Baar-Zug, 13 July 2010
Partners Group's client demand results in inflows of CHF 3.0 billion (EUR 2.1 billion) during the first half of 2010
Partners Group, the global private markets investment manager, raised CHF 3.0 billion (EUR 2.1 billion) in the first half of 2010 and is well on track to reach the initially announced full year 2010 target of CHF 4-5 billion (EUR 2.5-3.5 billion) communicated in January 2010. Assets under management (AuM) of the firm have seen a remarkable gross growth of 12% during the first half of 2010.
Net AuM growth for the year was impacted by negative market related effects. Foreign exchange effects reduced AuM growth in Swiss francs by CHF 1.8 billion, mainly due to the devaluation of the Euro against the Swiss franc. Despite Partners Group's listing on the Swiss Exchange with its financial reporting in Swiss francs, the company's dominant business currency is Euro with 70% of AuM denominated in Euros, 25% in US Dollars and 5% in other currencies. Despite these market related effects, total estimated AuM increased to EUR 20.1 billion (CHF 26.5 billion) as of 30 June 2010.
Urs Wietlisbach, co-founder and Executive Vice-Chairman, comments, “Partners Group continues to gain market share as an increasing number of institutional clients recognize the importance of a powerful, global and multidisciplinary team with over 400 employees. Successful investing today requires an in-depth understanding of individual private market assets by our local investment teams and at the same time a global industry benchmarking by our sector specialists. Over the coming quarters, we plan to further expand our geographic reach with two new offices, one in Latin America and one in Asia."
Steffen Meister, Chief Executive Officer at Partners Group adds, “We greatly value the trust shown by our clients committing an additional EUR 2.1 billion to our programs. We are committed to invest this capital into compelling mid- to long-term opportunities that we encounter in this market environment characterized by inefficiencies and dislocations. We expect client demand in the second half of 2010 to be focused on the investment themes of distressed/capital solutions, inflation protection, small-/mid-cap direct investments, and opportunities across Asia and emerging markets."
The current breakdown of AuM is as follows: EUR 15.1 billion (CHF 19.9 billion) private equity, EUR 2.0 billion (CHF 2.6 billion) private debt, EUR 1.9 billion (CHF 2.5 billion) private real estate, EUR 0.5 billion (CHF 0.7 billion) private infrastructure and EUR 0.6 billion (CHF 0.8 billion) in affiliated companies.
Based on the attractive investment environment and the continuing interest seen from its clients, Partners Group retains a positive outlook for the second half of 2010. Due to these factors and the strong first half of 2010, Partners Group is increasing its guidance to EUR 4 billion in assets raised for the full year 2010, which translates into CHF 5.0-5.5 billion.
Partners Group’s senior management will hold a conference call today at 9 am CET. Dial-in details can be obtained using the contact details below. The financial figures as of 30 June 2010 will be published on 6 September 2010.