Partners Group / Key word(s): Miscellaneous
Baar-Zug, Switzerland; 15 July 2021 | Ad hoc announcement pursuant to Art. 53 Listing Rules (LR)
Partners Group, a leading global private markets firm, received USD 12.1 billion in new commitments from its global client base in H1 2021 (H1 2020: USD 8.3 billion), bringing the firm's total AuM to USD 118.9 billion as of 30 June 2021 (31 December 2020: USD 109.1 billion). During the same period, the firm committed USD 13.1 billion to transformational investing across private markets asset classes globally.
David Layton, Partner and Chief Executive Officer, comments: "We entered 2021 with advanced investment and client demand pipelines as markets recovered momentum and investors regained confidence. As our H1 figures show, we have successfully transacted on this investment pipeline, although we have exercised high selectivity and discipline on pricing as valuations for good businesses remain peaky. On the client side, we have also been able to convert demand into meaningful AuM growth, which we believe speaks to continued investor confidence in the strength of our private markets platform. Looking ahead, our Thematic Investing theses about which sub-sectors stand to benefit from transformative trends have been bolstered and we have strong conviction in our continued ability to identify the associated companies and assets best positioned for future growth. As a result, our investment and client demand pipelines remain robust as we move into the second half of the year."
Client demand remains broad-based
Sarah Brewer, Partner and Co-Head Client Solutions, adds: "Growing numbers of clients appreciate the flexibility of choice presented by our range of non-traditional private markets offerings. We believe our ability to tailor access to private markets, and to create and actively manage bespoke programs that match different clients' targets, remains unparalleled in the industry. Today, these tailored and non-traditional solutions account for 65% of our total assets under management."
Fundraising was diversified across the four private markets asset classes in H1 2021, with private equity the largest overall contributor. Private equity client demand was seen across the entire suite of the firm's traditional and bespoke client solutions offerings. On the traditional offerings side, fundraising was supported by demand for the firm's fourth buyout program, which is approaching its final close. On the bespoke client solutions side, alongside the strong growth of mandates and other open-ended funds, the firm's flagship US evergreen fund was a key contributor to private equity fundraising, recording its highest ever inflows during the six-month period.
AuM growth in the first half of the year was further supported by continued performance across Partners Group's private markets portfolios, which led to a positive contribution of USD 3.3 billion from a select number of investment programs which link AuM to NAV-development. Tail-down effects from mature private markets investment programs amounted to USD -2.9 billion and redemptions from evergreen programs to USD -1.0 billion. Foreign exchange effects impacted underlying AuM growth by USD -1.6 billion, in particular the weakening of the Euro against the US Dollar. Overall, this resulted in net AuM growth of USD 9.8 billion during the period.
The breakdown of total AuM across asset classes as of 30 June 2021 is: USD 59 billion private equity (49%), USD 26 billion private debt (22%), USD 17 billion private real estate (15%), and USD 16 billion private infrastructure (14%).
Strong investment activity due to advanced pipeline of assets 
The US was the most active region for Partners Group's investment business during H1 2021, accounting for 55% of all investment commitments vs. 32% in Europe and 13% in Asia-Pacific / Rest of World. Examples of US investments transacted during the period include Axia Women's Health, a leading provider of women's healthcare services that is well-positioned to expand within the growing women's health industry; Idera, a leading global provider of software solutions that enable its customers to navigate the digital transition; and Dimension Renewable Energy, a community solar and battery storage platform that supports the low-carbon transition.
Exits pave the way for record distributions
Guidance on gross client demand for full-year 2021 raised to USD 19 to 22 billion
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Key dates 2021
 Partners Group reports fee-paying AuM. Most of the firm's evergreen programs base fees on NAV. The portfolio performance during the period impacts the NAV of these products and this translates to a corresponding change in firm-level AuM.
 Whether or not explicitly mentioned in the text, all Partners Group investments mentioned were made on behalf of the firm's
clients, not on behalf of Partners Group Holding AG or any of its affiliates
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