Partners Group shares surged over 5% after reporting impressive 2025 results. Assets under management climbed 21% to $184.9 billion, fueled by $26 billion in new client demand and higher realizations. The Swiss private markets firm easily beat its guided growth metrics, delivering a strong performance that sparked investor enthusiasm across European markets.

The growth stemmed from a balanced approach across investment strategies. Private equity and infrastructure led fundraising, pulling in 53% of the $26 billion total, while private credit contributed another 36%. Investment activity jumped 26% to $27 billion, with infrastructure deals surging 46%. Realizations also hit $26 billion, a 47% increase driven by pre-2022 vintage equity assets.

Management confidently set a strong view for 2026, forecasting new client demand between $26 billion and $32 billion. They expect maturing programs to create tail-downs of $10 billion to $13 billion, though evergreen redemptions should be offset by performance gains. This forward guidance suggests the momentum from 2025 is expected to continue despite market headwinds.