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Partners Group expects gross client demand of $17-$22 billion in 2023

ZURICH (Reuters) - Swiss private equity firm Partners Group said on Thursday it expected to raise $17 billion to $22 billion this year, assuming markets stabilise enough to normalise client conversion periods and with stronger fundraising expected in the second half of the year.

The group received $22 billion in new commitments from its global client base in 2022, bringing total assets under management to $135 billion at the end of December, an increase of 6% year on year, it said in a statement.

It said it secured $26 billion in global investments for its clients during the period, down from $32 billion in 2021.

"As we enter 2023, we expect higher inflation and interest rates to persist in what remains a demanding market environment – conditions that offer the potential for strong vintage years," Partner and Chief Executive Officer David Layton said in the statement.

Partners Group recently acquired Indian renewable energy platform Sunsure Energy and increased its stake in Breitling, becoming the Swiss watchmaker's largest shareholder.

(Reporting by Noele Illien; editing by David Evans)