Partners Group has grown its assets under management (AUM) by 16.8 per cent to $174bn (£130bn) in the first half of 2025 despite a volatile environment driven by tariff-related uncertainty.

As well as $12bn in new client commitments – an increase on last year’s figure of $11bn – the global private markets investment firm also took in $4bn in fee-paying assets following the acquisition of Empira Group.

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The results revealed $9bn in new investments in the six months to 30 June 2025, focused on using its “deep thematic expertise to find resilient assets offering relative value in a challenging and volatile market”.

The firm also reported $9bn in realisations, highlighting the significant returns it had generated for clients from critical infrastructure assets, which had remained “resilient” over the period.

The first-half figures for both new and realised investments were on par with their first half equivalents from 2024.

Partners Group reiterated its full-year guidance for expected total fundraising to be in the range of $22bn to $27bn in gross new client demand as it anticipates a more stable market environment.

During the period, mandates were the strongest contributor at 39 per cent of new assets raised, while evergreens contributed 35 per cent.

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Partners Group’s three most mature programmes accounted for 43 per cent of total inflows to evergreens, with the rest making up the remaining 57 per cent.

Traditional programmes contributed 26 per cent to assets raised in the first half. The firm currently has funds in market for direct infrastructure, infrastructure secondaries, private equity secondaries and direct credit.

Tail-end effects from mature programmes dragged AUM by $3.2bn while redemptions from evergreens totalled $2.8bn. Foreign exchange effects bolstered AUM growth by $10bn over the six months.

“Private markets are a long-term asset class, and having a proven ability to successfully navigate changing markets will be a core differentiator for managers as the industry continues to grow and attract new clients,” said Roberto Cagnati, partner, chief risk officer and head portfolio solutions.

“While the market is getting more competitive in both the institutional and private wealth client segments, we believe our long-term track record of managing evergreen funds and single-line approach to mandates sets us apart.”

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