Swiss private markets manager Partners Group has reported a 13% year-on-year decline in first-half net profit, while announcing a leadership change that will see Roberto Cagnati and Juri Jenkner take over as co-CEOs from January 2027, according to a report by Reuters.
The firm generated net profit of CHF502m ($620m) for the six months to the end of June, as continued uncertainty surrounding its open-ended investment vehicles weighed on the business and its share price.
David Layton, who currently serves as chief executive, will leave the executive team on 1 January 2027, with Cagnati and Jenkner, both long-standing Partners Group executives who joined the firm in 2004, then jointly assuming the CEO role.
Partners Group chairman Steffen Meister said the appointments would position the firm for the next phase of its development and transformation.
The leadership transition comes as Partners Group continues to manage liquidity pressures affecting some of its mature evergreen funds. The firm introduced limits on investor redemptions in June, and said in July that withdrawals from certain vehicles were expected to persist.
Despite those pressures, Partners Group said demand from new clients remained stronger than anticipated during the first half of the year. It continues to forecast between $26bn and $32bn of new client assets for the full year.
The manager also provided a more cautious outlook for performance-related revenues. Depending on the timing of several active direct exit transactions, performance income is expected to account for around 20% to 25% of revenues in 2026.
That would put performance income below Partners Group’s longer-term target range of 25% to 40%.
Layton said the firm’s exit pipeline remained substantial, although he acknowledged that some transactions could be pushed into 2027.
