Shares in Swiss private-markets manager Partners Group fell sharply after the company reported a drop in first-half profit, a steep decline in performance-related fees and a planned change at the top, with CEO David Layton set to move into a new investment role at the start of 2027.
Partners Group reported first-half revenue of CHF 1.121 billion, down 7% from CHF 1.210 billion a year earlier. Net profit fell 13% to CHF 502 million, compared with CHF 578 million in the first half of 2025. Operating profit declined 14% to CHF 622 million.
The stock dropped more than 7% on 1 September 2026 following the results, according to a popular financial blog, and has lost roughly one-third of its value since the beginning of the year.
Performance income fell 39% to CHF 216 million, accounting for 19% of total revenue, down from 29% a year earlier. Recurring management income rose 6% to CHF 905 million, providing some offset.
The company said the decline in performance income was linked partly to the timing of exits, with several sizeable disposals accelerated into the second half of 2025, bringing income forward and creating a difficult comparison for the current period.
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Partners Group: 2026 Performance-Income Guidance Cut
Partners Group now expects performance income to represent around 20%–25% of total revenue in 2026, depending on the timing of selected direct-exit processes. That is below its medium- to long-term target range of 25%–40%.
The firm said some exit processes could move into 2027, adding to investor concerns over when unrealised gains will be converted into fee income.
The weaker earnings came despite growth in assets under management. Partners Group reported assets of around US$186 billion, up 7% year on year, supported by approximately US$16 billion in new commitments during the first half.
The figures suggest that fundraising and recurring fees remain resilient, but they also highlight the importance of successful investments and exits to the group’s earnings model. Performance fees are generated when investments are realised at gains, rather than simply when assets under management increase.
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Layton To Become Chief Investment Officer
Partners Group also announced a leadership change effective January 1, 2027. Layton will leave the Executive Team after eight years as CEO and become chief investment officer and chairman of the Global Investment Committee. The company described the move as a planned rotation into an investment role, not a departure from Partners Group.
Roberto Cagnati and Juri Jenkner, both long-serving Partners Group executives who joined the firm in 2004, will become co-chief executive officers, subject to regulatory approval.
Cagnati is a partner, head of Portfolio Solutions and chief risk officer, while Jenkner is a partner, president and head of Business Development.
Investors Focus On Withdrawals And Exits
The results arrive amid wider scrutiny of private-markets funds, particularly vehicles that offer investors periodic liquidity while holding relatively illiquid assets. Reuters said investor exits and concerns about fund performance have weighed on Partners Group’s shares.
Partners Group has previously disclosed restrictions on withdrawals from certain evergreen funds, including redemption caps on mature vehicles. Those measures do not by themselves establish wrongdoing, but they underscore the liquidity challenge facing private-markets managers when investors seek to withdraw capital faster than assets can be sold.
Partners Group defended its underlying business by pointing to record fundraising, growth in assets and the resilience of management income. Investors, however, are now watching whether delayed exits can restore performance fees and whether the incoming co-CEO structure can rebuild confidence.
