Keystone-SDA
For Partners Group, 2024 will have been a good year. The Zug-based asset manager attracted new capital last year and slightly increased its assets under management.
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January 14, 2025 – 8:30 p.m.
(Keystone-ATS) The group’s assets under management increased by 7% to $152 billion as of December 31, 2024, the Zug-based company specializing in private equity said in a press release on Tuesday. Customer demand grew, in line with management forecasts, to $22 billion, up 22% from the previous year.
This is the best fundraising year on record for the private wealth management industry, according to Partners Group. “The market is slowly returning to normal,” commented David Layton, partner and managing director of the company, quoted in the press release.
The figures are slightly lower than the expectations of analysts consulted to develop the AWP consensus. The latter were counting on assets under management of 155.6 billion and customer demand of 22.9 billion.
New influx of new money expected
Last year, 22 billion were invested, compared to only 13 billion in 2023. In the meantime, 18 billion flowed into the coffers thanks to sales and exits of participations, compared to 12 billion the previous year. As a reminder, Partners Group has sold several holdings in recent weeks.
In December, the group listed the Vishal Mega Mart store chain in India on the stock market and sold the VSB group, acquired in 2020, to the French giant Totalenergies. In terms of investments, in November the asset manager took a stake in Bluesea Hotels, a hotel chain in Spain, and in October it acquired several residential buildings in Italy.
-For 2025, Partners Group expects a further influx of new money, with total new client assets of 26 to 31 billion. The forecasts are therefore much more optimistic than they were recently. Several key initiatives have been launched in 2024 to drive the group’s future growth.
Partners Group will publish its detailed annual results on March 11.
Partnership with Blackrock
Furthermore, the asset manager has not communicated any financial objectives regarding its collaboration with Blackrock. The jointly proposed portfolios would be actively managed by both companies and revenues and costs would be shared, management said in a conference call. However, no guidelines have yet been issued.
The Zug-based group announced in September that it would launch a new offer with its American competitor. A common investment solution for private investors is expected to be “operational” during the first half of 2025, according to an interim report on the 2024 financial year published Tuesday evening.
At the same time, Partners Group confirmed its forecast for the share of performance fee income of around 20% for the past financial year 2024. “The second half figures were in line with the first half,” said boss David Layton.
In the first half of 2024, performance fees represented 17% of total revenue. In 2023, this rate was 19%, after falling to 14% in 2022.
At the close of the Swiss Stock Exchange, the share gained 0.8% to 1,291 francs, in an SLI up 0.12%.
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