Baar-Zug, Switzerland; January 14, 2025 – Partners Group, a leading global private markets firm, has announced a landmark year in fundraising, securing USD 22 billion in gross client commitments in 2024. This exceptional performance has propelled the firm’s total assets under management (AuM) to USD 152 billion as of December 31, 2024, marking a significant 7% year-over-year growth before foreign exchange effects. To put this in perspective, while the focus is on billions of dollars in assets, understanding currency exchange is always relevant in global finance. For instance, while seemingly unrelated to Partners Group’s overall performance, knowing the value of 152 euros to usd at any given moment reflects the dynamic nature of global markets and the constant need for currency conversion awareness in international business. This record fundraising year underscores investor confidence in Partners Group’s strategic approach and its ability to navigate evolving market conditions.
In a year marked by gradual improvement in the transaction environment, particularly in the second half, Partners Group strategically deployed USD 22 billion in investments across private markets asset classes. These investments were carefully selected to capitalize on transformative growth trends within the global economy. Simultaneously, the firm generated USD 18 billion in realizations, demonstrating its proficiency in delivering value and returns to its clients. Looking ahead to 2025, Partners Group anticipates continued momentum, projecting total new client assets to reach between USD 26 to 31 billion. This optimistic outlook is fueled by a robust pipeline of fundraising opportunities and strategic initiatives launched in 2024, designed to drive sustained growth.
David Layton, Partner and Chief Executive Officer of Partners Group, commented on the firm’s strong performance: “Our unwavering focus on high-conviction investment themes and our distinctive entrepreneurial ownership approach continue to be instrumental in our success, especially as market activity gradually normalizes. We witnessed a significant 66% increase in investment activity and a 53% rise in realizations compared to the previous year, both building from a lower base in 2023. Furthermore, we announced several noteworthy exits in the latter half of the year, which are expected to positively impact our financial results in 2025. Crucially, we have strategically positioned ourselves for future expansion through new ventures, including our entry into the royalties market, the introduction of innovative solutions to broaden private wealth allocation, and the expansion of our growth equity strategy.”
Record Fundraising Driven by Private Wealth
Partners Group’s outstanding fundraising performance in 2024 was significantly propelled by its private wealth segment. The firm secured USD 22 billion in new commitments throughout the year, surpassing the USD 18 billion raised in 2023. Notably, the evergreen programs experienced their most successful fundraising year to date, highlighting the increasing appetite from private wealth clients for accessible and diversified private markets exposure. Partners Group strategically recognized the potential of the private wealth segment early on, and this foresight has proven to be a key driver of growth. The firm attracted new assets across its three core offering categories:
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Evergreens (USD 8 billion raised): These programs offer investors immediate access to a diversified private markets portfolio without the complexities of subsequent capital calls. They also provide limited liquidity options tailored to the specific needs of individual investors. In 2024, Partners Group introduced seven new evergreen programs, laying a solid foundation for future expansion within this segment. As of December 31, 2024, evergreen programs constitute 32% of Partners Group’s AuM, totaling USD 48 billion.
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Mandates (USD 8 billion raised): The demand for customized private markets solutions continues to rise as clients seek to tailor their investment exposure to specific objectives. Partners Group’s ability to deliver bespoke mandates distinguishes it within the industry. Mandates represent 39% of the firm’s AuM, amounting to USD 59 billion as of December 31, 2024.
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Traditional Closed-Ended Private Market Programs (USD 5 billion raised): Partners Group successfully concluded fundraising for its fifth direct private equity program and has ongoing fundraising efforts for several other programs. These include its fourth-generation direct infrastructure strategy, its eighth-generation private equity secondary strategy, and various programs across different asset classes. Traditional private markets programs account for 29% of Partners Group’s AuM, reaching USD 45 billion as of December 31, 2024.
Over the twelve-month period ending December 31, 2024, Partners Group’s AuM experienced a USD 10 billion increase before accounting for foreign exchange effects. Unfavorable foreign exchange movements of USD -4 billion resulted in a net AuM growth of USD 5 billion. Gross client demand reached USD 22 billion, offset by tail-down effects of USD -9 billion from mature private markets investment programs. Redemptions from evergreen programs amounted to USD -5 billion. An additional USD 2 billion reduction primarily stemmed from specific investment programs where AuM is linked to net asset value (NAV) development.
Total Assets Under Management Breakdown (USD Billion) as of December 31, 2024:
| 2024 | 2023 | Last 5 years CAGR | Gross client demand | |
|---|---|---|---|---|
| Private Equity | 78 | 76 | + 12 % | 8.7 |
| Private Credit | 31 | 29 | + 8 % | 7.0 |
| Infrastructure | 27 | 25 | + 18 % | 4.3 |
| Real Estate | 16 | 17 | + 0 % | 1.3 |
| Royalties | 0.2 | 0.0 | 0.2 | |
| Total | 152 | 147 | + 10 % | 21.5 |
Significant Investment Activity of USD 22 Billion
In 2024, Partners Group effectively translated its pipeline of thematically sourced investment opportunities into substantial investments. The firm deployed USD 22 billion (compared to USD 13 billion in 2023), a 66% year-over-year increase, on behalf of its clients. These investments targeted companies and assets strategically positioned within sectors benefiting from long-term structural growth drivers.
North America remains a primary investment focus for Partners Group, offering a vast opportunity set. The firm has invested over USD 100 billion across asset classes in the region to date, solidifying its position as a leading non-US headquartered private markets manager in North America. As of December 31, 2024, approximately 45% of Partners Group’s total investment exposure is in North America, mirroring the region’s contribution to 45% of new investments in 2024.
A notable example includes Partners Group’s USD 1.9 billion equity investment in September into EdgeCore Digital Infrastructure, a portfolio company specializing in hyperscale data centers in the US. This investment, which included significant syndication from existing clients, will fuel EdgeCore’s expansion to meet the escalating demand for data processing and storage driven by generative AI, cloud computing, and 5G technologies.
Outside of North America, Partners Group acquired Eteck, a Benelux-based leader in sustainable decentralized heating and cooling solutions, also in September. Eteck’s appeal lies in its resilient infrastructure characteristics, including long-term contracts, high barriers to entry, and a supportive regulatory environment. Partners Group intends to transform Eteck into a comprehensive decentralized energy solutions platform by leveraging digitalization and expanding its international presence.
In the newly established Royalties asset class, Partners Group has made six seed investments with a combined equity value exceeding USD 200 million. Recent investments include a diversified portfolio of Film and TV music rights and a royalty on a recognized pharmaceutical product for cancer treatment. A substantial pipeline of opportunities is anticipated in this asset class in the coming years.
Overall, Partners Group directed 59% of its global investment volume into direct assets, deployed thematically across asset classes on behalf of its clients. The remaining 41% was allocated to portfolio assets, including secondary investments, select primary commitments, and broadly syndicated loans.
Realizations Reach USD 18 Billion
Partners Group’s portfolio realizations reached USD 18 billion in 2024, a 53% increase compared to the USD 12 billion realized in 2023. The improved transaction environment in the latter half of the year facilitated several significant exits, which are expected to positively impact realizations in 2025 and beyond. These successful transactions underscore Partners Group’s value creation approach, even in challenging market conditions.
Key exits in 2024 included:
- The agreement to sell Techem, a digitally enabled energy service solutions provider, to TPG and GIC, valuing Techem at EUR 6.7 billion. This was the largest buyout exit in Europe at the time of signing. Partners Group’s transformation of Techem since its acquisition in 2018 led to substantial growth. The transaction is anticipated to close in H1 2025.
- The agreement to sell VSB Group, a leading European renewables platform, to TotalEnergies for an equity value of EUR 1.57 billion, significantly exceeding Partners Group’s internal valuation. Partners Group transformed VSB from a mid-sized developer into a pan-European platform since acquiring a majority stake in 2020. Closing is expected in H1 2025.
- The sale of approximately 36,000 homes from Annington, a part of Partners Group’s largest real estate investment, is projected to yield a blended net multiple of 3.2x of invested capital. Value creation included transforming uninhabitable properties into move-in ready affordable housing in the UK. The transaction is expected to close in H1 2025.
- Successful IPOs of KinderCare Learning Centers on the NYSE and Vishal Mega Mart in India. KinderCare’s IPO was the third largest in the US in Q4 2024, while Vishal Mega Mart’s IPO achieved the largest capital gain in Indian private equity history. Realization of these investments is expected over the coming years.
Outlook for 2025: Continued Growth Trajectory
Partners Group projects total new client assets to be between USD 26 to 31 billion for the full year 2025. This includes USD 22 to 27 billion in expected gross client demand from existing business activities and USD 4 billion from the acquisition of Empira Group. The firm’s fundraising guidance is underpinned by a strong pipeline of opportunities within the private wealth and insurance sectors, along with strategic collaborations planned for the second half of the year. Tail-down effects from mature closed-ended investment programs are estimated to be USD -9 to -10 billion for 2025.
Roberto Cagnati, Partner and Head of Portfolio Solutions, added, “In 2025, we aim to build upon the strong foundation we’ve established in our private wealth business over the past two decades, including the launch of several new offerings in 2024. Our partnership with BlackRock to develop a pioneering model portfolio, expected to launch in H1 2025, will provide individual US investors with access to private markets through a professionally managed portfolio. We also introduced a suite of new evergreen funds, including a next-generation infrastructure strategy, a first-of-its-kind ELTIF regulated evergreen in Europe, and a growth equity evergreen in the US. These initiatives are expected to drive continued momentum in this crucial growth area for the firm.”
Conference Call
Partners Group’s senior management hosted a conference call today at 6:15pm CET to discuss these results.
Upcoming Key Dates
| Date | Event |
|---|---|
| March 11, 2025 | Announcement of Financial Results and Report as of December 31, 2024 |
| March 12, 2025 | Capital Markets Day |
| May 21, 2025 | Annual General Meeting of shareholders |
| July 15, 2025 | Announcement of AuM as of June 30, 2025 |
About Partners Group
Partners Group is a leading global private markets firm managing over USD 150 billion in assets. With approximately 1,800 professionals worldwide, the firm offers investment programs and mandates across private equity, private credit, infrastructure, real estate, and royalties. Partners Group is distinguished by its entrepreneurial culture and operational approach, focusing on identifying attractive investment themes and transforming businesses into market leaders. For further information, please visit www.partnersgroup.com.
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