Partners Group replaces CEO after performance income drops 39%

Partners Group is replacing CEO David Layton after the private markets giant reported a 39% drop in performance income.

Performance income was impacted by "several sizable H2 2025 exits, that were accelerated to capture market momentum," the company stated in its earnings results.

The firm has appointed Roberto Cagnati and Juri Jenkner as co-chief executive officers as it grapples with weaker performance-related revenue.

Layton will continue to serve as the firm’s chief investment officer.

Read Also: a16z’s Growth Fund Just Hit $8.5 Billion — Here’s Where the Money Is Going The Swiss manager has experienced a period of heightened geopolitical tensions, macroeconomic uncertainty, and concerns around the private markets industry.

Despite this, the company noted that it has "remained disciplined" in capital deployment and gained meaningful market share on the client side with a strong fundraising performance.

Partners Group was hit with redemption requests in its evergreen fund earlier this year amid broader concerns about the private credit industry.

Total revenues fell 2% in constant currency and 7% on a reported basis to CHF 1.12 billion ($1.38 billion) in the first half of 2026, as growth in management income was offset by lower performance income.

For the full year 2026, Partners Group expects total new client assets of $26 billion to $32 billion, offset by $10 billion to $13 billion in “tail-down” effects — assets returned to clients as older, closed-ended funds wind down. "Depending on the timing of select active direct exit processes, performance income is expected to be around the range of 20-25% for the full year 2026.

In the mid- to long-term, the firm confirms its guidance for performance income to be in the range of 25-40%." The asset manager is also facing mounting pressure to refinance roughly $7 billion (€6 billion) in debt across three struggling portfolio companies, raising creditor concerns about whether the private equity firm can support all three at once.

The asset manager must extend or refinance debt at Emeria SASU, Ammega Group BV and Breitling AG, Each company has billions of euros in borrowings maturing in 2028, leaving a narrow window to address the financing needs.

The Swiss firm manages roughly $185 billion across private equity, private credit, infrastructure and real estate.

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