Partners Group has grown from its founding in 1996 into a global private markets group with 186 billion dollars in assets under management, establishing itself as one of the major success stories of the Swiss financial center. During the current year, however, the firm has encountered pressure. Concerns regarding evergreen fund operations, a weaker result, and a sharp decline in the share price have weighed on investor confidence. In September, Partners Group announced an operational leadership transition, designating Roberto Cagnati and Juri Jenkner to take over as co-CEOs at the beginning of 2027, while current CEO David Layton moves into the role of chief investment officer.
For Klaus Biermann and Jonas Neff of Zurich-based executive search firm BiermannNeff, this development represents far more than a routine personnel shuffle. They view it as an opportunity to adjust structures and realign the company with its original strengths. In their assessment, part of the current challenges stem directly from the tremendous success of recent years. Partners Group expanded very rapidly, building additional management layers and structures that caused certain business areas to lose some of their original entrepreneurial directness. Klaus Biermann draws a deliberate comparison, suggesting that Partners Group developed a bureaucratic element in certain areas due to the proliferation of hierarchical levels, internal politics, and blurred responsibilities.
Biermann evaluates the firm's decisive counter-measures positively, noting that such restructuring can lead very good executives and specialists to leave the organization. The critical factor is that the organization becomes simpler, more direct, and more impactful. For the headhunters, these changes are immediately palpable on the labor market, as executives and specialists from the company show greater openness to career discussions. Jonas Neff describes the quality of these professionals entering the market as exceptionally high, creating a valuable talent pool for other financial institutions. While higher hierarchical levels present a smaller market for comparable positions, individuals seeking new roles require a certain degree of flexibility regarding activity fields and compensation.
This shift reflects a broader structural transformation as the private markets industry institutionalizes. New entrants are pushing into the market, established global houses are expanding their platforms, and competition for client capital intensifies. Klaus Biermann notes that while the market continues to grow, the overall pie is distributed among a larger number of providers. Additional critical commentary from the headhunters targets the geographical distance of leadership from the headquarters, emphasizing that a CEO or central leader must maintain sufficient presence where the heart and soul of the company reside, particularly when culture is heavily shaped by its founders.
Against this backdrop, the upcoming leadership transition carries added significance, as Cagnati and Jenkner are both long-standing managers at the firm and Layton remains active as chief investment officer. Klaus Biermann and Jonas Neff locate the decisive strength of Partners Group in the entrepreneurs behind the enterprise. Co-founders Alfred Gantner, Marcel Erni, and Urs Wietlisbach remain represented as executive members on the board of directors, while Steffen Meister, who joined Partners Group in 2000 and served as CEO from 2005 to 2013, acts as executive chairman. Biermann considers this continuity vital because these founders and long-standing leaders understand the corporate culture and DNA thoroughly, while possessing the distance and experience needed to critically question developments and drive necessary changes.
The transformation process is expected to take several years. Operationally, Partners Group is not facing a collapse, having raised 16 billion dollars in the first half of 2026. Management income rose by 12 percent on a currency-adjusted basis, and the EBITDA margin remained high at 63 percent, even though performance fees declined significantly. Major recent fundraisings illustrate the scale of operations, including the July closure of a fourth direct infrastructure program with more than 15 billion dollars and an infrastructure secondaries program exceeding 5.5 billion dollars.
Biermann highlights that a primary challenge lies in perception and trust among institutional investors rather than general operations. When governing bodies begin questioning the risks of Partners Group products, the brand itself becomes the central issue, making visible clarity and the recovery of trust essential. Overall, the combination of market headwinds, experienced founders, and the willingness to restructure presents a genuine opportunity for the firm to emerge strengthened from this phase.
