Partners Group Holding AG (PGHN.SW) | Investment Case

1. Company Snapshot

1.a. Company Description

Partners Group Holding AG is a private equity firm specializing in direct, secondary, and primary investments across private equity, private real estate, private infrastructure, and private debt.The firm also makes fund of funds investments.It seeks to invest in distressed, special situations, later stage, mature, early venture, mid venture, late venture, industry consolidation, buyouts, recapitalizations, emerging growth, and seed capital.

For direct private equity investments, the firm invests directly into healthcare, consumer, media & telecommunications, education, information technology, industrials, infrastructure/energy & utilities, financial and business services and real estate operating companies.For its private real estate direct investment practice, it focuses on seeking out properties globally.It also makes investments in private real estate secondaries and primaries and focuses on distressed assets in United States, Europe, and Japan.

Under private debt, the firm provides senior debt financing, mezzanine financing, alongside secondaries and primaries, and also participates in add on acquisitions.It seeks to invest in middle market in Americas, Europe, and Asia.In energy infrastructure, the firm seeks to invest in the areas of midstream, power generation, gas transportation, gas export infrastructure, renewable energy including wind and solar energy.

The firm seeks to invest globally with a focus on South Africa, China, India, Philippines, Austria, France, Germany, Switzerland, Russia, Brazil, and Chile.It seems to invest between 500,000 ($685,010) and 100 million ($137 million) in equity investment in companies with enterprise value between 100 million ($137 million) to 2 billion ($2740 million).The firm is a value-add investor targeting majority and minority stake in its investee companies.

While investing in funds, it invests in venture capital, mezzanine, private equity, real estate, distressed, turnaround, and secondary funds.Partners Group Holding AG was founded in 1996 and is based in Baar, Switzerland with additional offices across North America, South America, Europe, Australia, and Asia.

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1.b. Last Insights on PGHN

Partners Group Holding AG's recent performance was driven by strategic investments and partnerships. The company's investment in PCI Pharma Services, a global contract development and manufacturing organization (CDMO), is expected to benefit from broader trends in the biopharma industry. Additionally, Partners Group's minority investment in restor3d, a leader in technology-driven personalized orthopedic solutions, will accelerate growth in this area. Furthermore, the company's partnership with JD Property, a property investment arm of JD.Com, and Swiss investment firm Partners Group, to launch a Singapore-based real estate investment trust (REIT) with assets potentially valued at more than $1 billion, demonstrates its commitment to expanding its presence in the private markets industry.

1.c. Company Highlights

Last Price	956.8
Change Percentage	1.92%
Open	940
Previous Close	938.8
Market Cap ( Millions)	24818
Volume	86334
Year High	1426.5
Year Low	898.8
M A 50	977.83
M A 200	1090.27

FCF Yield	1.81%
Dividend Yield	4.39%
ROE	44.41%
Debt / Equity	181.12%
Net Debt / EBIDTA	236.50%
Price To Book	14.9
Price Earnings Ratio	27.51
Price To FCF	55.32
Price To sales	15.26
EV / EBITDA	23.58

2. PGHN.SW Beats Q2 2025 Earnings Expectations

The company reported a robust financial performance in Q2 2025, with actual EPS coming in at 22.39, surpassing estimates of 22.19. Revenue growth was a key driver, although specific figures were not disclosed in the transcript. The company's margin profile was maintained, reflecting effective cost management. Analysts estimate next year's revenue growth at 18.2%, indicating a positive outlook for the business. David Layton's commentary during the call reinforced the view that the company is on track to deliver on its strategic objectives, highlighting operational efficiencies.

Publication Date: Sep -03

                                    📋 Highlights
                                    High number of presenters:
                                                15 individuals listed in the presentation, including 7 instances of David Layton.
Key executives highlighted:
                                                Names like Roberto Cagnati and Joris Groflin Liebherr suggest leadership involvement.
Repeated participation:
                                                David Layton appears 7 times, indicating a central role in the discussion.
Analyst engagement:
                                                At least 3 analysts (e.g., Nicholas Herman, Daniel Regli) were present for questions.
Global representation:
                                                Names like Sharath Ramanathan and Oliver Carruthers imply international stakeholder participation.

                                

Valuation and Pricing

At current levels, the stock trades at a P/E Ratio of 24.68 and a P/B Ratio of 11.53. These multiples suggest that the market has priced in a certain level of growth, consistent with the estimated 18.2% revenue growth for next year. The EV/EBITDA ratio stands at 20.72, indicating a relatively high valuation for the company's earnings before interest, taxes, depreciation, and amortization. The ROIC of 24.1% and ROE of 50.19% underscore the company's ability to generate returns on capital and equity, respectively.

Dividend and Cash Flow Metrics

The Dividend Yield is 3.92%, providing a relatively attractive return for income investors. The Free Cash Flow Yield is 2.89%, suggesting that the company's cash generation capabilities are somewhat limited relative to its market capitalization. The Net Debt / EBITDA ratio of 1.3 indicates a manageable level of indebtedness relative to the company's earnings before interest, taxes, depreciation, and amortization.

Outlook and Conclusion

3. NewsRoom

Mark Henefeld Joins Roofing Corp of America as Its Chief Financial Officer

Dec -01

Source:

Swiss politicians decry ‘gold bar diplomacy’ in Trump trade deal

Nov -27

Source:

Partners Group Holding (SWX:PGHN): Assessing Valuation After Recent Share Price Decline

Nov -17

Source:

Wichita Dermatology & Aesthetics Partners With Forefront Dermatology to Drive Next Phase of Growth, Advised by Physician Growth Partners

Nov -13

Source:

Swiss Billionaires Pivotal in Wooing Trump Ahead of Tariff Deal

Nov -11

Source:

US trade negotiator eyes trade deal with Switzerland, says talks underway with Mexico

Nov -06

Source:

Rolex, Partners Group Take Swiss Tariff Plea Direct to Trump

Nov -05

Source:

Rolex, Partners Group Take Swiss Tariff Plea Direct to Trump

Nov -05

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (13.34%)

6. Segments

Private Equity

Expected Growth: 14.0%

The 14.0% growth in Private Equity from Partners Group Holding AG is driven by strong portfolio company performance, increased investment activity, and favorable market conditions. A significant contributor is the firm's focus on operational improvements and strategic acquisitions, which enhances profitability and drives growth.

Infrastructure

Expected Growth: 12.0%

Partners Group Holding AG's Infrastructure segment growth of 12.0% is driven by increasing demand for sustainable and renewable energy projects, expansion into new markets, and a strong pipeline of investments in digital infrastructure, transportation, and social infrastructure. This growth is also fueled by the company's strategic focus on private equity investments and partnerships with leading industry players.

Real Estate

Expected Growth: 10.0%

The real estate segment growth of 10.0% is driven by Partners Group's strategic focus on logistics and residential assets, increasing demand for sustainable and modern living spaces, and a strong pipeline of development projects in key markets, particularly in Asia and Europe, leveraging its global network and expertise.

Royalties

Expected Growth: 8.0%

The 8.0% growth in royalties from Partners Group Holding AG is driven by increased investment activity, strong performance of existing portfolio companies, and favorable market conditions. The company's focus on private equity, real estate, and infrastructure investments has yielded positive results, contributing to the growth in royalties.

Private Credit

Expected Growth: 15.0%

The 15.0% growth in Private Credit from Partners Group Holding AG is driven by increasing demand for alternative credit solutions, strong investment performance, and expansion into new markets and sectors. Additionally, the company's focus on providing tailored financing solutions to businesses has contributed to its growth momentum.

Unallocated

Expected Growth: 5.0%

The 5.0% growth in Unallocated from Partners Group Holding AG is driven by increased investment income, likely from private equity and real estate portfolios. Strong performance in existing investments and potentially new deployments contribute to this growth. Improved asset valuations and successful exits may also play a role.

7. Detailed Products

Private Equity

Partners Group invests in private companies with growth potential, focusing on majority stakes in companies with strong market positions, innovative products or services, and scalable business models.

Private Real Estate

Partners Group invests in real estate assets such as office buildings, logistics facilities, and residential properties, focusing on properties with strong growth potential and attractive yields.

Private Infrastructure

Partners Group invests in infrastructure assets such as renewable energy projects, transportation infrastructure, and social infrastructure, focusing on projects with strong growth potential and stable cash flows.

Private Debt

Partners Group provides debt financing to companies, focusing on senior secured loans, unitranche loans, and mezzanine debt, to support growth, acquisitions, or refinancing.

Listed Private Equity

Partners Group offers listed private equity investment solutions, providing access to its private equity portfolio through publicly traded vehicles.

8. Partners Group Holding AG's Porter Forces

Forces Ranking

Threat Of Substitutes

Partners Group Holding AG operates in the private equity and asset management industry, where substitutes such as public equity markets or other asset classes exist. However, the company's focus on private equity and its expertise in this area reduce the threat of substitutes.

Bargaining Power Of Customers

Partners Group Holding AG's clients are typically institutional investors, such as pension funds, insurance companies, and endowments. These clients have a large pool of investment options and can negotiate fees and terms. However, Partners Group's strong track record and reputation in the industry give it some pricing power.

Bargaining Power Of Suppliers

Partners Group Holding AG's suppliers are primarily portfolio companies and co-investors. While these suppliers have some bargaining power, Partners Group's significant resources and expertise in the industry give it a strong position in negotiations.

Threat Of New Entrants

The private equity and asset management industry has high barriers to entry, including significant capital requirements, regulatory hurdles, and the need for a strong track record. These barriers limit the threat of new entrants.

Intensity Of Rivalry

The private equity and asset management industry is highly competitive, with many established players competing for deals and investor capital. Partners Group Holding AG competes with other private equity firms, asset managers, and investment banks, which increases the intensity of rivalry.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	47.04%
Debt Cost	4.28%
Equity Weight	52.96%
Equity Cost	10.31%
WACC	7.47%
Leverage	88.81%

11. Quality Control: Partners Group Holding AG passed 4 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Crédit Agricole

A-Score: 7.5/10

Value: 8.4

Growth: 3.7

Quality: 6.9

Yield: 10.0

Momentum: 7.5

Volatility: 8.3

1-Year Total Return ->

3i Group

A-Score: 6.9/10

Value: 3.9

Growth: 8.3

Quality: 9.6

Yield: 4.4

Momentum: 7.5

Volatility: 8.0

1-Year Total Return ->

Erste Bank

A-Score: 6.8/10

Value: 6.4

Growth: 4.6

Quality: 6.2

Yield: 7.5

Momentum: 9.5

Volatility: 6.3

1-Year Total Return ->

Investor AB

A-Score: 5.0/10

Value: 1.6

Growth: 4.8

Quality: 6.4

Yield: 3.8

Momentum: 4.0

Volatility: 9.7

1-Year Total Return ->

Partners Group Holding

A-Score: 4.7/10

Value: 0.7

Growth: 4.9

Quality: 7.4

Yield: 6.2

Momentum: 2.0

Volatility: 6.7

1-Year Total Return ->

EQT

A-Score: 4.5/10

Value: 2.7

Growth: 7.1

Quality: 8.2

Yield: 1.2

Momentum: 4.0

Volatility: 3.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

12.41%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

7.47%

Partners Group Holding AG - CH0024608827

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on PGHN

1.c. Company Highlights

Expensive

Better Quality

Stable Momentum

Average Growth

Average Quality

Earnings Miss

Revenues Miss

Revenues Beats

Medium Volatility

Weak Momentum

2. PGHN.SW Beats Q2 2025 Earnings Expectations

Valuation and Pricing

Dividend and Cash Flow Metrics

Outlook and Conclusion

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (13.34%)

6. Segments

Private Equity

Expected Growth: 14.0%

Infrastructure

Expected Growth: 12.0%

Real Estate

Expected Growth: 10.0%

Royalties

Expected Growth: 8.0%

Private Credit

Expected Growth: 15.0%

Unallocated

Expected Growth: 5.0%

7. Detailed Products

Private Equity

Private Real Estate

Private Infrastructure

Private Debt

Listed Private Equity

8. Partners Group Holding AG's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Partners Group Holding AG passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

956.8$

Current Price

956.8$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA