to Buy Majority Stake in Biotech FairJourney Biologics |url=https://www.morningstar.com/news/dow-jones/20240701872/partners-group-to-buy-majority-stake-in-biotech-fairjourney-biologics |publisher=] |date=July 1, 2024}}</ref> Prior to the deal, FairJourney had assisted drugmakers including ] discover novel antibody treatments.<ref>{{cite web |last1=Barnes |first1=Oliver |title=Swiss buyout firm Partners Group lands deal for stake in €900mn biotech firm |url=https://www.ft.com/content/64222209-976e-4130-a61c-52090571d550 |publisher=] |date=June 30, 2024}}</ref> During the same month, it also closed its fifth ] above its $15 billion target.<ref>{{cite web |last1=Le |first1=Adam |title=To be able to copy & paste content to share with others please contact us at subscriptions@pei.group to upgrade your subscription to the appropriate licence |url=https://www.privateequityinternational.com/partners-group-taps-trio-of-capital-sources-to-raise-15-4bn-for-directs/ |publisher=Private Equity International |date=June 11, 2024}}</ref> Also in July, the company announced it was set to acquire Eteck, a market-leading provider of sustainable ] and cooling solutions in the ].<ref>{{cite web |title=Partners Group to acquire Eteck, a market-leading provider of sustainable decentralized heating and cooling solutions in the Netherlands |url=https://markets.ft.com/data/announce/detail?dockey=600-202407240400DGAP____CORPNEWS_corporate_1953183_en-1 |publisher=] |date=July 24, 2024}}</ref> In September 2024, Partners Group and ] announced they had established a strategic partnership to launch a model portfolio solution streamlining retail wealth access to private equity, private credit, and real assets.<ref>{{cite web |last1=Gottfried |first1=Miriam |title=Private Markets Seem Out of Reach for Individual Investors. BlackRock Thinks It Has an Answer. |url=https://www.wsj.com/business/deals/private-markets-seem-out-of-reach-for-individual-investors-blackrock-thinks-it-has-an-answer-9d9ec1a3 |publisher=] |date=September 12, 2024}}</ref> The first-of-its-kind offering will enable advisors to deliver a one-stop multi-private markets portfolio managed by two global ]s,<ref>{{cite web |last1=Masters |first1=Brooke |title=BlackRock and Partners Group team up in latest effort to target wealthy |url=https://www.ft.com/content/9a9ec19a-665e-409f-9e12-373ad3008a9b |publisher=] |date=September 12, 2024}}</ref> positioning ] and Partners Group to capture accelerating growth in private markets and managed models. The AuM in managed model portfolios is expected to grow rapidly in the next few years.<ref>{{cite web |last1=Mitra |first1=Tania |title=The rise of model portfolios |url=https://citywire.com/pro-buyer/news/the-rise-of-model-portfolios/a2439161 |publisher=] |date=April 29, 2024}}</ref> | |||
In the same month, Partners Group successfully completed a USD 1.9 billion equity investment in portfolio company Edgecore Digital Infrastructure. The investment is the second equity capital raise that Partners Group led since acquiring EdgeCore in 2022 and was conducted in conjunction with the firm's clients.<ref>{{cite web |last1=Haddon |first1=Jack |title=Partners Group invests $1.9 billion in portfolio company, EdgeCore Digital Infrastructure |url=https://thetechcapital.com/partners-group-invests-1-9-billion-in-portfolio-company-edgecore-digital-infrastructure/ |publisher=The Tech Capital |date=September 5, 2024}}</ref> It also acquired a controlling stake in Gateway Fleets, a provider of electrification solutions for logistics fleet operators in the ].<ref>{{cite web |last1=Dorbian |first1=Iris |title=Gateway Fleets Secures investment from Partners Group |url=https://www.pehub.com/gateway-fleets-secures-investment-from-partners-group/ |publisher=Private Equity Hub |date=September 30, 2024}}</ref> In September 2024, the company announced it would sell ], an international provider of digitally enabled solutions for the building ecosystem.<ref>{{cite web |last1=Levingston |first1=Ivan |title=US group plans one of Europe’s biggest deals between buyout firms |url=https://www.ft.com/content/bc53a7e4-b73a-4ecb-8c15-33ac4e41d3ad |publisher=] |date=September 30, 2024}}</ref> | |||
In October, Partners Group was named as the Best Liquid Alternatives Manager by ] Asia in its 2024 Asset Management Awards.<ref>{{cite web |title=Citywire Asia Asset Management Awards 2024: Alternatives winners|url=https://citywire.com/asia/news/citywire-asia-asset-management-awards-2024-alternatives-winners/a2453767|publisher=] |date=November 7, 2024}}</ref> They were also part of a consortium which backed Australian startup Neara's $31 million Series C funding round.<ref name=neara>{{cite web|last1=Santoreneos|first1=Anastasia |title=Australian climate-tech start-up Neara bags 45million|url=https://www.forbes.com.au/news/entrepreneurs/australian-climate-tech-start-up-neara-bags-45-million/|publisher=] |date=October 31, 2024}}</ref> Neara’s digital modeling technology enables utilities to adopt a more proactive approach to network optimization, with simulations that surface safety and reliability risks and identify the most effective remediation | |||
actions.<ref name=neara /> In November, Partners Group opened the doors to its new ]. It will serve as the firm's global headquarters and comprises three interconnected buildings: The Foundry, The Factory and The Greenery.<ref>{{cite web |title=The new Zug campus, which took over three years to build, opens its doors today|url=https://www.linkedin.com/posts/partners-group_builtdifferentlytobuilddifferently-activity-7257670809643544577-G4MI/?utm_source=share&utm_medium=member_desktop|publisher=]}}</ref> | |||
==Management== | |||
⚫ | As of 30 November 2011, Partners Group has been included in the ] after having been included in mid-September in the Swiss Small & Mid Cap Index (]) which tracks the |
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Partners Group was managed during its early history by the three co-founders, Marcel Erni, ] and ]. In more recent years, the founders have all remained as large shareholders and board members, but the day-to-day management is done by the Executive Team.<ref>{{cite web |title=Executive Team |url=https://www.partnersgroup.com/en/about/our-team/executive-team/ |publisher=Partners Group}}</ref> In the late 90s, the three founders introduced a number of changes to boost team morale. This included a one-month ] every five years for employees to recharge and regular hikes up ], located close to the Partners Group's ] office.<ref name=dealword>{{cite news |title=Deal Breaker: Private-Equity Firm Bans the Word 'Deal' |url=https://www.wsj.com/articles/deal-breaker-private-equity-firm-bans-the-word-deal-11634752219 |newspaper=]|date=20 October 2021 |last1=Gottfried |first1=Miriam }}</ref> Hikes up Wildspitz are still done today by Partners Group as part of its onboarding process for new employees.{{citation needed|date=July 2023}} In 2021, its CEO Dave Layton received media coverage for banning the word ''"deal,"'' a move which Layton believed could reduce the transactional mindset often associated with private equity. Senior management that broke the rule, would be asked to donate $1,000.<ref name=dealword /> | |||
In 2023, Executive Chairman Steffen Meister documented the ongoing role reversal between private and public markets. In the ], Meister was quoted saying ''real value creation is rarely about big M&A transactions. Instead, it is about organic growth, platform-building, and research and development.''<ref>{{cite web |last1=Meister |first1=Steffen |title=The New Traditional Asset Class |url=https://www.partnersgroup.com/fileadmin/user_upload/Files/Research_PDF/2023_Partners_Group_White_Paper_The_New_Traditional_Asset_Class.pdf |publisher=Partners Group |date=April 2023}}</ref> Robert Collins, Co-Head of Private Wealth at Partners Group, spoke about the growing need for tailored investments for individual investors.<ref>{{cite web |title=Developing Investment Products Tailored to the Needs of Individual Investors |url=https://www.nasdaq.com/videos/developing-investment-products-tailored-to-the-needs-of-individual-investors |publisher=] |date=July 20, 2023}}</ref> | |||
In January 2018, ] purchased the company’s 44% minority interest in solar energy firm Silicon Ranch for an estimated $200 million.<ref>{{Cite web|url=https://www.nashvillepost.com/business/manufacturing/energy/article/20988737/shell-takes-big-stake-in-silicon-ranch|title=Shell takes big stake in Silicon Ranch|website=Nashville Post|language=en|access-date=2019-04-29}}</ref> | |||
During the same year, ] magazine ran an article about Partners Group and its early adoption of ] and how the move was supported by senior executives.<ref>{{cite web |last1=Jacobius |first1=Arleen |title=Partners Group execs climb aboard the generative AI train |url=https://www.pionline.com/reporters-notebook/partners-group-execs-climb-aboard-generative-ai-train |publisher=Pensions & Investments |date=June 26, 2023}}</ref> | |||
== Legal Issues == | |||
In January 2020, freight rail operating company MidRail accused the private equity firm of soliciting the rail company’s business secrets to compete against it on a deal, in violation of a non-disclosure agreement previously signed and agreed to in 2017. The lawsuit was filed in New York State Supreme Court. According to the lawsuit, the company MidRail was forced to bid $100 million more for acquisition target Patriot Rail as a result of the breach in the confidentiality agreement.<ref>{{Cite web|url=https://www.institutionalinvestor.com/article/b1jydgdxs2f6c8/Partners-Group-Sued-Over-Alleged-Breach-of-Non-Disclosure-Agreements|title=Partners Group Sued Over Alleged Breach of Non-Disclosure Agreements|website=Institutional Investor|language=en|access-date=2020-03-13}}</ref> | |||
== References == | == References == | ||
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* . PEI Awards, 2013 | ||
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* . ], 2010 | * {{dead link|date=July 2021|bot=medic}}{{cbignore|bot=medic}}. ], 2010 | ||
* . ], 2009 | * . ], 2009 | ||
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* . AltAssets, 2006 | ||
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{{Largest private equity firms}} | |||
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{{Private equity firms}}SEC Raymman > Ante De Benedetti Civile 1986 Cantano perquato Trattatto e Ammonito usufruttififero per un Accredito di oneri 3,78 riscossi di Kt e perquazione Abbuono 4- Entita Credito Cauzione opereazione MRD valore aletorio Fiscal indebito 8 Bound Indebito 13 elementi 115 milioni di euro CPT USD percentuali in Data sommatoria EX Prodotto a scalare 20 % Titolo Grandezza NHC matrice Pubblica 4 k PQRS sperquazione e algoritmi eversivi alla mia Carriera in quanto II Io possero del Monte Titolo dichiaro contributo Unirario rapporto bit ns in merito titolo di credito Sicilia in collateralita Roma in Europa Coalizzato BEI Cambiato Current In Holding Sothebys Dipartimentale residenze d'epoca "Marin" Ottomano Italia Advocate 1599-1699 Fidejussione Firmatario {{SMI MID companies}} | |||
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{{Swiss Leader Index companies}} | |||
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Latest revision as of 00:22, 1 December 2024
Swiss-based global private equity firmCompany type | Aktiengesellschaft |
---|---|
Traded as | SIX: PGHN |
Industry | Private equity, private credit, royalties, real estate, infrastructure |
Founded | 1996; 28 years ago (1996) |
Founder | Marcel Erni Urs Wietlisbach Alfred Gantner |
Headquarters | Baar, Switzerland |
Key people | Steffen Meister (Executive Chairman) David Layton (CEO) |
Revenue | 1,945 million CHF (2023) |
AUM | US$149 billion (2024) |
Number of employees | 1,800 (2024) |
Website | www |
Partners Group Holding AG is a Swiss-based global private equity firm with US$149 billion in assets under management in private equity, private infrastructure, private real estate and private debt.
The firm manages a broad range of funds, structured products and customised portfolios for an international clientele of institutional investors, private banks, individual investors and other financial institutions. The firm has completed more than 250 private equity investments in portfolio companies. In 2020, Partners Group became a constituent of the Swiss Market Index, an index of the 20 largest stocks in Switzerland. As of 2024, Partners Group is the fifth most-valuable publicly listed private markets firm in the world by market capitalisation.
History
Early history (1996-2010)
Partners Group was co-founded in 1996 by Urs Wietlisbach, Marcel Erni and Alfred Gantner in Zug, Switzerland. Each of the co-founders contributed an equal share to the initial pool in the first year. In the firm's second year it had its first major milestone, launching a US$150 million small & midcap fund focused on investments in German-speaking Europe. The fund was a huge success in mainland Europe. According to Institutional Investor magazine, this is partly due to the lack of competition at the time in Europe compared to North America. In the same article, co-founder Alfred Gantner stated “you had to explain the term to people because ‘private equity’ in the way we understand it today did not exist, it was called Risikokapital, risk capital, which was associated with venture capital.”
In 1998, it completed a secondary transaction involving the private equity portfolio of Royal Dutch Shell’s U.S. pension fund for US$265 million. At the time, it was the largest secondary transaction recorded. In 2002, Partners Group was an early investor in Esmertec, a Java client software maker. Partners Group is a joint stock company under Swiss law, listed on the Swiss Exchange since its 2006 initial public offering (minority floating). Around 45% of the shares are held by employees and partners. As of 2016, according to Forbes' annual billionaire's list, founders Gantner, Erni, and Wietlisbach are listed as three of the 25 wealthiest private equity managers in the world, each with net worths totaling $1.3 billion. Since 2001, Partners Group has pioneered evergreen funds in private markets and launched the first European Long Term Investment Fund (ELTIF) in 2017.
Beginning in late 2004, Partners Group made a number of announcements about the opening of new global offices. This began with the Asia Pacific region, with the opening of an office in Singapore in December 2004. The regional office would be responsible for the Asian-focused fund of funds and the investment firm's push into Asia. Christoph Rubeli was responsible for overseeing the expansion. Partners Group Singapore has since become an important regional office for the investment firm, reaching the operational milestone of 20 years in 2024. In March 2005, the investment firm opened its first UK-based office in London due to its growing investor base in the region. Erik Kaas of PG's executive board would manage the UK operations. By 2005, Partners Group had $6 billion in assets under management, and was benefitting from the growing private equity industry. The Financial Times reported that private equity funds had raised $60 billion in first half of 2005 compared with $90 billion for the whole of 2004, demonstrating a growing demand for private equity. Wietlisbach was quoted stating he saw continued growth in the industry as "generalist funds will struggle to attract new money." Partners Group reported in its 2007 annual report that the firm had undergone a period of rapid expansion over the previous 24 months. During that time, it has more than doubled its assets under management, employee numbers and its annual net profit figure. Two years after launching its first Asian private equity fund, the firm expanded its presence in Asia with the opening of its Japanese office in the country's capital Tokyo. As an early investor in Swiss-based semi-conductor manufacturer u-blox, Partners Group benefitted when the company announced it would be going public by the end of 2007.
On February 6, 2009, Partners Group announced that Peter Wuffli would be joining its board of directors. Wuffli had previously served as CEO UBS AG until 2007. Partners Group launched the Private Equity Master Fund in 2009. The fund was one of the first to meet the requirements of the Investment Company Act of 1940, and one of the first SEC-regulated funds available in the United States. Since its launch, the fund has consistently remained as largest entrant in this sector with US$16 billion in assets in 2024. According to the firm's 2010 Annual Report, total assets under management grew from €17.3 billion in 2009 to €21.4 billion in 2010.
International growth (2011-20)
As of 30 November 2011, Partners Group has been included in the MSCI Switzerland Index, after having been included in mid-September in the Swiss Small & Mid Cap Index (SMIM Index), which tracks the 30 biggest listed companies in Switzerland that are not listed by the Swiss Market Index.
At Private Equity International's 2012 awards, Partners Group were standout winners at the awards ceremony, as they were the only firm to win three categories. During the same year, Partners Group announced it was investing an undisclosed amount in solar panel production company, RioGlass. In July 2013, Partners Group announced the planned appointment of Christoph Rubeli and André Frei as co-CEOs, replacing Steffen Meister who had held the role since 2005. Meister would remain at Partners Group as a full-time executive member of its board of directors. In 2014, Partners Group announced that it had closed its third direct investment fund at its hard cap of €1.5 billion. Later that year, Partners Group and Duke Street Capital joined forces to acquire Voyage Care for £375 million, a specialist support company based in the UK. The Wall Street Journal reported the financial firm would likely continue its strategic focus on buyouts. It also held its first investor conference in the United States during the same year. Partners Group expanded its real estate portfolio in 2015 with a number of purchases in the United States and also in London. In London it acquired the 80 Fenchurch Street site next to Aldgate tube station, with plans to construct a 245,000sq ft office building in a joint venture with Marick Real Estate. This was after the firm brought the 0.6 acre site out of receivership earlier that year for over £50 million. In the US, hotels in New York and Tennessee were acquired, along with land in California. The United States real estate deals totalled US$163 million. In February 2016, Partners Group acquired Australia-based childcare firm Guardian Early Learning in a deal worth $440million.
In January 2018, Royal Dutch Shell purchased the company's 44% minority interest in solar energy firm Silicon Ranch for an estimated $200 million. Around the same time, Partners Group continued with its efforts to invest in green technology companies by investing in the Borssele Offshore Wind Farm project off the coast of the Netherlands. It acquired a 45% stake in the wind farm. Partners Group continued with acquisitions throughout 2018, including two other major deals. The first was German smart metre business Techem followed by Megadyne SpA and Ammeraal Beltech Holding BV. In August, it was announced that Christoph Rubeli would be stepping down from his role as co-CEO, and would be replaced by David Layton. The firm continued with its co-CEO model, with André Frei remaining as the firm's other co-CEO. Layton's role at the time was as senior manager at the firm's Denver office, and became Partners Group's first American chief executive officer. Bloomberg reported in October 2018 that the firm was seeking to raise a reported $5.8 billion for its fourth buyout fund.
In 2019, the former UK Prime Minister and chancellor Gordon Brown was announced as an advisor to Partners Group. His role would be to advise the private equity firm on impact investments. During the same year, Partners Group announced it was acquiring a majority stake in United States-based optometry specialist EyeCare Partners in a USD$2.2 billion deal. In June, the firm opened its 129,400-square-foot North American headquarters in Broomfield, Colorado. In 2020, Partners Group was awarded Firm of the Year in Switzerland for the fourth consecutive year (previously 2017, 2018 and 2019) by Private Equity International. Partners Group entered into a major cooperation with UBS in the form of a new private markets solution for its wealth management clients, targeting an annual investment capacity of US$1‐3 billion over time. During the same year, MidRail accused Partners Group of violating a non-disclosure agreement, which allegedly impacted the bidding process for acquisition target Patriot Rail. The case was closed in October 2023, after Partners Group and MidRail mutually agreed to dismiss their claims against each other. September 2020 saw Partners Group join the Swiss Market Index (SMI), with its first day of trading on 21 September. The SMI contains the 20 largest Swiss stocks, and is the most prominent stock index in Switzerland. It was Partners Group's first time listed on the index.
Recent history (2021-present)
In 2021, Partners Group was selected by Malaysia's Employees Provident Fund to manage a substantial portion of its US$600 million Shariah Private Equity Direct/Co-Investment Fund - the largest of its kind in the world. In September 2021, the firm announced that it had raised $15 billion for a private equity program. At the time of the announcement, $6 billion of the total had been invested to acquire stakes in 17 companies. Partners Group led a consortium in the biggest Swiss 2022 venture capital investment in cleantech company Climeworks, the world's largest direct air capture and storage plant. Also in 2022, Partners Group invested USD 500 million in Budderfly, an energy-as-a-service company that provides energy efficient systems to businesses. The Connecticut-based energy company served 2,750 clients across the United States at the time of the investment. In November 2022, Partners Group acquired EdgeCore for $1.2 billion, a Colorado-based data center owner and operator company. In December, Partners Group announced that it was increasing its stake in the Swiss watchmaker, Breitling. It previously had a 23% stake in Breitling and would become the majority shareholder once the deal was completed. Breitling at the time was valued at USD 4.5 billion. Co-founder of Partners Group, Alfred Gantner, also became President of Breitling's directorial board. Breitling re-entered the list of top 10 Swiss brands after it posted its 2022 revenue figures. Also in 2022, Partners Group bought U.S. heating, ventilation and air conditioning parts maker DiversiTech. In the same year, Partners Group acquired Version 1, a digital transformation company from Dublin.
On January 4, 2023, Partners Group announced that they had acquired SureWerx, a Canadian-American supplier of PPE, safety gear, and tools. They acquired SureWerx from Riverside Partners. In April, Partners Group continued its focus on decarbonisation, when it agreed to buy 7,000 credits generated by Climeworks’ direct air capture (DAC) facilities. The firm entered into a partnership with Canadian-based Bank of Montreal (BMO) to launch a private assets fund for smaller investors. The fund is aimed at Canadian retail investors as well as smaller institutional clients. In November 2023, Partners Group acquired ROSEN Group, an inspection and integrity management services provider for energy transmission pipelines, for an undisclosed amount. In December 2023, Partners Group acquired Velvet CARE, one of the leading European manufacturers of hygiene paper products.
In early 2024, Partners Group announced that it was expanding its investments in the PBSA (purpose built student accommodation) real estate sector. In March 2024, the firm added private markets royalties to its investment platform, launching the industry's first scalable multi-sector royalty strategy. The new offering would target a fast-growing addressable market, with royalties representing the fifth asset class on Partners Group's private markets platform. During the same month, the investment firm launched its new corporate brand with new logo and slogan, 'Built Differently to Build Differently.' The new logo incorporates bricks into its design, underlining the firm's focus as a business builder. In May, the firm announced it was expanding its ELTIF solutions with the launch of a private equity evergreen strategy. The firm also expanded geographically during the same period, opening a new office in Hong Kong.
In July of that year, it was announced Partners Group would be acquiring a majority share in the Portuguese biotech firm, FairJourney Biologics. Prior to the deal, FairJourney had assisted drugmakers including Johnson & Johnson discover novel antibody treatments. During the same month, it also closed its fifth private equity fund above its $15 billion target. Also in July, the company announced it was set to acquire Eteck, a market-leading provider of sustainable decentralised heating and cooling solutions in the Netherlands. In September 2024, Partners Group and BlackRock announced they had established a strategic partnership to launch a model portfolio solution streamlining retail wealth access to private equity, private credit, and real assets. The first-of-its-kind offering will enable advisors to deliver a one-stop multi-private markets portfolio managed by two global asset managers, positioning BlackRock and Partners Group to capture accelerating growth in private markets and managed models. The AuM in managed model portfolios is expected to grow rapidly in the next few years.
In the same month, Partners Group successfully completed a USD 1.9 billion equity investment in portfolio company Edgecore Digital Infrastructure. The investment is the second equity capital raise that Partners Group led since acquiring EdgeCore in 2022 and was conducted in conjunction with the firm's clients. It also acquired a controlling stake in Gateway Fleets, a provider of electrification solutions for logistics fleet operators in the United States. In September 2024, the company announced it would sell Techem, an international provider of digitally enabled solutions for the building ecosystem.
In October, Partners Group was named as the Best Liquid Alternatives Manager by Citywire Asia in its 2024 Asset Management Awards. They were also part of a consortium which backed Australian startup Neara's $31 million Series C funding round. Neara’s digital modeling technology enables utilities to adopt a more proactive approach to network optimization, with simulations that surface safety and reliability risks and identify the most effective remediation actions. In November, Partners Group opened the doors to its new Zug campus. It will serve as the firm's global headquarters and comprises three interconnected buildings: The Foundry, The Factory and The Greenery.
Management
Partners Group was managed during its early history by the three co-founders, Marcel Erni, Alfred Gantner and Urs Wietlisbach. In more recent years, the founders have all remained as large shareholders and board members, but the day-to-day management is done by the Executive Team. In the late 90s, the three founders introduced a number of changes to boost team morale. This included a one-month paid sabbatical every five years for employees to recharge and regular hikes up Wildspitz, located close to the Partners Group's Zug office. Hikes up Wildspitz are still done today by Partners Group as part of its onboarding process for new employees. In 2021, its CEO Dave Layton received media coverage for banning the word "deal," a move which Layton believed could reduce the transactional mindset often associated with private equity. Senior management that broke the rule, would be asked to donate $1,000.
In 2023, Executive Chairman Steffen Meister documented the ongoing role reversal between private and public markets. In the white paper, Meister was quoted saying real value creation is rarely about big M&A transactions. Instead, it is about organic growth, platform-building, and research and development. Robert Collins, Co-Head of Private Wealth at Partners Group, spoke about the growing need for tailored investments for individual investors.
During the same year, Pensions & Investments magazine ran an article about Partners Group and its early adoption of generative AI and how the move was supported by senior executives.
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External links
- Partners Group (company website)
- Financial Times Profile
- PEI Awards: Carlyle and Partners Group win big. PEI Awards, 2013
- Silver Lake and Partners Group to Buy Global Blue for $1.25 Billion. The New York Times, 2012
- Partners Group Holding Closes Partners Group European Mezzanine Debt Program Above its EUR 500 Million Target. Reuters, 2010
- Partners Group successfully closes secondary fund at hard cap of EUR 2.5 billion. Bloomberg, 2009
- Partners Group Secondary 2006 closes on €1bn. AltAssets, 2006
- Partners Group opens London office and launches joint HSBC fund of funds. AltAssets, 2005
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