Swiss private markets specialist Partners Group reported record first-half fundraising of $16 billion, which increased its assets under management (AuM) to $186 billion as of June 30, 2026, up from $174 billion a year prior. This performance exceeded expectations, with analysts at Bank Vontobel having forecast new client demand of $14.5 billion. Despite the strong inflows, the firm noted a complex investment environment and reconfirmed its full-year fundraising guidance of $26 billion to $32 billion.
During the first half of 2026, Partners Group invested $9 billion on behalf of clients, matching the $9 billion invested in the same period last year. Realizations also totaled $9 billion. Infrastructure commitments comprised the largest share of new client commitments at $6.1 billion, followed by private credit at $3.9 billion and private equity at $3.1 billion. Bespoke solutions were the largest contributor to new assets raised, accounting for 52% of the total, with mandates and evergreen products each contributing 26%.
While overall client demand for evergreen products was $4.2 billion, net inflows were only modestly positive due to $3.8 billion in redemptions. A significant portion, 79%, of these redemptions came from three established evergreen strategies. Partners Group anticipates that these redemption dynamics will persist for several quarters, potentially slowing the growth in net AuM by 1% to 2% over the next 18 months. The firm has already received more than $1 billion in additional redemption requests for the second half of the year, with potential cumulative net outflows of $10 billion to $20 billion modeled from these three mature strategies over the medium term, although this is considered a conservative planning scenario rather than a forecast. Executives expect newer evergreen products and a broader product offering to offset much of this slowdown over time.
